Almonty Industries Inc. Maintains Positive Outlook Amidst Growth

Almonty Industries Inc. has seen a substantial uplift in its target price, according to a recent report by Sphene Capital GmbH. The company's target price increased from CAD 2.31 to CAD 3.21 per share, reflecting a potential rise of 260.7%. The financial analysis is based on the performance of Almonty's mines, including the Sangdong mine where new grinding equipment has been installed.

In the first nine months of 2024, Almonty's revenues totaled CAD 22.6 million, marking a year-over-year growth of 6.5%. Despite an EBITDA of CAD -3.4 million, production enhancements at Panasqueira, primarily through higher mine grades and recovery rates, have shown promising results. Production costs, including various operational expenses, were reported at CAD 18.4 million. However, profit from mining operations has more than doubled compared to the previous year.

Notably, Panasqueira's Q3 performance exhibited significant improvement, with revenue increases of 52.0% alongside a profit surge of 57.0%, pushing its mining margin modestly higher. The findings reinforce Sphene Capital's Buy recommendation for Almonty shares.