[Ferro-Alloys.com] Almonty Industries Inc. ("Almonty" or the "Company") (TSXV: AII) announces that it has entered into a binding Letter Agreement (the "Agreement") with Deutche Rohstoff AG ("DRAG") to acquire 100% of both Wolfram Camp Mining Pty and Tropical Metals Pty. (which collectively own 100% of the Wolfram Camp tungsten and molybdenum mine in Queensland, Australia "WCM") for CAD$18.0 million (the "Acquisition"). The Agreement calls for the purchase price of CAD$18.0 million to be satisfied as follows:

- Almonty will issue approximately 12,209,302 million common shares at a value of $0.86 per share that represent approximately CAD$10.5 million and translate into a shareholding of Almonty`s issued stock of 24.9% following completion of the acquisition.

- The remaining purchase price of approximately CAD$7.5 million will be satisfied by Almonty issuing a convertible debenture to DRAG. The convertible debenture will have a maturity of 2.5 years with a coupon of 4%. The convertible debenture may be converted, at the option of DRAG, into shares of Almonty at a conversion price of CAD$1.45 per Almonty share.
 

Completion of the Acquisition will be conditional on approval by the TSX Venture Exchange and approval of Almonty shareholders.
 

• [Editor:Yueleilei]