TORONTO, May 15, 2023--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce that plans are now well advanced to reopen the former producing mine in Spain, Los Santos.

Los Santos has been in planned care and maintenance since 2020. Since that time, Almonty has been undertaking studies into the re-commencement of production from Los Santos via the retreating of tailings, utilizing the Company’s flotation technology developed for our Sangdong Tungsten Mine.

The Company estimates that re-opening will be effective from Q3 CY2023 depending on the delivery times of some floatation plant items. Under normal conditions these items are readily available. The Company intends to retreat the tails to capture the more than 800,000 MTUS of W03 contained within our sands and torta. The overall average grade of the tails is 0.14% and was published in our latest JORC report.

It is expected that earnings from reopening of the Los Santos Mine will be similar to the earnings at our existing Panasqueira production mine in Portugal. Capital expenditure is expected to be