Diamond Equity Research updates Almonty Industries note

New York, July 16, 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) (TSX: AII) (ASX: AII) (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 the Almonty Industries’ business model, services, industry overview, financials, valuation, management profile, and risks.

The full update note is available below.

Almonty Industries Update Note July 2026

Highlights from the report include:

Expanded GTP Offtake Enhances Sangdong Phase I Economics and Preserves Future Production Upside: Almonty’s amended offtake agreement with Global Tungsten & Powders (GTP), a major U.S. tungsten processor and member of the Austria-based Plansee Group, extends the term from 15 to 21 years and increases contracted volumes by 40%, from 3.15 million MTU to 4.41 million MTU. Following ramp-up, GTP will purchase at least 210,000 MTU annually, representing approximately 90% of planned Phase I production and providing demand visibility into the late 2040s. Revised pricing is approximately 6.3% higher, which management expects to add at least US$30 million in annual revenue and increase estimated annual revenue under the agreement to approximately US$490 million at current ammonium paratungstate (APT) prices. We view the amendment as materially positive, as it improves price realization, reduces commercialization risk during the production ramp-up, and provides third-party validation of Sangdong’s product quality and strategic importance as a South Korea-based supplier of non-Chinese tungsten to the U.S. market and the broader Western tungsten supply chain. Importantly, the agreement excludes the planned Phase II expansion, which is expected to roughly double Sangdong’s annual processing capacity, as well as production from Almonty’s other operations, preserving additional commercial and pricing upside.

Sangdong Processing Start Marks Transition to Revenue Generation and Supports Near-Term Production Ramp-Up: Almonty has commenced processing operations at the Sangdong Mine in South Korea, marking its transition from mine development to the production of saleable tungsten concentrate. Initial plant feed is being drawn from approximately 139,700 tonnes of stockpiled ore grading around 0.25% WO₃, comprising 120,000 tonnes held at the end of Q1 2026 and a further 19,700 tonnes mined during Q2 2026 at an average grade of 0.35% WO₃. The stockpile represents approximately 2.6 months of Phase I throughput and carries an illustrative gross in-process value of approximately US$68 million at prevailing tungsten prices. During the initial commissioning phase, Almonty is processing lower-grade material to optimize blending and feed consistency, with higher grades expected as the ramp-up progresses.

Russell 1000 and 3000 Inclusion Broadens Institutional Access and Supports Trading Liquidity: Almonty Industries has joined the large-cap Russell 1000 Index and the broad-market Russell 3000 Index following the 2026 annual reconstitution, effective June 29, 2026. The inclusion, determined primarily through objective market-capitalization criteria, reflects Almonty’s expanded market profile and provides exposure to a broader universe of index-tracking funds and benchmark-driven institutional investors. With approximately US$12.2 trillion in assets benchmarked to the Russell U.S. indexes as of June 2025, we view the milestone as positive for Almonty’s market visibility, potential passive fund ownership, and trading liquidity, while supporting the development of a broader and more stable institutional shareholder base.

Valuation: Almonty’s investment case is increasingly anchored in its transition from a development-stage tungsten company into a strategically relevant non-Chinese supply platform. This transition is supported by tightening global tungsten supply, China-led export restrictions, rising Western demand for secure critical-mineral sourcing, the ongoing ramp-up of the Sangdong Mine, and the recently expanded GTP offtake agreement, which strengthens long-term revenue visibility and improves price realization for Phase I production. The tightening demand-supply backdrop is already evident in the sharp increase in tungsten prices, with APT prices rising by more than 200% since the beginning of 2026. While the recent increase to more than US$3,000/MTU may reflect some near-term supply tightness and pricing overshoot, the underlying drivers appear structural rather than purely cyclical. Accordingly, we model tungsten prices to remain elevated relative to historical levels. We maintain our APT price assumptions of US$2,850/MTU for 2026e and US$2,640/MTU for 2027e, with long-term prices modelled to normalize toward approximately US$2,500/MTU by 2035. We also maintain our existing 7.0% discount rate and assume no terminal value. Accordingly, we reiterate our illustrative valuation of C$31.80 per share, contingent on successful execution by the company. Importantly, the enhanced economics associated with the expanded GTP offtake agreement have not yet been incorporated into our valuation, providing potential for further upside once the financial impact is fully assessed.

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 07/16/26 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, which could present a conflict of interest. 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 07/16/2026. 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 initiation 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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Almonty Industries Update Note July 2026

Diamond Equity Research

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