Los Santos Mine

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

NI 43-101 Reserves/Resources of Los Santos (as at October 31, 2015)

Reserves

Resources ( inclusive of reserves)

Inferred Mineral resources

Cut-Off

Aerial view of Los Santos Mine

Los Santos Location Map

Los Santos Photo Gallery

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

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