Couloir Capital is Pleased to Announce That it Has Updated its Research Coverage on Almonty Industries

Couloir Capital is pleased to announce that it has updated its research coverage on Almonty Industries Inc. (TSX: AII) (NASDAQ: ALM) (ASX: AII) (FSE: ALI1) (or "Company"). Couloir Capital's Research Team crafted a report titled "Higher Tungsten Prices Trigger Revaluation; Sangdong Ramp on Track; Maintain Hold."

Report excerpt: "Tungsten market fundamentals have strengthened materially, supported by higher benchmark APT prices that have recently moved above US$1,000/MTU amid robust defence-driven demand and a tightening supply environment. China's export controls implemented in 2025 have reinforced structural supply constraints and accelerated Western efforts to diversify sourcing. Against this backdrop, we adopt a higher long-term price framework, increasing our APT assumption to US$800/MTU from US$450/MTU previously.

Operationally, Almonty has transitioned into its next growth phase with the Sangdong Tungsten Mine entering active operations in December 2025 and commencing a staged ramp-up toward nameplate capacity by 2027. Beyond Sangdong, the company is advancing multiple levers for medium-term growth, including capacity expansion at Panasqueira, reserve definition at the Sangdong Molybdenum project, and development progress at Gentung Browns Lake toward potential production readiness in 2H26. Reflecting improved pricing assumptions and clearer production visibility, we update our fair value estimate to C$19.30 per share (from C$7.69 previously) and maintain a HOLD rating."

The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal.

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm with a team of experienced investment professionals providing institutional-quality research coverage for small-cap equities. Our research reports are distributed via Bloomberg, FactSet, Capital IQ, LSEG, Research Tree and other platforms, as well as via social media and extensive email distribution lists. To subscribe, visit: https://www.couloircapital.com/research-portal

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DISCLAIMER:

1. Analyst Disclosure:

Investors are encouraged to read the complete list of disclosures contained in the report.

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