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Almonty Announces the Signing of the Power Supply and Consumption Agreement for the Sangdong Mine Development with Korea Electric Power Corporation

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Almonty Industries Inc. ("Almonty" or the "Company")
(TSX:AII, OTCQX:ALMTF)) announces that it has signed
a Power Supply and Consumption Agreement with Korea Electric Power
Corporation ("KEPCO") for the construction and supply of a power line to
the Sangdong Tungsten Mine located in the Republic of Korea.

The Power Supply and Consumption Agreement, entered into on May 29, 2019
between Almonty Korea Tungsten Corp. ("AKTC"), a wholly-owned subsidiary
of Almonty, and KEPCO, a state-owned monopoly power supplier, is for the
construction and installation of a 10MW exclusive power line to the site
of the Sangdong Mine. Under the Power Supply & Consumption Agreement,
KEPCO is responsible for building the high voltage power line (22.9kV)
of 22.8 km and auxiliary facilities connecting the Taebaek Sub-station
of KEPCO and the transfer point designated inside the Sangdong Mine site.

The construction cost of KRW2,044 million (approx. US$1.7 million) will
be entirely borne by KEPCO as a part of its power line subsidy program
for industrial promotion. KEPCO will commence the construction of the
power line with the target completion by June 23, 2020, which will be
several months before the scheduled completion of the processing plant
at the mine.

Almonty's Chairman, President and CEO Lewis Black said:

"The signing of the Power Supply and Consumption Agreement for the
Sangdong Mine development will be another important and meaningful step
to Almonty for bringing what was historically one of the largest and
lowest-cost tungsten mines in the world back into production. We are
particularly pleased and grateful for KEPCO's subsidized construction of
the power line.

The subsidized power line extension by the government power company, in
addition to the subsidized connection of potable water line by the
County Government in 2017, signifies the continued support of the South
Korean government for the development of the Sangdong Mine. The in-time
supply of power will contribute to ensuring the scheduled completion of
the processing plant and other facilities at the Sangdong Mine, enabling
AKTC to meet targeted commercial production in Q4 2020."

About Almonty Industries Inc.

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 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 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 Statements

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, but are not
limited to, statements regarding the expected use of proceeds of the
Debenture Offering. The forward-looking statements and information in
this press release include information relating to the intentions of
management. Such statements and information reflect the current view of
Almonty with respect to risks and uncertainties that may cause actual
results to vary. 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 approvals, 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,
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 the 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 DO SO, IT DOES NOT UNDERTAKE TO UPDATE THIS
INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH
APPLICABLE LAWS.

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