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

Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH15.05.2026 / 12:07 CET/CESTDissemination 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.Classification of Sphene Capital GmbH to Almonty Industries Inc.Company Name:Almonty Industries Inc.ISIN: Reason for the research:Update ReportRecommendation:Buyfrom:15.05.2026Target price:CAD 37.40 (previously: CAD 20.10)Target price on sight of:36 monthsLast rating change:-Analyst:Peter Thilo Hasler, CEFAOperational inflection point reachedThe Q1/2026 report serves as clear evidence of the company’s significant transformation, in our view. Whilst Almonty has primarily been perceived as a highly speculative tungsten explorer and project developer in recent years, the latest figures increasingly reveal the contours of a strategically positioned commodities company with a substantial capital base, access to institutional capital markets, and significantly improved operational scale. Operational performance in Q1/2026 was characterised in particular by a substantial revenue increase, a significant improvement in operating profitability, and a continued strong liquidity position. At the same time, net profits were significantly distorted due to the IFRS-related non-cash revaluation of derivative financial instruments. Given the continuous and in our view sustainable increase in tungsten prices, we raise our price target to CAD 37.40 from CAD 20.10 per share. Our revised valuation comprehensively incorporates the net present value of both current and future producing assets, including the Sangdong mine (tungsten and molybdenum), Panasqueira, Gentung, and Los Santos, as well as a discounted valuation of the development-stage Valtreixal project. Based on this updated valuation, which implies an upside potential of 48.4% from yesterday’s closing price of CAD 25.20, we reiterate our Buy rating for Almonty Industries.In Q1/2026, revenue more than tripled to CAD 25.4 mn from CAD 7.9 mn (Q1/2025). Contrary to what one might expect, this increase was not driven by the start of production in Sangdong, but solely by improved operational stability at the Panasqueira mine in Portugal, which remained the Group’s main production asset. At the same time, the development underscores the increasing operational leverage of the business model. Although production costs rose to CAD 11.8 mn from CAD 6.6 mn, the cost base grew significantly more slowly than revenue – with corresponding consequences for operating profitability. Consequently, income from mining operations rose to CAD 13.0 mn from CAD 0.8 mn in Q1/2025. You can download the research here: Almonty_UpdateReport20260515_english Contact for questions: Peter Thilo Hasler, CEFA+49 (152) 31764553peter-thilo.hasler@sphene-capital.de The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.2328296 15.05.2026 CET/CEST DisclaimerSaving the news in databases or any forwarding of the news to third parties in a commercial context or for commercial purposes is only permitted with the prior written consent of EQS Group AG.