Bank-In­de­pen­dent In­vest­ment Hou­se, GBC AG

GBC AG

Research study based on publicly available financial figures. Includes a description of the business performance, forecasts and a valuation model.

Bank-In­de­pen­dent In­vest­ment Hou­se

GBC AG, headquartered in Augsburg, is one of the leading bank-independent investment houses in Germany and an experienced issuing expert for German SMEs.

As an owner-managed company, GBC AG knows the financing needs of German SMEs and is an independent and reliable partner for all capital market issues.

Within the GBC Group, GBC AG offers corporate analysis & research, capital market & financing consulting as well as capital market conferences.

GBC Kapital GmbH complements the services in the group with corporate finance in the areas of placement & brokerage of bonds and shares.

Equity Bottom-Up

<ul><li>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.</li><li>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.</li><li>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.</li></ul>

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.

Research Comment – Almonty Industries Inc. - 10.06.2025