Stonegate Capital Partners Updates Coverage on American Tungsten Corp., Highlighting Improved Capital Position and Dual-Track Development at IMA

Stonegate Capital Partners has issued an updated research report on American Tungsten Corp. (CSE: TUNG; TSXV: TUNG), highlighting significant improvements in the company's capital position and operational momentum as it advances its IMA tungsten project. As of March 31, 2026, American Tungsten reported C$51.1 million in cash, C$52.5 million in total assets, and C$51.0 million in shareholders' equity, following a C$40.0 million bought-deal financing completed in March 2026.

The company's first-quarter 2026 net loss was C$5.8 million, primarily driven by C$4.8 million in exploration and evaluation expenses at IMA, including underground access development, drilling, assays, and related field work. This spending reflects the company's intensified focus on advancing the project. Subsequent to the quarter, American Tungsten received final approval from the TSX Venture Exchange and began trading under the symbol TUNG on May 29, 2026, with the Canadian Securities Exchange delisting effective at market close on May 28, 2026.

Stonegate's report emphasizes that the American Tungsten story has evolved from a better-capitalized restart concept into a more active two-track development platform centered on the IMA deposit. The first track involves Phase I tailings evaluation and potential processing, while the second track focuses on a Phase II underground mine restart. This dual approach provides multiple pathways to value creation.

Key takeaways from the update include the company's improved funding and activity level, with C$51.1 million in cash supporting a 35,000-foot drill program that is transitioning the project from a restart concept to a resource-definition platform. Additionally, the tailings component has emerged as a standalone value driver, with 35 out of 35 boreholes intersecting tungsten mineralization and an estimated tailings volume of 190,000 to 200,000 cubic meters, supporting a potential lower-capital production path.

The near-term outlook is increasingly catalyst-rich, with ongoing underground drilling, tailings resource work, metallurgical studies, permitting activities, and a midpoint valuation of C$4.91 per share anchoring the IMA development thesis. Investors can view the full announcement, including downloadable images and bios, by clicking here.

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking services for public and private companies.