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American Tungsten (OTCQB:TUNGF) has begun a Phase 1 diamond drill program at the IMA Mine with an objective to further delineate historically identified tungsten vein systems and expand known mineralization by end of Q1 2026. The campaign targets five priority systems (No. 5, No. 7, IMA West, Eastern, Main IMA) and plans approximately 12,100 feet of drilling across D Level and Zero Level stations.
Current work: drilling started at the first D Level station with ~1,950 feet planned in at least five holes; ~3,500 feet additional drilling is planned from two other D Level stations; Zero Level rehabilitation and infrastructure upgrades are underway to support ~6,7000 feet of planned drilling.
American Tungsten (OTCQB: TUNGF) announced key strategic appointments on November 19, 2025, including the addition of Carolyn Loder to the Board and the appointment of Michael Zehr as Strategic Advisor.
The Board approved a new independent auditor, Davidson & Company LLP, registered with CPAB and PCAOB, to strengthen cross-border audit standards ahead of a planned uplisting to a senior U.S. exchange. Austin Zinsser will leave the Board to focus on his role as VP of Exploration, and Murray Nye will step down as President and move to an advisory role.
American Tungsten (OTCQB: TUNGF) rescheduled its investor update to Monday, November 24, 2025 at 10:00 am EST due to widespread Cloudflare outages. The company said registrants for the original event will be automatically registered for the new date.
The update will address the upcoming expiration of trading restrictions on 14,000,000 common shares issued July 24, 2025, which the company says will become unrestricted and freely tradeable on or about November 25, 2025 (described as a mechanical unlock, not new dilution). Proceeds from that private placement have been deployed to site rehabilitation, engineering and design for restart, permitting and environmental work, and project financing preparation. The company also received a Letter of Interest from EXIM for up to US$25.5 million to support IMA Project development.
American Tungsten (OTCQB:TUNGF) provided operational updates for its IMA Mine rehabilitation in Patterson, Idaho and announced an investor webinar on Nov 18, 2025 at 10:00 AM ET. The company expanded its Phase 1 diamond drilling program to ~10,000 feet across three D Level stations and two Zero Level stations, with drilling scheduled to commence end of November 2025.
D Level excavation is ~54% complete (~100 ft) with ~86 ft remaining to the first drill station; rig and power packs are onsite for underground mobilization once bolting and station expansion finish. Zero Level debris clearing is expected to finish by the end of next week to restore access to previously rehabilitated drifts. Initial planning for Phase 2 extends drilling into Q1 2026.
The company also entered a marketing services agreement with Gold Standard Media for a cash fee of $48,000 USD.
American Tungsten (OTCQB: TUNGF) received a letter of interest (LOI) from the US Export-Import Bank for a loan of up to US$25.5 million to potentially fund development and milling at the IMA Tungsten Mine in Patterson, Idaho.
The company met initial requirements in a letter dated October 17, 2025. If approved, the loan would carry a 15-year repayment term and aim to support a domestic tungsten source used in defense and aerospace. The release highlights U.S. reliance on imports (over 80% of global supply from China) and cites recent Chinese export restrictions as a rationale for onshore production.
American Tungsten (OTCQB: TUNGF) provided an operational update on IMA Mine rehabilitation and an expanded first-phase diamond drill program dated November 5, 2025. Following a closed non-brokered LIFE financing, the planned diamond drilling footprint increases from ~5,400 ft to > 10,000 ft across five stations on D Level and Zero Level, with drilling expected to start before the end of November.
Site work: ~1,100 ft of underground drift rehabilitated to the initial cross-cut; D Level excavation is ~25% complete (48 ft done, ~138 ft remaining); two diamond rigs are secured; contractor will double-shift to accelerate work; Minetech USA contracted for mine planning and geotechnical support.
American Tungsten (OTCQB: TUNGF) completed the second tranche of its non-brokered private placement under the Listed Issuer Financing Exemption, raising C$1,189,380 from the sale of 461,000 common shares at C$2.58 per share on October 31, 2025. The company reported aggregate cash commissions of C$50,619.60 on the Second Tranche. The Common Shares issued under the exemption are not subject to a Canadian hold period. Proceeds from both tranches will be used for general and administrative expenses and working capital. The announcement follows earlier tranche notices dated October 14, 15, 20 and 22, 2025 and notes the LIFE Offering has a total close of approximately C$18 million.
American Tungsten (OTCQB: TUNGF / CSE: TUNG) announced on October 27, 2025 that Duncan T. Blount was appointed to the board, effective immediately, and that Ajay Toor stepped down. The company thanked Mr. Toor for his contributions.
Mr. Blount brings nearly two decades of global experience in critical minerals, investment management, and corporate leadership, including roles at Chilean Cobalt (OTCQB: COBA), Decklar Resources (TSXV: DKL), Asian Mineral Resources, Redwheel, and Everest Capital. He holds an MBA from Thunderbird and a BA from Samford University.
CEO Ali Haji said Blount's background will support American Tungsten's move from direct shipping ore (DSO) to onsite milling and long-term value creation, and noted that capital is already secured to advance that transition.
American Tungsten (CSE: TUNG / OTCQB: TUNGF) reported operational and development progress at the Ima Mine on October 24, 2025. The company completed rehabilitation of about 1,000 feet of the D level adit and has begun underground development and crosscut excavation to prepare drill stations ahead of an initial 5,000-foot diamond drilling program contracted to Rockhead Consulting, with drilling expected to start in mid-November 2025.
In parallel, American Tungsten initiated a flowsheet development program with WSP that includes metallurgical testwork (gravity recovery, flotation, X-ray sorting), preliminary PFDs, mass balances and initial CAPEX estimates to evaluate a move from Direct Shipping Ore to an onsite milling strategy.
American Tungsten (OTCQB: TUNGF) announced on October 22, 2025 the completion of the first tranche of its LIFE Offering, raising C$16,770,510 from the sale of 6,500,198 common shares at C$2.58 per share.
The Common Shares were issued under the Listed Issuer Financing Exemption and are not subject to a Canadian hold period. The company paid aggregate cash commissions of C$741,343. Proceeds will be used for general and administrative purposes, working capital, and to advance the high-grade Ima Mine Project, including development activities, additional drilling and technical studies. Management said a subsequent tranche will be required to complete the offering.
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