GBC AG initiates Research Coverage on Almonty Industries Inc.

Augsburg/Toronto, April 28, 2025
GBC AG initiates Research Coverage on Almonty Industries Inc. with price target 4.20 CAD

Supplier of critical raw materials for two global growth industries: E-Mobility and Defense

GBC AG has initiated research coverage on Almonty Industries Inc. (WKN: A1JSSD, ISIN: CA0203981034, Ticker: ALI:GR). In its comprehensive initial study dated April 23, 2025, the analysts recommend the stock with a Buy rating and a price target of CAD 4.20.

Almonty positions itself as a strategic supplier of tungsten and molybdenum, two key raw materials playing a crucial role in two major future industries:
Tungsten is essential for high-performance batteries in the e-mobility sector as well as for armor-piercing systems, rocket propulsion, and semiconductor components in the defense industry.

The growing need for secure supply chains in Western markets significantly enhances Almonty's geopolitical relevance.

The company operates several projects in politically stable Tier 1 countries, including its flagship project, the Sangdong Mine in South Korea, scheduled to commence production in 2025. Backed by long-term offtake agreements, secured financing (including through KfW IPEX-Bank), and a vertically integrated strategy, Almonty positions itself as a resilient and growth-oriented global supplier of critical minerals.

The full research report is available at:

• German Version: https://www.more-ir.de/d/32298.pdf
• English Version: http://www.more-ir.de/d/32242.pdf

About Almonty Industries Inc.
Founded in 2011, Almonty Industries Inc., based in Toronto (Canada), is an international supplier of tungsten and molybdenum products. The company pursues a vertically integrated strategy and focuses on developing Western sources of critical raw materials. Almonty is listed on the Toronto Stock Exchange (TSX) and on German stock exchanges.

About GBC AG
GBC AG, headquartered in Augsburg, is one of the leading independent research and consulting firms focusing on small and mid-cap listed companies in German-speaking countries. Since 1999, GBC has provided high-quality research, investor conferences, and comprehensive capital markets consulting. Its service portfolio is complemented by GBC Kapital GmbH, which manages the corporate finance business.

Disclaimer:
This announcement does not constitute financial analysis within the meaning of Section 34b of the German Securities Trading Act (WpHG) nor does it represent investment advice or a recommendation. Investing in stocks carries risks, including the risk of total capital loss.

Disclosure of potential conflicts of interest in accordance with §85 WpHG and Art. 20 MAR: GBC AG and the responsible analyst point out that the following potential conflicts of interest may exist at the time of publication: 5a,6a,7,11.

Details can be found in the full research report and at: https://www.gbc-ag.de/en/disclaimer

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