Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy
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Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH
24.11.2025 / 08:20 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 24.11.2025
Target price: CAD 13.50 (previously: CAD 8.40)
Target price on sight of: 36 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA
Gentung lifts resource base, production profile, and duration
By securing full ownership of the Gentung Browns Lake tungsten project in
Beaverhead County, Montana, Almonty Industries has expanded its activities
to the US. The project is located in a historic tungsten district that once
supplied the US Strategic Stockpile and has existing infrastructure,
including road access, proximity to electricity, water rights, and an
existing mill site. Based on this preliminary work, production is expected
to commence as early as H2/2026e, with preliminary designs indicating an
annual output of roughly 140,000 MTU WO3. Almonty is thus further
positioning itself as a strategic Western tungsten supplier for critical
industries such as defense, aerospace, and semiconductors, with mines in
Europe, Asia, and now North America.
Given the recent strong and, in our view, sustainable increase in tungsten
prices and the new tungsten project in the US, we have revised our two-stage
Discounted Cash Flow (DCF)-based target price for Almonty Industries
upward-from CAD 8.40 to CAD 13.50 per share. This revised valuation
comprehensively incorporates the net present value of both current and
future producing assets, including the Sangdong mine (tungsten and
molybdenum), Panasqueira, Gentung, and Los Santos, as well as a discounted
assessment of the development-stage Valtreixal project. Based on this
updated valuation, which implies an upside potential of 70.9% from the
previous week's closing price of CAD 7.90, we reiterate our Buy
recommendation for Almonty Industries' shares.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7935d033f69611d050f62158d6d5eaf1
Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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2234632 24.11.2025 CET/CEST
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