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

28.09.2026 / 17:11 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:                        28.09.2026
     Target price:                USD 26.40 (previously: CAD 38.90)
     Target price on sight of:    36 months
     Last rating change:          -
     Analyst:                     Peter Thilo Hasler, CEFA

Los Santos off-take agreement fast-track route into re-production

Almonty has entered into a long-term tungsten concentrate supply agreement
with Wolfram Bergbau und Hütten AG (WBH), a subsidiary of Sweden's Sandvik
Group, covering concentrate to be recovered from the existing tailings
stockpile at the Los Santos Mine in Spain. The agreement is structured on a
take-or-pay basis and includes a conditional one-time upfront payment of USD
3.0 mn for the off-take rights. According to management, pricing will be
linked to the tungsten market while including a contractual floor price.
WBH's contribution is intended to support the reactivation of the existing
processing facilities at Los Santos, which has been on care and maintenance
since February 2020.

In our view, the agreement is significant for several reasons. Most
importantly, it substantially de-risks a potential restart of Los Santos by
securing a committed customer even before production resumes. In our view,
this is particularly relevant for a comparatively small mining operation,
where the economics of a restart could otherwise be adversely affected by
uncertainties regarding sales volumes, working capital requirements, and the
availability of funding. The combination of a take-or-pay commitment, a
minimum price mechanism, and an USD 3.0 mn upfront contribution should
therefore improve the visibility of future cash flows and reduce the amount
of capital that Almonty itself would need to contribute to recommission the
Los Santos mine. In our view, this broadly follows a pattern already visible
at Sangdong, where long-term contractual relationships with major industrial
customers have become an important element in reducing commercial risk. In
our update from July, we have already highlighted the positive implications
of Almonty's expanded long-term GTP (Plansee Group) off-take agreement for
planning certainty and future cash-flow visibility.

In our view, the most interesting operational aspect of the transaction is
that Los Santos will not initially be restarted as a conventional mining
operation. Instead, tungsten will be recovered from material that was
already mined and processed during the mine's former operating periods.
Almonty has continued to develop its tailings recovery technology since
production at Los Santos was suspended and states that it has materially
improved WO3 recovery rates in subsequent tests and trials.

We calculate a price target of USD 26.40 (previously: CAD 38.90) per share,
implying a 92.4% upside from the last closing price of USD 13.72. We
reiterate our Buy rating for the shares of Almonty Industries.



You can download the research here:</pre>
<p>https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&amp;u=49656d610f36056742315f557d5e8e38</p>
<pre>Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

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2406522 28.09.2026 CET/CEST

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

Almonty Industries

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