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Almonty Industries Inc
Symbol AII
Shares Issued 188,344,721
Close 2021-02-03 C$ 0.78
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Almonty to build solar project at Panasqueira

2021-02-03 08:30 ET - News Release

Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. ANNOUNCES THE EXPANSION OF ITS ESG PROGRAM

Almonty Industries Inc. is expanding its current environmental, social and governance (ESG) program at its Panasqueira mine in Portugal and at its Sangdong project in South Korea. At Panasqueira, a solar project is being implemented over the next 12 months, building a 2.52-megawatt facility to produce 4.1 million kilowatt-hours per year which represents 21.5 per cent of the company's consumption at the mine. At Sangdong, a third party report will be concluded over the next three months, analyzing the carbon footprint and how best to minimize that footprint. Given the energy from the grid supplied to the Sangdong project is 100 per cent renewable, the company has a unique opportunity to push toward carbon neutrality at its Korean site.

Almonty's chairman, president and chief executive officer Lewis Black, commented:

"As we transition into the wider financial ETF markets of Asia and Australia, and our visibility continues to increase as a significant producer of the strategic metals of tungsten and molybdenum once Sangdong and Almonty Korea Moly opens, it has become increasingly important to ensure that we are continually reviewing and developing our ESG which sits perfectly in line with the equator principles around which the Sangdong project is being built. The equator principles were the backbone of KfW-IPEX Bank support but now we find that ETFs covering the strategic space require a continuing push across the board regarding our ESG. The aim for carbon neutrality at Sangdong is potentially achievable once underground electric fleets can maintain a charge for an entire shift which is estimated to be technically possible within the next 18 months, but we are extremely fortunate that 100 per cent of our energy comes from a renewable source making the target of carbon neutrality achievable. With Panasqueira, we are dealing with a 126-year-old project, but we now start the process of bringing far greater attention to its ESG. The first phase of this is to provide over 20 per cent of our energy needs from solar. Social programs are already under way for some years now and further programs are also now being evaluated to bring the mine further into the 21st century."

About Almonty Industries Inc.

The principal business of Almonty Industries, based in Toronto, Canada, is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon province, South Korea, and the development of the Valtreixal tin/tungsten project in northwestern Spain. The Los Santos mine was acquired by Almonty in September, 2011, and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January, 2016, and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September, 2015, through the acquisition of a 100-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.

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