Sangdong Downstream Expansion Project Progressing

TORONTO–(BUSINESS WIRE)–Almonty Industries Inc. (“Almaty“or the”Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an update regarding the proposed Nanotungsten Oxide Downstream Processing Plant.

As announced on March 30, 2022, Almonty is studying the construction of a vertically integrated nano-tungsten oxide downstream processing plant (Sangdong Downstream Expansion Project) to supply the South Korean anode manufacturing industry and battery cathodes. As also announced, financing for Sangdong’s downstream expansion project is expected to come from KfW IPEX-Bank (“KfW”), the company’s existing debt provider which has already signed a letter of intent (“Letter of Intent “) for additional funding of up to US$50 million for this purpose.

Almonty is pleased to announce that it is consulting with IAF Holding GmbH, a process engineering firm specializing in the design and construction of specialist processing facilities, to design and construct the processing facility for the expansion project downstream from Sangdong.

Almonty is also pleased to announce that it has determined that the processing facility for the Sangdong Downstream Expansion Project should be located at the Seok Moon Industrial Complex in South Korea. This site was selected because of its excellent existing infrastructure, ie access to sufficient water, electricity, communications and gas as well as the existing environmental permits.

In the fourth quarter of this year, key board members and staff will visit the proposed location of the Sangdong Downstream Expansion Project, together with KfW and its independent consultants, Hatch, to advance the LOI. towards more definitive agreements.

The company looks forward to keeping its shareholders informed of the progress of the Sangdong downstream expansion project.

Comments from the CEO of Lewis Black:

“At the site, underground mine development is still 6 months ahead of schedule and our block model proves that we have taken an extremely conservative view. The filing clearly demonstrates to us why it is so revered in our industry. Equipment continues to arrive in the country and the factories will begin assembly shortly and we are finalizing with the EPC the detailed technical study of the surface factory to then start construction on the surface. We are still comfortably within our budget despite inflationary pressures and we managed to overcome these pressures by anticipating them at the beginning of last year. The next visit from KFW and Hatch is to see our progress so far on the site and see the potential new site for the tungsten oxide plant as we now ramp up this project.

Regarding recent stock market activity, I want to assure all shareholders that the company is on the right track, and we will be filing the third application for use with KFW shortly. We are aware of some unusually aggressive selling from an individual/group based in Europe who is not part of our core group.

As we now enter the next phase of our growth, I would like to share with all shareholders a Tungsten fact. There are 1.4 kg of tungsten used in manufacturing or contained in every new electric vehicle. This is expected to grow closer to 2 kg over the next three years as electrical components develop and could reach 2.5 kg with the introduction of tungsten-based cathode coatings in lithium-ion batteries.

About Almaty

The principal activity of Almanty Industries Inc., based in Toronto, Canada, is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira 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 northwestern Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometers from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometers 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 high-grade, long-lived tungsten deposits outside of China, was acquired in September 2015 by the acquisition of a 100% stake in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in northwest Spain. Further information on Almonty’s activities is available at and under Almonty’s profile at

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Disclaimer for forward-looking information

When used in this press release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict “, “may” or “should” and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. Such statements and information are based on management’s beliefs, estimates and opinions as of the date the statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to differ materially from those expressed or implied by these forward-looking statements, including but not limited to: any specific risks related to fluctuations in the price of ammonium para tungstate (“APT”) from which the selling price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to unfold. be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risk, hedging risk, industry competition mining, risks relating to the market price of Almonty’s shares, Almonty’s ability to retain key management employees or to obtain the services of qualified and experienced qualified personnel, risks relating to claims and legal proceedings against Almonty and one of its operating mines, risks relating to unknown defects and deficiencies, risks relating to the adequacy of internal control over financial reporting, risks relating to government regulations, including environmental regulations, risks relating to operations Almonty’s international standards, risks associated with the exploration, development and operation of Almonty’s tungsten mines, Almonty’s ability to obtain and maintain necessary permits, Almonty’s ability to comply to applicable laws, regulations and permitting requirements, the lack of appropriate infrastructure and employees to support mining operations. res of Almonty, uncertainty as to the accuracy of mineral reserves and mineral resource estimates, production estimates from Almonty’s mining operations, the inability to replace and expand mineral reserves, uncertainties related to aboriginal title and rights with respect to mineral properties owned directly or indirectly by Almonty, Almonty’s ability to obtain adequate financing, Almonty’s ability to complete permits, construction, development and expansion, challenges relating to global financial conditions, risks relating to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and the acceptance by the TSX of the listing of the shares of Almanty on the TSX.

Forward-looking statements are based on assumptions that management believes are reasonable, including, but not limited to, no material adverse changes in the market price of ammonium para tungstate (APT), the continued ability to fund or securing funding for ongoing commitments, expectations regarding resolution of legal and tax issues, absence of adverse change in applicable laws, ability to secure local contractors, employees and assistance when needed and on reasonable terms, and other assumptions and factors as set forth herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in the forward-looking statements, there may be other factors that cause the results, level of activity, performance or achievements not to be as expected, estimated or expected. There can be no assurance that the forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements do occur or substantially materialize, there can be no assurance that they will have the expected consequences or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual results may vary.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of important factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events.

Almonty has also assumed that important factors will not cause the forward-looking statements and information to differ materially from actual results or events. However, the list of such factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.


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