Almonty Industries Inc. announced a construction and financing update in relation to its Sangdong Tungsten Mine. As announced on 3 April 2023, construction works are continuing to progress in accordance with its construction schedule and the total amount drawn under the KfW Loan Facility now stands at USD 32.3 million. In April 2023, engineering staff from the Sangdong Tungsten Mine team and members of the EPC consortium made a field trip to Almonty's tungsten mines and processing plants in Portugal and Spain to better implement ideas and philosophy in the design and engineering of the main processing plant and pastefill plant at the Sangdong Tungsten Mine.

As national demand for the reinforcement and implementation of regulations and promotion of safety awareness has increased, the company has conducted HSE training and has realigned the organization to focus on special safety personnel. This is aimed at exceeding national standards and enhancing the HSE standards at the mine and at the site of the Sangdong Tungsten Mine. The company announced that the installation of the new 4 MW power system, replacing the temporary 950kw system, for the mine infrastructure, was completed successfully in March 2023, without incident.

The Korea Electrical Safety Corporation (KESCO) performed the pre-use inspection and issued the use certificate for the 4 MW power system. The power supply expansion is expected to provide stable power to the Sangdong Tungsten Mine's surface and underground infrastructure, thereby improving work efficiency and production. Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is nearing completion.

99% of all equipment related to the Ball Mill and SAG Mill has arrived in South Korea. The final drive is now expected to arrive in May 2023. All engineering plans have been finalized, and surface scalping has begun for essential pre-work to prepare the site for civil construction.

Key Equipment items including Ultra Fine Screens, Apron Feeders, Flotation Tanks are nearing completion from the manufacturer and Metso Outotec will shortly begin the process of preparing documentation for the equipment. The company currently estimates that 75% of the light short lead time equipment will be loaded for transport to South Korea in May 2023.