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Almonty Amends Convertible Debenture

T.AII | January 10, 2020

TORONTO

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) announces that it has entered into an agreement to amend certain terms of the convertible debenture in the principal amount of $5,962,978 (the “Convertible Debenture”) originally issued by the Company on January 30, 2018.

The amendments to the Convertible Debenture are to:

amend the maturity date of the Convertible Debenture from January 30, 2020 to January 30, 2021, and
reduce the price at which common shares are to be issued pursuant to the Convertible Debenture upon the conversion of principal or the payment-in-kind of interest from $1.00 to $0.90 per common share.

The Amendments to the terms of the Convertible Debentures remain subject to the final acceptance of the Toronto Stock Exchange.

For further details on the terms of the Convertible Debenture, please see the press release issued by the Company on February 1, 2018.

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 SEDAR profile at www.sedar.com.

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