American Tungsten Announces Strategic Investment in Viking Mines

Core Viewpoint - American Tungsten Corp. has entered into a letter of offer agreement to invest AUD$750,000 in Viking Mines Limited by subscribing for 150,000,000 ordinary shares at AUD$0.005 per share, aiming to strengthen its position in the U.S. tungsten market [1][3]. Investment Details - The investment will support Viking Mines' planned AUD$3.8 million placement to acquire a 100% interest in six tungsten projects in Nevada, which have a historical production of approximately 123,000 tons at an average grade of 0.54% WO₃ [2]. - The financing is expected to close in February 2026, pending shareholder approval from Viking Mines [2]. Strategic Importance - The investment is seen as a strategic cornerstone for American Tungsten, enhancing its ability to build a significant U.S.-based tungsten platform amid a favorable market outlook for tungsten [3]. - The acquisition aligns with American Tungsten's existing operations at the IMA Tungsten Mine, facilitating exploration, resource growth, and the development of domestic supply [3]. Company Background - American Tungsten Corp. is focused on high-potential tungsten and magnetite assets in North America, particularly advancing the IMA Mine Project in Idaho, which is a historic underground tungsten mine [6]. - The IMA Mine has produced approximately 199,449 MTUs of WO3 between 1945 and 1957 and is currently undergoing exploration to assess the potential for re-starting operations [5]. Viking Mines Overview - Viking Mines Ltd is an Australian-listed company that has recently expanded into the U.S. by acquiring six tungsten projects in Nevada, a region known for its rich history in critical mineral production [4].