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

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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

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The issuer is solely responsible for the content of this research. The

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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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=49656d610f36056742315f557d5e8e38

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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