FAQ: Stonegate Capital Partners Coverage of American Tungsten Corp. (CSE: TUNG)

What is the main topic of this coverage initiation?

Stonegate Capital Partners has initiated coverage on American Tungsten Corp. (CSE: TUNG), focusing on the company’s financial performance, recent developments, and strategic projects in tungsten and molybdenum mining.

Why is American Tungsten Corp. positioned as significant in the current market?

The company is strategically positioned to become a domestic supplier of tungsten, which is essential for defense, semiconductors, and EVs, amid tightening global supply and China’s 2024 export ban on the metal.

What were the key financial highlights for American Tungsten in 1Q25?

In 1Q25, the company reported a net loss of C$1.87M (vs. C$63.7K in 1Q24), driven by increased investor relations, exploration, and corporate development expenses, while total assets rose to C$2.36M and shareholders’ equity more than doubled to C$2.04M.

What recent developments has American Tungsten Corp. achieved?

In July 2025, the company completed a C$7.0M upsized private placement, appointed Dennis Logan as CFO and added CEO Ali Haji to the Board, commenced rehabilitation work at the IMA Mine, and received conditional approval to list on the TSX Venture Exchange.

Where is American Tungsten’s flagship IMA Mine project located and what are its key features?

The IMA Mine is located on patented claims in Idaho and is a past-producing tungsten-molybdenum asset with road access, water rights, grid power, and underground mine workings, featuring historical production of ~198,000 standard units of WO₃-equivalent and over 2M lbs of copper.

What is the Star Project and where is it located?

The Star Project spans ~4,616 ha in British Columbia’s Skeena Division and contains a large, skarn-hosted iron target with potential critical mineral byproducts, recently identified with a significant 1.2 km-long magnetic anomaly.

What are American Tungsten’s growth priorities and outlook?

The company aims to advance the IMA Mine through NI 43-101 technical reporting, drilling, and permitting, with a long-term view toward production, while exploring non-dilutive funding opportunities through U.S. Department of Defense and Department of Energy initiatives.

How does the company’s location in Idaho benefit its development plans?

Idaho offers low-cost power, water access, paved road entry, and skilled labor, which reduces development risk and cost for American Tungsten’s mining operations.

Who are the key management additions mentioned in the coverage?

The company recently appointed Dennis Logan as CFO and added CEO Ali Haji to the Board of Directors, enhancing financial leadership and governance.