Market Overview

Almonty Announces the Commencement of the Mine Development Work at Its Wholly-Owned Sangdong Mine

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Almonty Industries Inc. ("Almonty" or the "Company") (TSX:
AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has
commenced the drift development at the Sangdong tungsten mine located in
the Republic of Korea.

The development of approximately 4,000 meters of 4.5m x 4.5m
transportation drifts, loading points, passing bays and cross cuts
connecting to ore bodies is planned to be completed in 18 months and the
targeted commencement of full scale mining is expected to occur in early
2020. Gangwon Mining Co., Ltd. is the contractor undertaking the work
under the mine development contract executed on April 23, 2018.

All the permits for the mine development were previously obtained and
the required registration of licensed personnel for health, safety,
environment, explosive treatment, mechanical and electrical supervision
has been completed.

The official ceremony for the first blast was held at the Sangdong mine
site on September 26, 2018 with the attendance of relevant officials
from the primary permit and supervision authorities including Yeongwol
County Government and the Ministry of Trade, Industry & Energy. Promptly
after the ceremony, the first blasting and subsequent development work
began inside the Alfonse D portal.

Almonty's Chairman, President and Chief Executive Officer Lewis Black
said:

"The beginning of the mine development work is an important and
meaningful step to Almonty for bringing one of the largest and lowest
cost tungsten mines in the world back into production after 25 years
since its closure in 1993. We are particularly pleased to have engaged
Gangwon Mining, the most experienced and competitive mining contractor
in Korea with no record of safety incidents over 20 years.

The official commencement of underground development work will also
change the status of the Sangdong mine to an operating mine which will
allow the mine to be eligible for diverse local governmental support and
subsidies provided by the mining promotion institutions such as the
Korea Resource Corporation (KORES) and the Mine Reclamation Corporation
(MIRECO).

This will widen the spectrum of government subsidies significantly,
expanding from the previously announced ongoing endowment for the pilot
plant which the Korea Institute for Geoscience and Mineral Resources
(KIGAM) has provided, with the target completion of the pilot plant
expected by the end of December 2018.

The scheduled completion of drift development and mining of ore in
intersecting areas together with the completion of the processing plant
which is planned to be commissioned in Q2 2020 are expected to enable
the Sangdong mine to start producing concentrate in the middle of 2020,
regaining its reputation as one of the largest tungsten mines in the
world."

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc.
is the mining, processing and shipping of tungsten concentrate from its
Los Santos Mine in western Spain and its Panasqueira mine in Portugal as
well as the refurbishment of its Wolfram Camp Mine in north Queensland,
Australia, the development of its Sangdong tungsten mine in Gangwon
Province, South Korea and the development of 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 has produced tungsten and molybdenum
concentrate, although the Wolfram Camp Mine is not currently producing
due to ongoing refurbishment of the processing plant. 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 north-western 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

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

Forward-looking statements in this press release include, among others,
statements regarding Almonty's future business plans and operations, the
Sangdong mine drift development anticipated completion and targeted
commencement of full scale mining and production, increased availability
of local governmental support and subsidies, target completion date of
the pilot plant and the anticipated timing for completion of the
processing plant and the Sangdong mine to start producing concentrate.

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 be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: the receipt of all required
final approvals, the availability and timing of project financing,
unanticipated costs and expenses, general market and industry conditions
and operational risks, including large project risk and contractual
factors, any specific risks relating to fluctuations in the price of
ammonium para tungstate ("APT") from which the sale 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 be refined, forecasts and
assessments relating to Almonty's business, credit and liquidity risks,
hedging risk, competition in the mining industry, risks related to the
market price of Almonty's shares, the ability of Almonty to retain key
management employees or procure the services of skilled and experienced
personnel, risks related to claims and legal proceedings against Almonty
and any of its operating mines, risks relating to unknown defects and
impairments, risks related to the adequacy of internal control over
financial reporting, risks related to governmental regulations,
including environmental regulations, risks related to international
operations of Almonty, risks relating to exploration, development and
operations at Almonty's tungsten mines, the ability of Almonty to obtain
and maintain necessary permits, the ability of Almonty to comply with
applicable laws, regulations and permitting requirements, lack of
suitable infrastructure and employees to support Almonty's mining
operations, uncertainty in the accuracy of mineral reserves and mineral
resources estimates, production estimates from Almonty's mining
operations, inability to replace and expand mineral reserves,
uncertainties related to title and indigenous rights with respect to
mineral properties owned directly or indirectly by Almonty, the ability
of Almonty to obtain adequate financing, the ability of Almonty to
complete permitting, construction, development and expansion, challenges
related to global financial conditions, risks related to future sales or
issuance of equity securities, differences in the interpretation or
application of tax laws and regulations or accounting policies and rules
of the TSX.

Forward-looking statements are based on assumptions management believes
to be reasonable, including but not limited to, the receipt of all
required final approvals, no unanticipated delays in project financing,
no material unanticipated costs and expenses, no material adverse change
in general market and industry conditions and no unanticipated material
operational risks, including large project risk and contractual factors,
no material adverse change in the market price of APT, the continuing
ability to fund or obtain funding for outstanding commitments,
expectations regarding the resolution of legal and tax matters, no
negative change to applicable laws, the ability to secure local
contractors, employees and assistance as and when required and on
reasonable terms, and such other assumptions and factors as are set out
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
forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate and even if events
or results described in the forward-looking statements are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking statements
and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material 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 and other
uncertainties and potential events.

Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these 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.

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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