This Tungsten Stock Just Added a Strategic Stake and Closed a CA$40 Million Financing

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1. Disclosure for the quote from the John Newell article published on May 17, 2026

1. For the quoted article (published on May 17, 2026), American Tungsten 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) said it has completed its previously announced minority investment in Viking Mines Limited. According to the March 17 news release, American Tungsten subscribed for 150,000,000 ordinary shares of Viking Mines for aggregate consideration of AU$750,000. The company said the transaction was completed following receipt of approval from Viking Mines shareholders, and that the investment formed part of a broader financing completed by Viking Mines.

The company stated, "it has completed its previously announced minority investment in Viking Mines Limited." The release also said that, for further details regarding the investment in Viking Mines, readers can see the company's news release dated December 16, 2025.

American Tungsten also announced on March 18 that it closed its previously announced bought deal private placement for aggregate gross proceeds of CA$40,002,060. The offering was conducted by Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Integrity Capital Group Inc. and Canaccord Genuity Corp. The underwriters purchased, on a bought deal basis, an aggregate of 14,286,450 units of the company at a price of CA$2.80 per unit, including the full exercise of the underwriters' option to purchase additional units.

The company said each unit consists of one Class A common share and one-half of one Class A common share purchase warrant. Each whole warrant entitles the holder to purchase one Class A common share at a price of CA$3.75 at any time before 5:00 p.m. Toronto time on March 18, 2029.

American Tungsten said the underwriters received a cash commission of approximately CA$2,400,123, equal to 6.0% of the gross proceeds of the offering. The company also said the underwriters were issued 857,187 broker warrants, equal to 6.0% of the number of units issued pursuant to the offering. Each broker warrant entitles the holder to subscribe for one Class A common share of the company at the offering price until March 18, 2028.

The company said the net proceeds from the offering are expected to be used to advance exploration and development at the IMA Mine Project, and for working capital and general corporate purposes. It also said the units were offered by way of private placement in the provinces of Canada pursuant to applicable prospectus exemptions under Canadian securities laws, to investors in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in jurisdictions outside Canada and the United States as agreed to by American Tungsten and the underwriters on a private placement equivalent basis.

The company stated, "it has completed its previously announced minority investment in Viking Mines Limited." The March 18 release also said the offering remains subject to the policies of the Canadian Securities Exchange, and that the securities issued pursuant to the offering are subject to a four-month hold period in accordance with applicable Canadian securities laws and the rules of the exchange.

Tungsten Market Conditions Tightened as Supply Pressures and Strategic Demand Reshaped the Sector

A March 16 release from The Business Research Company said the tungsten market had been "gaining significant momentum as demand surges across various industries." The release stated that the global tungsten market was anticipated to reach US$9.62 billion by 2030, reflecting a compound annual growth rate of 9.6%. It said the drivers included increased precision engineering uses, renewable energy and power generation advances, higher demand for durable alloys, and growth in medical and electronic applications. The same release also said trends included "the development of high-performance tungsten alloys, enhanced machining techniques, the miniaturization of components, broader use in electrical contacts, and growing adoption in aerospace and automotive sectors."

That March 16 release also pointed to strategic developments in the market. It said that in June 2025, United States Antimony Corporation completed the full acquisition of the Fostung Tungsten Property in Ontario for roughly US$5 million in cash plus royalty arrangements, with the aim of strengthening its asset portfolio and securing tungsten supplies for industrial and defense applications. The release also said companies in the tungsten sector had been focusing on advanced tungsten powders for 3D printing technologies, citing the Starck2Print powder family as an example of feedstock materials designed for powder bed fusion methods such as selective laser sintering and selective laser melting.

According to Andrew Topf in a March 18 article, tungsten prices had "surged 557% due to tight supply, Chinese export restrictions, and rising military demand amid global conflicts." He wrote that the metal was "critical for defense (missiles, ammunition, aircraft)" and that supply remained "heavily dominated by China, which produces the vast majority of global supply." Topf also reported that Canada, the United States, and the European Union had all classified tungsten as a critical mineral. He added that the metal was used in "lighting and electronics to aerospace, automotive, and defense," while the "super-dense material" was also used in drilling equipment, armor-piercing weaponry, helicopters, fighter jets, ammunition, missile components, aircraft and helicopter counterweights, artillery shells, grenades, and bullet-proof vehicles.

Topf also cited Project Blue, which said military uses were set to increase 12% this year. Drawing on US Geological Survey data, he wrote that in 2025 China produced 67,000 tonnes of tungsten out of a global market of 85,000 tonnes, with Vietnam the next closest producer at 3,000 tonnes. He said the main price driver had been supply, noting that Beijing added certain tungsten products to its list of export controls last February, while "Chinese shipments of restricted tungsten products were down about 40% last year." He also wrote that tungsten output in China had slipped from levels seen a decade earlier "amid deteriorating ore quality," and cited Bloomberg as saying, "Gains have accelerated in recent weeks as buyers exhaust stockpiles and conflict in the Middle East sharpens focus on military demand."

Claire Patel-Campbell wrote on March 18 that the global tungsten market in 2026 had been "marked by extreme volatility driven by geopolitical tensions, trade disputes, and resource nationalism, especially between China and the US." She said these dynamics had caused "significant supply disruptions and price surges across tungsten products." In her account, the seaborne ammonium paratungstate market had faced "exceptional supply tightness over the last year and beyond, seeing unprecedented spikes," after export controls were applied to certain forms of tungsten from China. Patel-Campbell quoted the Chinese Ministry of Commerce as stating that "export operators who wish to export the [named] items shall apply for a license from the State Council’s commerce department in accordance with the relevant provisions of the Export Control Law of the People’s Republic of China and the Regulations of the People’s Republic of China on Export Control of Dual-Use Items."

According to Patel-Campbell, the effect on the international market "was not immediate, but it was severe," and "supply all but ground to a halt." She wrote that what began as a reaction to a specific policy decision in 2025 had evolved into "a global scramble to secure supply," with the US issuing policy proposals aimed at supporting critical mineral supply. She said Fastmarkets' price assessments for tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free rose from US$900-US$940 per mtu WO3 in January to US$1,650-US$1,900 per mtu WO3 by mid-February. She also wrote that China controlled "more than three-quarters of global supply," and that changes to its export policies had contributed directly to the supply tightness seen in 2025 and continuing into 2026.

Patel-Campbell also reported that tungsten concentrate prices in China had already been moving higher before the export controls, supported by reduced mining quotas, falling ore grades, and rising demand. She wrote that these pressures had filtered through to downstream markets such as tungsten carbide and tungsten powders, with reports indicating that suppliers could be "months behind on deliveries." She added that downstream buyers had reportedly started looking further upstream, "even to mines," to secure material. While mining projects had started to emerge at an accelerated pace around the world, she wrote that "long lead times remain a challenge, with new projects taking up to a decade or more from discovery to production." She also noted that Fastmarkets' ferro-tungsten basis 75% W, in-whs dup Rotterdam assessment had reached US$200-US$210 per kg W, compared with US$45-US$46 per kg W a year earlier.

A "Speculative Buy" Rating

¹On May 17, 2026, John Newell of John Newell & Associates assigned American Tungsten Corp. a "Speculative Buy" rating.

Newell wrote, "As with all junior mining companies, risks remain. Resource delineation is ongoing, commodity prices can fluctuate, and development timelines are never guaranteed. With that said, based on current fundamentals and improving technical conditions, American Tungsten Corp. I believe the company is a Speculative Buy."

He listed a next target price of CA$4 and a big picture target of CA$7.

Looking At American Tungsten's Catalysts

American Tungsten's February investor deck outlined several milestones and work programs tied to the IMA Mine Project. The deck said the company had an ongoing 15,000-foot drill program and was carrying out validation of previous exploration and drilling work. It also said the company was evaluating the potential to process existing on-surface tailings and identified potential to extend its land position through a potential acquisition of the Mazda claims, which are owned by third parties. The deck stated that completion of any Mazda acquisition would depend on due diligence, definitive agreements, approvals, financing, and title confirmation.

The deck's expected catalysts timeline listed a closed $18 million LIFE offering, a diamond drill program, an LOI for US$25.5 million in debt financing from EXIM being progressed, and a non-binding LOI with U.S.-based offtake partner GTP in the Q4 2025 to Q1 2026 period. For Q2 to Q3 2026, it listed expected drill results and metallurgical testing, targeted tailings drilling and resource estimation, a planned updated mineral resource estimate, and a planned preliminary economic assessment. In the future category, the deck listed a planned pre-feasibility study, a planned feasibility study, and progressing engineering and permitting.

The near-term work plan in the investor deck said Phase 1 of the drill program was targeting 15,000 feet drilled across multiple stations at the D and Zero Levels, with expected completion in Q1 2026. It said initial drill results and historical validation were intended to support a mineral resource estimate, while metallurgical testing was expected to support future studies and engineering work, also with expected completion in Q1 2026. The deck also outlined Phase 2 drill program definition, described as adding drill footage across established deposits and additional targets, with commencement in Q2. It further stated that the company was pursuing a mineral rights lease, option, purchase agreement, or similar arrangement for the Mazda claims, and that it planned to evaluate the potential to process existing tailings through drilling and metallurgical testing to support resource definition.

Ownership and Share Structure²

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

The company has approximately 48.9 million shares outstanding, including about 40.46 million free float shares, and a market capitalization of roughly CA$122 million to CA$127 million based on recent trading levels. Over the past 52 weeks, the shares have traded in a range of CA$0.47 to CA$4.90.