UPDATE ON GLOBAL TUNGSTEN SHARES HELD IN ALMONTY INDUSTRIES INC.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, July 10, 2025 /CNW/ - Global Tungsten & Powders LLC ("GTP") announces that on June 12, 2023 and April 26, 2024, GTP acquired an aggregate of 7,085,156 common shares of Almonty Industries Inc. ("Almonty") (the "Shares") (which Shares are held and under common control by GTP Europe S.A.R.L. ("GTP Europe")) in connection with debt settlement agreements, representing approximately 2.8050% of the then issued and outstanding common shares of Almonty on a non-diluted basis.

Prior to the transaction, GTP had control over 38,149,556 common shares of Almonty (which shares are held and under common control by GTP Europe) representing approximately 17.07% of the then issued and outstanding shares of Almonty on a non-diluted basis.

Immediately after the transaction, GTP has control over 45,234,712 common shares of Almonty (which shares are held and under common control by GTP Europe) representing approximately 17.91% of the then issued and outstanding common shares of Almonty on a non-diluted basis.

GTP acquired the Shares for investment purposes only and not with a view to materially affecting control of Almonty. Depending upon market conditions and other factors, GTP may, from time to time, acquire or dispose of additional securities of Almonty, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Almonty.

The head office address of Almonty is 100 King Street West, Suite 5700, Toronto, ON M5X 1C7.

SOURCE Global Tungsten & Powders LLC

For further information or to obtain a copy of the Early Warning Report filed by GTP, please contact Eric Rowe at [phone].