UpdateSangdong Mine Operational Update and Second KfW Drawdown received Highlights • Torrential rainfall event at Sangdong Tungsten Mine in August with >220mm of rain over three-day period. • Underground mine, all associated underground infrastructure and surface infrastructure completely unaffected. • Mine Development reached significant milestone - enabling further exploration and exploitation. • Receipt of second drawdown amount of US$4.1 million from KfW-IBEX Bank US$75.1 million project financing loan facility, as scheduled. Toronto – 24 August 2022 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an operational and financing update in relation to its Sangdong Tungsten Mine, which is currently under construction in South Korea. Operational update Earlier this month, the Sangdong region where the Company’s Sangdong Mine is located in South Korea, was hit by some of the heaviest rain in decades. In the 3 days between the 9 and 11 August 2022, the region experienced rainfall of over 220 mm. Pleasingly, the entire length of the mine was kept stable and all underground infrastructures such as pumping, power ventilation and compressed air operated normally. All surface related infrastructures as mine support office, power supply network, drainage, waste dump, ore stockpiles, batch plant and subcontractors installations also operated as normal. Following this significant weather event, a technical audit was undertaken on the infrastructure which concluded no issues with the infrastructure. Mine development works hit an important milestone in late August, with the hanging wall gallery of -1 Level being reached, which is significant as this will allow further exploration and exploitation works of that extensive ore zone. Almonty is also pleased to note that the second drawdown from the KfW-IBEX Bank US$75.1 million project financing loan facility of US$4.1 million has been received in August. Drawdowns are occurring in line with the project drawdown schedule. Almonty’s Chairman, President and CEO Lewis Black commented: We are pleased that the Sangdong Mine infrastructure passed this stress test which is a testament to the quality of the engineering works and studies completed over the several years leading to construction of our world class Sangdong Tungsten Mine. Further, we are pleased to have successfully reached connection to the -1 Level hanging wall gallery, which represents 55% of our reserves, which occurred in August. This is significant because it enables Almonty access to infrastructure previously constructed which can be re-furbished (such as the drainage gallery, or the vertical shaft) and enables further exploration from this zone. We are also pleased to have received the second drawdown from our financing partners, KfW-IPEX Bank, under the US$75.1 million project financing loan facility which brings the total amount received to date to US$16.9 million, as scheduled.