Edison Investment Research - Almonty Industries (AII) Update: Strong FY14 results; Woulfe merger update

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Edison Investment Research

Update: Strong FY14 results; Woulfe merger update

We increase our valuation of Almonty to C$1.29/share, mostly owing to strong FY14 financial results. We believe the Woulfe transaction could be positive for the company, if it manages to retain IMC as a strategic partner on mutually beneficial terms. Overall, we maintain our positive view on the stock as we believe Almonty continues to provide attractive turnaround potential coupled with growth optionality.

13/02/2015 8 EN

Underlying

Almonty Industries

Almonty Industries is engaged in mining, processing and shipping of tungsten concentrate from its tungsten mine at the Los Santos Project.

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CA0203981034 Toronto Stock Exchange Canada

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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