Almonty to acquire Gentung Browns Lake project

Mr. Lewis Black reports ALMONTY TO ACQUIRE STRATEGIC U.S. TUNGSTEN PROJECT IN BEAVERHEAD COUNTY, MONTANA Almonty Industries Inc. has entered into a binding share purchase transaction involving U.S. Tungsten Inc., a United States-based privately owned minerals explorer, to acquire the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead county, Montana (the Gentung Browns Lake tungsten project), for aggregate consideration of $9.75-million (U.S.). The Gentung Browns Lake tungsten project is among the most advanced undeveloped tungsten assets in the United States and is positioned for near-term production as early as the second half of 2026. This is attributed to the fact that the current owners have conducted significant work over the years to prepare the site for production. The project is located in a historic U.S. tungsten district that once supplied the U.S. national strategic stockpile, and offers existing road access and infrastructure, supporting a relatively expeditious path to initial production. As consideration for the Gentung Browns Lake tungsten project, Almonty has agreed to pay $750,000 (U.S.) in cash and issue $9-million (U.S.) of its common shares issued at a price per common share determined on the day of signing and converted into U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the date of the agreement. The consideration shares are subject to restrictions under applicable securities laws in addition to a one-year contractual lock-up from the date of closing. The closing of the transaction is subject to customary conditions for a transaction of this nature, including the receipt of applicable stock exchange approval. In a separate transaction, Almonty also announced today that, pursuant to a share purchase agreement, it has agreed to acquire the shares of a privately held Montana corporation holding a number of assets, including, but not limited to, a plant permit, water rights and tungsten mining equipment for use in the processing of tungsten from the Gentung Browns Lake tungsten project for $250,000 (U.S.) in cash. The closing of the transaction contemplated by the share purchase agreement is conditional on the acquisition of the Gentung Browns Lake tungsten project. Both transactions are expected to close on or about Oct. 31, 2025. Lewis Black, chairman and chief executive officer of Almonty Industries, commented: "The Gentung Browns Lake project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly. With this acquisition, we are able to import Almonty's proprietary tungsten processing and mining technologies, and further expand our global footprint and resource base into the U.S. market, strengthening our position as the world's leading non-Chinese supplier of tungsten concentrate. As defence and manufacturing demand grow, supporting a healthy tungsten pricing environment, we are increasingly well positioned to meet the tungsten needs of the United States and its allies." About Almonty Industries Inc. Almonty is a leading supplier of conflict free tungsten -- a strategic metal critical to the defence and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions and electronics manufacturing. Almonty's flagship Sangdong mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80 per cent of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defence procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. We seek Safe Harbor.