Core Viewpoint - Rackla Metals Inc. has acquired the Lentung tungsten property, which shows significant potential for high-grade tungsten deposits and plans a 10,000 m drilling program to confirm historical resources and expand mineralization [1][6]. Historical Exploration - Between 1977 and 1982, Union Carbide Exploration Corporation conducted extensive exploration on the Lened property, including 26,900 m of diamond drilling across 178 holes, leading to the discovery of 15 tungsten occurrences over a 15 km strike length [3][6]. - The historical resource estimate indicated an average ore grade of 1.14% WO3 with an 80% recovery rate, suggesting robust economic potential for an open pit mine [3][6]. Current Developments - Rackla has acquired original exploration files from Union Carbide and is digitizing the data to support modern 3D geological modeling and resource validation [5][7]. - The 2026 drilling program will focus on confirming historical resources and expanding near-surface mineralization, with a goal of producing an NI 43-101 resource estimate by the end of 2026 or early 2027 [7][19]. Geological Context - The tungsten mineralization at Lentung is associated with altered limestone and Cretaceous alkalic intrusions, primarily consisting of the tungsten mineral scheelite [9][16]. - The property is located near world-class tungsten deposits, including the Cantung mine and the Mactung deposit, enhancing its potential [6][7]. Future Plans - The 2026 drilling program will include 10,000 m of drilling, with half aimed at confirming historical resources and the other half focused on expanding the resource base [19]. - Archaeological and environmental studies will be conducted to support the mine permit application and mitigate project risks [20].

Core Viewpoint - American Tungsten Corp. has announced significant initial drilling results from the IMA Mine, indicating continuity of the tungsten-silver vein system and reinforcing the potential for a modern, mineable resource [1][2]. Drilling Results - The second drill station on the D-Level has shown consistent mineralization widths across all drillholes, supporting the understanding of vein geometry and its extension [2]. - Recent drilling includes assays from the second underground drill station and the bottom interval of hole 7, confirming historical mineral reserves and extending limits of mineralization [2]. - A total of 15 drillholes have been completed on the D-level and 8 on the Zero level, totaling approximately 7,800 feet of drilling [8]. Assay Results - Significant intercepts include: - Hole AT26-08: 28.3 feet grading 0.39% WO3 and 1.08 oz/t Ag, with an inclusion of 5.5 feet at 0.82% WO3 [6]. - Hole AT26-09: 26.2 feet grading 0.33% WO3 and 1.62 oz/t Ag, with an inclusion of 3.2 feet at 1.03% WO3 [6]. - Hole AT26-10: 10 feet grading 0.80% WO3 and 1.91 oz/t Ag [6]. Exploration Program - The ongoing Phase 1 Drill Program includes plans for at least four additional holes totaling approximately 2,800 feet on the D-level, with potential for more based on results [12]. - Drilling operations are also being conducted on the Zero level, with plans for up to 20 holes totaling approximately 10,000 feet from three locations [12]. Mine Background - The IMA Mine is a past-producing underground tungsten mine located in East Central Idaho, which produced approximately 199,449 MTUs of WO3 between 1945 and 1957 [13]. - American Tungsten Corp. is currently assessing the potential for re-starting underground tungsten mining operations at the IMA Mine [13]. Company Overview - American Tungsten Corp. focuses on high-potential tungsten and magnetite assets in North America, with the IMA Mine Project being a historic and high-quality underground tungsten property [18].

Core Viewpoint - Guardian Metal Resources PLC has successfully closed its U.S. Initial Public Offering (IPO), raising approximately $68.3 million through the sale of 4,444,400 American Depositary Shares (ADSs) at an initial price of $13.50 per ADS, along with the exercise of an over-allotment option for additional shares [1][2]. Company Overview - Guardian Metal Resources PLC is a U.S.-focused exploration-stage company specializing in tungsten, with key projects located in Nevada, including the Pilot Mountain and Tempiute projects, both situated in historically significant tungsten districts [12]. IPO Details - The IPO involved the issuance of 4,444,400 ADSs, equivalent to 22,222,000 ordinary shares, and the underwriters exercised an over-allotment option for an additional 611,553 ADSs, representing 3,057,765 ordinary shares [1]. - The total gross proceeds from the offering, before any underwriting discounts and commissions, amounted to approximately $68.3 million [1]. Trading Information - The 22,222,000 ADS Shares were admitted to trading on AIM at 8:00 a.m. GMT on March 24, 2026, with the additional 3,057,765 ADS Option Shares expected to be admitted on March 25, 2026 [4]. - Following the admission, the company's issued share capital will consist of 194,007,981 ordinary shares, which will serve as the total voting rights for shareholders [4].

Core Viewpoint - Aben Gold Corp. is actively assessing high-grade tungsten results from its Justin Gold Project and planning a comprehensive exploration program for 2026 to evaluate both tungsten and gold targets, aiming to unlock the project's multi-metal potential [1][3]. Group 1: Tungsten and Gold Exploration - The 2014 re-assay program analyzed 230 drill core samples from the POW Zone, revealing significant tungsten mineralization alongside established gold discoveries [2]. - Historical results from the 2014 program included notable intercepts such as 8.50 meters grading 0.39% WO₃ and coincident gold mineralization of 5.60 meters grading 4.12 g/t Au [5]. - The Justin Gold Project is strategically located within the Tintina Gold Belt, only 35 km southwest of the past-producing Cantung Tungsten Mine, indicating its potential for significant tungsten mineralization [2]. Group 2: 2026 Exploration Program - The 2026 exploration program will include diamond drilling, surface sampling, and geological modeling to advance both tungsten and gold commodities [3]. - The integrated approach of the exploration program aims to test and expand both metals simultaneously through targeted drilling and geophysical follow-up [3]. Group 3: Company Overview - Aben Gold Corp. is a Canadian gold exploration company with a flagship project covering approximately 7,400 hectares in southeast Yukon [7]. - The company aims to increase shareholder value through new discoveries and developing exploration projects in geopolitically favorable jurisdictions [7]. - Aben Gold Corp. has 28.2 million shares outstanding [8].

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $39.3 million, representing a 163% increase compared to the previous year [8] - Gross profit increased by 185%, amounting to a growth of $6.4 million, with gross margin rising from 23% to 25% year-over-year [9] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, influenced by $6.7 million in non-cash expenses [9][10] - Cash position rose significantly to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [10] - Working capital increased by $27.9 million to $44.6 million, primarily due to cash, inventory, and U.S. Treasury securities [10] Business Line Data and Key Metrics Changes - Antimony sales increased primarily due to price hikes, while zeolite sales rose due to both price and volume increases [8] - Antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine in Montana [10] Market Data and Key Metrics Changes - The company announced a $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was secured, with deliveries starting in mid-2025 [4] Company Strategy and Development Direction - The company aims to maintain a solid financial footing with minimal debt and a strong cash position, focusing on government funding for projects [60][62] - Expansion plans include increasing processing capacity at the Thompson Falls smelter and developing a new Hydromet facility in Idaho [12][70] - The company is pursuing growth in critical minerals, particularly antimony and tungsten, with a focus on rapid project execution [29][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting government contracts and future growth [65][66] - The company anticipates a bumpy financial year in 2026 but maintains a revenue guidance of $125 million based on existing contracts [66] Other Important Information - The company has expanded its mining claims in Alaska, viewing it as a key area for future operations [14] - A new independent board member was added, enhancing the company's governance and strategic direction [5] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is the cheapest source, and expects to ramp up production from both Montana and Alaska [76][77] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, and the company must wait for delivery [79] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have more clarity by summer [80][81] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government through a $248 million contract and maintains ongoing discussions regarding additional needs [84]

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $39.3 million, up 163% compared to the previous year [8] - Gross profit increased by 185%, amounting to a growth of $6.4 million, with gross margin rising from 23% to 25% year-over-year [9] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, influenced by $6.7 million of non-cash expenses in 2025 [9] - Cash position rose significantly to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [10] - Working capital increased by $27.9 million to $44.6 million at the end of 2025 [10] Business Line Data and Key Metrics Changes - Antimony sales increased primarily due to price hikes, while zeolite sales rose due to both price and volume increases [8] - Antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine in Montana [10] Market Data and Key Metrics Changes - The company announced a new $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was also secured, with deliveries starting in mid-2025 [4] Company Strategy and Development Direction - The company aims to maintain a solid financial footing with minimal debt and increased cash reserves, focusing on government funding for future projects [60][62] - Expansion plans include increasing processing capacity at the Thompson Falls smelter and developing a new Hydromet facility in Idaho [12][70] - The company is pursuing growth in critical minerals, particularly antimony and tungsten, with a focus on rapid project execution [29][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting government contracts and future growth [65][66] - The company anticipates a bumpy financial year in 2026, with fluctuations in quarterly performance but a firm guidance of $125 million in revenue [66] Other Important Information - The company has expanded its mining claims in Alaska, viewing it as a key area for future operations [14] - A significant acquisition of a gold-antimony mine in Australia was completed for $37.2 million [6] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is the cheapest source, and expects to ramp up production from both Montana and Alaska [76] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, and the company must wait for delivery [79] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have more clarity by summer [80] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government with a $248 million contract and maintains ongoing discussions regarding additional needs [84]

Financial Data and Key Metrics Changes - Revenues for 2025 were $39.3 million, up 163% from the previous year, driven by price increases in antimony and zeolite sales [9] - Gross profit increased by $6.4 million or 185% year-over-year, with gross margin growing from 23% to 25% [10] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, including $6.7 million of non-cash expenses [10] - Cash position rose to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [11] - Working capital increased by $27.9 million to $44.6 million, primarily due to increases in cash, inventory, and U.S. Treasury securities [11] Business Line Data and Key Metrics Changes - Antimony sales increased significantly due to price hikes, while zeolite sales rose from both price and volume increases [9] - The company became fully vertically integrated in its antimony division in 2025, enhancing procurement and processing capabilities [12] - The antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine [11] Market Data and Key Metrics Changes - The company announced a $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was secured, enhancing the company's market position [4] Company Strategy and Development Direction - The company is focusing on growth, diversification, and sustainability, with plans to expand its operations in critical minerals [13] - A new hydromet facility is being constructed in Idaho to process antimony, with funding support from the U.S. Department of Defense [13] - The company aims to leverage its mining claims in Alaska as a central part of its future operations [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting contractual obligations due to increased inventory [66] - The company anticipates a bumpy financial year in 2026 but maintains a revenue guidance of $125 million based on existing contracts [66] - There is a strong focus on securing additional government funding for various projects, reflecting the company's strategic alignment with national security priorities [62] Other Important Information - The company has dual-listed its securities on both the NYSE American and the NYSE Texas, enhancing visibility and credibility [54] - Institutional ownership has grown significantly, with 222 institutional holders now, up from 48 in Q4 2024 [56] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is cheaper than purchasing from external sources, enhancing profit margins and reliability [78] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, necessitating patience for delivery [81] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have clearer insights by summer [82] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government through a $248 million contract and maintains ongoing discussions regarding additional needs [88] Question: What is the progress at Thompson Falls regarding the expansion? - The expansion is delayed until May due to third-party supplier issues, but the company is actively working on it and expects to see results in the future [63][64]

Core Viewpoint - American Tungsten Corp. is initiating an auger drilling program at the IMA Mine site in Idaho to assess historical tailings and unlock potential value from tungsten and silver resources [1][3]. Drilling Program Details - The auger drilling program will cover 30 acres of historical tailings, with 35 drillholes planned to a total depth of approximately 370 feet [2]. - The drilling is expected to last about one week, focusing on delineating tailings thickness and collecting samples for assay [2]. Historical Tailings Analysis - Preliminary samples from historical tailings indicate an average of 0.25% WO3 and 0.48 oz/t Ag [2]. - Historical estimates suggest the Lower Tailings Impoundment contains approximately 222,000 cubic yards of tailings, with previous sampling showing averages of 0.235% WO3 and 0.45 oz/t Ag [4]. Strategic Importance - The tailings drilling program is viewed as a critical strategy to enhance the understanding of the IMA Mine's potential, with modern processing technologies expected to improve recovery rates significantly compared to those used in the 1950s [3]. - The tailings are considered a low-cost early-production opportunity that could generate near-term cash flow while contributing to site restoration efforts [3]. Team Expansion - Max Baker has joined American Tungsten as an Advisor, bringing over 45 years of global exploration experience, which is expected to aid in advancing the company towards production [7][8]. Company Background - American Tungsten Corp. focuses on high-potential tungsten and magnetite assets in North America, particularly the IMA Mine Project, which is a historic underground tungsten mine [13]. - The IMA Mine has a history of production from 1945 to 1957, yielding approximately 199,449 MTUs of WO3 [9].

Core Viewpoint - Allied Critical Metals Inc. has provided additional economic and technical details regarding the Preliminary Economic Assessment (PEA) for its Borralha Tungsten Project in Portugal, confirming that the previously announced PEA economics remain unchanged while offering more clarity on capital efficiency and cash flow generation [1][2][3]. Economic Results - The PEA outlines three pricing scenarios for tungsten: - Base case at $962/mtu WO₃ (USD $704/mtu WO₃) with an NPV of $182.7 million (USD $134.0 million) and an IRR of 27.2% - Medium case at $1,365/mtu WO₃ (USD $1,000/mtu WO₃) with an NPV of $473.4 million (USD $346.6 million) and an IRR of 48.8% - High case at $2,049/mtu WO₃ (USD $1,500/mtu WO₃) with an NPV of $963.8 million (USD $706.4 million) and an IRR of 78.4% [5][6][8]. Capital Efficiency - The estimated initial capital cost for the Borralha Project is approximately $125 million (USD $91.5 million), reflecting a compact infrastructure layout designed to support efficient underground mining and processing operations [13][21]. - The project is expected to generate an average annual revenue of approximately $252.52 million (USD $184.89 million) and an average annual EBITDA of approximately $142.18 million (USD $104.10 million) at a tungsten price of USD $1,000/mtu WO₃ [8][22]. Infrastructure and Site Requirements - The Borralha Project benefits from a well-developed infrastructure platform, including a planned hydro-electric power connection, water supply and recycling systems, and road access, which minimizes environmental impact [25][30]. - The project design integrates processing, backfill, water management, and power supply systems to support efficient underground mining operations [30][36]. Mineral Resource Estimate - The PEA is based on the updated Mineral Resource Estimate for the Santa Helena Breccia, which includes 13 million tonnes at a grade of 0.21% WO₃ for measured and indicated resources, and 7.7 million tonnes at a grade of 0.18% WO₃ for inferred resources [12][11]. Market Context - Current tungsten market prices are reported to be significantly above the USD $1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (USD $2,195 per mtu) as of March 6, 2026 [7][40]. - Tungsten is recognized as a critical raw material by the United States and the European Union, emphasizing the strategic importance of the Borralha Project in securing western sources of tungsten [40].

Core Insights - The article discusses the Preliminary Economic Assessment (PEA) for the Borralha Tungsten Project, highlighting its unchanged economic metrics and strong investor interest in project details [1][2][3]. Economic Assessment - The PEA outlines a capital-efficient underground tungsten development project in the EU, demonstrating strong economic returns across various tungsten price scenarios [3][6]. - The project was evaluated under three pricing frameworks: Base case at $962/mtu WO₃, Medium case at $1,365/mtu WO₃, and High case at $2,049/mtu WO₃ [3][5]. - The project shows significant sensitivity to tungsten prices, with approximately 96% of the project NPV driven by tungsten [6][7]. Financial Metrics - After-tax NPV (8%) at $1,000/mtu WO₃ is $473.4 million (USD $346.6 million) with an IRR of 48.8% [10]. - Payback periods are approximately 2.2 years from the start of commercial production and 4.2 years from the start of construction under the medium case [10][5]. - Average annual revenue is projected at approximately $252.5 million (USD $184.9 million) with an average annual EBITDA of approximately $142.2 million (USD $104.1 million) [10][20]. Capital and Operating Costs - Initial capital cost is estimated at approximately $124.2 million (USD $91 million) with total life-of-mine capital around $178 million [12][10]. - Operating costs are projected at approximately $59.3 per tonne processed, including mining, processing, and general administrative costs [15][48]. Resource and Infrastructure - The project is based on the updated Mineral Resource Estimate (MRE) for the Santa Helena Breccia, with a total of 13 million tonnes at a grade of 0.21% WO₃ for Measured and Indicated resources [12][9]. - The project benefits from existing regional infrastructure, including access to grid power and water resources, which supports a compact and efficient site layout [22][36]. Growth and Development Strategy - A fully funded 20,000-meter drill program is underway to target resource expansion and confidence conversion, aiming to extend the mine life beyond the initial 11-year plan [10][28]. - The project is positioned as one of the largest undeveloped tungsten resources in the EU, with a favorable Environmental Impact Declaration [34][33].