GBC AG significantly raises target price for Almonty Industries Inc. – structural tungsten shortage and production ramp-up drive re-rating

GBC AG significantly raises target price for Almonty Industries Inc. – structural tungsten shortage and production ramp-up drive re-rating

Augsburg, 27.03.2026 – GBC AG, the Augsburg-based research house specialising in listed small and mid caps, has significantly increased its target price for Almonty Industries Inc. (ISIN: CA0203987072) in a newly published research report dated 5 March 2026. Almonty is an international mining company focused on tungsten production and strategic metals.

The target price increase primarily reflects the tightening global tungsten market and the successful transition of the Sangdong mine in South Korea from construction to production. With the ramp-up towards full capacity, the project is expected to become a key cash flow driver for the company.

Almonty also benefits from long-term off-take agreements with strategic customers, rising commodity prices and the increasing geopolitical importance of non-Chinese supply chains for critical minerals. At the same time, the company continues to advance additional projects, including the Gentung project in the United States and expansion activities at the Panasqueira mine in Portugal.

“The tungsten market has undergone a structural shift. Export restrictions, rising demand from defence and high-tech industries and limited new supply outside China are driving sustainably higher price levels. Combined with the production ramp-up at Sangdong, this significantly improves Almonty’s earnings outlook.”
– Matthias Greiffenberger, Analyst at GBC AG

Against this backdrop, GBC now assumes a long-term tungsten price of USD 1,500 per MTU (previously USD 650 per MTU). Based on an updated discounted cash flow model, GBC raises the target price to CAD 28.60 per share (EUR 17.71) from previously CAD 9.00 and reiterates its BUY rating.

The full research report is available via the following link:
https://t1p.de/vzqsi

About Almonty Industries Inc.
Almonty Industries Inc. is an international mining company focused on tungsten and molybdenum. Its projects span Europe, North America and Asia, including the historic Panasqueira mine in Portugal and the Sangdong mine in South Korea, one of the largest tungsten deposits outside China.

Risk notice
This announcement neither constitutes financial analysis within the meaning of section 34b WpHG nor investment advice or a recommendation. Investments in shares are generally associated with risks, including the possible total loss of the capital invested.

Notice on potential conflicts of interest pursuant to section 85 WpHG and Art. 20 MAR
GBC AG and the responsible analyst note that the following potential conflicts of interest may exist at the time of publication: 5a,6a,7,11. Further details can be found in the full research report and at: www.gbc-ag.de/de/Offenlegung.

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