# American Tungsten (CSE:TUNG)

> American Tungsten Ltd.

## About

American Tungsten Ltd. (CSE: TUNG | OTCQB: 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.

## Key facts

- **Shares outstanding:** 49.03 MM
- **Fully diluted shares:** 22,242,297
- **Warrants:** 189,570
- **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\n  - At-a-glance\n  - History\n  - Tungsten Mineralization\n  - Key Acquisition Terms\n\nThe IMA Mine Project At-A-Glance\n\nLegacy Asset With Historical Tungsten Production & Optionality to Explore for Significant Molybdenum\n\nA De-Risked, Brownfield Tungsten-Molybdenum Project\n\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\n\nLegacy Asset With Historical Exploration, Development, and Production Work Completed\n\n1881-1934\n\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\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 grabchip 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\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\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\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\n\nTotal Ore\n\n743,069 t\n\nTotal Tailings\n\n3,314 t\n\nGold\n\n302 oz\n\nSilver\n\n1,296 oz\n\nCopper\n\n1,813,758 lbs\n\nLead\n\n2,921,509 lbs\n\nZinc\n\n20,581 lbs\n\nTungsten (WO3)\n\n198,333 std. unit\n\n(1983 tons)\n\nPotential For Near Term Underground Development Of Tungsten Mineralization\n\nBuilding America’s First Tungsten Mine\n\nFavourable Jurisdiction\n\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\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\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.\n\nThe IMA Mine Project Mineralization\n\nClimax-Type Molybdenum Porphyry System\n\nTungsten\n\n- Tungsten bearing quartz veins with hubnerite, scheelite, tetrahedrite, galena, sphalerite, and chalcopyrite.\n- Veins occur within metasediments along aniclinal hinge structurally above Eocene granitic stock.\n- System is contiguous along strike for over 2000 feet, 900 ft wide and 700 feet vertically.\n\nMolybdenum\n\n- Disseminated and vein hosted molybdenite in potassic altered Eocene intrusives below IMA mine area.\n- Late Gentor drilling delineated higher MoS2 east of the IMA mine area.\n\nThese 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.\n\nIMA Historical Resources and Reserves\n\nThese 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.\n\n1963 & 1981 Non-43-101 Compliant Estimates of Mineralized Materials\n\nBradley Mining Company\n\nFollowing closure, in a report dated Jan 9, 1963, BMC Geologists estimated tungsten ore reserves based on polygonal sectional methods of 352,000 tons with probable recoverable grades of 0.5% WO3, 0.19% Cu, 0.22%Pb, and 1.9 oz Ag(1).\n\nInspiration Development Company\n\nPolygonal estimates by Inspiration, applying a minimum width criteria and supported by ~12,000 ft of additional drilling and extensive underground sampling, and inclusive of BMC reserves calculated 1.023M tons of “Probable” and “Highly Probable” material grading 0.63% WO3, 0.042% MoS2, and 1.79 Oz/t Ag, and an additional 419k tons of “possible ore”(2).\n\nThe Law of the Apex, governing mineral ownership, may be applicable to some historical estimates of mineralized materials spanning property boundaries.\n\n2008 Wardrop Mineral Resource Estimate\n\nGentor Resources\n\nGentor Resources reported a 43-101 compliant Mineral Resource Estimate prepared by Wardrop Engineering for the molybdenum ore body occurring below the IMA mine. The estimate does not include the area encompassing mineral reserves reported in historical estimates.\n\nThe estimate is supported by limited information including only 13 drillholes.\n\nThe estimate reports inferred Mineral Resources of 5.7M tons grading 0.15% Mo.\n\nNo Mineral Resources were classified as Indicated.\n\n(1) Joralemon, P., Mineralization at the IMA Mine, Bradley Mining Company, Patterson, Idaho, Jan 9, 1963; 24p.\n\n(2) Inspiration Development Co., 1980; 1980 Progress Report, IMA Property, ID, 1980, 12p.\n\n(3) Wardrop Engineering, 2008; Technical Report on the IMA Mine Molybdenum Project, July 2008, 51p.\n\nOverview of Key Acquisition Terms\n\n8-Year Option Agreement for 100% Interest In the IMA Mine Project\n\nSummary of IMA Mine Project Option Cash Payments\n\n@ Close\n$100,000\n\n@ 6-Month\n$50,000\n\n@ 1-Year\n$100,000\n\n@ 2-Year\n$130,000\n\n@ 3-Year\n$150,000\n\n@ 4-Year\n$250,000\n\n@ 5-Year\n$250,000\n\n@ 6-Year\n$770,000\n\n@ 7-Year\n$1,000,000\n\n@ 8-Year\n$3,000,000\n\nTotal\n\n$5,800,000\n\nNet Smelter Return Royalty: 2.0% on Mo, Cu, Pb, Zn, W, Ag, Au, and all other ore products(1)\n\nSource: Company Filings\n\n(1) 1.0% of NSR Royalty can be repurchased on or before the fourth year for US$2.0MM."]
- **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

_Verified data last updated: 2026-05-15_

## Recent filings

- 2026-05-05 — press_release — [American Tungsten Confirms High-Grade Tungsten Mineralization from Initial Zero Level Underground Drilling at Ima Mine](https://chat.orbiton.app/tung/preview/38200?documentId=38200)
- 2026-04-27 — press_release — [April 27, 2026](https://chat.orbiton.app/tung/preview/32632?documentId=32632)
- 2026-04-15 — mda — [TUNG:CNX_2026-04-15_19-18-18.pdf](https://chat.orbiton.app/tung/preview/27070?documentId=27070)
- 2026-04-15 — annual_report — [TUNG:CNX_2026-04-15_19-18-17.pdf](https://chat.orbiton.app/tung/preview/27071?documentId=27071)
- 2026-04-15 — financials — [TUNG:CNX_2026-04-15_19-18-16.pdf](https://chat.orbiton.app/tung/preview/27072?documentId=27072)
- 2026-04-15 — annual_report — [TUNG:CNX_2026-04-15_19-15-49.pdf](https://chat.orbiton.app/tung/preview/27069?documentId=27069)
- 2026-03-26 — other — [TUNG:CNX_2026-03-26_15-04-24.pdf](https://chat.orbiton.app/tung/preview/23237?documentId=23237)
- 2026-03-25 — other — [TUNG:CNX_2026-03-25_14-30-56.pdf](https://chat.orbiton.app/tung/preview/23238?documentId=23238)

## Investor FAQ

### [Latest news?](https://chat.orbiton.app/tung/faq/latest-news)

The latest news from American Tungsten includes a press release dated April 27, 2026, confirming high-grade tungsten mineralization from initial underground drilling at the IMA Mine. Additionally, on March 25, 2026, the company announced the extension of the strike length of tungsten mineralization at the IMA Mine.

### [Projects Overview](https://chat.orbiton.app/tung/faq/projects-overview)

American Tungsten's flagship asset is the IMA Mine Project in Idaho, a past-producing tungsten property with significant historical output. The project is characterized as a de-risked, brownfield tungsten-molybdenum property with potential for short-term production and is accessible from nearby paved roads with key infrastructure.

## Live AI chat

- https://chat.orbiton.app/tung/chat
- Investor website: https://americantungstencorp.com/