Los Santos mine

Ownership passed into the hands of Siemcal S.A. (SIEMCALSA), a publicly owned company of mining and geological consultants based in Valladolid, Spain.

Almonty, lead by founder and CEO Lewis Black, trades on the TSX Venture Exchange (TSX-V) under the symbol “AII”.

Los Santos is located in the western part of the Iberian Peninsula, in the southern part of the province of Salamanca, within the municipalities of Los Santos, Fuenterroble de Salvatierra and Valdelacasa at longitude 5° 46′ west and latitude 40° 32′ north.

The average altitude of the sector where the deposit is located is 1.000 m above sea level, being located in the South slope of a hill, that extends 3 km from West to East, with a maximum altitude of 1.108 m, descending towards the South to 900 m. The climate is warm Mediterranean, with cold winters and an annual average rainfall of 900 mm, mainly between November and March, with minimums in June, July and August.

Los Santos lies within Lower Palaeozoic sediments in the Central Iberian Tectonic Zone, which forms part of a Europe-wide, Variscan age orogenic belt.

The stratigraphy comprises a thick sequence of clastic metasediments, ortho- and para-gneisses, with volcanic and carbonate formations.

They are up to 5m thick and several metres in strike length, and comprise massive or semi-massive sulphide horizons with scheelite mineralisation.

They also pass the UV lamp by the waste dumps and stockpiles, to check for any kind of error on ore/waste selection.

During all ore mucking operations, a grade control geologist is always present, to check for any other variations that can be seen in the pit with the blasted skarn material.

The plant is primarily based on gravimetric separation, aimed at recovering scheelite, so as to provide a concentrate containing greater than 65% WO3.

With improvements in mill recovery, this has meant that specific areas where tailings have historically been deposited still contain economic WO3 grades.