dpa-AFX Compact

Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy

19.03.2025
um 09:56 Uhr

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Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH

19.03.2025 / 09:56 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Sphene Capital GmbH to Almonty Industries Inc.

Company Name: Almonty Industries Inc.
ISIN: CA0203981034

Reason for the research: Update Report
Recommendation: Buy
from: 19.03.2025
Target price: CAD 5.20 (unchanged)
Target price on sight of: 24 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA

Partnership agreement with American Defense International

Almonty Industries has entered into a strategic partnership with American
Defense International (ADI), a leading government relations and business
development firm. Representing more than 100 organizations across 11
countries, ADI has, in our view, a proven track record of securing key
government relationships, advancing strategic initiatives, and facilitating
global expansion. We expect that this collaboration will strengthen
Almonty's positioning within the critical metals sector, supporting both the
U.S. federal government and the U.S. defence and technology industries.

With Almonty on its way to becoming a leading supplier of two valuable
minerals-tungsten and molybdenum-we confirm our target price of CAD 5.20 per
share, derived from a two-stage Discounted Cash Flow (DCF) model that
incorporates both current and future producing assets-Sangdong (tungsten and
molybdenum), Panasqueira, and Los Santos-along with the discounted value of
the Valtreixal development project. We reaffirm our Buy rating on Almonty
Industries shares.

You can download the research here: http://www.more-ir.de/d/32018.pdf

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

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2102994 19.03.2025 CET/CEST

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Almonty Industries Inc.

WKN A1JSSD ISIN CA0203981034