Mr. Lewis Black reports

ALMONTY INDUSTRIES COMMENCES LARGE-SCALE DRILLING PROGRAM AT SANGDONG MOLYBDENUM PROJECT

Almonty Industries Inc. has commenced a large-scale drilling program at its Sangdong molybdenum project in Yeongwol, Gangwon province, South Korea, to obtain data to confirm whether mineral reserves of molybdenum can be established ahead of possible future production. Almonty has previously filed a technical report for the Sangdong molybdenum project entitled "Report NI 43-101 Technical Report of the Sangdong Molybdenum Stockwork Project, South Korea," dated May 31, 2022, that was written by Adam Wheeler, BSc, MSc, CEng, an independent expert and a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects. The technical report has been filed on SEDAR+ and can be accessed under the company's profile and on the company's website.

Molybdenum is a strategic metal that can significantly enhance heat and corrosion resistance when added in small amounts to steel or specialty alloys. It is widely used in high-temperature and high-pressure industries such as aerospace, defence, nuclear energy and petrochemicals. More recently, demand has been expanding into next-generation industries, including semiconductors and renewable energy facilities. Over the past year, the spot price of molybdenum has increased by approximately 15.1 per cent year to date to $25.97 per pound as of Sept. 19, 2025, according to Metal Bulletin/Fastmarket.

The drilling program is intended to re-examine mineralized structures previously identified in historical drill holes. To this end, a total of 26 drill holes, covering approximately 11,700 metres of underground space, are expected to be drilled using diamond drills to obtain more precise data.

Almonty is accelerating its molybdenum drilling campaign in response to South Korea's supply shortage for molybdenum, which has recently reached a crisis level. With the national stockpile falling short, the South Korean government has issued public notices for private companies to secure molybdenum, demonstrating the urgency in securing supplies. Following the drilling campaign, Almonty expects to update the technical report and commence production on an expedited basis. Almonty previously signed an exclusive supply agreement with SeAH M&S, a subsidiary of the SeAH Group, to supply 100 per cent of the molybdenum produced at the Sangdong molybdenum project for the life of the mine.

Lewis Black, chairman and chief executive officer of Almonty, commented: "At a time when ally South Korea is facing a shortage of molybdenum supply, we believe that the Sangdong molybdenum project will make a significant contribution to national resource security and the establishment of a stable supply chain. This drilling campaign marks an important starting point that is expected to bring long-term benefits to both the community and to this critical allied nation. Once molybdenum production at Sangdong mine is fully operational, Almonty believes that it will help resolve South Korea's supply shortage and reduce the nation's dependence on imports."

"With molybdenum emerging at Sangdong alongside tungsten at the Sangdong tungsten project, the Sangdong molybdenum project is also expected to generate economic revitalization effects such as expanded local employment and increased population growth in the region. If molybdenum production at the Sangdong molybdenum project begins in tandem with the Sangdong tungsten mine, which is already in its phase I production preparation stage, the positive impact on the broader local community could be substantial," concluded Mr. Black.

As previously announced, the company conducted a reassessment of its mining portfolio and concluded that, on the basis of its current strategy, including management's focus and the deployment of resources on the Sangdong tungsten mine and the expected economic importance to Almonty of the expected production at the phase I of the Sangdong tungsten mine relative to its other properties, as well as the expected timing and significant potential production increase of phase II, the Sangdong tungsten mine is the only mineral project on a property that is material to the company for the purposes of NI 43-101. The company remains engaged in the operation and development of other mineral properties, including the Sangdong molybdenum project.

Notes regarding scientific and technical information

The scientific and technical information contained in this news release relating to the molybdenum project has been reviewed and approved by Adam Wheeler, BSc, MSc, C Eng, an independent expert, a qualified person within the meaning of NI 43-101, and a competent person under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012) (JORC Code).

ASX (Australian Securities Exchange) listing rules and ASX Listing Rule 5.12.9 cautionary statement

The company advises that, for the purposes of the ASX listing rules, all mineral resources and ore reserves contained in the technical report are foreign estimates and are not reported in accordance with the JORC Code. Accordingly, Almonty confirms that a competent person has not done sufficient work to classify the foreign estimates contained in the technical report as mineral resources or reserves in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the foreign estimates contained in the technical report will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.

About Almonty Industries Inc.

Almonty is a leading supplier of conflict-free tungsten -- a strategic metal critical to the defence and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armour, munitions and electronics manufacturing. Almonty's flagship Sangdong tungsten mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80 per cent of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defence procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply chain security and defence readiness.

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