American Tungsten Corp. (TUNG:CSE; DEMRG:OTCQB; RK9:FSE) has reported progress in its rehabilitation efforts at the IMA Mine, a past-producing tungsten and molybdenum property located in Idaho. The company is undertaking the work as part of its strategy to address the rising demand for domestic sources of critical minerals, particularly tungsten, which is classified as a strategic metal by the U.S. Department of Defense due to its high-strength applications and limited domestic production.
According to the company, rehabilitation of the zero-level access tunnel has reached 55 feet from the portal entrance. In addition to underground work, American Tungsten has widened and improved the access road to the portal by removing a legacy water tank and has installed a new gate to enhance site safety. The company has also continued site cleanup and stated that it is working transparently with the Mine Safety and Health Administration (MSHA) by providing access to the site and safety plans.
"I am extremely pleased to share American Tungsten's progress on the revitalization of the IMA Mine. Our team is laying the groundwork for a modern, secure and highly productive underground operation, with a keen focus on safety, transparency and regulatory excellence," said CEO Ali Haji in a company news release.
The IMA Mine, located in the Idaho porphyry belt, is situated on patented mining claims and has a long operational history dating back to the early 20th century. The project previously produced tungsten, silver, molybdenum, copper, and other metals, and has undergone multiple phases of exploration and development under various operators.
In a corporate update, American Tungsten announced the issuance of 4,099,481 stock options to directors, officers, and consultants. These options are exercisable at US$1.10 per share for a period of three years and are subject to a four-month hold period.
Signals From the Tungsten Trade
Earlier this year, Reuters columnist Andy Home emphasized tungsten's importance in both civilian and military supply chains, describing it as "a critical component of the 21st-century industrial supply chain." The metal has the highest melting point of any element, is extremely dense, and conducts both heat and electricity well. Tungsten carbide, its hardest alloy form, is second only to diamond in hardness and is widely used in drills, cutting tools, and wear-resistant parts. Pure tungsten is also used in electronics, semiconductors, and high-temperature crucibles. Its role in the defense sector is especially notable — tungsten is the material of choice for high-density, armor-piercing projectiles, offering a more environmentally acceptable alternative to depleted uranium. As Home noted, this small but essential market is "on everyone's critical mineral list," driven by its versatility and strategic value.
A September 2 report from IndexBox highlighted year-over-year growth in Japan's tungsten consumption and trade volumes. In 2024, tungsten consumption in Japan reached 674 tons, a 4.4% increase over 2023, while imports also rose 4.4% to 689 tons. The average import price climbed 7.7% to US$50,622 per ton, and exports rose 2.9% to 15 tons. These figures suggest stronger end-use demand in a mature industrial economy. China remained Japan's primary supplier by both volume and value, with notable price variation by export destination, Sweden representing the higher end and Mexico the lower.
On September 4, Coherent Market Insights described the extensive role of tungsten carbide in industrial tooling and wear-resistant applications. The report noted that the tungsten carbide market maintained a "strong global presence" and included detailed assessments of consumption, pricing, and supply chain dynamics. It also addressed how regulatory developments had influenced procurement practices and market structure, particularly across cutting tools, drilling equipment, and heavy-duty components.
A separate 2025 summary by Grand View Research provided a regional snapshot, estimating the Middle East tungsten market at US$41.6 million in 2024. The powder segment accounted for more than 30% of total revenue that year. Reported end uses included aerospace, defense, construction, automotive, mining, energy, and electronics, underscoring broad industrial demand for tungsten in various forms. The analysis was based on recorded market activity, not forecasts, and covered historical data from 2021 through the base year 2024.
On September 9, Stockhouse reported that U.S. President Donald Trump exempted tungsten from import tariffs, a move aimed at securing access to strategic materials. The decision follows a pattern seen in past policy shifts that benefited companies like Cameco and Nucor during previous trade interventions. With tungsten imports from China, Russia, and North Korea set to be banned in 2027, this policy positions U.S. suppliers to take the lead in domestic supply.
Analyst Highlights Strategic Advantage and Upside Potential
In an August 20 research report, Dave Storms of Stonegate Capital Partners noted that American Tungsten Corp. was "strategically positioned to become a domestic supplier of a metal essential for defense, semiconductors, and electric vehicles," amid tightening global supply and China's 2024 export restrictions. While no formal rating or target price was issued due to the early stage of development, Storms pointed to the company's robust fundamentals, including its option on the past-producing IMA Mine in Idaho.
The analyst emphasized that the IMA Mine had previously produced 198,000 standard units of tungsten trioxide (WO3) and over 2 million pounds of copper, and had been extensively developed by prior operators. With infrastructure in place and a favorable regulatory environment, the project was described as "significantly derisked already." Notable historic intercepts included 0.82% WO3 over 30 feet and 0.247% MoS2 over 475 feet.
Storms added that American Tungsten had begun underground rehabilitation and planned over 6,000 feet of drilling to support a new NI 43-101 technical report. He also highlighted the company's CA$7 million private placement and pursuit of non-dilutive U.S. government funding. The company's leadership team was described as having a "balanced mix of operational, technical, and financial expertise," and positioned to deliver long-term growth.
Calling tungsten "especially critical," Storms noted its role in defense and industrial supply chains and referenced market estimates projecting global demand to grow from US$5.55 billion in 2023 to US$9.51 billion by 2030. He concluded that American Tungsten presented "compelling upside driven by a combination of technical merit, historical production, and macro tailwinds."
On September 9, John Newell of John Newell & Associates reiterated a positive view on American Tungsten and assigned a "Speculative Buy" rating.
*On September 9, John Newell of John Newell & Associates reiterated a positive view on American Tungsten and assigned a "Speculative Buy" rating. According to Newell, the company's Idaho-based IMA Mine "offers a credible route to restart U.S. tungsten output on patented Idaho ground" and could ultimately account for 8% of domestic demand. He highlighted the project's strategic location, road and rail access, water rights, and availability of low-cost grid power. Newell noted that the planned direct shipping ore (DSO) model could lower startup capital expenditures to approximately US$20 million and accelerate the path to production. He further cited the molybdenum porphyry system beneath the tungsten zone as a source of additional exploration potential.
Newell also pointed to American Tungsten's experienced management team, which includes CEO Ali Haji, President Murray Nye, CFO Dennis Logan, and VP Exploration Austin Zinsser. He wrote that the group had "the mining and financial depth to execute," and highlighted the involvement of board and advisory members with operational backgrounds at major producers.
From a technical standpoint, Newell reported that the stock had "broken out of a long downtrend" and surpassed its initial technical target of CA$1.20. He identified CA$2.15 as the next resistance level, with potential to reach CA$3.50 if momentum continued. Volume trends and momentum indicators were also described as supportive. According to Newell, "American Tungsten is showing all the hallmarks of a junior resource stock transitioning from a basing phase into an advancing phase."
Both analysts cited the broader geopolitical context and the urgency for domestic tungsten supply in the United States as supportive of American Tungsten's strategy. With historic production, regulatory advantages, and multiple exploration targets, the company has drawn favorable attention from third-party experts tracking both operational progress and market positioning.
Next Steps for an Emerging Critical Mineral Supplier
American Tungsten continues to position the IMA Mine for future underground development. According to the company's third-quarter investor presentation, work planned for the second half of 2025 includes over 6,000 feet of underground diamond drilling across high-priority geophysical targets, confirmatory infill drilling, and metallurgical testing. The company aims to define a new mineral resource estimate by the fourth quarter of 2025.
Streetwise Ownership Overview*
American Tungsten Corp. (TUNG:CSE; DEMRG:OTCQB; RK9:FSE)
The property benefits from several strategic advantages including proximity to paved roads, low-cost grid power, water rights, and a regional workforce experienced in mining. Rehabilitation work on multiple access levels is underway, supported by historical drilling totaling over 57,000 feet and prior development by companies such as Bradley Mining, AMAX, and Inspiration Development.
American Tungsten has stated its intent to continue discussions with U.S. government agencies, including the Department of Defense and Department of Energy, to pursue strategic partnerships and non-dilutive financing. The company holds an option on the IMA Mine through an agreement with IMA-1, LLC signed in November 2024.
With no current domestic tungsten production in the United States, the IMA Mine represents an opportunity to re-establish supply within a favorable jurisdiction. The U.S. market for tungsten was valued at US$6.8 billion in 2025 and is projected to grow in size as demand from the defense, aerospace, and technology sectors increases.
Ownership and Share Structure
According to Refinitiv, 2.36% of American Tungsten is held by management and insiders. The rest is retail.
The company has 40,263,204 free float shares, a market captalization of CA$46.7 million, and a 52-week range of CA$$0.025 - CA$2.37.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of American Tungsten.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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* Disclosure for the quote from the John Newell article published on September 9, 2025
- For the quoted article (published on September 9, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
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