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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

ALMONTY ANNOUNCES THE FILING OF ITS FINANCIAL STATEMENTS AND MD&A FOR THE YEAR ENDED SEPTEMBER 30, 2014

INVESTOR CONFERENCE CALL Thursday January 29 9:00am EST

Revenue of $8.4million and Earnings from mining operations of $2.7million for the fourth

quarter and Revenue of $26.9 million and Earnings from mining operations of

$14.7million for the Year

Toronto - January 29th, 2015 - Almonty Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today announced the filing of its audited consolidated financial statements and management discussion & analysis ("MD&A") for the year ended September 30, 2014. Unless otherwise indicated, all currency amounts contained in this news release are in thousands of Canadian dollars.

The following financial information is for the three months and years ended September 30, 2014,

and 2013:

Historical periods have been restated. Readers are referred to Note 2 and Note 25 of the Company's

audited consolidated financial statements for the year ended September 30, 2014 for further details.

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Three Months Ended September 30,
2014
$'000
Restated Three Months Ended September 30,
2013

$'000

Gross Revenue 8,451 4,730 Mine operating costs 3,815 3,304 Depreciation and amortization 1,972 1,378 Earnings from mining operations 2,664 48 General and administrative costs 846 737 Net other expense (income) 708 (61) Non cash compensation costs 14 Earnings (loss) before the undernoted items 1,110 (642)

Interest expense 139 97 Loss due to fire Gain from insurance settlement (928) Deferred tax provision (502) (1,840) Net income (loss) for the period 1,473 2,029 Income (loss) per share basic $0.03 $0.05 Income (loss) per share diluted $0.03 $0.05

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Dividends $0.0272

Cash flows provided by (used in)financing activities 9,591 (551)

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Year Ended September 30,
2014

$'000
Restated Year Ended September 30,
2013
$'000
Gross Revenue 29,609 18,341
Production costs 10,287 11,400

Depreciation and amortization 4,610 3,447
Earnings from mining operations 14,712 3,494
General and administrative costs 3,213 2,803
Net other expense 1,107 66
Non cash compensation costs 56 210

Earnings (loss) before the undernoted items 10,336 4155
Interest expense 443 214
Loss due to fire 527
Gain from insurance settlement (928)

Earnings before taxes 9,983 602

Income tax provision deferred (502) (1,840)

Net income (loss) for the period 10,395 2,442
Income (loss) per share basic $0.24 $0.07

Income (loss) per share diluted $0.24 $0.07

Cash flows provided by (used in) operating activities 8,661 378
Cash flows provided by (used in) investing activities (7,252) (6,078) Cash flows provided by (used in) financing activities 12,355 5,648

September 30,

2014

September 30,

2013

Cash

14,847

1,083

Restricted cash

956

237

otal assets

88,047

42,123

Long term trade payables

675

617

Long term debt

21,336

5,946

Capital lease obligations

296

108

Convertible debenture

7,292

Shareholders equity

47,096

27,304

Other

Outstanding shares ('000)

48,987

37,044

Weighted average outstanding shares ('000)

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Basic

43,149

37,044

Fully diluted (treasury method)

43,149

37,044

Closing share price $0.70 $0.93

A!teleconference!to!review!the!fourth!quarter!and!year!ended!September!30,!2014!will!be! held! at! 9:00! a.m.! ET! on! Thursday,! January! 29,! 2015.! Representing! management! will! be! Lewis! Black,! chairman,! president! &! chief! executive! officer,! and! Dennis! Logan,! chief! financial! officer.! A! question! and! answer! period! will! follow! brief! remarks! from! management.!

! To!participate!in!the!teleconference:!

• if calling from North America: +1- 88 8-39 0-054 6

• if calling from outside North America: +1- 416-764-8688

An!archive!of!the!conference!call!will!be!available!until!March!1st,!2015.!

! To!access!the!archive:!

• from North America: +1 888-390-0541 (pass code: 660546 #)

• from outside North America: +1-416-764-8677 (pass code: 660546 #)

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About Almonty

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The!principal!business!of!Toronto,!Canada!based!Almonty!Industries!Inc.!(TSX-V:!AII)!is! the!mining,!processing!and!shipping!of!tungsten!concentrate!from!its!Los!Santos!Mine!in! western!Spain!and!its!Wolfram!Camp!Mine!in!north!Queensland,!Australia.!The!Los!Santos! Mine! was! acquired! by! Almonty! in! September! 2011! and! is! located! approximately! 50! kilometres! from! Salamanca! in! western! Spain! and! produces! tungsten! concentrate.! The! Wolfram! Camp! Mine! was! acquired! by! Almonty! in! September! 2014! and! is! located! approximately! 110! km! west! of! Cairns! in! northern! Queensland,! Australia! and! produces! tungsten! and! molybdenum! concentrate.! Almonty! also! has! an! option! to! acquire! a! 100%! ownership! interest! in! the! Valtreixal! tin-tungsten! project! in! north! western! Spain.! Management!and!certain!members!of!Almonty's!Board!of!Directors!led!the!turnaround!and! eventual! sale! of! Primary! Metals! Inc.,! the! operator! of! the! Panasqueira! Tungsten! Mine! in! Portugal!from!2003!to!2007.!Further!information!about!the!Company's!activities!may!be! found!at!www.almonty.com!and!under!the!Company's!profile!at!www.sedar.com.!

! For!further!information!please!contact:!

! Lewis!Black,!Chairman,!President!&!CEO! Telephone:!(647)!438-9766!

Email:! Info@almonty.com!

! Dennis!Logan,!Director!&!Chief!Financial!Officer! Telephone:!(647)!438-9766!

Email:!! Info@almonty.com!

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either TS enture xchange nor its egulation Tervices Provider as that term is defined in the policies of the TS enture xchangee accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking lnformation

hen used in this press release, the words estimate , prooect , belief , anticipate ,

intend , expect , plan , predict , may or should and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. his press release contains forward-looking statements and information including, without limitation, the intention of the Company to release Q4 2014 financial results on January 28th2015. hese statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations.

he forward-looking statements and information in this press release include information relating to the intentions of management. Tuch statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. hen relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is suboect to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE

REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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