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

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: 06.06.2024

Target price: CAD 2,13 (bisher CAD 1,59)

Target price on sight of: 36 Monate

Last rating change: -

Analyst: Peter Thilo Hasler, CEFA

Defence spendings drive tungsten demand

 

As geopolitical tensions continue to rise, the demand for advanced defence

technologies is likely to increase, driving the demand for tungsten armour

which is less regulated than depleted uranium and also considered

"exportable" by the US government. 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 the most

important global supplier 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 2.13 per share. With an expected share price

performance of 222.7%, we confirm our Buy rating for the shares of Almonty

Industries.

You can download the research here:

http://www.more-ir.de/d/30001.pdf

Contact for questions

Peter Thilo Hasler, CEFA

+49 (152) 31764553

peter-thilo.hasler@sphene-capital.de

-------------------transmitted by 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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