Toronto – October 02, 2020 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR)

At Beralt Tin and Wolfram (Portugal), S.A. (BTW) we are committed to embrace every single one of the 17 UN Sustainable Development Goals, connected to our activity and stakeholders.

As an operator in a European country, with very restricted legal framework, both communitarian and national, we have to comply with the most exigent regulations worldwide in terms of operation governance, environmental impact, social impact, energy efficiency and climate change.

The Panasqueira Mine operates under an environmental license within the scope of mining waste. In the document, all major parameters are considered, and monitoring and compulsory reports are determined. That includes: Energy, Water, Waste (mining and industrial), Noise, Air Emissions and Raw Materials and Products used.

Being located in a low density population area, most of the people are somehow related to the company and economically benefiting with it, as workers, worker’s families, small suppliers, etc.

Here are some of the BTW’s good practices in each goal:

No Poverty

The company has straight relation with local authorities and associations, providing financing and donations to several events in different areas. Although is not a wealthy population area, there are no known cases of severe poverty.

Zero Hunger

The company provides daily feeding fund for all workers, many times providing, when required, monetary help during the ongoing month as cash advance or others. No cases of hunger are known among workers or local community.

Good Health & Well-being

With a Health and Safety department, the company provides medical care for all workers, including systematic monitoring and follow up by check-up’s. The medical facilities are also available to local community for small treatments, vaccines or light medical screenings. The Safety Team is focused on preventing accidents and professional injuries.

Quality Education

The company provides initial training and complementary education courses in several areas, mainly safety but also technical specific areas. Every worker has the right to 40 hours of training or professional qualification per year.

Quality Education

The company provides initial training and complementary education courses in several areas, mainly safety but also technical specific areas. Every worker has the right to 40 hours of training or professional qualification per year.

Gender Equality

The company complies with European legal framework in this matter, giving equal opportunities to access for a new job and promoting equal opportunities for career progress and retributions. Also under the legal framework, the company has internal special dedicated procedure for harassment in any form.

Clean Water & Sanitation

(Non Applicable. The mining site and region are served with these basic services.)

Affordable & Clean Energy

As an intensive consumer of energy, the company is requested to submit 8-year plans for energy efficiency, proposing measures to reduce consumption of electricity and diesel. From replacing old equipment for more efficient ones, to substitution of road transport for conveyor belts, and a solar photovoltaic installation project, everything is considered and implemented.

Decent Work & Economic Growth

The national and European legal framework in what the company operates regarding labor is very protective about workers and work conditions. The entry remuneration level at the company is 2.6% above minimum wage at the surface positions and 27% above minimum wage at the mine. The company workers are represented in labor negotiations by a local union affiliated of a national one. Workers are also called to intervene in all relevant issues concerning Health and Safety and other relevant issues related to work and community.

Industry, innovation & Infrastructure

With more than 100 years of ongoing activity, BTW is itself a case study of resilience, constant innovation and adaptive capacity. Introducing and promoting new technologies as well as adopting best available techniques is the key to such long mining activity, based on a world class mineral deposit.

Reduced Inequalities

(Non Applicable as Inequalities among countries.)

Sustainable cities & Communities

(Not Applicable as it depends on government or municipal regulations.)

Responsible Consumption & Construction

Company focus on health and safety of all workers promotes productivity, contributing for risk prevention culture and healthier life style.

Climate Action

Efficient use of energy, with reducing targets in electricity and diesel, is an ongoing practice.

Life Below Water

Among the facilities at the mine site, there is a state of the art water treatment plant. All the water from the mine, plant and surface spillages is treated in closed circuit and only excess is released to the river. In place there is a monitoring program with more than 10 points where monthly water samples are collected and analyzed by external and certified laboratory. The results are reported to the authorities. Collecting points are distributed from upstream of the treated water discharge up to 10 kilometers downstream, in the main river.

Life On Land

As an underground mine with more than 100 years of ongoing activity, the impact on biodiversity is stabilized. Mining waste and tailings are properly managed, with rigorous controls and monitoring. Major known spillages are conducted to water treatment plant. All parameters are sampled and analyzed and the company reports to the authorities, within the determined schedule.

Peace, Justice & Strong Institutions

(Not Applicable as it depends on government regulations.)

Partnerships For The Goals

At local and regional level, the company works closely with authorities and associations in many different areas. Mainly regarding health and safety, but also in international projects for tailings recovering or reuse (REMINE, ERA-MIN, BIOCritical Metals, etc.), mine closure and rehabilitation, water treatment, and others. The Mine Closure Plan, revised every 5 years, is a process where all stakeholders are invited and allowed to propose their interest to be discussed and, eventually, considered.

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: info@almonty.com