Toronto : Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the closing of its private placement with existing European shareholders of 2,830,000 shares at CDN$0.75 per share and which is a continuation of the private placement conducted by Lewis Black and Deutsche Rohstoff AG (DRAG) at the beginning of this month. The use of proceeds of this placement will be to pay the KFW arrangement fee on the now active US$75.1 million loan. This cost is part of the overall project cost. When added to what has already been expended at site on the construction that commenced in 2020, to date there is now only a further US$10.1 million required to meet the final condition precedent (CP).

The Company is also pleased to announce that the orders have now been placed for the long lead time items being the primary crusher and the Sag mill with Metso/Outotec. Delivery is expected within 11 months.

Almonty’s Chairman, President and CEO Lewis Black commented:

“The importance of the placing of the order and payment of the deposit for the long lead time items of the primary crusher and the Sag mill marks a turning point at our Sangdong project.  After 4 years of planning, I now look forward to seeing both mills being delivered into place at site within 11 months at the world’s largest Tungsten mine. The settlement of the arrangement fee to KfW-IPEX Bank and with the work that we have already completed at site to date, we can now see a reduction of at least 28% of the equity still required as the final cp. The Company expects all cp’s to be concluded in February and for the financial close to occur in March, which will coincide with our listing in Australia. But regardless, in the meantime, work will continue according to the timeline set by the project planning calendar. Further updates on our other sites and in particular our Molybdenum project will follow shortly.”