American Tungsten Corp. Advances IMA Project with Strong Cash Position and Dual-Track Strategy

American Tungsten Corp. (CSE: TUNG) has made significant strides in advancing its IMA project, supported by a robust capital position and an increasingly active development cadence, according to an update from Stonegate Capital Partners. The company, which recently began trading on the TSXV under the ticker ‘TUNG’ as of May 29, 2026, reported C$51.1 million in cash as of March 31, 2026, following a C$40.0 million bought-deal financing in March. With total assets of C$52.5 million and shareholders’ equity of C$51.0 million, American Tungsten is better capitalized than ever to pursue its two-track strategy at IMA.

The first track focuses on Phase I tailings evaluation and potential processing, which has emerged as a standalone value driver. The company has completed 35 out of 35 boreholes that intersected tungsten mineralization, with an estimated tailings volume of 190,000 to 200,000 cubic meters. This work supports a potential lower-capital production path, offering a quicker route to cash flow compared to a full mine restart. The second track involves Phase II, an underground mine restart, which is being advanced through a 35,000-foot drill program aimed at resource definition and expansion.

The near-term outlook is increasingly catalyst-rich, with several milestones expected in the coming months. These include ongoing underground drilling, tailings resource work, metallurgical testing, and permitting activities. Stonegate Capital Partners has assigned a midpoint valuation of C$4.91 per share, anchoring the development thesis for IMA. The company’s Q1 2026 net loss of C$5.8 million primarily reflected C$4.8 million in exploration and evaluation expenses at IMA, including underground access, drilling, assays, and related field work.

The transition from a better-capitalized restart concept to a more active two-track development platform marks a key evolution for American Tungsten. With C$51.1 million in cash and a clear operational roadmap, the company is positioned to unlock value from its IMA project through both near-term tailings processing and longer-term underground mining. Investors and stakeholders will be watching closely as the company executes on its drilling programs and advances toward production decisions.

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