Valtreixal Project

Almonty Industries Inc. currently owns 100% of the Valtreixal Sn-WO3 project in North Western Spain (approximately 250km from its Los Santos tungsten project).  Almonty acquired the project from SIEMCALSA, the same group that were involved in the historical development of the Los Santos Mine. Additional information regarding SIEMCALSA can be found on the Company's website: http://www.siemcalsa.com.

The summarized table of inferred resources as follows:

NI 43-101 Mineral Reserves/Resources of the Valtreixal tin-tungsten Project (as at October 31, 2015)

    Tonnes   Avg Grade
(WO3 +Sn)
 
  Contained WO3 equivalent
Reserves       Equivalent   Tonnes   MTU
Proven & Probable   2,549,000   0.34%   8,667   866,660
                 
Resources ( inclusive of reserves)            
Indicated   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            
                 
WO3 Equivalent = WO3 + (Sn x 0.74), based on        
    Price   Recovery        
WO3   USD$37,000/t   55%        
Sn   USD$23,150/t   65%        

Technical Report

NI 43-101 MINERAL RESERVES/RESOURCES OF THE VALTREIXAL TIN-TUNGSTEN PROJECT


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