Original-Research: Almonty Industries Inc (von GBC AG): Buy
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Original-Research: Almonty Industries Inc - from GBC AG
14.04.2025 / 08:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of GBC AG to Almonty Industries Inc
Company Name: Almonty Industries Inc
ISIN: CA0203981034
Reason for the research: Research Report (Initial Coverage)
Recommendation: Buy
Target price: 4.20 EUR
Target price on sight of: 31.12.2025
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
Anchoring the West's Critical Mineral Supply Chain
Almonty Industries Inc. presents a compelling investment case as a
vertically integrated supplier of tungsten and molybdenum, strategically
positioned to become a dominant non-Chinese source of critical minerals.
Anchored by its flagship Sangdong Mine in South Korea-poised to become one
of the largest tungsten mines outside of China, Almonty is entering a
transformational growth phase that aligns with global imperatives to secure
resilient and geopolitically aligned supply chains.
Following years of disciplined capital deployment and strategic asset
acquisition, the company is advancing into production with a clearly
defined, multi-phase development roadmap. The Sangdong Mine alone is
expected to underpin Almonty's long-term cash flows, with over 90 years of
mine life, superior ore grades, and projected operating costs in the lowest
global quartile. The inclusion of downstream oxide processing and molybdenum
extraction further enhances the project's value proposition, enabling
Almonty to move up the value chain while capturing market premiums from
technology and defense sectors.
Almonty also benefits from a diversified European base with its high-grade
Panasqueira Mine in Portugal, an operation with over a century of production
history and stable cash flow generation. The company's Spanish assets,
including the tailings-focused Los Santos Mine and the development-stage
Valtreixal Project, offer low-capex growth and strategic optionality to
expand European output.
Almonty is uniquely situated at the intersection of supply security and
industrial demand growth, with tungsten's role in semiconductors, aerospace,
and EVs becoming increasingly critical. As Western economies implement
policies to reduce reliance on Chinese materials, Almonty stands out as a
scalable, conflict-free alternative with jurisdictional credibility,
integrated operations, and multi-decade resource depth.
We initiate coverage with a Buy rating and set a target price of CAD 4.20,
implying more than 100% upside from the current share price of CAD 2.06. Our
valuation reflects the anticipated earnings inflection point as Sangdong
transitions into production in late 2025, complemented by the high-margin
contribution from the planned downstream oxide facility and steady cash flow
from the Panasqueira Mine. Additional optionality comes from the
reactivation of Los Santos and development of Valtreixal. We believe Almonty
is attractively positioned on a risk-adjusted basis for investors seeking
long-term exposure to the Western realignment of critical raw material
supply chains.
You can download the research here: http://www.more-ir.de/d/32230.pdf
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Completion: 11.04.2025 (9:45 a.m.)
First distribution: 14.04.2025 (8:00 a.m.)
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2116356 14.04.2025 CET/CEST
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