Sphene Capital GmbH: Almonty Industries Inc. | Rating: Buy

Classification of Sphene Capital GmbH to Almonty Industries Inc.

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.