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

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Target price: USD 26.40 (previously: CAD 38.90)

stockpile at the Los Santos Mine in Spain. The agreement is structured on a

3.0 mn for the off-take rights. According to management, pricing will be

linked to the tungsten market while including a contractual floor price.

In our view, the agreement is significant for several reasons. Most

securing a committed customer even before production resumes. In our view,

availability of funding. The combination of a take-or-pay commitment, a

minimum price mechanism, and an USD 3.0 mn upfront contribution should

Los Santos mine. In our view, this broadly follows a pattern already visible

customers have become an important element in reducing commercial risk. In

planning certainty and future cash-flow visibility.

operation. Instead, tungsten will be recovered from material that was

already mined and processed during the mine's former operating periods.

improved WO3 recovery rates in subsequent tests and trials.

We calculate a price target of USD 26.40 (previously: CAD 38.90) per share,

implying a 92.4% upside from the last closing price of USD 13.72. We

reiterate our Buy rating for the shares of Almonty Industries.

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peter-thilo.hasler@sphene-capital.de

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