Sphene Capital sets Almonty price target at USD 26.40, keeps Buy rating
ALM•Sphene Capital reiterated its Buy rating on Almonty Industries and set a 36-month target of USD 26.40, implying 92.4% upside from the last close of USD 13.72. It cited an offtake agreement for Los Santos tailings concentrate that includes a conditional USD 3 million upfront payment.
1. Target and offtake deal
Sphene Capital reiterated its Buy rating on Almonty Industries and set a 36-month target price of USD 26.40, compared with its previous target of CAD 38.90. The firm said a long-term take-or-pay offtake agreement with Sandvik unit Wolfram Bergbau und Hütten for Los Santos tailings concentrate could improve cash-flow visibility and reduce capital needed for a restart; the agreement includes a conditional one-time USD 3 million upfront payment, with pricing linked to tungsten and a contractual floor.
