dpa-AFX Compact

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

24.04.2025
um 09:53 Uhr

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

24.04.2025 / 09:53 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: 24.04.2025
Target price: CAD 5.40 (previously: CAD 5.20)
Target price on sight of: 36 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA

Trump fuels Almonty's markets

With Almonty remaining the only transparent, unrestricted Western source of
tungsten and molybdenum-and uniquely positioned to supply conflict-free
tungsten to the U.S. and other Western partners-we raise our two-stage
Discounted Cash Flow (DCF) target price to CAD 5.40 (from CAD 5.20) per
share, reflecting the recent hike in tungsten prices. Our DCF model captures
both current and future producing assets-Sangdong (tungsten and molybdenum),
Panasqueira, and Los Santos-as well as 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/32340.pdf

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

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2123434 24.04.2025 CET/CEST

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Almonty Industries Inc.

WKN A1JSSD ISIN CA0203981034