Original-Research: Almonty Industries Inc.

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
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

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2173012 22.07.2025 CET/CEST