RE:RE:Successful Placement of CDI’s Raises A$3.5 MillionToronto – 27 March 2023 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has received conditional approval from the TSX to settle the fees linked to various guarantees provided in respect of Company debt obligations in stock rather than cash at the request of Plansee Holding AG (“Plansee”). The amount due to Plansee of US$2,455,371.28 (CAD$3,287,742.14) was settled through the issuance of 4,501,840 Common Shares on TSX. The average price of the stock issuance is C$0.73 per share representing a 6 % premium to current market price as at 22 March 2023. Following conversion of the outstanding fees, Plansee holds, direct or indirect, 42,651,396 shares or 18.7% in the equity of Almonty post-closing of the CDI placement announced on March 21, 2023. Plansee, through the holdings of its subsidiary, Global Tungsten & Powders Ltd., is an insider of the Company by virtue of holding 10% or more of the Company’s issued and outstanding Common Shares. As such, issuance of Common Shares to Plansee Holdings AG in satisfaction of obligations owed thereto constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. However, the Company considers such transaction would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Common Shares issued to Plansee and the dollar value of the obligations owed thereto, would not exceed 25 percent of the Company's market capitalization. Other than a debt settlement agreement entered into between Plansee and the Company relating to the issuance of the Common Shares in settlement of obligations due to Plansee, the Company does not anticipate entering into any agreement with an interested party or a joint actor with an interested party in connection with the transaction with Plansee. The Company did not file a material change report more than 21 days before the issuance of the Common Shares because the Company has been seeking all regulatory and third party approvals for the transaction with Plansee and, once received, moved to close on an expedited basis for business reasons.