Los Santos Mine

The Los Santos Mine was acquired by Almonty in September 2011. The mine was originally opened in 2008 and commissioned in July 2010 by its former owner. The Los Santos Mine is an open pit Scheelite skarn deposit located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate.

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 bottom of 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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