Idaho Tungsten Project Advances Drilling and Processing Plans Amid U.S. Critical Metals Push

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1. Disclosure for the quote from the John Newell article published on September 9. 2025

1. For the quoted article (published on September 9, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

American Tungsten Corp. (TUNG:CSE; TUNGF:OTCQB; RK9:FSE) announced it has completed rehabilitation of the D level adit at its flagship IMA Mine in Idaho and has initiated underground development in preparation for an upcoming diamond drilling campaign. The underground work supports a 5,000-foot drilling program set to commence in mid-November. According to the company, approximately 1,000 feet of the D level have been rehabilitated, including portal stabilization, track removal, scaling, and installation of water and air lines. Crosscut excavation for drill stations is underway, and mobilization of the drill rig is in progress.

Concurrently, American Tungsten has begun consultations with engineering firm WSP to explore the potential shift from a Direct Shipping Ore (DSO) model to a full-scale onsite milling operation. A conceptual process flow summary has been prepared to support this effort. The flowsheet development program includes metallurgical testwork. That includes gravity separation, flotation, and X-ray sorting, as well as preliminary engineering elements like process flow diagrams and early capital expenditure estimates.

CEO Ali Haji stated in the release, "We remain on track to commence diamond drilling in November 2025. This program is designed to validate and expand upon historical high-grade intercepts through systematic underground drilling. The shift in our development plan — from a DSO model to establishing our own mill onsite — reflects our commitment to unlocking greater long-term value. The flowsheet program outlined by WSP will be a critical step in that journey, laying the technical foundation for engineering, economic modeling, and full-scale production."

The company also reported the start of a historical data validation program. Select samples from the 2008 Gentor Resources campaign will be re-assayed, and a new underground channel sampling effort is underway to confirm earlier results from the No. 5 and No. 7 vein systems.

Tungsten's Role Strengthened by Supply Realignment and End-Use Demand

Recent developments have underscored tungsten's strategic importance as global markets and governments reorient supply chains to reduce reliance on foreign-controlled sources. On October 13, Chemanalyst reported that Chinese tungsten prices remained stable despite limited trading activity, supported by policy-driven supply constraints and steady industrial demand. The report cited resource scarcity and consistent end-use applications as contributing factors to a "cautiously optimistic view for tungsten prices."

As part of broader U.S. efforts to strengthen domestic supply chains, the Department of Defense awarded a US$6.2 million grant under the Defense Production Act to advance the Pilot Mountain project in Nevada. The move aligns with upcoming restrictions that will prevent the Pentagon from sourcing tungsten and other critical materials from adversarial countries, including China and Russia, with regulations set to begin at the mining level by January 2027. The report also noted a rise in tungsten shipments from Rwanda and highlighted expanded U.S. processing activity, including deliveries to Global Tungsten and Powders' facility in Pennsylvania.

A market analysis published by Maximize Market Research on October 21 valued the global tungsten market at US$5.55 billion in 2023 and projected growth to US$9.51 billion by 2030, representing a compound annual growth rate of 8%. The study attributed demand growth to tungsten's high density, hardness, and thermal resistance, making it essential for aerospace, automotive, electronics, and cutting tool applications. The report also pointed to tungsten's recyclability and longevity as factors enhancing its industrial appeal, alongside rising investment in powder metallurgy and tungsten-based composites.

Separately, Bloomberg reported on October 23 that the U.S. government was supporting initiatives to help a domestic firm secure access to major tungsten deposits in Kazakhstan. According to the report, China continues to maintain significant control over the global tungsten supply chain, from extraction to export. Kazakhstan's reserves, estimated to exceed 2 million tons, have positioned the country as a potential key supplier. U.S. support reportedly includes financing assistance, though no ownership interest in any resulting project is being pursued.

Expert Commentary Underscores Strategic Position and Development Potential

American Tungsten Corp. has attracted attention as it advances the redevelopment of the past-producing IMA Mine in Idaho. In a research report published on August 20, Dave Storms of Stonegate Capital Partners described the company as "strategically positioned to become a domestic supplier of a metal essential for defense, semiconductors, and electric vehicles," citing China's 2024 export restrictions and a tightening global supply environment. Although no formal rating or target price was issued due to the company's stage of development, Storms noted several positive attributes.

Among these were the historical production profile of the IMA Mine, which included 198,000 standard units of tungsten trioxide (WO₃) and more than 2 million pounds of copper. Storms described the asset as "significantly derisked already," referencing prior investment from earlier operators and the presence of existing infrastructure. Highlighted historical intercepts included 0.82% WO₃ over 30 feet and 0.247% molybdenum disulfide (MoS₂) over 475 feet.

Storms noted that the company had begun rehabilitation of the underground workings in preparation for over 6,000 feet of drilling, which is intended to support an updated NI 43-101 technical report. He also referenced American Tungsten's CA$7 million private placement and its pursuit of U.S. government-backed non-dilutive funding. The management team was described as having a "balanced mix of operational, technical, and financial expertise."

Storms emphasized tungsten's broader market relevance, pointing to demand projections of US$5.55 billion in 2023 with expectations to reach US$9.51 billion by 2030, driven by its use in defense, industrial manufacturing, and technology sectors.

¹ On September 9, John Newell of John Newell & Associates issued a "Speculative Buy" rating on American Tungsten, identifying the IMA Mine as offering "a credible route to restart U.S. tungsten output on patented Idaho ground." He estimated the project could represent up to 8% of future domestic demand.

Newell highlighted infrastructure advantages at the site, including road and rail access, water rights, and low-cost grid power. He noted that the company's proposed Direct Shipping Ore (DSO) model could reduce upfront capital requirements to approximately US$20 million and cited additional upside from the molybdenum porphyry system underlying the tungsten mineralization.

The report also emphasized the strength of American Tungsten's leadership team, referencing CEO Ali Haji, President Murray Nye, CFO Dennis Logan, and VP Exploration Austin Zinsser, as well as board and advisory members with experience at major producers. Newell wrote that the team had "the mining and financial depth to execute."

From a technical analysis standpoint, Newell observed that the company's shares had "broken out of a long downtrend," surpassing an initial resistance level of CA$1.20. He identified CA$2.15 as the next technical level, with CA$3.50 noted as a longer-term upside threshold if momentum continued. As of this writing, the company has already reached Newell's first two targets.

Catalysts Section: Building Toward Domestic Tungsten Processing

American Tungsten's current initiatives at the IMA Mine represent a potential pivot point for domestic critical metals development. The company is working to re-establish tungsten production within the United States, a country currently lacking any domestic producers of the metal. According to the company's investor materials, the IMA Mine is a past-producing project located on patented mining claims in Idaho's porphyry belt, with historical output of tungsten, silver, copper, lead, and zinc.

As the company advances toward drilling and metallurgical testing, American Tungsten continues to pursue non-dilutive financing and strategic partnerships, including with U.S. government agencies. A key focus is on securing support from the Department of Defense and Department of Energy, both of which consider tungsten a critical metal due to its role in aerospace, defense, and industrial applications.

According to the company's investor presentation, only limited underground drilling is anticipated to delineate near-term production volumes, and Idaho's permitting framework may allow a more streamlined development path for underground operations. By initiating design consultations for onsite processing at an early stage, the company is laying the groundwork that could facilitate future production decisions supported by internal processing capabilities.

With a long history of development dating back to the early 20th century and a technical team experienced in tungsten projects, American Tungsten's ongoing work at the IMA Mine aims at establishing a secure, domestic supply of a metal deemed essential for national defense and technological applications. 

Ownership and Share Structure²

2.36% of American Tungsten is held by management and insiders. The rest is retail.

The company has approximately 40.46 million free float shares, a market capitalization of about CA$114.5 million, and a 52‑week trading range of CA$0.025 to CA$4.90.