American Tungsten Corp. Receives Strategic Validation Through EXIM Bank Interest and Strengthened Financing

Stonegate Capital Partners has updated its coverage on American Tungsten Corp., highlighting significant financial and strategic developments that underscore the growing importance of domestic tungsten supply. In July 2025, the company closed an upsized C$7.0 million private placement, issuing 14.0 million shares to strengthen its balance sheet for accelerated field execution. Management emphasized in a subsequent investor update that the upcoming restriction expiry on these shares represents a mechanical unlock rather than incremental dilution, providing clarity to investors about the company's capital structure.

A key development is the company's disclosure of a Letter of Interest from the Export-Import Bank of the United States for up to US$25.5 million to support development of the IMA Project. This interest from a major U.S. government agency serves as incremental validation of the strategic importance of domestic tungsten supply and represents a potential pathway toward non-dilutive or structured funding. The EXIM Bank's involvement signals recognition of tungsten as a critical mineral essential for various industrial and defense applications, with domestic production becoming increasingly important for supply chain security.

Drilling continues at the IMA Mine Project, with expectations for a full technical analysis this year. The ongoing exploration work supports the resource potential of this high-grade tungsten deposit, which could become a significant domestic source of this strategically important metal. Tungsten's unique properties make it indispensable for cutting tools, mining equipment, aerospace components, and military applications, creating strong demand drivers for reliable supply sources.

The combination of strengthened financing through the private placement and potential EXIM Bank support creates a solid foundation for American Tungsten Corp.'s development plans. The company's progress comes at a time when global supply chains for critical minerals face increasing scrutiny, and domestic production capabilities are gaining strategic importance. The IMA Project's advancement represents not just corporate development but contributes to broader national interests in securing reliable access to essential industrial materials.

Stonegate Capital Partners' updated coverage reflects these developments, noting how the financial strengthening and institutional validation position American Tungsten Corp. for continued progress in developing domestic tungsten resources. The company's approach balances immediate financial needs through the private placement with longer-term strategic funding possibilities through the EXIM Bank interest, creating multiple pathways for project advancement while managing shareholder value considerations.