Ali Haji Says American Tungsten Upsized Bought Deal to $35 Million as Company Targets Production

Key Takeaways

• Bought deal upsized to $35 million, oversubscribed pre‑market.
• Drilling shows 17 ft @ >3 oz/ton silver, 1.7% tungsten.
• Tailings contain 220k tons @ 0.25% grade, ready for early production.
• IMA Mine grades 0.63% tungsten, above global average 0.2%.
• U.S. uplisting planned for June, with upcoming PEA and PFS.

Summary

American Tungsten Corp. announced that its Stifel‑led bought‑deal financing was upsized from $20 million to $35 million, with the book fully subscribed before market open. The company highlighted drilling results showing 17 feet of over 3 oz/ton silver and 1.7% tungsten, and metallurgical tests indicating 220,000 tons of tailings at 0.25% grade ready for early concentrate production. CEO Ali Haji outlined plans to restart tungsten mining at the historic IMA Mine in Idaho, citing high‑grade ore, low‑waste cut‑and‑fill methods, and an upcoming U.S. uplisting. A pre‑FEA, PEA and PFS are slated for the near term.

Pulse Analysis

American Tungsten Corp.'s recent financing upswing reflects a broader trend of capital flowing into critical mineral projects as supply chains tighten. By securing $35 million through an oversubscribed bought‑deal, the company not only bolsters its balance sheet but also signals confidence from institutional investors in its Idaho IMA Mine strategy. The infusion will fund extensive drilling, metallurgical testing, and the construction of a modest production drift, accelerating the timeline toward a Preliminary Economic Assessment (PEA) and a full Feasibility Study (PFS). This capital backing is essential for meeting the growing demand for tungsten, a metal vital to aerospace, defense, and renewable‑energy applications.

The technical highlights from the IMA Mine underscore its competitive advantage. Recent assay results revealed a striking 17‑foot interval with more than 3 ounces per ton of silver and 1.7% tungsten, while tailings analysis identified 220,000 tons at a 0.25% grade—exceeding the global average tungsten grade of 0.2%. Such high‑grade mineralization supports a low‑cost, cut‑and‑fill mining method that minimizes waste and operational expenses. Moreover, the presence of valuable by‑products like silver and molybdenum adds significant credit to the project's economics, potentially delivering $220‑$250 per tonne in ancillary revenue.

Strategically, American Tungsten is aligning its operational milestones with market expectations. The upcoming U.S. uplisting in June aims to increase liquidity and attract a broader investor base, while the phased drilling program and production drift prepare the ground for early concentrate output from tailings before year‑end. By delivering tangible production data ahead of the PEA, the company can de‑risk the project, enhance its valuation, and position itself as a key domestic supplier in a geopolitically sensitive metal market. This integrated approach of financing, technical validation, and strategic market positioning makes American Tungsten a noteworthy player to watch.