Northwire Canada EditionWednesday, September 9, 2026
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GOLD 4400.50 −1.7% SILVER 67.00 +0.4% COPPER 6.78 +1.4% OIL 94.25 +3.0% PALLADIUM 1362.25 −3.0% CTGO 27.47 +0.3% SMRV 0.170 +0.0% APN 0.015 +0.0% PMET 4.49 −2.2% TORC 0.050 +0.0% ELD 60.51 +1.6% SOI 0.205 +5.1% ELE 28.99 −1.6% IDEX 0.660 +0.0% GRDM 0.140 +0.0% KLDC 0.415 −3.5% ACDC 0.030 +0.0% CELL 0.020 +33.3% TRO 0.120 +0.0% LKY 0.005 +0.0% STW 0.095 +0.0% GOLD 4400.50 −1.7% SILVER 67.00 +0.4% COPPER 6.78 +1.4% OIL 94.25 +3.0% PALLADIUM 1362.25 −3.0% CTGO 27.47 +0.3% SMRV 0.170 +0.0% APN 0.015 +0.0% PMET 4.49 −2.2% TORC 0.050 +0.0% ELD 60.51 +1.6% SOI 0.205 +5.1% ELE 28.99 −1.6% IDEX 0.660 +0.0% GRDM 0.140 +0.0% KLDC 0.415 −3.5% ACDC 0.030 +0.0% CELL 0.020 +33.3% TRO 0.120 +0.0% LKY 0.005 +0.0% STW 0.095 +0.0%
Production / Operations Routine +

Stonegate Capital Partners Updates Coverage on American Tungsten Corp. (TUNG)

American Tungsten uses its $40 million war chest to restart Idaho underground operations and expand tailings processing to drive future catalysts.

By The Northwire Desk — AI Analysis Jun 04, 2026 · 17:03 TUNG · 2.16 American Tungsten Corp
Executive Summary
  • Stonegate Capital Partners issued a coverage update on American Tungsten Corp. (TUNG), highlighting a strengthened balance sheet with C$51.1M in cash following a C$40.0M bought-deal financing in March 2026.
  • The company is pivoting from a pure restart concept to a two-track development platform at the IMA project: Phase I focuses on tailings evaluation and potential processing, while Phase II targets the underground mine restart.
  • A 35,000 ft drill program is currently underway to support resource definition, with 35 out of 35 boreholes in the tailings program intersecting tungsten mineralization.
  • The update anchors a near-term catalyst-rich outlook and provides a C$4.91 midpoint valuation, driven by ongoing underground drilling, tailings resource work, metallurgy studies, and permitting.
  • This follows the June 2, 2026 announcement of historical tailings drill results showing average grades of 0.152% WO₃ and 0.269 oz/t Ag across 35 boreholes, confirming a tailings volume of 190,000–200,000 cubic meters.
  • The company recently transitioned its listing to the TSX Venture Exchange (TSXV) under the ticker "TUNG", effective May 29, 2026.
Material Impact
  • The Stonegate Capital Partners update is a research summary that consolidates recently announced operational and financial milestones. It does not introduce fundamentally new project economics, production timelines, or unexpected strategic shifts.
  • The two-track strategy (tailings + underground restart) aligns with management's previously communicated capital-efficient approach. The tailings data validates the lower-capital production pathway but remains in the exploration/evaluation phase.
  • The C$4.91 midpoint valuation represents a significant premium (~120%) over the recent trading range of $2.20–$2.42. However, analyst coverage notes are typically routine unless they initiate coverage with a paradigm-shifting thesis or upgrade/downgrade based on new material data.
  • The news confirms execution on the March 2026 financing and ongoing drilling progress. It is expected, incremental, and serves as a follow-up to the tailings and underground drilling results announced in early June. Therefore, it lacks the unexpected, market-moving characteristics required for a Material rating.
TUNG · Price
Company Overview
  • American Tungsten Corp. is a pre-revenue exploration and development company focused on the IMA Mine project in Idaho, USA.
  • The IMA Mine is a historic underground tungsten producer that generated approximately 199,449 MTU of WO₃ between 1945 and 1957.
  • The company is transitioning to a two-track development model: Phase I involves evaluating and processing historical tailings (estimated 190,000–200,000 m³) to define a Mineral Resource and establish a lower-capital production pathway. Phase II focuses on rehabilitating and restarting the underground mine.
  • Management is actively rehabilitating underground infrastructure (D Level and Zero Level) and advancing a comprehensive diamond drilling program to expand known mineralization and test high-priority targets.
Read the original news release →

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Aug 20, 2026 · 07:01

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American Tungsten advances its IMA Mine restart strategy through ongoing metallurgical and geotechnical studies.

Production / Operations Jul 10, 2026 · 08:50

American Tungsten’s first soil survey at Nevada’s Rowland tungsten project confirms a high-grade skarn model.

Drill Results Jun 23, 2026 · 07:01

American Tungsten targets Q3 resource definition at the IMA Mine with consistent drill results and a $40M war chest.

Drill Results Jun 09, 2026 · 07:01

American Tungsten expands Idaho's Ima Mine footprint with high-grade intercepts, though the pre-revenue status and dilution risk remain key considerations.

Drill Results