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Original-Research: Almonty Industries Inc. - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Almonty Industries Inc.
Unternehmen: Almonty Industries Inc.
ISIN: CA0203981034
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 16.05.2023
Kursziel: CAD 1,69 (bisher CAD 1,59)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
Reopening Los Santos mine utilizing proprietary technology
We continue to value the shares of Almonty Industries using a two-stage
Discounted Cashflow entity model of Almonty’s producing assets (Sangdong,
Los Santos, and Panasqueira) to which we have added the discounted value of
the development project (Valtreixal). Given a lower number of shares
outstanding and lower capex from re-operationalising the Spanish Los Santos
mine than previously anticipated, we adjust our target price to CAD 1.69
from CAD 1.59 per share. With an expected share price performance of
181.7%, we confirm our Buy rating for the shares of Almonty Industries.
In the first quarter of 2023, Almonty's earnings showed no surprises. As expected, the costs incurred from the development of Sangdong were not fully covered by the revenues from the producing Valtreixal mine. The bottom line was an operating loss (EBIT) of CAD -0.864mn (Q1/2022: CAD -0.866mn) on revenues of CAD 7.097mn (Q1/2022: CAD 6.258mn, +13.4% YoY). The operating cash flow improved on a year-on-year basis to CAD -0.726mn from CAD -1.547mn in Q1/2022.
The former producing mine in western Spain, Los Santos, will be put back into operation in the coming months and thus earlier than expected by the company. Los Santos Mine was acquired by Almonty in 2011 and put into planned care and maintenance in 2020 pending capex required to process its tailings inventory. New studies have shown that the plant’s infrastructure can be modified using the proprietary Almonty flotation technology with improved recovery rates so that retreating the tailings will be economically reasonable. With capex of less than USD 1.3mn, Almonty will retreat the tailings to recover the more than 800,000 MTUs of tungsten (WO3) concentrate contained in the sands and torta with a total average tailings grade of 0.14%. Once fully operational, Los Santos is expected to generate revenues similar to the Portuguese Panasqueira production mine, which generated revenues of CAD 24.8mn in 2022.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27013.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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