American Tungsten ($TUNG | $TUNGF) CEO Ali Haji on Restarting the Historic IMA Mine
Summary
American Tungsten is racing to be among the first new US tungsten producers in decades by restarting the high-grade IMA mine in Idaho.
Tungsten prices are up roughly 600% as China chokes off supply, but the metal also powers automotive (about 28% of demand), aviation, microchips, and nuclear.
A staged plan starts with $5 million in tailings capex generating $45–75 million over two years, then commissions the main mill around April next year.
The IMA deposit is on private patented land above the water table, with 0.55% tungsten grade (about 2.5x peer averages) plus moly and silver byproducts.
Funding includes a $25.5M EXIM (US Export-Import Bank) LOI and a $40M raise from Stifel, Nicklaus, and Canaccord; CEO Ali Haji says no more capital raises are planned.
Key points on Steppe Gold Ltd
- The guest cites prior involvement with 'StepGold' (now in production in Mongolia) as part of his mining background ahead of his pivot to tungsten.
Key points on Fireweed Metals
- The guest describes Fireweed as the largest high-grade tungsten deposit globally at 0.7% WO3 with 42 million tons in the Yukon, but notes it is 'many years from production.'
- He flags Fireweed as the only asset with a higher tungsten grade than IMA, using it to argue IMA offers a nearer-term alternative.
Key points on Perpetua Resources
- He cites Perpetua Resources' Stibnite project as a fellow Idaho operator recently awarded over $2 billion from Exim, using it to argue the jurisdiction is friendly to mining.