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

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

12.06.2025 / 12:39 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: 12.06.2025

Target price: CAD 5.40 (unchanged)

Target price on sight of: 36 months

Last rating change: -

Analyst: Peter Thilo Hasler, CEFA

Almonty Recognized by U.S. Congress for Critical Mineral Role

Almonty's recognition by the U.S. Congress is, in our view, an important

endorsement with far-reaching implications. Strategically, it enhances the

company's value proposition as a secure and transparent tungsten supplier.

Financially, it may unlock new funding avenues and customer segments.

Operationally and reputationally, the company now occupies a more

prominent-and scrutinized-position within the broader geopolitical contest

over critical raw materials. Nevertheless, these opportunities are

accompanied by non-trivial risks. From regulatory obligations to

geopolitical exposure, Almonty will need to navigate a complex environment

that extends beyond traditional mining industry dynamics. The key to success

will be balancing commercial flexibility with strategic alignment-a

challenge faced by many resource companies operating at the intersection of

industry and international politics. We confirm our Buy rating, and our

two-stage Discounted Cash Flow (DCF) target price of CAD 5.40 per share,

which 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.

The U.S. House Select Committee on Strategic Competition with China recently

emphasized Almonty's strategic importance for securing critical mineral

supply chains, particularly highlighting the company's Sangdong mine in

South Korea-expected to become the largest non-Chinese tungsten production

site. Additionally, the Committee welcomed Almonty's plans to redomicile to

the United States, which would make it the only U.S.-based commercial

producer of tungsten concentrates. This recognition underscores Almonty's

potential contribution to U.S. national security interests, especially in

the defence sector, as tungsten is classified by the U.S. Geological Survey

as a critical mineral essential for aerospace, munitions, and

high-performance technologies, given its high-density and heat-resistant

properties. In addition, the Committee signalled interest in ongoing

engagement, including possible integration into the National Defence

Stockpile and collaboration with U.S. defence contractors.

You can download the research here: http://www.more-ir.de/d/32844.pdf

Contact for questions:

Peter Thilo Hasler, CEFA

(152) 31764553

peter-thilo.hasler@sphene-capital.de

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2154396 12.06.2025 CET/CEST

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