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Almonty Industries Inc.

Innovation & Integrity in Tungsten

Global Conflict-Free Tungsten

Fourth Sangdong Tungsten Mine Loan Facility Drawdown

Toronto – April 3, 2023, – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce that it has completed its fourth scheduled drawdown of the total US$75.1 million KfW IPEX-Bank project finance facility for its Sangdong Tungsten Mine (the Loan Facility) located in South Korea.

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Almonty Industries Inc. has Closed a US$1,201,000 (CDN $1,537,688) Non-brokered Private Placement at CDN$0.75 with Lewis Black and Deutsche Rohstoff AG

 (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has closed a non-brokered private placement raising gross proceeds of US$1,201,000 (CDN$1,537,688) through the issuance of 2,050,251 shares at a price of CDN$0.75 per share representing a more than 17% premium to current market. Lewis Black, Chairman, President and CEO of Almonty, and Deutsche Rohstoff AG (“DRAG”) are the sole participants in this equity raise.

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