Original-Research: Almonty Industries Inc. (von GBC AG): Buy

Original-Research: Almonty Industries Inc. - from GBC AG

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14.04.2025 / 09:40 CET/CEST

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Classification of GBC AG to Almonty Industries Inc.

Company Name: Almonty Industries Inc.

ISIN: CA0203981034

Reason for the research: Research Report (Initial Coverage)

Recommendation: Buy

Target price: 4.20 CAD

Target price on sight of: 31.12.2025

Last rating change:

Analyst: Matthias Greiffenberger, Cosmin Filker

Anchoring the West's Critical Mineral Supply Chain

Almonty Industries Inc. presents a compelling investment case as a

vertically integrated supplier of tungsten and molybdenum, strategically

positioned to become a dominant non-Chinese source of critical minerals.

Anchored by its flagship Sangdong Mine in South Korea-poised to become one

of the largest tungsten mines outside of China, Almonty is entering a

transformational growth phase that aligns with global imperatives to secure

resilient and geopolitically aligned supply chains.

Following years of disciplined capital deployment and strategic asset

acquisition, the company is advancing into production with a clearly

defined, multi-phase development roadmap. The Sangdong Mine alone is

expected to underpin Almonty's long-term cash flows, with over 90 years of

mine life, superior ore grades, and projected operating costs in the lowest

global quartile. The inclusion of downstream oxide processing and molybdenum

extraction further enhances the project's value proposition, enabling

Almonty to move up the value chain while capturing market premiums from

technology and defense sectors.

Almonty also benefits from a diversified European base with its high-grade

Panasqueira Mine in Portugal, an operation with over a century of production

history and stable cash flow generation. The company's Spanish assets,

including the tailings-focused Los Santos Mine and the development-stage

Valtreixal Project, offer low-capex growth and strategic optionality to

expand European output.

Almonty is uniquely situated at the intersection of supply security and

industrial demand growth, with tungsten's role in semiconductors, aerospace,

and EVs becoming increasingly critical. As Western economies implement

policies to reduce reliance on Chinese materials, Almonty stands out as a

scalable, conflict-free alternative with jurisdictional credibility,

integrated operations, and multi-decade resource depth.

We initiate coverage with a Buy rating and set a target price of CAD 4.20,

implying more than 100% upside from the current share price of CAD 2.06. Our

valuation reflects the anticipated earnings inflection point as Sangdong

transitions into production in late 2025, complemented by the high-margin

contribution from the planned downstream oxide facility and steady cash flow

from the Panasqueira Mine. Additional optionality comes from the

reactivation of Los Santos and development of Valtreixal. We believe Almonty

is attractively positioned on a risk-adjusted basis for investors seeking

long-term exposure to the Western realignment of critical raw material

supply chains.

You can download the research here: http://www.more-ir.de/d/32242.pdf

Contact for questions:

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

[email protected]

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR

Beim oben analysierten Unternehmen ist folgender möglicher

Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher

Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung

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Completion: 11.04.2025 (9:45 a.m.)

First distribution: 14.04.2025 (8:00 a.m.)

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