Update on: ALMONTY INDUSTRIES & SANGDONG MINE PROJECT

PREPARED BY ALMONTY INDUSTRIES, INC.

December 2018 Legal Disclaimer

This presentation includes certain statements that may be considered “forward-looking information” within the meaning of applicable Canadian securities regulations and “f orwarding-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All state ments in this presentation, other than statements of historical facts, including those that address future expectations of demand and supply of are forward- looking statements. The forward-looking statements contained in this document are made as of the date of this document. Except as may otherwise be required pursuant to applicab le laws, Almonty Industries Inc. (“Almonty” or the “Company”) its affiliates, subsidiaries and each of their successors and assigns do not assume any obligation to update o r revise these forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this document reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this document, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that is referenced in this document or was otherwise relied upon by the Company in preparing this document. Although the Comp any believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performan ce and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forwar d-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unforeseen technology changes that result s in a reduction in tungsten demand or substitution by other metals or materials, the discovery of new large low cost deposits of tungsten and the general level of global eco nomic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. This document/presentation has been prepared, and is being provided to the recipient, for information purposes only and should not be construed as a solicitation to purcha se or an offer to sell any securities of the Company. Nothing herein constitutes investment advice. The material in this presentation is for the sole use of the recipient and is to be kept confidential. The technical information relating to the Los Santos property has been derived from the Los Santos Technical Report dated October 31, 2015, completed by Adam Wheeler, Consultant (the “Los Santos Technical Report”). A copy of which is filed on Sedar.com under the profile of Almonty Industries Inc. The technical information relating to the Wolfram Camp Mine has been derived from the Wolfram Camp Mine Technical Report dated October 31, 2015, completed by Adam Wheeler, Mining Consultant (the “Wolfram Camp Technical Report”). A copy of which is filed on Sedar.com under the profile of Almonty Industries Inc. The technical information relating to the Valtreixal Project has been derived from the Valtreixal Project Technical Report dated October 31, 2015, completed by Adam Wheel er, Mining Consultant (the “Valtreixal Technical Report”). A copy of which is filed on Sedar.com under the profile of Almonty Industries Inc. The technical information relating to the Tungsten Mine has been derived from the Panasqueira Tungsten Mine Technical Report dated December 31, 2016, com pleted by Adam Wheeler, Mining Consultant (the “Panasqueira Technical report”). A copy of which is filed on Sedar.com under the profile of Almonty Industries Inc. The technical information relating to the Sangdong Tungsten Project has been derived from the Sangdong Tungsten Project Feasibility Study Report dated July 16th, 2016, c ompleted by Adam Wheeler and Andrew Wells (Saint Barbara Mining Consultants) (the “Sangdong Feasibility Study”). A copy of which is posted on Almonty ‘s website on th e Almonty Korea Tungsten project page, as well as the updated Sangdong Tungsten Project Technical Report dated December 31, 2015, completed by Adam Wheeler, Minin g consultant ( the “Sangdong Report”). A copy of which is filed on SEDAR.com under the profile of Almonty Industries Inc. The information contained in this document has not been reviewed or approved by the U.S. Securities and Exchange Commission or any provincial or state securities regula tory authority. Any representation to the contrary is unlawful. This document does not include a complete description of the Company or any offering. Any offer of securities Almonty will be made only pursuant to a subscription agreement and the provisions of applicable law. Any securities to be offered for sale by Almonty are not expected to b e registered in the United States under the Securities Act or under any state securities laws. Cautionary Note to US Investors Concerning Resource Estimate: The resource estimates in this document were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, adopted by the Canadia n Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commis sion (the “SEC”). In this document, we use the terms “measured,” “indicated”, and “inferred” resources. Although these terms are required and recognized in , the S EC does not recognize them. The SEC permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves.” Under U nited States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converte d into “reserves”. Further, “inferred resources” have a great amount of uncertainty as to their existence and whether they can be mined economically, and United States inv estors should not assume that “inferred resources” exist or can be economically mined, or that they will ever be upgraded to a higher category. The definition of “reserves” under National Instrument 43-101 is not the same as the SEC Standard.

2 I. Update on Almonty Industries Inc. Almonty – Key Financial Performance Last Twelve Months (LTM)

Revenue (CAD m) EBITDA from Mining Op (CAD m) 25 14

12 20 10 15 8 22,5 10 6 12,702 17,3 4 5 10,8 10,8 7,604 2 2,875 2,953 0 0 Q4 16/17 (9/30) Q1 17/18 (12/31) Q2 17/18 (3/31) Q3 17/18 (6/30) Q4 16/17 (9/30) Q1 17/18 (12/31) Q2 17/18 (3/31) Q3 17/18 (6/30)

Strong performance in LTM revenue (CAD 61.4m) and earnings (CAD 26.1m EBITDA from Mining Operation) in reflection of the go-forward cost structure and production profile of Almonty as well as the benefits of fixed price and the recovery of commodity price Q3 17/18 (ending June 30, 2018) posted Net Income of CAD 6.5m or CAD 0.04 per share Fiscal 17/18 target revenue (USD 60m) and EBITDA (USD 25m) attainable

Trend to be sustained in coming years until Sangdong starts to emerge as a mainstream in 2020

4 Almonty – Production  and Cost 

Production (WO3 MTU) 300,0 Production Cost (U$/MTU)

Los Santos Panasqueira 250,0 Chinese Cost Band 200,0 161,3 150,0 156,0 147,5 24 583 126,3 24 130 100,0 20 925 20 905 50,0 27 962 22 172 15 275 17 943 0,0 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Q3 2017 Q4 2017 Q1 2018 Q2 2018 Los Santos Panasqueira Weighted Average Production Cost

Production at Los Santos (Spain) and Panasqueira () have been increasing steadily as a result of various rationalization measures taken at both mines Encouraging development is seen in the decreasing production cost, widening the gap with the average cost of Chinese tungsten mines implying long term cost competitiveness of the company

5 Almonty – Financial Projection for coming years

The trend in LTM is expected to continue in coming years aided by newly implemented measures including: • Operation of ore sorting equipment at Panasqueira allowing additional reclamation of the coarse fraction tailings with reasonably anticipated production increase of about 10% • Increased production of by-products, e.g. copper, zinc, tin, etc.

Price assumption for forecast years = U$330/MTU APT (Source: Paradigm Capital, August 2018)

6 Almonty Today (1) – An Established Global Tungsten Chain in Conflict Free Regions

Panasqueira Location: Portugal Acquisition in: 2016 Ownership: 100% Development Los Santos Production Stage: Almonty Korea Tungsten Location: Spain NI 43-101 P&P: 1,951kt @ 0.20% WO3 Acquisition in: 2011 Resource: M&I: 10,027kt @ 0.23% WO3 Location: Inferred: 10,322kt @ 0.24% WO3 Ownership: 100.0% Acquisition in: 2015 Development Ownership: 100.0% Production Stage Development Feasibility NI 43-101 P&P: 3,582kt @ 0.23% WO3 Stage: Resource: M&I: 2,208kt @ 0.29% WO3 NI 43-101 P&P: 7,896kt @ 0.47% WO3 Inferred: 1,878kt @ 0.25% WO3 Resource: M&I: 8,334kt @ 0.49% WO3 Inferred: 52,765 kt @ 0.44% WO3

Valtreixal

Location: Spain Acquisition in: 2013 -2016 Almonty Korea Moly Ownership: 100% Location: South Korea Development Pre-Feasibility Acquisition in: 2015 Stage: Ownership: 100.0% NI 43-101 P&P: 2,549kt @ 0.34% WO3 Resource M&I: 2,828kt @ 0.34% WO3 Development Inferred: 15,419kt @ 0.17% Pre-Feasibility Stage: WO3 Resource: 17,500 kt @0.39% Korea Tungsten Drill Data

7 Almonty Today (2) – Lowest Cost Producer in the World

Global tungsten production cost curve

Rapidly perishing upon State-owned, criminal punishment large companies in China enforced since 2017 $205-245/mtu

Unlicensed / illegal mining & tail retreatment

companies in China

)

est

( Sangdong

8 Shareholder Profile

Shareholder No. of sharesoutstanding % Lewis Black/Almonty Partners LLC 35,214,420 19.4% Global Tungsten & Powders 27,562,500 15.2% Deutsche Rohstoff AG 22,983,624 12.7% J.P. Morgan Chase & Co. 15,600,000 8.5% Korea Zinc Co., Ltd. 3,450,000 1.9% Thomas Gutschlag/Mark Trachuck 1,400,000 0.8% Free float and others 75,231,349 41.5% Total no. of sharesoutstanding 181,441,893 100.0% (as at August 22 , 2018)

Strategic tie-up and shareholder support with long term commitment

9 II. Update on Sangdong Mine Development Project Profile of Sangdong Project Management Team

Lewis Black – Chairman and CEO Nuno Alves – Director of Mining Mining Engineer with 20+ years experience, Over 10 years in the tungsten mining industry both underground and open pit Former Chairman and CEO of Primary Metals Orchestration & supervision of mining plan Former Vice President of the International Tungsten Industry Association Emil Corfu –Director of Plant Management 20 + years in mine plant construction & Antonio Correa de Sa – Vice Chairman operation; ex-Metso Responsible for engineering, construction & 47 years in mining with 24 years in tungsten operation of processing plant mines Executive Director, Panasqueira Mine (Beralt) Eduardo Crespo – Director of Metallurgy Project Supervisor of Sangdong Mine 15+ years experience in floatation development Professor, Metallurgy at university Orchestration of Metallurgy/Processing Tiger Kim – Country Rep. Director (Korea) Paulo Ferraz – Director of Geology 25 years in IB (Morgan Stanley, Citicorp, Salomon) with specialty in resource sector 20 + years geology CEO, Sangdong Mining (2010~2013) Supervision of Sangdong exploration & resource modeling

Miguel Pinto – Construction Management Michael Bourne – Construction Management 13 years in mine management & construction 15+ years in mine development & management supervision 15+ years in contractor management Site management of Los Santos/Panasqueira 7+ years in construction managemt & supervision Senior Site Executive at Wolfram Camp

11 SangdongStatus of Key Project Contracts - Risks & Mitigation

Key Contracts Signed:

Date Contract Specifications Dec. 26, 2017 EPC Contract w/POSCO E&C; LNTP-1 (Engineering) issued on Jan 12, 2018 Mar. 12, 2018 Offtake Agreement w/GTP, Amendment Agreement on Aug. 23, 2018 Apr. 20, 2018 Site Clearance Contract w/Miso Industries (Works completed on Aug. 7) Apr. 26, 2018 Mine Development Contract w/Gangwon Mining Apr. 30, 2018 Beneficiation & Pilot Plant Subsidy MOU w/Korea Institute of Geoscience & Mineral Resources

Other Remaining Contracts are ready for Execution:

• Equipment supply contracts with global manufacturers of processing equipment, backfill plant and water treatment facilities are in the final draft stage and to be executed in coming months

12 Offtake – Key Elements & Status

Principal Offtake Terms

Later of: st Lasts till 12 months post full repayment Period (1) 10 years from 1 delivery; (2) PF Loan tenure plus 12 months; or of PF Loan (3) Delivery of Total Contract Quantity 90,000 MTU in Year 1 (Ramp up) Approx. 90% of 230~240,000 MTU/year Volume 210,000 MTU/year for 9 years (at 640K tpa) Equivalent to approx. USD500 m at Total Contract 2.1 m MTU $300/MTU APT, guaranteed over 10 year Quantity period (Option A) Formula price based on LMB/MP; (Option B) Mutually agreed Fixed price at or Offtake Price (Option B) Yearly adjustment above USD183/MTU; or Combination of A and B

• Floor price (USD230/MTU APT or USD183/MTU WO3 Concentrate) guaranteed by the Offtake Party -> Locked-in profits between $183/MTU (floor) and USD110~120/MTU (production cost) with open upside (market) • Minimum contract quantity guaranteed • Amendment Agreement signed on Aug 23, 2018 extending PF validity date from Oct 1, 2018 to Jan 1, 2019

13 Key Development to date - Permits

All Primary Licenses & Permits are in place: . Permits to be obtained are those pertaining to individual construction to be submitted with finalized engineering drawings a couple of months before the commencement of respective construction

Area Relevant Permits Status Approval Date Remarks Mining Rights 11-11-2005 Perpetual Exploration Rights 06-08-2010 Mining/Exploitation Permit 02-19-2013 Due Dec. 31, 2018, Automatic extension for every 3 years Mining Permit for New Portal Obtained 07-23-2018 Perpetual Explosive Treatment Permit 05-26-2018 Until mine closure Temporary Use of Mountain Area Due 12-31-2018; Extension (every 3 years) application 01-01-2018 (Existing Area) ongoing Development Activities Waste Obtained 10-30-2018 Dump Temporary Use of Mountain Area (New Area) Developmt Activities for Alternative Ditch 11-24-2016 Developmt Activities for Urban Road 12-05-2016 Developmt Activities for Processing Approved 12-09-2016 Plant Processing Conversion of Mountain Area 11-01-2016 A partial area outside of Industrial zone Plant Examination of Disaster Factors 01-31-2017 Prior examination of factors influencing potential disaster Cultural Heritage Clearance 05-21-2012 1st (06-20-2011), 2nd (05-21-2012) Obtained Occupancy/Use of Public Water 11-08-2016 To be Individual permits for each building and structure – Only Building Permits By mid 2019 Obtained upon completion of detailed engineering works

14 Key Development to date - Resource

Chronological Development of Sangdong Resource

Indicated + Measured (unit : 1,000) Inferred (unit : 1,000) Total F2 F3 HALO/F4/F5 MAIN F1 HW Total F2 F3 HALO/F4/F5 MAIN F1 HW Tetra-Tech (2012) 7,387 1,448 1,458 1,505 2,976 0 53,882 6,777 7,027 12,496 4,467 23,115 AMC (2014) 3,810 1,440 1,310 0 860 190 11,280 930 760 1,310 340 7,930 A. Wheeler (2015) 5,181 1,554 1,578 627 854 295 273 52,765 3,935 4,386 8,456 4,235 467 31,286 A. Wheeler (2016) 8,029 1,554 1,578 627 854 295 3,121 50,687 3,935 4,386 8,456 4,235 467 29,208

• 12.5 years of Indicated & Measured (at 640K tpa) represents only 2 surface levels out of 21 levels developed by Korea Tungsten • 0.41~0.51% WO3 grade is one of the highest in the world (cf. 0.18% world average and 0.19% China) 15 Key Development to date - Metallurgy

Metallurgical Test Works

Test works at KIGAM Wardell Low Grade WO3 High Grade Moly 1st 2nd 3rd 4th Armstrong Test done in May-Jun 2016 Aug-Oct 2016 Nov-Dec 2016 Mar-Jul 2017 Feb-Mar 2018 Jul-Aug 2018 Aug-18 Feed grade (% WO3) 0.50 ~ 0.70 0.41 ~ 0.56 0.36 0.46 ~ 0.78 0.47 ~ 0.48 0.34 0.4 Feed Moly grade (%) 0.011~0.022 0.0097 0.11 Reagent Applied A1, M1, M2, O1 A1, M1, M2, O2 A2, M2, O2, L1 A2, M2, O2, L1 A2, M2, O2, L1 A2, M2, O2, L1 A2, M2, O2, L1 No, of Rougher Stages 2 ~ 4 6 8 8 8 8 8 No, of Cleaning Stages 2 3 3 3 ~ 4 4 4 4 WO3 Recovery (%) 40.0 ~ 70.0 61.4 ~ 90.5 80.9 ~ 91.0 58.0 ~ 92.0 89.9 91.5 89.9 WO3 Grade (%) 32.0 ~ 64.0 30.1 ~ 69.8 40.2 ~ 72.0 50.0 ~ 73.0 66.9 68.2 68 Moly Grade (%) Not measured 0.64 0.32 0.26 U, Th Not measured <10 ppm <10 ppm Sulfide cleaning; Additional tests proposed by Hatch; Stabilizing Use of Mine Tested in W.A Used non-oxidized fresh ore blasted; Based on KIGAM Remarks Stage flotation reagent volume, water; (U.K.) for 3rd party Both tests passed WO3 threshold & Method conditioning time Conditioning time verification below Mo penalization limits (0.5%); optimization No trace of U Th

. Continuous met tests over 2 years have enhanced both recovery and WO3 grade  Close to 90% recovery attained, WO3 concentrate reaching ~68% . Results are expected to further increase in locked-cycle tests with retrieval of WO3 contained in waste fluid via recycling . Pilot plant under construction, 100% subsidized by KIGAM, contributing to further stabilization and optimization of grade and recovery

16 Key Development to date - Social & Environmental

. Free from all Korea Tungsten legacy, e.g. old tailings dams . All facilities are to be built within the area classified as ‘Industrial Zone’ and ‘Special District for Economic Promotion of Areas of Mine Closure (Presidential Decree)’ . Despite the exemption for EIA under local regulations, IFC/Equator Principle standards and compliant E&S procedures and documents have been pursued and implemented

Primary documents prepared under the Standards of IFC/Equator Principles:

 Environmental & Social Management Plan (March 30, 2018 > Updated May 26, 2018);  Environmental Management Plan (March 2018 > Updated May 26, 2018);  Small Environmental Impact Assessment (December 2016);  Social Impact Assessment (March 26, 2018 > Updated May 26, 2018);  Community Development Plan (March 2018 > Updated May 26, 2018);  Community Consultation Program (March 26, 2018);  Stakeholder Engagement Plan (March 26, 2018 > Updated May 26, 2018);  Health, Safety & Environment Plan of AKTC (March 26, 2018);  Occupational Health & Safety Management Plan (updated May 26, 2018)

17 Latest Development Sangdong Project - Risks & Mitigation

Site Clearance Completed • Site clearance (demolition) started on April 23 was completed on July 5, 2018; Concrete recycling was completed on August 6, 2018 > Ready for site handover to EPC Contractor

Before Ongoing After

18 SangdongLatest Development Project - Risks & Mitigation

Mine Development (Underground)

• New mining plan and consequent drift development and cross cut plans finalized in Mar. 2018 • Permit for underground explosive treatment was granted (May 26, 2018) • Permit for new portal (Monty B) was granted (July 23, 2018) • Mining fleet arrived and is ready to be deployed

19 Latest Development

Update on Political, Government & Community

• Overwhelming Community supports prevail and continue • Strong supports from permitting agencies in form of expeditious approval Gov’t & Community • Diverse Gov’t subsidies, No NSR Relations • Newly elected Mayor stated all-out support for “Sangdong Mine Reopening”

• Eased tension between South & North Political > Positive sovereign risk (Aa2, AA) Detente • Mining sector spotlighted with upcoming mine development opportunities in North Korea

20 Finalized Financing Structure

State of Funding Structure

Equity or Hybrid

Equity 100% Injection Owned

Senior PF Loan US$73 m KfW-IPEX Bank Project Account Offtake P + i of AKTC Offtake Payment Agreement Offtake Party OeKB Supply (GTP) ECA cover

• U$73 mil senior loan, 8.25 years with an initial principal repayment holiday, principal repayment commencing after the 2nd anniversary of the initial drawdown

• Oesterreichische Kontrollbank AG (OeKB) is committed to providing a substantial financial cover guarantee

• Almonty Industries Inc. to provide ~U$20 mil equity into the project

21 Timetable - Key Milestones Ahead

• Site handover and Ground Breaking toward the end of 2018 • EPC completion target by the end of Q2 2020; Following commissioning, the commencement of production is set for 3Q 2020 • Toward the end of mine development (18 months), trial and advance mining begins in Q4 2019

2018 2019 2020

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Completed (Aug 7) Completion Pre-EPC Works Demolition Pilot Plant Met test works continue

LNTP-1 Ground EPC Engineering Breaking LNTP-2 Main EPC Works (18 mos) Completion Construction Road/River Diversion Civil/Architectural Machinery/Installation Engineering (LNTP) Main Contract Equipment Order Commissioning Production Signing Delivery (max. 52 wks) Placement (Standalone > Full) 12 mos Ramp-up Engineering Backfill Plant Contract Signing Order Foundation Work > Delivery > Installation Commissioning Placement

Mine Developmt Gallery development (18 months) + Cross cut building /Mining Mining 1st Blast Trial mining

22 III. Tungsten Market Update Tungsten – Demand/Supply

DEMAND • Global demand for tungsten is forecast to grow by 2.5% per year till 2026 with Chinese consumption accounting for ~60% of demand • Automotive, mining, construction and oil & gas sectors, the largest end-users, continue to grow with increasing applications of tungsten

SUPPY • China continues to be the dominant force (83% of global production in 2017) • Non-quota production in China, a primary driver of output growth and “price spoiler”, has been rapidly diminishing as the government cracks down on this illegal practice since 2017 • China’s drive for higher value-add downstream products has contributed to a tightening supply of tungsten concentrate to non-Chinese consumers • Net, a reduction in the availability of tungsten concentrate outside of China has in turn incentivized end-users to secure dependable sources outside of China 24 Tungsten Prices

Tightening Supply Demand Balance sets Long term Direction of Tungsten Prices

• 2017 saw a significant rise in prices driven by strong global industrial growth and decreased supply from China • Prices have remained strong in 2018 on continued reduction/idling of Chinese supply • Factors mitigating production increase: - Very few high-grade deposits available, - Long lead times from exploration to new production, - Rise in development and operating costs

• Recent price consolidation is viewed short term, driven by loose stocks flown out of Vietnam, coinciding with seasonal (summer) recess • Given the average Chinese production cost of U$225/MTU* (equivalent to U$288/MTU, APT), prices are expected to rebound to the level comfortable for Chinese producers * 2015 CTIA/Argus

25 Appendix - Other Almonty Mines Overview of Almonty Group Structure

Public Shareholders

Almonty Industries Inc. (Canada, TSX Listed)

100%

Woulfe Mining Corp Beralt Ventures Inc. (British Columbia) 7887523 Canada Inc. (British Columbia) (Canada )

100% 100% 100% 100%

Beralt Tin and Wolfram Almonty Daytal Resources Valtreixal Resources Portugal SA (Portugal) Korea Tungsten Corp (Spain) S.L. (Spain) S.L.. (AKTC, ROK) 100% 100% 100% 95% 5% 100% Panasqueira Empresas Mineira da Los Santos Valtreixal Mine Argimela, LDA Mine Mine (Portugal) Sangdong Mine

27 Los Santos (1)

Overview Optimization Plan • Acquired in September 2011  Increase production to >90,000 MTU per annum • Located in the western Iberian Peninsula in the province – Plant process refinement expected to result in a 40% recovery of Salamanca, Spain improvement and increased throughput • Opened in 2008 (commissioned in July 2010)  Investment in the connection to national power grid allow ed to reduce plant costs in 30%. – Drilling targets identified to further delineate the resource and explore newly discovered structures  Further extend mine life to10+ years (from 1.5 years at acquisition) – Drilling targets identified to further delineate the resource and explore newly discovered structures  Improving mine planning and pit sequencing allowed to reduce waste transportation distances – Change of mine contractors allowed an extra 11% minecosts reduction  Reusing of pit water allowed to stop spending a relevant expense in industrial water • Ore production per year – 500,000 t • Tungsten production WO3/y – 880t • Tungsten produced up to now – 6,802t WO3 = 5,374 t W • No. of workers (75 Daytal + 25 Mining contractor) =100

28 Los Santos (2)

• Tailings reprocessing to begin following depletion of fresh ore in 2019 • Environmental reclamation on the way • Relocation of facilities to in Valtreixal saving €14,5 M and a great deal of time

Tailings reprocessing 5 years of reserved tailings with no mining cost  Sand – 2,745 million t @0,11% WO3  Fine tailings – 0,802 million t@0,22% WO3  Total tailings – 3,547 million t@0,135% WO3

Forecast to produce 2 containers/month until the relocation of plant facilities to Valtreixal Panasqueira (1)

Overview Optimization Plan . Re-acquired in January 2016 • Enhancing production profile . Located in Portugal in close proximity to Los Santos Mine in Spain - Recently updated NI 43-101 compliant technical report – A historical mine in production since 1896 filed in February 2017 – 100% ownership via Canadian subsidiary, Beralt V - Already begun enhancements to the production profile entures Inc. and Portuguese subsidiary Beralt Tin a and have reinstalled former management personnel, who nd wolfram Portugal Tungsten. were already Almonty employees, to oversee operations

- Several opportunities to enhance cash flow through secon dary metal bi-product production (copper and tin) as well as enhancing tungsten production based on revamped mine pl an

- In-depth in-house tungsten expertise that can be utilized across all of Almonty’s locations

30 Panasqueira (2)

MineralMineral Resource Resource Estimate Estimate(1) Panasqueira December31, 2016

Tonnes Avg Grade ContainedWO3

Reserves WO3 Tonnes MTU Proven 775,000 0.22% 1,694 169,400 Probable 1,176,000 0.19% 2,234 223,400

Total Reserves 1,951,000 0.20% 3,928 392,800 New Tailings Dam Resources ( inclusiveof reserves) Measured 1,951,000 0.20% 3,928 392,800 Indicated 8,076,000 0.24% 19,199 1,919,900 Total Resources 10,027,000 0.23% 23,127 2,312,700

Inferred Mineralresources Inferred minematerial 5,158,000 0.22% 11,100 1,110,000 Inferred tailings 0.26% 13,230 1,323,000 5,164,000 Plant Tin Vein Total Infered 10,322,000 0.24% 24,330 2,433,000

Minimum Thickness= 2.2m

Cut‐off Reserves 0.12%WO3 Mining Recovery = 84%

Measured Resources 0.12%WO3

Indicated Resources 0.13%WO3

Inferred Resources 0.13%WO3 Tungsten Technology Centre Tungsten Vein * Numbers may not add due to rounding.

31 Valtreixal – A Hidden Treasure

Valtreixal Brownfield Development Mineral Resource Estimate (1) Valtreixal October31, 2015 • A tin/tungsten exploration and evaluation project located in Tonnes Avg Grade Contained WO western Spain in close proximity to the Los Santosmine 3equivalent (WO3+Sn) • Filed updated NI 43-101 technical report in December 2015 Reserves Equivalent Tonnes MTU • Development stage project expected to enter eventual Proven &Probable 2,549,000 0.34% 8,667 866,660 production start-up in 2021 Mineralized Tailings 0 0.00% 0 0 Stockpiles 0 0.00% 0 0 Total 2,549,000 0.00% 8,667 866,660

Resources ( inclusiveof reserves) Measured 0 0.00% 0 0 Indicated 2,828,000 0.34% 9,615 961,520 Total 2,828,000 0.34% 9,615 961,520

Inferred Mineral resources Inferred 15,419,000 0.17% 26,212 2,621,230

Cut‐off

Reserves 0.08%WO3

Resources 0.05%WO3

Inferred Resources 0.05%WO3 Price Recovery

WO3Equivalent = WO3+ (Sn x 0.74),based on WO3 USD$37,000/t 55% Sn USD$23,150/t 65%

32