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

Classification of Sphene Capital GmbH to Almonty Industries Inc.

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.