New York, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an Update Note on Almonty Industries, Inc. (Nasdaq: ALM; Frankfurt: ALI1). The research summary below is from an issuer-sponsored report commissioned by Almonty Industries, Inc. and produced by Diamond Equity Research. The update note includes detailed information on Almonty Industries’ business model, services, industry overview, financials, valuation, and risks.
The full update note is available below.
Almonty Industries Update Note October 2026
Highlights from the report include:
Sangdong Processing Plant Achieves Certification and First Tungsten Production: Almonty has started its first tungsten concentrate production at the Sangdong mine in Gangwon Province, South Korea, marking the site’s first output since 1993. This milestone follows the receipt of official mining facility inspection certificates for the processing and crushing plants, fulfilling the final regulatory requirement for commercial domestic and export sales. We note that over 90% of Phase I output is already committed under the 21-year offtake agreement with Global Tungsten & Powders LLC (GTP), which in our view materially reduces the commercial risk attached to the ramp-up. The grinding circuit has reached full throughput, the mill was running roughly 16 hours per day as of early October, and the first vessel is booked for October 24, 2026. Phase II is officially started, with completion anticipated in 2027, and GTP has extended the offtake by six years as of early October at higher pricing across the entire contract.
Take-or-Pay Agreement with Sandvik Subsidiary Supports the Targeted Restart of Los Santos: Almonty has entered into a long-term take-or-pay agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group, for the retreatment of tailings at the Los Santos mine in Spain. The agreement covers a minimum of 1,720 tonnes of contained WO₃, incorporates a floor price, and provides for shared capital costs. We view this as a relatively capital-efficient route to returning European feedstock to the market ahead of the defense procurement restrictions scheduled to take effect in 2027.
Joint Venture with the Government of Rwanda Adds Near-Term African Supply: Following an introduction by the U.S. Department of State, Almonty has established Almonty Rwanda Pty Ltd, a 75/25 joint venture with the Government of Rwanda. The arrangement combines the 32 km² Shyorongi exploration concession with the near-term purchase, mobile tailings processing, and export of ore sourced from existing small-scale producers. In our view, this could bring additional supply to the market much sooner than a conventional mine development, while also strengthening Western supply security. Collections are underway, and management has stated Almonty could potentially be Rwanda’s largest tungsten exporter as early as November 2026.
Board Approves US$300 Million Share Repurchase Program: Almonty's Board has authorized a 36-month buyback of up to US$300 million, covering as many as 14.4 million common shares, or approximately 5% of shares outstanding. We note that the program is intended to address the divergence management sees between the current share price and the underlying value of the Company's asset base. Almonty has repurchased 2,914,739 shares for approximately US$48 million as of September end.
Valuation: Almonty’s investment case has shifted decisively from development risk to execution and cash flow delivery. Sangdong entered revenue-generating operations in 2026, positioning the mine to potentially become a meaningful contributor from H2 2026 and a major earnings driver in 2027. The revised long-term GTP offtake agreement improves commercial visibility, while the company’s strengthened liquidity materially reduces financing risk around the ramp-up and expansion phases. With Panasqueira demonstrating a strong earnings base under elevated tungsten prices, the key valuation catalyst is now the pace at which Sangdong converts installed capacity into sustainable production, shipments, and cash flow. Reflecting Sangdong’s transition into revenue generation, we maintain our valuation framework and continue to present our equity value in U.S. dollars to align with Almonty’s Nasdaq listing at an assumed USD/CAD exchange rate of C$1.35. We have maintained our Net Present Value (NPV) valuation using a Discounted Cash Flow (DCF) approach, incorporating projected production volumes, life-of-mine estimates, throughput capacities, and commodity price forecasts. Maintaining a 7.0% discount rate and no terminal value, we maintain our illustrative equity value at US$20.00 per share, contingent on successful execution by the company.
About Almonty Industries, Inc.
Almonty Industries Inc. is a global leader in tungsten mining, with strategically positioned assets in geopolitically stable regions including South Korea, Portugal, and Spain. The company is positioning to potentially become the largest tungsten producer outside China upon the full commercialization of its Sangdong Mine.
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 10/21/26 the issuer had paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually for $50,000. Additional research compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/21/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. This report is based on information we consider reliable, including the subject of the report. This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the update report and in the respective financial filings for Almonty Industries, Inc. Please review the updated report attached for full disclosure page.
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