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

Einstufung von Sphene Capital GmbH zu Almonty Industries Inc.

Unternehmen: Almonty Industries Inc.

ISIN: CA0203981034

Anlass der Studie: Update Report

Empfehlung: Buy

seit: 11.05.2023

Kursziel: CAD 1,59 (bisher CAD 1,66)

Kursziel auf Sicht von: 36 Monate

Letzte Ratingänderung: -

Analyst: Peter Thilo Hasler, CEFA

Sangdong on track for commissioning in 2024e

 

We value Almonty Industries using a two-stage Discounted Cashflow entity

model of Almonty's producing assets (Sangdong, Los Santos, and Panasqueira)

to which we have added the discounted value of the development project

(Valtreixal). Reflecting the higher number of shares outstanding, our fully

diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share.

Given a 144.6% upside from the current share price of CAD 0.65 we are

reiterating our Buy rating for the shares of Almonty Industries.

In the 2022 fiscal year, Almonty generated revenues of CAD 24.8mn (2021:

CAD 20.8mn, +18.9% YoY). As in 2021, revenues in 2022 were generated

exclusively at the Couto da Panasqueira mine in central Portugal, a

polymetallic wolframite deposit, that has been in operation more or less

continuously since the first mining permit was granted in 1886. With a

tungsten content of up to 3% tungsten trioxide (WO3), Panasqueira's current

estimates of reserves (proven & probable) are 3,928 tonnes (392,800 MTU) of

WO3. Total earnings from mining operations were CAD 2.5mn in 2022, down

from CAD 2.8mn in 2021, which had been positively impacted by a CAD 4.1mn

impairment reversal. Operating cashflow was CAD -5.6mn, compared to CAD

-8.4mn due to a strong improvement in group profitability.

Construction work on the South Korean Sangdong Tungsten Mine is progressing

according to plan, as the company says. Total drawdown under the KfW

Project Finance Facility (total financing amount USD 75.1mn) is USD 32.3mn.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/26979.pdf

Kontakt für Rückfragen

Peter Thilo Hasler, CEFA

+49 (152) 31764553

peter-thilo.hasler@sphene-capital.de

-übermittelt durch die EQS Group AG.-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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