American Tungsten’s Ali Haji Says “It’s a Moly Porphyry with Tungsten-Silver-Rich Veins” As He Targets First Product Sales of Tungsten in 2026

Key Takeaways

• 31 ft interval grades 0.48% WO₃, 1.84 oz/ton Ag
• CEO targets first tungsten product sale in 2026
• Phase 1 drilling adds 18,000 ft underground data
• EXIM LOI provides $25M pre‑PEA financing
• IMA Mine could supply 8% US tungsten demand

Pulse Analysis

The United States faces a growing shortfall in domestic tungsten, a metal essential for aerospace, defense, and renewable‑energy applications. American Tungsten’s revival of the IMA Mine addresses this gap by leveraging a historic underground operation that once produced nearly 200,000 metric tonnes of WO₃. By positioning the project within a broader strategy to secure critical minerals, the company taps into policy incentives and investor appetite for supply‑chain resilience, potentially reshaping the North American tungsten market.

Recent drilling has revealed a molybdenum‑rich porphyry host intersected by high‑grade tungsten‑silver veins. Intervals such as 31 feet at 0.48% WO₃ with 1.84 oz/ton silver, 11 feet at 1.08% WO₃ with 2.05 oz/ton silver, and 16.3 feet at 0.54% WO₃ with 1.79 oz/ton silver underscore the deposit’s economic potential. The Phase 1 program will expand underground coverage to 18,000 feet, aiming for a 43‑101 compliant resource that can underpin a sustainable, low‑cost operation capable of delivering 500 tons per day at peak output.

Financially, American Tungsten has raised $25 million in recent financings without warrant dilution and holds $18 million in cash, complemented by a $25 million EXIM letter of intent pending a preliminary economic assessment. With three off‑take agreements already in place and a fourth under negotiation, the company is poised to monetize its product by year‑end 2026, well before formal commercial production begins in 2027. A planned TSX and U.S. uplist in Q2 further broadens its capital access, positioning the firm as a rare junior capable of delivering near‑term cash flow while bolstering U.S. strategic metal independence.