reports
- Peter Thilo Hasler
Updated NI 43-101 report on the Sangdong project
In Almonty’s recently published NI 43-101 compliant valuation report, mine planning calculations identified probable mineral reserves of 8,579 Kt, up from 7,896 Kt in the previous valuation report published in 2016, representing an 8.6% increase in tonnes from the historical resource filed. With an estimated WO₃ content of 0.42%, the mineral reserves therefore correspond to 36,140 tonnes of WO₃. Assuming an annual ore processing capacity of 640 Kt, these reserves would sustain mining operations ...
- Cosmin Filker
- Matthias Greiffenberger
Research Comment - Almonty Industries Inc. - 16.06.2025
Almonty Industries Inc. ist ein Unternehmen für kritische Mineralien, das sich mit der Produktion und Erschließung von Wolfram- und Molybdänvorkommen in Tier-1-Ländern befasst, wobei der strategische Schwerpunkt auf der Förderung der vertikalen Integration in der Wolframlieferkette liegt. Das Flaggschiff des Unternehmens, die Sangdong-Mine in Südkorea, die 2025 die Produktion aufnehmen soll, ist auf dem besten Weg, der größte Wolframbetrieb außerhalb Chinas zu werden. Das Unternehmen betreibt au...
- Peter Thilo Hasler
Almonty Recognized by U.S. Congress for Critical Mineral Role
Almonty’s recognition by the U.S. Congress is, in our view, an important endorsement with far-reaching implications. Strategically, it enhances the company’s value proposition as a secure and transparent tungsten supplier. Financially, it may unlock new funding avenues and customer segments. Operationally and reputationally, the company now occupies a more prominent—and scrutinized—position within the broader geopolitical contest over critical raw materials. Nevertheless, these opportunities are...
- Cosmin Filker
- Matthias Greiffenberger
Research Comment – Almonty Industries Inc. - 10.06.2025
Almonty Industries Inc. is a critical minerals company engaged in the production and development of tungsten and molybdenum assets in Tier-1 jurisdictions, with a strategic emphasis on advancing vertical integration in the tungsten supply chain. Its flagship Sangdong Mine in South Korea, set to commence production in 2025, is poised to become the largest tungsten operation outside China. The company also operates the long-life Panasqueira Mine in Portugal and is advancing the Los Santos and Valt...
- Matthias Greiffenberger
Investment im Fokus - Almonty Industries Inc. - 25.04.25
Ein Schlüsselakteur für die Versorgung des Westens mit kritischen Rohstoffen Almonty Industries Inc. bietet ein überzeugendes Investmentprofil als vertikal inte-grierter Produzent von Wolfram und Molybdän, zwei strategisch wichtigen Rohstof-fen. Das Unternehmen ist hervorragend positioniert, um zu einer führenden, nicht-chinesischen Bezugsquelle für kritische Mineralien zu werden. Herzstück der Wachstumsstrategie ist die Sangdong-Mine in Südkorea, die zu einer der größten Wolframminen außerha...
- Peter Thilo Hasler
Trump fuels Almonty's markets
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 captures both current and future producing assets—Sangdong (tungsten and molybdenum), Panasqueira, and Los Santos—as well as the discounted v...
- Cosmin Filker
- Matthias Greiffenberger
Research Report (Initial Coverage) – Almonty Industries Inc. - 23.04.2...
Almonty Industries Inc. ist ein vertikal integriertes Unternehmen für kritische Mineralien mit Fokus auf die Förderung und Entwicklung von Wolfram- und Molybdänvorkommen in Tier-1-Ländern. Das Vorzeigeprojekt, die Sangdong-Mine in Südkorea, soll 2025 die Produktion aufnehmen und gilt als aussichtsreichster Kandidat für den größten Wolframbetrieb außerhalb Chinas. Zusätzlich betreibt das Unternehmen die etablierte Panasqueira-Mine in Portugal und entwickelt die Projekte Los Santos und Valtreixal ...
- Cosmin Filker
- Matthias Greiffenberger
Research report (Initial Coverage) - Almonty Industries Inc. - 14.04....
Almonty Industries Inc. is a vertically integrated critical minerals company focused on the production and development of tungsten and molybdenum assets in Tier-1 jurisdictions. Its flagship Sangdong Mine in South Korea, set to commence production in 2025, is poised to become the largest tungsten operation outside China. The company also operates the longlife Panasqueira Mine in Portugal and is advancing the Los Santos and Valtreixal projects in Spain. Almonty’s strategy is underpinned by l...
- Peter Thilo Hasler
Partnership agreement with American Defense International
Almonty Industries has entered into a strategic partnership with American Defense International (ADI), a leading government relations and business development firm. Representing more than 100 organizations across 11 countries, ADI has, in our view, a proven track record of securing key government relationships, advancing strategic initiatives, and facilitating global expansion. We expect that this collaboration will strengthen Almonty’s positioning within the critical metals sector, supporting b...
- Peter Thilo Hasler
Installation of grinding equipment at Sangdong mine
After the publication of the unaudited interim nine months 2024 report, we continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s current and future producing assets (Sangdong, Panasqueira, and Los Santos) to which we have added the discounted value of the development project (Valtreixal). We now include the Sangdong downstream extension chain and also the L4 extension at Panasqueira, each effective in 2027e, and significantly increase ...
- Peter Thilo Hasler
H1/2024 above estimates – increasing price target to CAD 2.31
On the backdrop of higher production and increased tungsten recovery rates at the Panasqueira Mine, H1/2024 profits from mining operations were significantly above our estimates and last year’s level. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming one the most important global suppliers of conflict-free tungsten material. We continue to value the shares of Almonty Indu...
- Peter Thilo Hasler
Defence spendings support tungsten demand
As geopolitical tensions continue to rise, the demand for advanced defence technologies is likely to increase, driving the demand for tungsten armour which is less regulated than depleted uranium and also considered “exportable” by the US government. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming the most important global supplier of conflict-free tungsten material. We...
- Peter Thilo Hasler
H1/2023 in-line with estimates – Los Santos about to reopen
With CAD 12.6mn and CAD -3.8mn, both sales (H1/2022 CAD 13.3mn) and pre-tax loss (H1/2022: CAD -3.9mn), respectively, were in-line with our expectations in H1/2023. 100% of revenues were generated by the Portuguese Panasqueira mine, where ore mined and processed declined by 20.9% in H1/2023. Free cash flow for the first six months was CAD -10.3mn (H1/2022: CAD -5.8mn) which was financed by the issuance of shares (CAD 5.0mn) and long-term debt (CAD 4.8mn, net of repayments). We continue to value...
- Peter Thilo Hasler
Reopening Los Santos mine utilizing proprietary technology
We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a lower number of shares outstanding and lower capex from re-operationalising the Spanish Los Santos mine than previously anticipated, we adjust our target price to CAD 1.69 from CAD 1.59 per share. With an expected share price perfor...
- Peter Thilo Hasler
Sangdong on track for commissioning in 2024e
We value Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Reflecting the higher number of shares outstanding, our fully diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share. Given a 144.6% upside from the current share price of CAD 0.65 we are reiterating our Buy rating for the shares of Almonty Indus...
- Peter Thilo Hasler
The revival of the Sangdong tungsten project
We are initiating research coverage of Almonty Industries with a Buy rating and a CAD 1.67 price target, which is derived using a blended NAV- and two-stage DCF-based approach. Considering the expansion of its own value creation by building a vertically integrated nano-tungsten oxide processing plant to supply the South Korean battery anode and cathode manufacturing industry would unlock additional value creation potential for Almonty, allowing the company to generate significant earnings growth...
Almonty Shares Begin Trading on Xetra in Germany
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX:AII) (“Almonty”) announces the start of trading of Almonty shares on Xetra, the electronic trading system of Deutsche Börse AG in Germany (WKN: A1JSSD, ISIN: CA0203981034, Ticker-Symbol: 1MR). mwb Wertpapierhandelsbank AG, as designated sponsor, will handle the trading of Almonty‘s shares with immediate effect and therefore contribute to increased liquidity and a higher turnover. Almonty’s Chairman, President and CEO Lewis Black commented: “With our shares now trading on Xetra, we expect to further strengthen our profile in Europe, wh...
Almonty Industries Inc. Announces Signing of Site Clearance Contract, ...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): “NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES” Almonty Industries Inc. (“Almonty” or the "Company") (TSX-V: AII), is pleased to announce that it has entered into a series of contracts for site clearance, demolition and mine development work of the Company’s wholly-owned Sangdong Tungsten and Molybdenum Mine (the “Sangdong Mine”) in South Korea. The Site Clearance Contract was signed on April 20, 20...
Almonty Industries Inc. Receives Conditional Approval to List on the T...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): “NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES” Almonty Industries Inc. (“Almonty” or the "Company") (TSX-V: AII), is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the "TSX") to list its common shares on the TSX. "Graduating to the TSX represents yet another important milestone for Almonty as we continue on our successful journey as the largest ...
Almonty Industries Inc. Announces That It Has Signed a Ten Year Off-Ta...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce that it has entered into a new off-take agreement dated March 12, 2018, (the “Off-Take Agreement”) with an existing customer (the “Customer”) for the tungsten concentrate to be mined and processed at the Company’s wholly-owned Sangdong Tungsten Mine in South Korea. The agreem...
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