Los Santos Mine


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Proposed Extension of Warrants

Toronto – February 17, 2023, – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) announces that it plans to extend, in the aggregate, the term of 700,000 outstanding warrants by one year. The warrants are due to expire on February 19, 2023, and the Company will make an application to extend the expiry date of those warrants to February 19, 2024.

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Project History

The Los Santos Mine was acquired by Almonty in September 2011. Located approximately 50 km from Salamanca in western Spain, the Los Santos Mine is an open pit Scheelite skarn deposit that is currently producing tungsten concentrate. Almonty has been focused on utilizing its expertise in order to optimize operations, reduce costs and improve the tungsten recovery rate. To date Almonty has achieved an approximate 50% recovery rate of WO3 from its tailings retreatment as a result of continuing tests and trials, a substantial improvement from the 35-40% recovery rate attained in the initial stage of tailings retreatment.

The Company continues to improve and increase its knowledge in the area of tailings reprocessing which further demonstrates Almonty’s commitment to invest in tungsten technologies which is paramount to remaining competitive.

Summary 43-101 Technical Report

PDFProject Technical Reports – Los Santos Reserves/Resources NI 43-101October 31, 2015 | 7.51MBDOWNLOAD
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Underground Mine Potential

Potential high grade underground resource from the bottom of the main Los Santos pit.

15 m crown pillar to remain between open pit and underground development. Underground potential from 985 to 880 m delineated at 0.4% cut-off grade.

Based on the current underground resource a 15,000 tpm operation has been evaluated by management.
Additional 4 year mine life. Exploration drilling results demonstrate that substantial potential exists below delineated resources. Underground development has the potential to materially extend mine life.

Digging Deeper


Resources (inclusive of reserves)

Inferred Mineral Resources


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