DA Davidson analyst Matt Summerville reiterated a Buy rating and $33.00 price target on Almonty Industries (NASDAQ: ALM).

The analyst commented, "Yesterday we attended ALM’s inaugural investor day in NYC, which included presentations by ALM mgmt, project leaders, and industry consultants. We were provided with several positive operational updates including further commentary regarding Sangdong’s Phase I ramp to nameplate, that we believe aligns well with our model, along with add’l details regarding ALM’s recently announced Los Santos tailings and Rwanda deals. Overall, our positive thesis on the name/macro remains intact as we lean into the DoW ban on tungsten mined, refined, or produced from adversarial nations. BUY/$33."

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Shares of Almonty Industries closed at $8.83 yesterday.