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American Tungsten

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American Tungsten Corp (TSX-V: TUNG | OTCQX: TUNGF | FRA: RK90) is a Canadian exploration company focused on advancing high-grade magnetite mineral properties.

Investor website: https://americantungstencorp.com/

About

American Tungsten Corp (TSX-V: TUNG | OTCQX: TUNGF | FRA: RK90) is a Canadian exploration company focused on advancing high-grade magnetite mineral properties. Its flagship asset, the IMA Mine Project in Idaho, is a past-producing tungsten property with significant historical output. With an option to secure 100% ownership, American Tungsten is strategically positioned to capitalize on the growing demand for critical minerals.

Verified company data

Shares outstanding
64.47 MM
Fully diluted shares
22,242,297
Mineral resource
These historical resource estimates pre-date the implementation of NI 43-101 and do not use categories stipulated by CIM. Prior operators assigned confidence categories which differ from those stipulated by CIM, as they may not have demonstrated economic viability. The estimates should not be relied upon until they have been verified. Neither American Tungsten, nor its Qualified Person, has not done sufficient work to classify the historical estimates as current mineral resources. American Tungsten is not treating the historical estimates as current mineral resources or mineral reserves. The historical estimates are relevant as they demonstrate the tenor and size of exploration targets that exist on the property. Additional work, including drilling, validation sampling, and assessment of reasonable prospects for economic viability, would be required to upgrade or verify the historical estimates as current mineral resources.
Projects
["IMA Mine Project\nIdaho, USA\n\nLegacy Asset With Historical Tungsten Production & Optionality to Explore for Significant Molybdenum\n\nA De-Risked, Brownfield Tungsten-Molybdenum Project\n- Advanced, past producing tungsten-molybdenum property principally located on patented mining claims.\n- A substantial amount of capital has been allocated over many years to fund and advance the project by a variety of junior and senior mining exploration companies (including Bradley Mining Co, AMAX, and Inspiration Development, a subsidiary of Anglo American), with the most recent investments being made in 2008.\n- Extensive tungsten-molybdenum- and silver-related exploration and drilling work demonstrates potential for readily permittable short-term small scale tungsten production.\n- Immediate opportunity to advance strong identified molybdenum-bearing intrusion targets located below historic tungsten production area through step-out drilling program.\n- Property is accessible from nearby paved roads with access to key infrastructure items and resources, including tier-1 low-cost power supply, water rights, and a mining-oriented labour force.\n\nHistory of The IMA Mine Project\n1881-1934\n- IMA Mine begins operations as a silver mine.\n- Tungsten was discovered at the mine in 1903, but serious operations did not take place until 1911 when the Idaho Tungsten Company secured a 7-year lease on the property.\n- Tungsten ore was concentrated using a 50tpd mill in 1911.\n- During WWI, the mine’s recovery rate was ~26%, and concentrate was 45-50% WO3.\n\n1945-1979\n- In 1945, Bradley Mining Co. (“Bradley”) optioned and operated the mine, producing at least +114.1k standard units of tungsten throughout its operations In 1951, Bradley was awarded a contract with the Defense Minerals Exploration Administration. Underground mining ceased in 1957.\n- In 1961, American Metal Climax (“Climax”) leased the mine and sampled the property; work included rehabilitating some of the mine openings and taking 4,214 ft of channel-chip samples and 1,419 ft of grab-chip samples; in 1962, Climax conducted a drilling program at the mine.\n- In 1970, Midwest Oil Co. of Denver conducted exploration work at the mine and continued exploration and development in 1971; work included 870 feet of drifting and crosscutting, 2,055 ft of diamond drilling, and 250 ft of percussion drilling.\n\n1979-1982\n- In 1979, Inspiration Development (a subsidiary of Anglo American) explored the mine for tungsten and molybdenum.\n- Inspiration had been looking at the mine as a molybdenum prospect but decided to explore for tungsten; Inspiration continued feasibility studies in 1980 and conducted an exploratory diamond drilling program (~12000 ft) and delineated mineral resources within the tungsten zone of the ore body;\n- In 1981, the mine passed from exploration to the development stage. Early in 1982, the company started a 14×16 ft development drift; the drift was 150 ft long when all work on the property stopped because of lower tungsten demand and prices.\n\n2008-2010\n- In 2007, Gentor Resources optioned the mine and explored for molybdenum.\n- In March 2008, Gentor completed the drilling of 10 holes (25,000 ft), confirming historical drilling results and locating an area of higher grade molybdenum mineralized east of the main mine area.\n\nSelected Drill Results:\n- Hole 27: 1,586 ft grading 0.135% MoS2, including intercepts of 475 ft grading 0.247% MoS2, 0.021% W, 0.085% Cu and 0.095 oz/ton Ag.\n- Hole 23: 675 ft grading 0.144% MoS2, 0.037% W, 0.25 oz/ton Ag, incl. 225 ft grading 0.280% MoS2, 0.04% W, 0.42 oz/ton Ag.\n- Hole 30: 368 ft grading 0.269% MoS2, 0.102 oz/ton Ag.\n\nSummary of Historical Production\n1934-1982\nTotal Ore\n743,069 t\nTotal Tailings\n3,314 t\nGold\n302 oz\nSilver\n1,296 oz\nCopper\n1,813,758 lbs\nLead\n2,921,509 lbs\nZinc\n20,581 lbs\nTungsten (WO3)\n198,333 std. unit\n(1983 tons)\n\nPotential For Near Term Underground Development Of Tungsten Mineralization\nBuilding America’s First Tungsten Mine\nFavourable Jurisdiction\n- Property is located on patented mining claims in mine-friendly Idaho.\n- Underground mining operations on patented claims are administered by state agencies; costly EIS through NEPA process not anticipated; only state reclamation bond, and ancillary permits are anticipated (air, water).\n\nStrong Historical Work & Data\n- Vein systems are accessible underground from 1980s rehabilitation of “zero” and “D” levels and existing access roads.\n- Only limited underground drilling is anticipated to delineate short-term production volumes.\n\nAccess to Quality Resources\n- Local communities can provide skilled workforce.\n- Access to nearby paved roads and grid power to site.\n- Potential to ship concentrates to millsites in northern Idaho or Montana.","IMA Mine Tailings\nIdaho, USA\n\nReprocessing the IMA Mine Tailings\nAmerican Tungsten is advancing a near-term production strategy by reprocessing high-grade historical tailings at the IMA Mine in Idaho.\n\nThese tailings are previously mined material that still contain valuable tungsten. By reprocessing them using modern methods, the Company can generate early production without the need for large-scale mining development.\n\nWhy This Approach Matters\n- Near-term production potential:\nTailings reprocessing provides a fast path to production, with a target timeline of less than 12 months.\n- Lower cost, lower risk:\nWorking with existing material reduces capital requirements and avoids the complexity of new mine construction.\n- Built on a past-producing asset:\nThe IMA Mine has a proven history of tungsten production, supporting confidence in the resource.\n- Strong economic potential:\nThe tailings contain meaningful tungsten grades (~0.25% WO₃) with additional silver by-product credits.\n- Aligned with U.S. supply needs:\nThis strategy supports the development of a secure domestic tungsten supply chain at a time of global scarcity.\n\nA Disciplined First Step\nReprocessing tailings represents a capital-efficient, staged approach:\n1. Generate early cash flow\n2. De-risk the project\n3. Fund future mine development\n\nThis approach positions American Tungsten to become a near-term U.S. tungsten producer while building toward full-scale operations at the IMA Mine."]
Leadership
Ali Haji Chief Executive Officer, Director +20 years of strategic leadership: metals and mining, investment management, capital markets experience. CEO and Director of ION Energy Ltd, advisor to Steppe Gold and other resource companies. Led transformative M&A initiatives at Invesco. Dennis Logan Chief Financial Officer +25 years of executive leadership in financial services and the resource sector. Former Chief Financial Officer of Almonty Industries Inc., Planet 13 Holdings Inc. and other resource companies. Investment Banking: Desjardins Securities, Westwind Partners, CIBC World Markets and TD Securities Liam Farrell SVP, Operations +10 years of capital markets, and operational leadership, scaling advanced materials and resource-based businesses. Has overseen operational strategy, supply chain optimisation, and production ramp=up across North America. Institutional Equities: Scotia, Westwind, Thomas Weisel, Stifel, National Bank, Acumen Capital & Paradigm Capital. David Sabourin VP, Mining Operations +35 years of mine development and production, including shaft sinking, raise development, drifting, sub-level stoping, and narrow vein mining across the US Austin Zinsser PG VP, Exploration +15 years of experience as a mining geologist with experience from greenfield to production. Sawtooth Earth Sciences, Perpetua Resources, and Midas Gold Corp. Joanna Longo Head, Investor Relations +25 years as a strategic corporate advisor, guiding public companies through capital markets. Leads advisory firm focused on investor relations, corporate development, and institutional positioning. Capital Markets and Investor Relations: TerrePartners, BayFront Securities, Goodwill, and Equicom TMX Group. Board of Directors Ali Haji Chief Executive Officer, Director +20 years of strategic leadership: metals and mining, investment management, capital markets experience. CEO and Director of ION Energy Ltd, advisor to Steppe Gold and other resource companies. Led transformative M&A initiatives at Invesco. Carolyn Loder Director +30 years of senior executive experience across the mining, energy, and materials sectors. Senior mining roles with Freeport-McMoRan, LafargeHolcim and Sonora Mining Corporation/Jamestown Mine. Director: Integra Resources and K2 Gold. First living woman inducted into the U.S. National Mining Hall of Fame. Dan Nicholas Director Senior Advisor to Ernst & Young (“EY”). Managed $40B investment portfolio of the U.S. Department of Energy’s (the “DOE”) Loan Program Office (“LPO”). Investment Banking: Morgan Stanley, Pali Capital, and Salomon Brothers, Inc. Jim Whittaker Director +35 years of operations in the mining industry. Metallurgical engineer having held operational and project development roles throughout the Americas. Currently COO Capstone Copper. Former President of Escondida for BHP, COO of OceanaGold, senior leader at Barrick Duncan Blount Director +20 years in global natural resources and capital markets. Deep investment management background focused on commodities and emerging markets. Currently CEO of Chilean Cobalt Corp Former CEO of Decklar Resources. Strategic advisor to multiple resource companies, including Ocean Minerals LLC

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