US Focus Sharpens as AT4 Spins Out Australian Assets and Commences Drilling
American Tungsten & Antimony Ltd (ASX, AT4) has initiated drilling at its Utah antimony project and expanded its Nevada tungsten portfolio, while preparing a spin-out IPO of Australian assets to sharpen its US focus.
- Drilling commenced at Antimony Canyon Project in Utah targeting high-grade stibnite
- Notice of Intent submitted for exploration drilling at Tennessee Mountain Tungsten Project
- Strategic acquisition expands Nightingale Tungsten Project with historic high-grade mines
- Proposed spin-out IPO of Australian Drummond Basin assets to enhance capital efficiency
- Strong cash position of A$12.7 million supports ongoing US critical minerals development
Drilling Underway at Antimony Canyon
American Tungsten & Antimony Ltd (ASX, AT4) has kicked off its maiden drilling campaign at the Antimony Canyon Project (ACP) in Utah, marking a significant milestone in its US critical minerals strategy. The company secured regulatory approval in December 2025 to drill on its 100%-owned patented mining claims, focusing initially on the historically rich Emma workings. These patented claims provide a streamlined permitting pathway due to their private land status, reducing regulatory risk and enabling rapid mobilisation.
The Phase 1 drilling program plans at least 24 diamond core holes totalling approximately 1,650 metres, targeting the high-grade stibnite mineralisation hosted in volcanic tuff units. Early channel sampling at the Little Emma prospect returned impressive antimony grades of nearly 30%, underscoring the project's potential.
Expanding Tungsten Footprint in Nevada
In Nevada, AT4 has consolidated its position in the Tennessee Mountain Tungsten Project by staking additional claims that encompass several historic mines and prospects. This expansion transforms Tennessee Mountain from a modest mining centre into a district-scale bulk-tonnage opportunity, with tungsten mineralisation extending over a strike length exceeding 5 kilometres. The company has submitted a Notice of Intent to conduct diamond drilling aimed at verifying historical high-grade intercepts and establishing a modern, JORC-compliant mineral resource.
Complementing this, AT4 has strategically acquired claims covering the Nightingale Tungsten District, securing control over a 3-mile mineralised trend of past-producing high-grade tungsten mines, including the Alpine and Garfield Force Mines. These assets add scale and diversification to the company’s tungsten portfolio within a secure Tier-1 jurisdiction, positioning AT4 as a potential key domestic supplier for critical tungsten.
Corporate Restructuring and Financial Strength
On the corporate front, the company formally changed its name to American Tungsten and Antimony Ltd and adopted the ASX ticker ‘AT4’ in December 2025. To enhance capital efficiency and sharpen its US focus, AT4 plans to spin out its Australian Drummond Basin and New South Wales assets (excluding Wild Cattle Creek) into a new ASX-listed entity, King Metals Limited, via an IPO expected to raise between A$4.5 million and A$6 million.
Financially, AT4 ended the quarter with a robust cash balance of approximately A$12.7 million, bolstered by a recent A$2.5 million placement and proceeds from option exercises. This strong funding position supports the company’s aggressive exploration and development programs across its US projects.
Leadership and Market Positioning
Post-quarter, AT4 appointed Deutsche Bank as depositary for its American Depositary Receipt facility, advancing its ambitions for a Nasdaq listing. The company also welcomed Graeme Morissey as Chief Financial Officer, bringing seasoned mining industry expertise to the executive team. These moves signal AT4’s intent to elevate its profile and access deeper capital markets as it advances its critical minerals assets.
With drilling underway, strategic acquisitions completed, and a clear corporate focus on US antimony and tungsten projects, American Tungsten & Antimony is positioning itself as a pivotal player in securing Western supply chains for these essential metals.
Bottom Line?
As drilling progresses and the spin-out IPO unfolds, AT4’s next results will be critical in validating its US critical minerals ambitions.
Questions in the middle?
- What initial assay results will the Antimony Canyon drilling yield, and how might they impact resource estimates?
- How will the spin-out IPO of Australian assets affect AT4’s capital structure and investor appeal?
- What timeline and milestones can investors expect for the Tennessee Mountain and Nightingale drilling programs?
