Market Overview

Almonty Industries to Improve Concentrate Output at Panasqueira Mine in Portugal

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Almonty Industries Inc. ("Almonty" or the "Company")
(TSX:AII, OTC:ALMTF) is pleased to announce that the
ore sorting equipment has arrived at its Panasqueira mine in Portugal.
The equipment was released by customs last week and during the 23rd and
24th of July 2018, the entire installation arrived at the mine.

This installation is being assembled under an agreement with Cronimet of
South Africa (www.cronimet-mining.com).
It will allow additional reclamation of the coarse fraction tailings and
will result in a production increase of about 10% in the Panasqueira
mine. The industrial tests are forecasted to run during the 2nd half of
August 2018 and the commissioning of the installation is forecasted for
late August 2018.

Lewis Black, President and Chief Executive Officer of Almonty, stated:
"We have overcome difficult times and used the time wisely to lay the
foundation for the success we have now. I would like to take this
opportunity of thanking all our employees for their dedicated work and
our shareholders for their continuous support as well as patience. Now
it is time to reap the benefits of our hard work while global tungsten
prices are at 4 year highs with APT Price recently breaking through
US$350/MTU, further enhanced by current foreign exchange rates
(CAD$460/MTU). The days of cheap tungsten are long gone and we've
entered new territory now. Improved market conditions are being realized
in the results for the business and we look forward to sharing our
results with the financial community in August 2018."

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.

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