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 55.00 to EUR 68.00.

Abstract
On 16 October DRAG announced that Q3/25 production was 13,600 boepd – a 6.4% increase on Q2/25’s 12,779 boepd. Publication of the full Q3/25 report is scheduled for 14 November. The sequential increase in quarterly production stems from four new wells drilled in Wyoming’s Powder River Basin (PRB), which started production at the end of Q2/25. Output should rise further during the current quarter as six additional wells are expected to start production in the PRB. We now see FY/25 production at 13,700 boepd – up 2% on our previous forecast of 13,456 boepd and in line with DRAG’s guidance of 13,500-14,500 boepd. The share price of the tungsten miner, Almonty, in which DRAG holds a 9% stake, has more than doubled since our most recent note of 4 September. The value of the investment in Almonty is now equivalent to ca. 48% of DRAG’s enterprise value (previously: 30%). China accounts for over 80% of worldwide tungsten production. The increase in Almonty’s share price has been driven by anticipation of a further tightening in the supply of tungsten from China if President Trump follows through on his threat of an increase in tariffs on a wide range of Chinese exports. We are raising our price target for DRAG from €55 to €68 to account for the rise in the value of DRAG’s Almonty stake. We maintain our Buy recommendation (upside: 37%).