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American Tungsten ($TUNG | $TUNGF): Restarting U.S. Tungsten Production

Nordic Funds May 12, 2026

Summary

Tungsten prices are up 570% in a year as China, producer of half of global supply, restricts exports while defense and technology demand builds.

CEO Ali Haji presents the IMA Mine in Idaho as a brownfield — a past-producing asset — on private patented land, easing permitting.

Reprocessing legacy tailings first — a $4 million plant targeting $45-50 million in cash flow over 2.5 years — funds the restart while limiting dilution.

The company reports $49 million in treasury, a $25.5 million EXIM letter of intent, and targets commercial IMA production in 2027.

Stated catalysts: a resource estimate due June-July, a PEA (preliminary economic assessment) in Q3, and a first concentrate sale in December.

Key points on Centerra Gold Inc

  • The CEO notes he joined Steppe Gold to acquire the ATO asset in Mongolia from Centerra, a deal that listed on the main board in 2018 and reached production in 2020.

Key points on Steppe Gold Ltd

  • The CEO cites his Steppe Gold track record - acquiring the ATO asset in Mongolia, listing it in 2018, and bringing it to production in 2020 - as proof of a completed mine build.

Key points on Perpetua Resources

  • The CEO says Austin Zinsser was Perpetua's geologist from inception until the roughly $2 billion in EXIM funding the company recently received, after which Zinsser joined American Tungsten.

Max Baker's takeaways

  • Top takeaway The CEO says Max Baker, a widely experienced exploration geologist who recently joined the team, is currently assisting with the company's updated resource estimate.

Billy Infjall's takeaways

  • Top takeaway The host presses on dilution protection, noting the last raise was completed without a discount, and draws out the CEO's reliance on tailings cashflow and non-dilutive government funding.
  • He frames the tailings plan as responsible and sustainable development, prompting the CEO to detail remediation, county and community engagement, and planned worker housing.