Core Viewpoint - Allied Critical Metals Inc. has announced significant assay results from its ongoing drilling campaign at the Borralha Tungsten Project, indicating the Santa Helena Breccia is emerging as a larger and higher-grade orebody than previously modeled [1][3][4] Company Developments - The company is conducting a 4,200 meters reverse circulation drilling campaign at the Borralha Tungsten Project, with plans for an additional 1,528 meters of drilling in Q4 2025 [1][4] - Recent drill results have extended mineralization both west and north of previously reported high-grade intercepts, suggesting a larger and higher-grade Breccia complex [1][4][12] - The CEO highlighted the potential of Borralha as a strategic source of tungsten for Portugal, the EU, and NATO, emphasizing the importance of the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) [3][5] Industry Context - Tungsten prices have reached a new high of U.S.$550/MTU, reflecting a more than 40% increase over the past four months due to rising demand and supply chain restrictions from non-Western countries [2] - The European Union recognizes tungsten as a critical and strategic raw material, with the Borralha Project positioned to help meet the EU's target of sourcing at least 10% of its critical raw materials domestically by 2030 [5][24] - The U.S. and NATO defense sectors are heavily reliant on tungsten, making the Borralha Project a vital component of critical mineral supply chains [5][24] Drilling Results - The latest drill results include significant intervals such as 100.0 meters at 0.21% WO₃ from drill hole Bo_RC_17/25, indicating a bulk-mineable medium-grade core with well-defined high-grade corridors [4][7] - Drill hole Bo_RC_14/25 previously reported 12.0 meters at 4.27% WO₃, including 6.0 meters at 8.39% WO₃, showcasing the high-grade potential of the project [4][7] - The drilling program is expanding the footprint of the Breccia complex, with new northern deep lode identified for resource growth [5][12] Future Plans - The company plans to continue drilling to target west-deep and northern extensions while tightening spacing across the MRE backbone, with additional assays to be released as they are validated [14] - The timeline is aligned with an updated MRE expected in Q4 2025, followed by a PEA [14]

Core Insights - Allied Critical Metals Inc. has reported significant drilling results from its Borralha Tungsten Project, with drill hole Bo_RC_14/25 intersecting 12.0 metres at 4.27% WO3, including 6.0 metres at 8.39% WO3, marking one of the highest-grade tungsten intercepts in Western exploration [4][12][24] - The tungsten price has reached a new high of $545 USD/MTU, reflecting a 40% increase over the past four months due to rising demand and supply chain restrictions from non-Western countries [2][4] Company Developments - The ongoing 4,200-metre Reverse Circulation drill program at Borralha is aimed at updating the Mineral Resource Estimate (MRE) and conducting advanced metallurgical testing, with a Preliminary Economic Assessment (PEA) targeted for completion later this year [1][3][24] - As of July 30, 2025, approximately 2,500 metres of drilling have been completed across nine drill holes, with operations resuming on September 1, 2025, after a temporary pause due to seasonal fire safety restrictions [3][28] Technical Progress - The drilling program has confirmed the presence of high-grade tungsten mineralization, with visual observations of wolframite supporting the interpretation of a potentially enriched corridor within the breccia-hosted system [7][12] - The company plans to complete an additional 1,528 metres of drilling in the fourth quarter of 2025 to build on the successes achieved in July [1][27] Strategic Positioning - The Borralha Project is positioned as a critical asset for Western countries' strategic raw material supply, especially as tungsten is designated a Critical and Strategic Raw Material by both the European Union and the United States [24][32] - The project addresses supply vulnerabilities amid rising global demand and constrained Chinese exports, making it a key player in supporting defense readiness and other critical sectors [24][31]

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]