Toronto – May 17, 2021 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / FRA: ALI) today announced the filing of its unaudited interim condensed consolidated financial statements and management’s  discussion & analysis (“MD&A”) for the three months ended March 31, 2021. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars.

The following financial information is for the three months ended March 31, 2021 and 2020:

The following financial information is as at March 31, 2021 and 2020:

Almonty’s Chairman, President and CEO Lewis Black commented:

Lewis Black - President & CEO, Almonty Industries Inc.“The first quarter of fiscal 2021 was in line with the Company’s expectations. Production will continue to run at our Panasqueira mine at a break-even level until such time as the COVIS-19 restrictions we have in place at the site are removed.

 

We hope that as Europe begins to open borders and continue to vaccinate populations, those restrictions will be removed shortly. The go-forward care and maintenance costs at Los Santos continue to decline to negligible levels. As we added to our team in Korea, we saw a slight impact with  some non-cash compensation costs and G&A cost increases in Korea as construction is now underway.

 

The Company’s focus going forward is now to control costs at our existing sites and then see the go-forward costs in Korea be absorbed into the project financing after financial close. In the meantime, work continues at the Sangdong site and an update will be coming shortly.”

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc. 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 north western 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, is 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% interest in Woulfe Mining Corp.

Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.

Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Disclaimer for Forward-Looking Statements

Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking
statements. Such statements relate to, among other things, the Company’s intention to purchase Shares pursuant to the NCIB, the Company’s belief that the Shares may from time to time be undervalued and that purchases of Shares under the NCIB will provide benefits to shareholders. These statements reflect the Company’s current views regarding future events and operating performance, are based on
information currently available to the Company, and speak only as of the date of this press release.

Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The
forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.

For further information, please contact:

Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
E-mail: [email protected]

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