In today’s briefing:
- Research Comment – Almonty Industries Inc. – 10.06.2025
- Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation
- DRX: In Line Q1 Financials; Tariff Impact Less than Expected
- CUU: Copper Optionality in Tier-1 Jurisdictions
Research Comment – Almonty Industries Inc. – 10.06.2025
- Almonty Industries has reported first quarter 2025 financial results in line with expectations and reaffirmed its position as one of the most strategically important critical mineral suppliers in the Western Hemisphere.
- The company continues to deliver on its operational roadmap, capital deployment, and geopolitical positioning at a time when global interest in reliable non-Chinese tungsten supply is intensifying.
- Following a significant rally in tungsten prices since February and the continued de-risking of its Sangdong Mine in South Korea, we have updated our forecasts and valuation model.
Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation
- FET’s Beat-the-Market strategy is geared to position the company to gain share with customers during cyclical troughs that can support accelerated growth as the cycle turns higher.
- The strategy is underpinned by the company’s focus on developing specialized technological solutions that allow its customers to develop their assets cost-efficiently and safely.
- Increased drilling and completion intensity as operators push the limits of lateral lengths and stimulation intensity drives demand for the consumable products that account for ~80% of FET’s revenue.
DRX: In Line Q1 Financials; Tariff Impact Less than Expected
- What you need to know: • ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs.
- • Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M.
- • Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2.
CUU: Copper Optionality in Tier-1 Jurisdictions
- What you need to know: • Copper Fox owns 25% of Schaft Creek, a PEA-stage (after-tax NPV8% $842M and 13% IRR) copper-gold-molybdenum asset, funded by Teck (75% owner) to production.
- • CUU also owns 100% of the PEA-stage Van Dyke ISCR Project which boasts a highly profitable project (after-tax NPV7.5% $645M & 43% IRR).
- • The Company holds a portfolio of three other copper exploration assets, all showing early signs of being legitimate projects.
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