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Almonty Industries Inc.
ISIN: CA0203981034
WKN: A1JSSD
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Almonty Industries Inc. · ISIN: CA0203981034 · Newswire (Analysts)
Country: Deutschland · Primary market: Canada · EQS NID: 23054
22 July 2025 14:02PM

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


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

22.07.2025 / 14:02 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.


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: 22.07.2025
Target price: CAD 8.40 (previously: CAD 5.40)
Target price on sight of: 36 months
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA

Updated NI 43-101 report on the Sangdong project

In Almonty’s recently published NI 43-101 compliant valuation report, mine planning calculations identified probable mineral reserves of 8,579 Kt, up from 7,896 Kt in the previous valuation report published in 2016, representing an 8.6% increase in tonnes from the historical resource filed. With an estimated WO₃ content of 0.42%, the mineral reserves therefore correspond to 36,140 tonnes of WO₃. Assuming an annual ore processing capacity of 640 Kt, these reserves would sustain mining operations (LOM) for approximately 14 years, with an existing offtake agreement for phase 1.

In addition, an inferred WO₃ resource of 50,686 Kt was estimated using a cut-off grade of 0.15%, based on an APT price of USD 450/mtu WO₃, a processing recovery rate of 85%, and assumed total operating costs of USD 45.8 per tonne of ore. This, in our view, substantial inferred resource base constitutes a significant potential source for future reserves. As additional exploration and delineation drilling is undertaken, we consider a strong likelihood that portions of these resources could be upgraded to higher confidence categories and ultimately reclassified as economically viable reserves.

In light of the higher-than-anticipated reserve estimates and the potential for additional resource-to-reserve conversions, we have revised our two-stage Discounted Cash Flow (DCF)-based target price for Almonty Industries upward—from CAD 5.40 to CAD 8.40 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, 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 35.9% from the previous day’s closing price of CAD 6.18, we reiterate our Buy recommendation for Almonty Industries’ shares.



You can download the research here: Almonty_UpdateReport20250722_english

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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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2173012  22.07.2025 CET/CEST

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