American Tungsten Launches Testing at Idaho Ima Mine

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

1. For the quoted article (published on March 17, 2026), American Tungsten Corp. 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) is one company working to fill the domestic supply gap of tungsten amid wartime strife. 

Key Takeaways

• American Tungsten launched a metallurgical testing program at its past-producing Ima mine in Idaho, led by Bomenco Minerals Engineering and SGS Laboratories.
• The program aims to develop viable tungsten recovery processes and support future engineering and economic studies.
• Geotechnical investigations by NewFields MTDs are also underway to design tailings and waste rock storage facilities at the site.
• Ima produced roughly 199,449 metric thermal units of WO3 between 1945 and 1957, per a 2025 NI 43-101 report.

Metallurgical and Geotechnical Work Advance Ima Mine Restart Plans

On July 16, 2026, American Tungsten announced it is pushing forward at its Ima mine in Idaho, pairing a metallurgical testing program with geotechnical investigations to lay the design for future engineering, environmental, and development work.

Ali Haji, CEO of American Tungsten, said in the release: "The metallurgical and geotechnical programs represent important milestones in advancing the restart of the Ima mine. Results from the metallurgical program will support process flowsheet optimization, recovery, and future engineering studies, while the geotechnical work will provide critical design criteria for tailings and waste rock storage infrastructure. Together, these programs are intended to reduce technical risk and support the company's phased strategy of processing existing surface tailings and ultimately restarting the historical underground operations of the Ima mine."

Bomenco Minerals Engineering has been brought on to manage testing in coordination with SGS Laboratories, with the goal of identifying economically viable tungsten recovery methods and farming data for engineering and economic studies down the road.

Separately, NewFields MTDs has been retained to complete geotechnical work that will inform the mine's proposed tailings and waste rock storage facilities, which the company hopes will allow permitting and long-term infrastructure planning.

The Ima mine sits on 22 patented claims in east-central Idaho and produced tungsten trioxide from 1945 to 1957 before later exploration for molybdenum and tungsten through 2010. American Tungsten is currently running an exploration drill program alongside its assessment of restarting underground operations there.

American Tungsten is a Canadian tungsten exploration and development mining company focused on its Ima mine in Idaho, U.S.A.

Sourcing Ban Reshapes Tungsten Market

Tungsten is a niche metal market, but its performance has rivaled larger markets. "Project Blue estimates its value at about US$16 billion this year — roughly 5% of the copper market at current prices. It is also far more opaque and illiquid, as it does not trade on major exchanges. Even so, its gains over the past year have far outpaced those of commodities such as gold and oil," according to an article by Mining.com.

Beginning January 1, 2027, bans on foreign tungsten sourcing will take effect, led by an executive order (Project Blue) by President Trump. On July 20, 2026, Robert Sinn of Goldfinger argued that this news "creates a powerful re-rating opportunity for U.S. deposits containing tungsten, tantalum, molybdenum, and rare-earth magnet materials." Sinn wrote: "Defense contractors will increasingly need to prove that tungsten was not mined, processed, or transformed through prohibited supply chains. A qualified U.S. tungsten mine connected to domestic concentration, refining, and powder production could become much more valuable than an equivalent deposit lacking downstream infrastructure." 

China, Russia, and North Korea produce roughly 90% of the world's tungsten, which has left the U.S. scrambling to secure solid domestic supply sources since President Trump's tariffs sparked tension between the nations.

Ashitha Sivaprasad for Reuters wrote about tungsten's market on April 29, 2026, writing, "Project Blue estimates the global tungsten market was about 129,000 ​metric tons in 2025. ​It added ⁠that defense demand, currently estimated at around 12% of the tungsten market, is expected to grow to roughly 15% ​between 2027 and 2028, as stockpile replenishment keeps demand ​elevated" and that "the automotive sector, consuming 25%-30% of tungsten, is currently the largest consumer, though rising EV adoption may curtail consumption, [while] defense-sector demand is growing about 8% annually, ⁠and ​if trends hold, defense could overtake automotive as ​tungsten's largest consumer by the mid-2030."

Stock Valued up to CA$5.91, Says Analyst

¹On March 17, 2026, technical analyst John Newell of John Newell & Associates gave the company a "Buy" rating, with a short-term price target of CA$3.10, which the stock has already met. Newell then set a medium-term price target of CA$4.00 and a long-term price target of CA$7.00.

On June 4, 2026, Dave Storms of Stonegate Capital Partners valued the stock between CA$3.87 and CA$5.91.

Storms wrote: "Looking ahead, the focus remains on advancing IMA through a twotrack development strategy: Phase I tailings evaluation and potential processing, and Phase 2 underground drilling, rehabilitation, and restart planning. Management continues to position IMA as a potential U.S.-based tungsten supply source, but the near-term story now appears more clearly tied to tailings resource definition, metallurgy, permitting, and continued drill results."

First Concentrate Sale Targeted Early 2027

American Tungsten's investor presentation states that initial tailings reprocessing is targeted for production by the end of 2026. At the Ima Mine, the company anticipates resource definition, metallurgical and bench testing, and permitting to be completed by the end of Q4 2026, with construction ongoing from the end of the year through Q1 2027.

Ideally, the company will achieve its first concentrate sale by early 2027, with commercial production beginning in Q1 2027. 

Ownership & Share Information²

American Tungsten Corp. has a market cap of CA$93.29 million, with 63.46 million shares outstanding. The company's 52-week range is CA$0.68-CA$4.90. Institutions own 11.26% of shares, while Management & Insiders own 0.71% of shares. The remaining 88.03% of shares are Retail.

Frequently Asked Questions

Q: What is metallurgical testing in mining?

A: Metallurgical testing is the process of determining how valuable minerals can be efficiently extracted from ore. The results help mining companies estimate recovery rates, choose processing methods, and support future engineering and economic studies.

Q: What is a mine restart?

A: A mine restart is the process of bringing a previously operating mine back into production. Before mining can resume, companies typically complete exploration, engineering, metallurgical testing, environmental studies, permitting, and infrastructure planning.

Q: What are mine tailings?

A: Mine tailings are the crushed rock and waste materials left after valuable minerals have been extracted from ore. In some cases, older tailings still contain economically recoverable metals that can be processed using modern mining technology.

Q: What is a geotechnical investigation?

A: A geotechnical investigation evaluates the physical properties of soil and rock at a mine site. The information is used to safely design infrastructure such as tailings storage facilities, waste rock piles, roads, and other mining structures.

Q: Why is domestic tungsten supply becoming more important?

A: Tungsten is considered a critical mineral because it is essential for defense, aerospace, manufacturing, and industrial applications. As governments seek to reduce reliance on foreign suppliers, new domestic sources of tungsten are becoming increasingly important for supply chain security.