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

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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.

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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: 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 WO content of 0.42%, the mineral reserves therefore

correspond to 36,140 tonnes of WO. 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 WO resource of 50,686 Kt was estimated using a

cut-off grade of 0.15%, based on an APT price of USD 450/mtu WO, 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:

https://eqs-cockpit.com/c/fncls.ssp?u=395c632423bc45915c0a2c68b87e553e

Contact for questions:

Peter Thilo Hasler, CEFA

(152) 31764553

peter-thilo.hasler@sphene-capital.de

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2173012 22.07.2025 CET/CEST

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