Almonty Receives Further and Final Commitments Under Previously Announced Placement; Manages Dundee Resources Limited’s Divestment of Almonty Holding

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that in conjunction with its March 2024 Placement, the Company has closed a fourth tranche through the sale of the previously-announced firm commitment of 3,000,000 Placement Chess Depository Interests Units (“CDIs”) at A$0.62 per unit and is scheduled to close on an additional 1,090,909 common share units at Cdn$0.55 per unit on May 23, 2024.

In addition, the Company has received firm commitments to raise further gross proceeds of A$1,194,500.06 pursuant to the issuance of 1,926,613 CDIs at A$0.62 per CDI Unit. This represents the final tranche of the March 2024 placement which is now closed. Settlement of this final tranche is expected to occur on or around Monday 27 May 2024 with allotment on or around Tuesday 28 May 2024.

Each CDI participant will be issued one free unlisted option for every one CDI issued (“Options), exercisable at A$0.84 with an expiry date of 24 months from the date of closing while each common share unit participant will be issued one share purchase warrant for every one common share (“Warrants”) exercisable at Cdn$0.74 with an expiry date of 24 months from the date of closing.

Proceeds from the Placement will be applied towards general working capital and offer costs. The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX. RM Corporate Finance Pty Ltd acted as Lead Manager to the Placement and will be paid a total fee of 6% of the gross proceeds from the sale of CDIs.

The Company further announces that, in conjunction with the conversion in January 2024 by Dundee Resources Ltd. (“Dundee”) of its entire holdings of long-term debt plus related accrued interest with Almonty, at the conversion price of Cdn$0.90 per share, the Company issued approximately 10.25 million common shares to Dundee. Dundee has been divesting investments, including its holdings in Almonty, and the Company wishes to thank Dundee for allowing us to manage the sale process of their shares and to thank our existing shareholders for absorbing all of them – thus eliminating their overhang on the Company’s stock.