First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 68.00 to EUR 86.00.

Abstract
DRAG has published its reserves report for year-end 2025. The report shows a 46% jump in proved and probable reserves to 79m BOE (2024:54m BOE)–the largest organic increase in the company’s history. The increase stems from better than expected performance of new wells in addition to the drilling of wells in western Wyoming (most of the wells so far drilled by DRAG in Wyoming are in the eastern part of the state). Proved developed producing reserves are equivalent to 11 times 2025 production. The PV10 of estimated future cashflows from reserves climbed 12% to USD553m (2024: USD493m). The increase is based on higher reserve volume and lower CAPEX per well. The PV10 number underperformed BOE growth because the average value of the WTI (West Texas Intermediate) five-year crude oil futures strip was USD58.71 at year-end 2025–11% below the year-end 2024 figure of USD65.70. However, assuming crude oil at USDD60/bbl and natural gas at USD3/MMBtu for both years produces a 38% increase to USD542m (2024: USD394m). The after tax value of DRAG’s holdings in Almonty’s shares (8.1% stake), convertibles and debt has risen from €187m at the time of our most recent study of 19 January to €278m now. The increase stems largely from a 54% rise in Almonty’s share price from USD8.67 to USD13.36, which has in turn been driven by a 35% increase in the tungsten APT price from USD1,005/mtu to USD1,355/mtu. DRAG’s holdings in Almonty currently account for 67% of its EV (19 January: 52%). Based on the recent improvement in commodity prices and the increase in the value of the Almonty holdings, we raise our price target from €68 to €86 and maintain our Buy recommendation (upside: 52%).