Märkte & Kurse

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

19.08.2024 / 05:21 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
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:                        19.08.2024
     Target price:                CAD 2.31 (previously CAD 2.13)
     Target price on sight of:    36 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler, CEFA

H1/2024 above estimates - increasing price target to CAD 2.31

On the backdrop of higher production and increased tungsten recovery rates
at the Panasqueira Mine, H1/2024 profits from mining operations were
significantly above our estimates and last year's level. With the world's
longest producing mine (Panasqueira) and the world's largest tungsten
deposit (Sangdong) under construction, Almonty is - in our view - very close
to becoming one the most important global suppliers of conflict-free
tungsten material. We continue to value the shares of Almonty Industries
using a two-stage Discounted Cashflow entity model of Almonty's current and
future producing assets (Sangdong, Panasqueira, and Los Santos,) to which we
have added the discounted value of the development project (Valtreixal). We
calculate a target price of CAD 2.31 per share. With an expected share price
performance of 203.4%, we confirm our Buy rating for the shares of Almonty
Industries.

Tungsten is classified as a critical raw material by the European Union, the
United States, Canada, Japan, South Korea, Australia and other countries -
and additionally as a strategic raw material by the EU - due to its high
technological importance and unstable supply. Decarbonization and
digitalization are causing a change in demand for raw materials, moving away
from fossil and towards mineral raw materials, some of which are expected to
see significant demand increases. In addition, as geopolitical tensions
continue to rise, demand for advanced defense technologies is likely to
increase, driving demand for tungsten armour, which is less regulated than
depleted uranium and considered "exportable" by the US government.



You can download the research here: http://www.more-ir.de/d/30533.pdf

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

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1969999 19.08.2024 CET/CEST

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