AII Almonty Industries (delisted)

EDISON EQUITY RESEARCH: ALMONTY INDUSTRIES - PROPOSED ACQUISITION OF WOULFE

Almonty has announced its intention to acquire Woulfe Mining in an allshare
transaction, potentially creating one of the largest independent
producers of tungsten with annual output of more than 400kmtu of WO3.

Almonty Industries is an independent tungsten
producer, with two operating mines – Los Santos in
Spain and Wolfram Camp in Australia – and the
development-stage Valtreixal tungsten-tin project in
Spain. The company produced 90kmtu of
contained WO3 in FY14 and we expect it to deliver
133kmtu in FY15 as it fully consolidates WCM.

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