Critical Metals Firm Advances High-Grade Tungsten Project

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American Tungsten Corp. (TUNG:CSE; TUNGF:OTCQB; RK9:FSE) reported continued progress at its IMA Mine in Idaho, alongside a significant step forward in its commercial strategy. The company has entered into a non-binding letter of intent (LOI) with Global Tungsten & Powders (GTP), a prominent U.S.-based tungsten processor. This agreement outlines a framework for future offtake of tungsten concentrate produced at the IMA Mine. GTP is one of the world's largest processors of tungsten, operating facilities in Pennsylvania and internationally.

The company also provided a detailed update on the rehabilitation of the Zero Level access tunnel at the IMA Mine. As of September 20, a total of 115 feet of the tunnel had been successfully restored. This work brings the project into the main collapsed zone, estimated at approximately 50 feet in length. A site visit was held in mid-September with company management and representatives from the Mine Safety and Health Administration (MSHA). According to American Tungsten, the MSHA inspector expressed confidence in the safety of the site and affirmed the progress to date. A radon test conducted inside the tunnel recorded a zero reading.

The IMA Mine is a past-producing tungsten-molybdenum project located in the Idaho porphyry belt. The site holds patented mining claims and benefits from access to paved roads, low-cost grid power, water rights, and a mining-oriented labor force. American Tungsten acquired an option on the project in 2024 and began active rehabilitation and exploration programs soon thereafter. Historic production at the site included more than 198,000 standard units of tungsten oxide (WO₃), along with copper, silver, and other base metals.

In addition to ongoing technical work, American Tungsten plans to present at the Centurion One Capital 3rd Annual Bahamas Summit, scheduled for October 28–29, 2025. The invitation-only event is expected to bring together industry stakeholders and institutional investors.

Tungsten Industry Faces Supply Pressures, Strategic Demand, and Global Trade Shifts

According to a September 12 report from SMM (Shanghai Metals Market), the tungsten sector continued to experience constrained supply dynamics and elevated price levels. The average transaction price for 65% black tungsten concentrate fell slightly to 285,500 yuan per standard ton as traders sought to secure profits amid high costs.

Despite this minor correction, SMM noted that "the contradiction between supply and demand mismatch in the tungsten market has not yet been resolved." The organization reported strong volatility and predicted ongoing tightness in spot supply, particularly as downstream smelting industries remained under pressure. APT (Ammonium Paratungstate) manufacturers were still absorbing the cost of previously acquired high-priced materials, with the average cost of domestic APT reaching 416,800 yuan per ton, while the sector continued to report operating losses.

SMM also highlighted that long-term order prices rose significantly in early September, reflecting a robust pricing floor across major producers. For example, Chongyi Zhangyuan Tungsten Industry Co. increased its black tungsten concentrate quote by 69,000 yuan per ton, while Jiangxi Tungsten and Xiamen Tungsten implemented similar increases across various product categories. The Ganzhou Tungsten Industry Association forecasted a 97,500 yuan per ton month-on-month increase in black tungsten ore pricing, reinforcing the notion that elevated prices had strong institutional support during the period.

John Newell of John Newell & Associates issued a "Speculative Buy" rating on American Tungsten. 

A broader outlook on the sector was provided in a September 25 study by Global Info Research, which valued the global tungsten polishing liquid market at US$603 million in 2024 and projected it would reach US$994 million by 2031. The report forecast a compound annual growth rate (CAGR) of 7.5%, driven by demand across semiconductor applications such as DRAM, 3D NAND, and logic ICs. The analysis emphasized that market dynamics were shaped not only by technological advancements but also by regulatory factors, supply chain strategies, and global trade policies.

In addition, the Global Info Research report presented a detailed segmentation of the tungsten polishing liquid market by type, region, and end-use sector. The study cited significant activity in high-purity colloidal silica and fumed silica formulations, underscoring tungsten's role in precision manufacturing environments. The firm also noted an increased focus on regional analysis due to varying consumer behavior, infrastructure development, and government incentives affecting the adoption of tungsten-based products.

Further perspective on sector fundamentals came from Grand View Research in a tungsten market report covering the period from 2025 through 2033. The global tungsten market was valued at US$1.86 billion in 2024 and was projected to reach US$2.84 billion by 2033, reflecting a CAGR of 4.7%. Grand View Research attributed the growth to the widespread use of tungsten in aerospace, defense, automotive, construction, and electronics. The report noted that "Asia Pacific dominated the tungsten market with the largest revenue share of 54.1%," while the U.S. market was expected to grow at a 3.9% CAGR over the same period.

The report further observed that tungsten carbide components were positioned for the fastest growth, owing to their performance in high-wear industrial applications. In 2025, global trends such as increased electric vehicle production, expanded aerospace manufacturing, and strategic defense initiatives contributed to steady demand for tungsten. For instance, tungsten's application in high-temperature aerospace components and armor-piercing ammunition supported its critical status across defense and technology sectors.

Strategic Positioning and Development Progress Attract Expert Attention

In a research report published on August 20, Dave Storms of Stonegate Capital Partners stated that American Tungsten Corp. was "strategically positioned to become a domestic supplier of a metal essential for defense, semiconductors, and electric vehicles," citing tightening global supply and China's 2024 export restrictions. While no formal rating or price target was issued due to the early-stage nature of the company, Storms pointed to several favorable factors, including the company's option on the past-producing IMA Mine in Idaho.

Storms noted that the IMA Mine had historically produced 198,000 standard units of tungsten trioxide (WO₃) and more than 2 million pounds of copper. He described the project as "significantly derisked already," referencing previous investment by earlier operators and the presence of supportive infrastructure. Highlighted drill intercepts included 0.82% WO₃ over 30 feet and 0.247% MoS₂ over 475 feet.

He reported that American Tungsten had initiated rehabilitation of the underground workings and intended to complete more than 6,000 feet of drilling to support a new NI 43-101 technical report. The company's CA$7 million private placement and its pursuit of U.S. government-backed non-dilutive funding were also mentioned. Storms described the management team as having a "balanced mix of operational, technical, and financial expertise," noting that the group was well equipped to guide long-term development.

Storms further emphasized the strategic relevance of tungsten, describing it as "especially critical" due to its role in defense and industrial supply chains. He cited global market projections that placed tungsten demand at US$5.55 billion in 2023 and forecasted growth to US$9.51 billion by 2030.

*On September 9, John Newell of John Newell & Associates issued a "Speculative Buy" rating on American Tungsten. He stated that the company's Idaho-based IMA Mine "offers a credible route to restart U.S. tungsten output on patented Idaho ground" and estimated that the project could represent as much as 8% of future domestic demand. Newell highlighted advantages such as road and rail access, water rights, and low-cost grid power.

Newell noted that American Tungsten's proposed direct shipping ore (DSO) model could help lower initial capital requirements to approximately US$20 million. He also referenced exploration upside from the molybdenum porphyry system situated beneath the tungsten zone.

The company's leadership team was also a focus of Newell's commentary. He referenced the experience of CEO Ali Haji, President Murray Nye, CFO Dennis Logan, and VP Exploration Austin Zinsser, along with board and advisory members with prior roles at major producers. He wrote that the team had "the mining and financial depth to execute."

From a technical analysis perspective, Newell observed that the stock had "broken out of a long downtrend" and exceeded its initial target of CA$1.20. He identified CA$2.15 as the next resistance level, with CA$3.50 cited as a potential upside threshold based on continued momentum.

Advancing Toward Resource Definition and Strategic Alignment

American Tungsten's operational timeline includes a number of near-term technical and strategic milestones. Following the successful initiation of rehabilitation at the Zero Level tunnel, the company plans to undertake over 6,000 feet of underground diamond drilling in Q3 2025. These efforts are intended to support an updated mineral resource estimate in Q4 2025. According to the company's investor materials, historical drilling has already identified high-grade tungsten intervals, with selected intercepts grading over 1% WO₃.

American Tungsten continues to engage with U.S. government agencies, including the Department of Defense and Department of Energy, in pursuit of strategic partnerships and potential non-dilutive funding. Tungsten is classified as a critical mineral in the United States, owing to its applications in aerospace, defense, and advanced manufacturing. With no domestic tungsten producers currently in operation, the company's Idaho-based asset represents a potentially important piece of the national supply chain. 

The company's technical team includes professionals with prior experience in tungsten and molybdenum project development across North America. The site's past work history, accessible infrastructure, and position within a favorable regulatory jurisdiction in Idaho may help support further development milestones as the company advances its mine restart efforts.

Ownership and Share Structure

According to Refinitiv, 2.36% of American Tungsten is held by management and insiders. The rest is retail.

The company has 40,263,204 free float shares, a market capitalization of  CA$46.7 million, and a 52-week range of CA$0.025 - CA$2.37.