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Almonty Industries Inc.

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Almonty Announces The Closing of its $2,122,500 Private Placement for the KfW-IPEX Bank Arrangement Fee and the Ordering of Long Lead Time Equipment from Metso/Outotec

(“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the closing of its private placement with existing European shareholders of 2,830,000 shares at CDN$0.75 per share and which is a continuation of the private placement conducted by Lewis Black and Deutsche Rohstoff AG (DRAG) at the beginning of this month. The use of proceeds of this placement will be to pay the KFW arrangement fee on the now active US$75.1 million loan. This cost is part of the overall project cost. When added to what has already been expended at site on the construction that commenced in 2020, to date there is now only a further US$10.1 million required to meet the final condition precedent (CP).

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