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]

Company Overview - EQ Resources has a market capitalization of A$108 million and a share price of A$0038[19] - The company's annual production is 1735 tonnes of WO3[19] - The company raised A$246 million in 2025 to reduce debt and progress development[20] Tungsten Market - Global Tungsten reserves are 37 million tonnes with an annual production of 79kt WO3[12] - Restricted countries hold 63% of global reserves and produce 87% of annual production[12] Barruecopardo (Spain) - The mine has a mining lease until 2044[26] - A$200 million capex investment pre-EQR Acquisition in January 2024[26] - Production is targeted to reach 1300 tonnes WO3 per year[26] - Open Cut Proven reserves contain 682 million tonnes with 016% WO3[25] Mt Carbine (Australia) - Minimum 8-year mine life uses only 19% of reserves[30] - Production is targeted to increase to 1750 tonnes WO3 per year[30] - Open Cut Probable reserves contain 536 million tonnes with 028% WO3[29]

Core Insights - Guardian Metal Resources plc's subsidiary, Golden Metal Resources (USA) LLC, has received a US$6.2 million award from the U.S. Department of Defense to expedite the development of the Pilot Mountain tungsten project in Nevada [1][8] - The funding is aimed at advancing the pre-feasibility study and conducting environmental studies necessary for commercial production, positioning the project as the only U.S. mined source of tungsten [5][8] Company Developments - CEO Oliver Friesen expressed gratitude to the U.S. Department of Defense for their support, highlighting the award as a significant milestone for the company in 2025 [3][4] - The funding is described as non-dilutive to shareholders, meaning it will not affect the ownership structure of Guardian Metal [6] Project Details - The DPA Title III funding will facilitate key workstreams associated with the Pilot Mountain pre-feasibility study, which is currently underway [5][8] - The project aims to contribute to U.S. national security and economic objectives by establishing a reliable domestic source of mined tungsten [4][8]

Group 1: Recent IPO Activity - Six companies, led by two mining firms, went public in the U.S. last week, including three blank check companies [1] - Aura Minerals plans to raise $210 million with a market cap of $2.1 billion, primarily generating revenue from gold and some copper [1] - Almonty Industries aims to raise $75 million with a market cap of approximately $1.5 billion, focusing on tungsten production for the defense industry [1] - Majestic Ideal Holdings, a Chinese supply chain management company, raised $15 million but saw a significant drop in share price, closing down 45% [1][2] Group 2: Upcoming IPO Filings - Three companies submitted initial filings last week, each planning to raise over $100 million: Bullish, Miami International, and Heartflow [2][3] - Avidbank, a California-based commercial bank, filed for a $70 million IPO [3] Group 3: Upcoming IPO Outlook - NIQ Global Intelligence plans to raise $1.1 billion with a market cap of $6.5 billion, serving as a leading provider of consumer intelligence [4][7] - Accelerant aims to raise $550 million with a market cap of $4.2 billion, operating a data-driven risk exchange for professional insurance [5][7] - McGraw Hill plans to raise $500 million with a market cap of $4 billion, focusing on educational publishing and digital learning solutions [5][7] - Carlsmed, a medical technology company, plans to raise $101 million with a market cap of $430 million, specializing in spine surgery solutions [6][7]

Core Viewpoint - Allied Critical Metals Inc. has initiated a fully-funded exploration program for its Borralha Tungsten Project in northern Portugal, which includes up to 5,000 meters of core drilling aimed at expanding the resource base and enhancing project economics [1][2]. Company Overview - Allied Critical Metals Inc. is focused on its 100% owned Borralha and Vila Verde tungsten projects in northern Portugal, with the Borralha project being an advanced-stage brownfield site historically mined from 1904 to 1985, producing over 10,280 tonnes of high-grade wolframite concentrate [1][2][9]. - The company aims to become a leading Western supplier of tungsten, a critical metal for various industries including defense, electric vehicles, and semiconductors [10][13]. Exploration and Resource Estimates - The current NI 43-101 resources as of March 2024 indicate: - Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag - Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag [5]. - Recent drilling from 2023 to 2024 returned strong intercepts, including up to 10 meters at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃ [4]. Project Development - The Borralha project is undergoing environmental assessment to transition to full-scale mining, with current permitting allowing bulk sampling of up to 150,000 tonnes per annum [7]. - The project benefits from excellent infrastructure, being located near major cities like Braga and Porto, which provides access to roads, power, water, and skilled labor [8]. Strategic Importance - Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, aligning with the West's increasing demand for critical raw materials amid supply chain vulnerabilities [9]. - The tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion, with China and Russia currently representing about 90% of the total global supply and reserves [13].