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Almonty Industries Celebrates Designation of Yeongwol County as an Opportunity Development Special Zone to Enhance Sangdong Mine Expansion

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Almonty Industries announces that Yeongwol County, home to its Sangdong Mine, has been designated as one of six Opportunity Development Special Zones in Gangwon Province, South Korea. This designation by the Ministry of Trade, Industry, and Energy (MOTIE) includes tax benefits, subsidies, and infrastructure improvements to support critical minerals development.

The region is developing a 153,750-square-meter industrial complex in Nokjeon-ri, with Almonty securing 60,000 square meters for its tungsten oxide plant, located 35 kilometers from the Sangdong Mine. The project aims to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand for this critical mineral used in batteries and semiconductors.

Almonty Industries annuncia che la Contea di Yeongwol, sede della sua Miniera di Sangdong, è stata designata come una delle sei Zone di Sviluppo delle Opportunità nella Provincia di Gangwon, Corea del Sud. Questa designazione da parte del Ministero del Commercio, dell'Industria e dell'Energia (MOTIE) include benefici fiscali, sussidi e miglioramenti infrastrutturali per supportare lo sviluppo dei minerali critici.

La regione sta sviluppando un complesso industriale di 153.750 metri quadrati a Nokjeon-ri, con Almonty che ha assicurato 60.000 metri quadrati per il suo impianto di ossido di tungsteno, situato a 35 chilometri dalla Miniera di Sangdong. Il progetto mira a fornire oltre il 10% del consumo globale di tungsteno e a soddisfare il 100% della domanda interna della Corea del Sud per questo minerale critico utilizzato in batterie e semiconduttori.

Almonty Industries anuncia que el Condado de Yeongwol, hogar de su Mina Sangdong, ha sido designado como una de las seis Zonas Especiales de Desarrollo de Oportunidades en la Provincia de Gangwon, Corea del Sur. Esta designación por parte del Ministerio de Comercio, Industria y Energía (MOTIE) incluye beneficios fiscales, subsidios y mejoras en la infraestructura para apoyar el desarrollo de minerales críticos.

La región está desarrollando un complejo industrial de 153,750 metros cuadrados en Nokjeon-ri, con Almonty asegurando 60,000 metros cuadrados para su planta de óxido de tungsteno, ubicada a 35 kilómetros de la Mina Sangdong. El proyecto tiene como objetivo suministrar más del 10% del consumo global de tungsteno y satisfacer el 100% de la demanda interna de Corea del Sur para este mineral crítico utilizado en baterías y semiconductores.

Almonty Industries는 자사의 상돈 광산이 위치한 영월군이 한국 강원도에서 여섯 개의 기회 개발 특별 구역 중 하나로 선정되었다고 발표했습니다. 상무부(MOTIE)의 이 지정은 중요한 광물 개발을 지원하기 위한 세금 혜택, 보조금 및 인프라 개선을 포함합니다.

이 지역은 녹전리에 153,750제곱미터의 산업 단지를 개발 중이며, Almonty는 상돈 광산에서 35킬로미터 떨어진 곳에 위치한 텅스텐 산화물 공장을 위해 60,000제곱미터를 확보했습니다. 이 프로젝트는 전 세계 텅스텐 소비의 10% 이상을 공급하고, 한국 국내에서 이 중요한 광물의 100% 수요를 충족하는 것을 목표로 하고 있습니다.

Almonty Industries annonce que le comté de Yeongwol, qui abrite sa mine de Sangdong, a été désigné comme l'une des six zones de développement d'opportunités dans la province de Gangwon, en Corée du Sud. Cette désignation par le ministère du Commerce, de l'Industrie et de l'Énergie (MOTIE) inclut des avantages fiscaux, des subventions et des améliorations d'infrastructure pour soutenir le développement des minéraux critiques.

La région développe un complexe industriel de 153 750 mètres carrés à Nokjeon-ri, Almonty sécurisant 60 000 mètres carrés pour son usine d'oxyde de tungstène, située à 35 kilomètres de la mine de Sangdong. Le projet vise à fournir plus de 10 % de la consommation mondiale de tungstène et à répondre à 100 % de la demande nationale de la Corée du Sud pour ce minéral critique utilisé dans les batteries et les semi-conducteurs.

Almonty Industries gibt bekannt, dass der Landkreis Yeongwol, in dem sich sein Sangdong-Bergwerk befindet, als eine von sechs Sonderentwicklungszonen in der Provinz Gangwon, Südkorea, ausgewählt wurde. Diese Auszeichnung durch das Ministerium für Handel, Industrie und Energie (MOTIE) umfasst steuerliche Vorteile, Subventionen und Infrastrukturverbesserungen zur Unterstützung der Entwicklung kritischer Mineralien.

Die Region entwickelt einen 153.750 Quadratmeter großen Industriekomplex in Nokjeon-ri, wobei Almonty 60.000 Quadratmeter für sein Wolframoxidwerk gesichert hat, das 35 Kilometer vom Sangdong-Bergwerk entfernt ist. Das Projekt zielt darauf ab, über 10% des weltweiten Wolframverbrauchs zu decken und 100% des inländischen Bedarfs Südkoreas an diesem kritischen Mineral, das in Batterien und Halbleitern verwendet wird, zu erfüllen.

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TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), is pleased to announce that the Company’s Sangdong Mine has been recognized as a priority site to attract large-scale corporate investment.

The South Korean Ministry of Trade, Industry, and Energy (MOTIE) announced at the 2024 Korea Local Era Expo ceremony held in Chuncheon, South Korea, that six regions in Gangwon Province have been designated as Opportunity Development Special Zones. Among these zones is Yeongwol County, home to the Almonty’s Sangdong Mine. This designation supports Yeongwol County's strategic focus on critical minerals, providing tax breaks, subsidies, and infrastructure improvements to foster industry-specific growth, creating jobs and encouraging new business opportunities, particularly in mineral processing and manufacturing. As a responsible participant in Yeongwol County’s Opportunity Development Special Zone, Almonty is committed to sustainable practices, minimizing environmental impacts, and engaging with the local community to ensure that the Sangdong Mine’s expansion aligns with regional development goals.

“We’re extremely pleased with the commitment shown by both national and local governments to support our project with a state-of-the-art materials complex so close to Sangdong,” stated Lewis Black, Chairman, President, and CEO of Almonty Industries. “This designation and planned industrial complex reinforce the strategic role of the Sangdong Mine as part of South Korea’s plan to ensure a stable supply of key minerals needed for its industries.”

The designation highlights Yeongwol County's strategic focus on critical minerals, positioning it as a potential key materials production hub for South Korea. This designation follows Yeongwol’s recognition as an Educational Development Special Zone in July 2024 and strengthens the region's role in supplying essential materials, particularly tungsten, for South Korea’s industrial base.

The project is advancing steadily, with quality control measures in place to ensure reliable operations upon completion.

As part of this initiative, Yeongwol County is developing an advanced industry core materials industrial complex that will specialize in tungsten, pumice, and magnesium. This industrial complex will span 153,750 square meters in Nokjeon-ri, Sansol-myeon, located just 35 kilometers from Almonty’s Sangdong Mine site. Almonty’s downstream tungsten oxide plant will be constructed here on a dedicated 60,000-square-meter site, adding value to the Company’s vertically integrated production chain.

The Sangdong Mine positions Almonty to supply over 10% of global tungsten consumption, meeting 100% of South Korea’s domestic demand for this critical mineral used in advanced sectors like secondary batteries and semiconductors. The Company’s commitment to quality control and adherence to high standards through partnerships, like the one with Metso (a leading global supplier of technology and services for mining and processing industries in Europe), assures the reliability and robust capabilities of Almonty’s production facilities.

About Almonty

Almonty Industries Inc., based in Toronto, Canada, is a leader in tungsten mining, processing, and shipping with projects in Spain, Portugal, and South Korea. The Company’s Sangdong Mine in South Korea is one of the world’s most substantial and high-grade tungsten deposits outside of China. Almonty is also developing the Valtreixal tin/tungsten project in Spain. For further information, please visit www.almonty.com or www.sedarplus.ca

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.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

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 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: 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 and acceptance of the TSX of the listing of Almonty shares on the TSX.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (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.

Lewis Black, Chairman, President, and CEO

Telephone: +1 647 438-9766

Email: info@almonty.com

Source: Almonty Industries Inc.

FAQ

What benefits does the Special Zone designation bring to Almonty's (ALMTF) Sangdong Mine project?

The designation provides tax breaks, subsidies, and infrastructure improvements to support critical minerals development, specifically benefiting Almonty's Sangdong Mine expansion and downstream processing capabilities.

How much of the global tungsten market will Almonty's (ALMTF) Sangdong Mine supply?

The Sangdong Mine is positioned to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand.

Where will Almonty's (ALMTF) new tungsten oxide plant be located?

The tungsten oxide plant will be built on a 60,000-square-meter site within the new industrial complex in Nokjeon-ri, Sansol-myeon, 35 kilometers from the Sangdong Mine.

What is the size of the new industrial complex near Almonty's (ALMTF) Sangdong Mine?

The advanced industry core materials industrial complex will span 153,750 square meters in Nokjeon-ri, Sansol-myeon.

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