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

24.04.2025 / 09:53 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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.

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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: 24.04.2025

Target price: CAD 5.40 (previously: CAD 5.20)

Target price on sight of: 36 month

Last rating change: -

Analyst: Peter Thilo Hasler, CEFA

Trump fuels Almonty's market

With Almonty remaining the only transparent, unrestricted Western source of

tungsten and molybdenum-and uniquely positioned to supply conflict-free

tungsten to the U.S. and other Western partners-we raise our two-stage

Discounted Cash Flow (DCF) target price to CAD 5.40 (from CAD 5.20) per

share, reflecting the recent hike in tungsten prices. Our DCF model capture

both current and future producing assets-Sangdong (tungsten and molybdenum),

Panasqueira, and Los Santos-as well as the discounted value of the

Valtreixal development project. We reaffirm our Buy rating on Almonty

Industries shares.

You can download the research here: http://www.more-ir.de/d/32340.pdf

Contact for questions:

Peter Thilo Hasler, CEFA

+49 (152) 31764553

peter-thilo.hasler@sphene-capital.de

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2123434 24.04.2025 CET/CEST

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