American Tungsten
American Tungsten Corp. is a Canadian exploration-stage mining company advancing the past-producing IMA tungsten mine in Idaho, targeting domestic U.S. defense and industrial supply with first production planned for 2026–2027.
- Company typePublic
- Founded2024
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What American Tungsten does
American Tungsten Corp. (TSX-V: TUNG, OTCQB: TUNGF, FSE: RK90) is a Canadian exploration-stage mining company headquartered in Vancouver, British Columbia, focused on advancing high-grade tungsten assets in North America. Its flagship asset is the IMA Mine Project in Lemhi County, Idaho — a past-producing underground tungsten mine that historically produced approximately 199,449 MTUs of WO3 between 1945 and 1957, with co-product silver, copper, lead, and molybdenum. The company holds an option to acquire 100% ownership of the IMA Mine (subject to a 2% royalty) and has expanded its land position to 22 patented claims on 395.98 acres plus 214.4 acres of additional patented ground and 113 federal claims covering nearly 2,000 acres. Core technology centers on staged Falcon gravity concentration (94.4% WO3 recovery demonstrated on 130 kg of polymetallic vein material tested by Sepro Laboratories) and underground diamond drilling across rehabilitated D-level and Zero-level workings, with a Phase 2 program expanded to 35,000 ft.
The business model is pre-revenue: future revenue is expected from tungsten concentrate (WO3) sales to U.S. defense and industrial customers, augmented by byproduct metal credits (83.2% Cu, 72.0% Ag, 59.1% Mo demonstrated). The go-to-market targets offtake agreements with the U.S. Department of Defense and defense contractors, leveraging the company's membership in the Defense Industrial Base Consortium and positioning ahead of the January 1, 2027 statutory ban on Chinese tungsten in U.S. defense procurement. The company is exploring both direct shipping of ore/concentrate and partnership-based processing, and in January 2026 acquired the Dutch Mountain processing facility in Utah to vertically integrate downstream capability. With 1–10 employees, American Tungsten outsources drilling, metallurgical testing, and technical reporting to specialist contractors (Rockhead Consulting, Haz-Tech Drilling, Sepro Laboratories, A to Z Mining Professionals).
The company has raised over C$100 million across multiple equity rounds between December 2024 and March 2026, culminating in a C$40 million bought deal private placement led by Stifel Canada. A US$25.5 million loan LOI from the U.S. Export-Import Bank was received in November 2025, and the company is positioned within Project Vault, a $10B EXIM-funded critical minerals initiative. Corporate maturation is evident in the May 2026 listing on the TSX Venture Exchange (delisting from the CSE), a fully diluted market capitalization of approximately $120 million, and a substantially rebuilt leadership team led by CEO Ali Haji (appointed April 2025) and CFO Dennis Logan (appointed July 2025).
American Tungsten firmographics
Firmographics- Name
- American Tungsten
- Legal name
- American Tungsten Corp.
- Website
- https://americantungstencorp.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- American Tungsten Corp. is a Canadian exploration-stage mining company advancing the past-producing IMA tungsten mine in Idaho, targeting domestic U.S. defense and industrial supply with first production planned for 2026–2027.
- Ownership category
- akta.pro rank
American Tungsten industry classification
Industry- Product category
- Tungsten Mining and Critical Minerals Production
- NAICS
- Primary Metal Manufacturing (331)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industry
- Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)
Keywords
Where American Tungsten is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
American Tungsten business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Technology or R&D, Supply Chain, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Tungsten Concentrate Sales: Primary revenue expected from production and sale of tungsten concentrate (WO3) from IMA Mine operations. Company aims for first production around 2026-2027 targeting to supply 8% of U.S. tungsten demand. Revenue model based on direct concentrate sales to offtake partners including defense sector customers.
- Byproduct Metal Sales: Revenue from co-produced metals including silver (1.29M oz historical production), copper (1.8M lbs), lead (2.92M lbs), and molybdenum. Metallurgical testing demonstrates successful byproduct recovery: 83.2% Cu, 72.0% Ag, and 59.1% Mo with minimal tungsten loss. Silver system expected to help offset operating costs.
- Pre-Revenue Exploration Stage: Company is currently pre-revenue, in exploration and development phase. Not yet in commercial production. Revenue generation contingent on successful mine restart and achieving production milestones.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
American Tungsten product offering
Product offeringCore offering
American Tungsten is a Canadian exploration company advancing high-grade tungsten assets in North America, with its flagship IMA Mine Project in Idaho being a past-producing underground tungsten mine. The company is conducting exploration drilling, metallurgical testing, and mine rehabilitation with the goal of restarting tungsten concentrate production, targeting approximately 8% of U.S. tungsten demand with first production anticipated around 2026-2027. Revenue is expected from tungsten concentrate (WO3) sales and byproduct metals including silver, copper, lead, and molybdenum.
Product overview
American Tungsten is a Canadian exploration company focused on advancing high-potential tungsten assets in North America. The company's primary offering is the IMA Mine Project in Idaho, a past-producing underground tungsten mine with associated molybdenum and silver mineralization. The company is conducting exploration drilling programs, metallurgical testing, and mine rehabilitation to potentially restart tungsten production operations. American Tungsten holds an exclusive option to acquire 100% ownership of the IMA Mine Project (subject to a 2% royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.
Differentiator
Problem solved
Functional benefit
Products and services
- IMA Mine Project The IMA Mine Project is a past-producing underground tungsten mine located in Lemhi County, Idaho, representing the company's flagship asset. The project focuses on tungsten exploration and potential restart of underground mining operations, with significant historical production of approximately 199,449 MTUs of WO3 between 1945-1957. The property comprises 22 patented claims on 395.98 acres plus 214.4 acres of additional patented ground, with the company having expanded its land position with 113 additional federal claims covering nearly 2,000 acres.
- Star Project (British Columbia) The Star Project is a high-grade tungsten asset located in British Columbia, Canada, held by American Tungsten as a secondary exploration property. It is part of the company's portfolio of high-grade tungsten assets in North America, supporting the broader strategy to develop a domestic tungsten platform.
- Dutch Mountain Processing Facility (Utah) The Dutch Mountain processing facility in Utah is a processing infrastructure asset acquired by American Tungsten to support tungsten concentrate production. The acquisition was completed through an initial US$250,000 payment plus performance-based milestone payments, providing the company with downstream processing capability.
- Tungsten Concentrate (WO3) Tungsten concentrate (WO3) is the company's primary planned product, to be produced from the IMA Mine Project. The company targets first production around 2026-2027, aiming to supply approximately 8% of U.S. tungsten demand. Metallurgical test work has demonstrated 94.4% WO3 recovery through staged Falcon gravity concentration, with planned byproduct recovery of silver, copper, lead, and molybdenum.
Quantifiable outcome
- 94.4% WO3 recovery achieved through staged Falcon gravity concentration
- +3 more outcomes
Companies that use American Tungsten
Customer profileSegments3 records
Ideal customer profiles2 records
American Tungsten technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
American Tungsten partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- Rockhead Consulting LLCminorContracted to provide additional drilling services for 35,000 ft drilling program at IMA Mine. Has mobilized two track-mounted surface core rigs to the site.
- Viking Mines LimitedcoreAmerican Tungsten completed minority investment of AUD$750,000 subscribing for 150,000,000 ordinary shares. Transaction supports Viking Mines' acquisition of six tungsten projects in Nevada, USA, aligning with American Tungsten's strategy to build U.S.-based tungsten platform.
- Haz-Tech Drilling Inc.minorContracted drilling contractor for historical tailings auger drilling program, drilling 35 holes totaling approximately 370 feet to delineate tailings thickness.
- Sepro LaboratoriesminorConducted metallurgical test work on 130 kg of representative polymetallic tungsten quartz vein material from IMA Mine, achieving 94.4% WO3 recovery through staged Falcon gravity concentration.
- A to Z Mining ProfessionalsminorIndependent mining consultancy engaged to prepare National Instrument 43-101 technical report for IMA Mine Project. Technical Report effective June 6, 2025 and revised as of May 27, 2026.
- U.S. Defense Industrial Base ConsortiumcoreAmerican Tungsten joined the consortium in response to February 2026 critical minerals request for project proposals from the U.S. Department of War, positioning for defense contract opportunities.
- Global One Media GroupminorEngaged for digital investor communications strategy, supporting creation and distribution of digital investor content including video interviews and corporate communications. Initial 12-month term at US$3,700/month, transitioned to month-to-month.
- Stonegate Capital PartnersminorEngaged to assist with raising awareness among institutional investors. Receives monthly fee of US$3,000 under advisory services agreement dated June 15, 2025.
Scale indicators8 records
Recent moves8 records
Expansion highlights8 records
American Tungsten competitors and assessment
Company assessmentDirect peers
- Almonty Industries Inc. Largest non-Chinese tungsten producer operating the Sangdong mine in South Korea and developing Valtreixal in Spain. Directly comparable to American Tungsten as a Western-aligned tungsten developer addressing the same China supply gap and defense-sector offtake opportunity.
- Tungsten Mining NL: Australian junior tungsten explorer-developer with Mt Carbine tungsten project in Queensland. Closely comparable in stage (pre-construction), asset focus (tungsten), and strategic narrative (Western tungsten supply).
- Thor Mining PLC: UK-listed developer with the Molyhil tungsten-molybdenum project in Australia and pilot Mountain tungsten project. Closely comparable junior tungsten/critical minerals developer with similar pre-construction profile.
- Elementos Limited: ASX-listed developer of the Oropesa tin-tungsten project in Spain. Comparable as a polymetallic critical minerals developer advancing toward production in a Western jurisdiction, with similar technical and funding profile.
- Tin One Resources Inc. Junior explorer-developer of tin and tungsten assets (Aberfoyle project in Tasmania and Great Pyramid in Australia). Comparable as a small-cap polymetallic tin-tungsten developer targeting Western supply security.
- Saloro S.L.U. Spanish tungsten concentrate producer that operated the Barruecopardo mine. Comparable as a European tungsten producer addressing non-Chinese supply that competes for the same Western offtake customers as American Tungsten.
Broad incumbents
- Masan High-Tech Materials Corporation: Vietnam-based subsidiary of Masan Group and one of the largest non-Chinese tungsten producers globally, operating the Nui Phao tungsten-fluorite mine. Comparable as a major Western-allied tungsten producer serving the same end markets American Tungsten targets.
- MP Materials Corp. Largest U.S. rare earths producer and operator of Mountain Pass mine. Comparable as the publicly traded bellwether for U.S. critical minerals reshoring thesis that American Tungsten is positioned to participate in.
Emerging players
- Viking Mines Limited: ASX-listed critical minerals developer where American Tungsten holds a strategic minority stake, with six tungsten projects in Nevada. Comparable as a U.S.-focused tungsten developer aligned with the same reshoring thesis.
- Perpetua Resources Corp. U.S.-based critical minerals developer advancing the Stibnite gold-antimony project in Idaho. Comparable in being a U.S. critical minerals developer in Idaho leveraging the same EXIM/Project Vault and Defense Industrial Base ecosystem for non-dilutive funding.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
American Tungsten social profiles
Digital presenceAmerican Tungsten financial estimates
Financial estimateRevenue estimate
Valuation estimate
American Tungsten leadership team
Management profileNumber of profiles
Profiles9 records
American Tungsten subsidiaries and ownership
Company hierarchySubsidiaries1 record
American Tungsten funding detail
Funding detailFunding overview
Funding rounds5 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
American Tungsten M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about American Tungsten
What does American Tungsten do?
American Tungsten is a Canadian exploration company advancing high-grade tungsten assets in North America, with its flagship IMA Mine Project in Idaho being a past-producing underground tungsten mine. The company is conducting exploration drilling, metallurgical testing, and mine rehabilitation with the goal of restarting tungsten concentrate production, targeting approximately 8% of U.S. tungsten demand with first production anticipated around 2026-2027. Revenue is expected from tungsten concentrate (WO3) sales and byproduct metals including silver, copper, lead, and molybdenum.
Is American Tungsten a public or private company?
American Tungsten is a public company. It is classified as public and is currently operating.
When was American Tungsten founded?
American Tungsten was founded in 2024. It employs 1 to 10 people.
Where is American Tungsten based?
American Tungsten is headquartered in Vancouver, Canada, in the North America region.
How does American Tungsten make money?
Three revenue lines are on record. Tungsten Concentrate Sales are the primary driver. The others are byproduct Metal Sales and pre-Revenue Exploration Stage.
Who are American Tungsten's main competitors?
Direct peers on record are Almonty Industries Inc., Tungsten Mining NL, Thor Mining PLC, Elementos Limited, Tin One Resources Inc. and Saloro S.L.U.. Broad incumbents are Masan High-Tech Materials Corporation and MP Materials Corp.. Emerging players are Viking Mines Limited and Perpetua Resources Corp..
Does American Tungsten have an API?
No public API is recorded for American Tungsten.
What industry is American Tungsten in?
American Tungsten's product category is Tungsten Mining and Critical Minerals Production. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAFAM, Mine Development & Processing EPC (Critical Minerals). Its NAICS code is 331 and its SIC code is 1000.