Almonty Industries Receives Approval on OTCQX Application

Almonty Industries Inc. (“Almonty” or the “Company”)
(TSX: AII) (Frankfurt: 1MR) is pleased to announce that, further to its
news release dated June 26, 2018, its application to have its common
shares quoted on the OTCQX® Best Market, the top tier market operated by
the OTC Markets Group (“OTCQX”) has been approved. Shares can be traded
in the US under the ticker symbol “ALMTF”.

The Company’s shares continue to be listed on the Toronto Stock Exchange
under the ticker symbol “AII”. Almonty’s shares are also eligible to be
deposited into the Depository Trust Company (DTC), one of the world’s
largest securities depositories and electronic clearing and settlement
service provider, for its shares trading on OTCQX.

The OTCQX® Best Market is for established, investor-focused US and
international companies. To qualify for the OTCQX Market, companies must
meet high financial standards, follow best practice corporate
governance, demonstrate compliance with US securities laws, be current
in their disclosure, and have a professional third-party sponsor
introduction. The companies found on OTCQX are distinguished by the
integrity of their operations and diligence with which they convey their
qualifications.

Lewis Black, President and Chief Executive Officer of Almonty, stated:
“The quotation of Almonty’s common shares on OTCQX will not only provide
the Company with greater awareness and visibility in the United States
but also improve liquidity for Almonty’s current and prospective
shareholders in US markets. The timing couldn’t be better. The tungsten
APT price remains strong in the US$340-345/mtu range which gives us very
healthy margins from the production of our two mines in Spain and
Portugal. Moreover, we are making great progress regarding a
non-dilutive financing package for the construction of our Korean
Sangdong Mine, which was historically one of the largest tungsten mines
in the world and one of the few high-grade tungsten deposits outside of
China.”

About Almonty Industries

The principal business of Almonty is the mining, processing and shipping
of tungsten concentrate from its Los Santos Mine in western Spain, its
Wolfram Camp Mine in north Queensland, Australia and its Panasqueira
mine in Portugal as well as the development of the Sangdong tungsten
mine in Gangwon Province, Korea and 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 Wolfram Camp Mine was acquired by
Almonty in September 2014 and is located approximately 130 kilometres
west of Cairns in northern Queensland, Australia and produces tungsten
and molybdenum 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 northwestern Spain.

Further information about Almonty’s activities may be found at www.almonty.com
and under Almonty’s profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

Disclaimer for Forward-Looking Information

The forward-looking information contained in this press release
represents the expectations of Almonty as of the date of this press
release and, accordingly, is subject to change after such date. Readers
should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. while
Almonty may elect to, it does not undertake to update this information
at any particular time except as required in accordance with applicable
laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005813/en/

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