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

15.05.2026 / 12:07 CET/CEST
Dissemination 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.

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Classification of Sphene Capital GmbH to Almonty Industries Inc.

     Company Name:                Almonty Industries Inc.
     ISIN:                        CA0203987072

     Reason for the research:     Update Report
     Recommendation:              Buy
     from:                        15.05.2026
     Target price:                CAD 37.40 (previously: CAD 20.10)
     Target price on sight of:    36 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler, CEFA

Operational inflection point reached

The 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:
https://eqs-cockpit.com/c/fncls.ssp?u=7c20d1133e3452a6fa6b6832e9f6f003

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

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2328296 15.05.2026 CET/CEST

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