• Sphene Capital raised its Almonty price target to CAD 38.9 from CAD 37.4. It reiterated a Buy rating.
• The report cited an expanded off-take deal with Plansee unit Global Tungsten & Powders covering about 90% of Sangdong Phase I output.
• Contract term extended to 21 years from 15. Binding supply volume lifted 40% to 4,410,000 MTU, implying 210,000 MTU minimum annual purchases.
• Pricing formula reset. Sphene said realized prices rise 6.3% on average, adding at least USD 30 million revenue per year.
• Target implies 102.1% upside from the prior close of CAD 19.25, reflecting higher payables and stronger APT tungsten prices.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Almonty Industries Inc. published the original content used to generate this news brief via EQS News (Ref. ID: rc_26210) on July 20, 2026, and is solely responsible for the information contained therein.