Almonty Industries Inc. Appoints Fernando Vitorino as Chief Operating Officer of Almonty Korea Tungsten Corp. ("AKTC")

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TORONTO, November 18, 2024--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), is pleased to announce the appointment of Mr. Fernando Vitorino as Chief Operating Officer (COO) of AKTC. In this role, Mr. Vitorino will oversee the Company’s operations, drive operational excellence, and support AKTC in achieving its key operational and development objectives.

Fernando Vitorino brings over 30 years of experience in mine management and over 40 years in financial management, with a proven track record in leadership, process optimization, and strategic growth. He has had key roles with Anglo Group subsidiaries in Mozambique and South Africa. He then returned to Portugal in 1993 to join Beralt Tin and Wolfram at Almonty’s tungsten Panasqueira Mine, the oldest mining company in Portugal, progressing from Financial Controller to Financial Manager, and finally to General Manager, a position he held until 2013. Since then, he has been instrumental in managing general operations at Los Santos Mine while in operation as well as in care and maintenance, another Almonty tungsten mining operation located in Salamanca, in the western part of Spain, and at Almonty’s Valtreixal project, Sn-WO3 project in North Western Spain. Both companies are 100% owned subsidiaries of Almonty Industries Inc.

"Fernando Vitorino’s appointment reflects our commitment to strengthening our operations at the Sangdong Mine," stated Lewis Black, Chairman, President, and CEO of Almonty Industries. "His strategic insight and operational acumen will play a key role in the swift progress in building the tungsten processing plant, the production of tungsten concentrates and the construction of the tungsten oxide plant."

"I am thrilled to join AKTC at such an exciting time," stated Fernando Vitorino. "I look forward to working with the team to advance our operational capabilities and expedite construction for processing plant operations before mid-2025." Currently, the construction and civil engineering progress at the processing plant has reached 53.23% as of November 14, 2024, achieved within approximately 90 days since the work commenced.

In line with its production goals, Almonty aims to begin producing tungsten concentrate at the Sangdong Mine in 2025 and has accelerated its plans to construct the tungsten oxide plant by late 2026.

The rapid expansion of the Sangdong Mine takes on greater significance in the current political and economic climate. With the new incoming U.S. Administration and the anticipated implementation of governance policies based on protectionism, a substantial tightening of regulations on China is expected. As a result, the likelihood of U.S. companies diversifying their supply chains for critical minerals will rise, making price increases for resources such as tungsten inevitable.