Core Insights - ONGold Resources Ltd. has initiated an infill sampling program at the Monument Bay deposit to recover previously unassayed tungsten and gold intervals, which could significantly enhance future resource estimates [2][4][8] - The current market price for tungsten oxide is reported at US$42,313 per metric tonne, indicating a rising global demand for tungsten [2][22] - Historical drilling has shown significant gold-tungsten intercepts, with many gold assays not previously analyzed for tungsten, highlighting the potential for resource expansion [5][21] Company Developments - The infill sampling program aims to analyze over 13,400 preserved sample pulps for tungsten, which are located within the modeled gold domain of Monument Bay [4][8] - CEO Kyle Stanfield emphasized the importance of this initiative in unlocking the full potential of the Monument Bay deposit, positioning it as a multi-commodity asset [8] - Historical data indicates that previous operators only assayed 10% of the split core for tungsten, suggesting substantial untapped resource potential [2][4] Industry Context - Tungsten is classified as a "High-Demand Critical Mineral" due to its unique properties and applications in various industries, including aerospace and medical [3] - North America currently lacks active primary tungsten mining operations, with China dominating over 80% of global production [22] - The Sisson Tungsten-Molybdenum Project in New Brunswick is one of the most advanced tungsten exploration initiatives in Canada, indicating a growing interest in tungsten resources [23]

Core Insights - Stonegate Capital Partners has initiated coverage on American Tungsten Corp. (CSE: TUNG) [1] Financial Performance - In Q1 2025, American Tungsten Corp. reported a net loss of C$1.87 million, compared to a net loss of C$63.7 thousand in Q1 2024, indicating a significant increase in losses [1][5] - Total assets increased to C$2.36 million from C$1.46 million in Q4 2024, primarily due to a higher cash balance of C$1.25 million following a multi-tranche private placement [1] - Shareholders' equity more than doubled to C$2.04 million, and the company remains debt-free, providing flexibility for ongoing exploration [1] Expenditures - Key expenses included C$663.6 thousand for investor relations, C$191.3 thousand for exploration and evaluation, and C$461.8 thousand for professional fees, reflecting the company's aggressive strategy to advance its flagship U.S.-based project [1][5]

Core Insights - Allied Critical Metals Inc. has appointed former U.S. Secretary of Homeland Security Kirstjen Nielsen as a Director of its U.S. subsidiary, Allied Critical Metals (USA) Inc. [2][3] - The company aims to enhance its engagement with U.S. government agencies and defense partners to secure a domestic supply of critical materials, particularly tungsten, which is vital for national security [3][6] Company Overview - Allied Critical Metals Inc. is focused on its 100% owned tungsten projects, Borralha and Vila Verde, located in northern Portugal [2][8] - The company is committed to becoming a reliable Western supplier of tungsten, reducing dependence on non-aligned sources [6][8] Strategic Importance - Tungsten is classified as a critical mineral by the U.S. and is essential for various industries, including aerospace, defense, electronics, and energy [6][8] - The global tungsten market is valued at approximately USD $5 to $6 billion, with a significant portion of supply currently dominated by China, Russia, and North Korea, which account for about 86% of total global supply and reserves [8] Leadership Expertise - Secretary Nielsen brings extensive experience in homeland security, public policy, and critical infrastructure, which will be beneficial for the company's strategic positioning [4][5] - Her previous roles include serving as Principal Deputy Chief of Staff to the President and Chief of Staff at DHS, where she focused on national preparedness policy [4][5]

Core Viewpoint - Allied Critical Metals Inc. has successfully closed the second and final tranche of its non-brokered private placement offering, raising a total of approximately $5.1 million for ongoing exploration and development activities in its tungsten projects [1][3][6]. Group 1: Offering Details - The final tranche involved the issuance of 2,016,800 units at a price of $0.30 per unit, resulting in gross proceeds of $605,040 [1]. - The total gross proceeds from the entire offering amounted to $5,104,135.80, with a total of 17,013,786 units issued [1]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.40 for 24 months [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to ongoing exploration and development activities for the Borralha Tungsten Project and Vila Verde Tungsten Project, as well as for additional working capital [3]. Group 3: Company Background - Allied Critical Metals Inc. is focused on the expansion and revitalization of its tungsten projects in northern Portugal, which are critical metals sought after by the U.S. and other western countries [6]. - The tungsten market is valued at approximately $5 to $6 billion and is utilized across various industries, including defense, automotive, manufacturing, electronics, and energy [6].

Core Viewpoint - Allied Critical Metals Inc. has successfully closed the first tranche of a non-brokered private placement offering, raising approximately $4.5 million, and has increased the total offering size to $5 million to support its tungsten projects [1][2]. Group 1: Offering Details - The first tranche consisted of 14,996,986 units priced at $0.30 each, generating gross proceeds of $4,499,095.80 [1]. - Each unit includes one common share and one-half of a common share purchase warrant, with warrants exercisable at $0.40 for 24 months [1]. - The final tranche of the offering is expected to close around August 18, 2025 [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to ongoing exploration and development activities for the Borralha Tungsten Project and Vila Verde Tungsten Project, as well as for additional working capital [2]. Group 3: Financial Arrangements - The company paid finder's fees totaling $310,386.30 in cash and issued 1,034,621 finders warrants in connection with the first tranche [4]. - Finder's fees for the final tranche may also include a cash commission of up to 7% of gross proceeds and finders warrants equal to 7% of the units issued [5]. Group 4: Market Context - Tungsten is classified as a critical metal, with the global market valued between $5 billion and $6 billion, primarily used in defense, automotive, manufacturing, electronics, and energy sectors [8]. - Currently, China, Russia, and North Korea account for approximately 86% of the global tungsten supply and reserves [8].

Financial Data and Key Metrics Changes - Revenues for the first six months of 2025 increased by 160% year over year, reaching $17.5 million, which is $3 million more than the entire 2024 fiscal year [3][5] - Gross profit rose by 183% year over year to $5.2 million, driven by higher average sales prices in both antimony and zeolite businesses [4][6] - Net income for the first half of 2025 was $728,000, up 707% year over year from a loss of $120,000 in the same period last year [4][13] Business Line Data and Key Metrics Changes - Antimony business revenues increased by 203% year over year, contributing $10.4 million to the overall revenue growth, with average sales price rising from about $6 per pound to approximately $22 per pound [5][6] - Zeolite business revenues grew by 24% year over year, with 60% of the increase attributed to higher volume and 40% to higher prices [5] Market Data and Key Metrics Changes - The company reported a significant increase in antimony ore supply, with the supplier delivering twice as much ore compared to the previous year, particularly in the second quarter [10][12] - Inventory levels increased by $5.6 million due to the rise in antimony inventory, indicating strong demand and supply chain adjustments [9][12] Company Strategy and Development Direction - The company is focused on expanding its antimony processing capacity and has increased its staff and supplier relationships to support this growth [12][13] - Strategic acquisitions of mining claims and properties in Alaska, Montana, and Canada are aimed at positioning the company for future growth opportunities [12][13] - The company is actively engaging with the Department of Defense for potential collaborations related to antimony and tungsten, emphasizing its unique position as the only domestic processor of these critical minerals [33][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the anticipated increase in antimony supply and the ongoing expansion of processing facilities [32][94] - The company is addressing regulatory challenges in Alaska, with expectations of overcoming permitting delays to begin operations [27][68] - Management noted the importance of educating local communities about the benefits of mining operations to gain public support [70] Other Important Information - The company has dual-listed on the NYSE Texas Stock Exchange, enhancing its visibility and engagement with institutional investors [44] - A new marketing initiative is set to launch, aimed at increasing public awareness of the company's role in the critical minerals supply chain [45] Q&A Session Summary Question: Do you anticipate any domestic or supply deals in the near future? - The company indicated that there are no other domestic antimony supplies expected in the short term, aside from its own operations in Montana and Alaska [59] Question: Has the leasehold acreage in Alaska increased? - The company confirmed that the acreage has increased to approximately 30,000 acres due to recent acquisitions [60] Question: Can you provide an update on the $240 million contract from the Defense Logistics Agency? - The company acknowledged the contract and expressed hope for positive outcomes following the solicitation's conclusion [64] Question: What is the status of government funding and potential offtake? - The company remains optimistic about securing government funding and is actively negotiating to ensure shareholder protection [65][66] Question: How receptive has the current administration been in expediting permitting processes? - The company noted that while the federal administration is supportive of critical minerals, the permitting delays are primarily due to state-level processes [68] Question: What are the next steps for tungsten-bearing properties? - The company plans to conduct gravity separation tests and is in the permitting process for bulk sampling [80][84] Question: Why is the North American antimony feedstock supplier shipping more recently? - The increase is attributed to a renegotiated contract and the supplier's need to offload material rather than sending it to waste [88]

Core Viewpoint - American Tungsten Corp. is making significant progress in preparing its IMA tungsten project for production, aligning its efforts with national resource security initiatives and critical mineral supply chain resilience [1][4][5] Group 1: Operational Updates - The company has improved site access and restored existing infrastructure to support future underground mine exploration and development, including leveling the portal area and clearing debris [2] - Rehabilitation of the portal adit and initial underground access drift is underway to facilitate safe access for further underground exploration, including at least 6,000 feet of diamond drilling [2][6] - The Zero Level of the mine will allow access to approximately 50% of the mine once rehabilitation is completed, enabling safe inspection and identification of areas for potential production [5][6] Group 2: Strategic Engagement - American Tungsten is coordinating with multiple federal agencies, including the Department of Defense and the Department of Energy, to align its strategic objectives with national security priorities [4][5] - The company will participate in the Defense Industrial Base Consortium Symposium in September, highlighting its commitment to national resource security [4] Group 3: Project Overview - The IMA Mine is an advanced, readily-permittable tungsten-molybdenum property located in Idaho, with an immediate opportunity to restore production at a strong identified silver and molybdenum-bearing intrusion target [9][10] - The company holds an exclusive option to acquire full ownership of the IMA Mine, subject to a 2% royalty, and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres [10]

Core Insights - American Tungsten Corp. has appointed David Sabourin as Vice President of Mining Operations and Liam Farrell as Vice President of Operations, marking a strategic leadership enhancement for the company [1][2][3] Leadership Appointments - David Sabourin brings over 40 years of experience in mining and management, previously serving as COO of a publicly listed mining company in Utah, and will lead the development and production strategy for the IMA Mine Project [2][3] - Liam Farrell, a CFA Charterholder, has held C-level roles in advanced materials and will oversee daily operations and business development plans, aligning them with the company's strategic goals [3] Company Focus and Strategy - The company aims to revitalize core infrastructure to unlock expansion potential and commence future production, emphasizing its commitment to becoming a leader in tungsten supply in North America [2] - American Tungsten is advancing the IMA Mine Project in Idaho, which is a historic underground tungsten property, and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres [5]

Core Viewpoint - American Tungsten Corp. is advancing its efforts to rehabilitate the historic IMA Mine in Idaho, aiming to enhance its role in the North American tungsten supply chain for defense, industrial, and technology applications [1][2]. Group 1: IMA Mine Rehabilitation - The IMA Mine is a past-producing tungsten-molybdenum property located in Idaho, with a significant historical production of approximately 199,449 metric tons of tungsten trioxide (WO3) between 1945 and 1957 [4][11]. - The company has secured preliminary approval for its site remediation plan, focusing on restoring existing infrastructure to support future production goals [2][12]. - Rehabilitation efforts include re-establishing safe access to previously rehabilitated areas and underground drill stations, with Rockhead Consulting LLC contracted for initial underground rehabilitation [6][7]. Group 2: Strategic Priorities - The company is entering the next phase of its IMA Mine rehabilitation strategy, which includes assessing the condition of underground infrastructure and establishing access for exploration drilling [12]. - A comprehensive drilling program is planned, with over 6,000 feet of underground diamond drilling scheduled for Q3-2025 to enhance resource definition and assess underlying molybdenum porphyry systems [12]. - The company aims to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense and U.S. Department of Energy to reinforce financial sustainability [12]. Group 3: Corporate Growth and Development - American Tungsten holds an exclusive option to acquire full ownership of the IMA Mine Project, which includes expanding its land position with 113 additional federal claims covering nearly 2,000 acres [11]. - The company has received conditional approval for listing on the TSX Venture Exchange, marking a significant advancement in its corporate growth [12].

Summary of EQ Resources (EQR) Conference Call - July 23, 2025 Industry Overview - **Tungsten Market Significance**: Tungsten is classified as a critical mineral, essential in Australia, the European Union, and the US [1] - **Global Reserves and Production**: Global tungsten reserves are approximately 3.7 million tonnes, with annual production around 79,000 to 80,000 tonnes, indicating a small market size [2] - **Production Concentration**: China, Russia, and North Korea account for about 87% of total tungsten production and 60% of global reserves, highlighting geopolitical risks affecting supply [2] Market Dynamics - **Geopolitical Tensions**: The US Department of Defense is set to ban Chinese tungsten imports by January 2027, while China has also restricted its exports, leading to a significant supply reduction in the Western market [3] - **Price Trends**: Tungsten prices have increased by approximately 40% over the last six months, reaching around $4.50 per MTU (10 kg trading unit) [3] Company Performance and Strategy - **Production Capacity**: EQ Resources produced 1,700 tonnes in the twelve months ending March 31, 2025, positioning itself as a significant player in the tungsten market [6] - **Capital Raising**: The company raised $24.6 million to reduce debt and support operations, including a €5 million debt repayment in Spain [7] - **Development Projects**: Ongoing developments at Barracupada in Spain and Mt. Carbine in Queensland are crucial for future production increases [7][12] Operational Insights - **Asset Details**: The Soloro asset in Spain has a seven-year mine life with potential extensions, while Mt. Carbine has a 19-year mining permit and significant untapped resources [9][11] - **Ore Recovery Improvements**: The company aims to enhance ore recovery rates from 30% to 60-70% through the installation of ore sorters [9][10] Collaborations and Funding Opportunities - **US Ex-Im Bank Interest**: A letter of interest from the US Ex-Im Bank could provide up to $34 million in funding for Mt. Carbine's development [7] - **Strategic Partnerships**: Collaborations with Hartech Metals in Vietnam and Almed Technologies in the US are expected to strengthen market position and funding opportunities [13][14] Market Outlook - **Supply Chain Shortages**: The tungsten market is tightening, with increasing demand from defense, industrial, mining, and construction sectors [5][16] - **Investment Rationale**: The company presents a strong investment case due to its expandable operations, secured offtakes at spot pricing, and focus on ESG performance [16][17] Conclusion - **Future Prospects**: EQ Resources is well-positioned to capitalize on the tightening tungsten market, with ongoing developments and strategic partnerships enhancing its growth potential [18]