American Tungsten & Antimony Raises A$10M and Secures Utah Tax Credit to Advance US Projects

Strong Capital Raise Fuels US Critical Minerals Ambitions

American Tungsten & Antimony Ltd (ASX:AT4) has secured a A$10 million placement priced at A$0.07 per share, representing a 12.5% discount to the last closing price, to accelerate its US-focused tungsten and antimony development strategy. The raising attracted strong institutional and sophisticated investor demand, necessitating a scale-back of the offer, and included free attaching options exercisable at A$0.10, expiring in 2028. This capital injection bolsters AT4’s balance sheet as it targets a Nasdaq Capital Market listing in the third quarter of 2026, aiming to broaden investor access and improve liquidity without raising additional funds in connection with the listing.

Funds will be channelled into advancing exploration and resource drilling at key assets including the Tennessee Mountain Tungsten Project and the Antimony Canyon Project (ACP) in Utah, refurbishing the fully permitted Dutch Mountain processing mill in Utah, and progressing permitting and technical studies. The company’s hub-and-spoke development model leverages historically producing deposits and existing permits across Utah and Nevada to build a vertically integrated domestic supply chain for these defence-critical minerals.

AT4 Managing Director Andre Booyzen emphasised the strategic importance of the raise, stating the company is well-positioned to accelerate drilling programs and mill refurbishment while advancing its Nasdaq listing ambitions. The planned maiden drill campaign at Tennessee Mountain is underpinned by previous high-grade tungsten intercepts mineralised from surface and open at depth, with over 5 kilometres of untested strike along the mineralised contact zone. This drilling complements ongoing exploration at ACP, where AT4 is focused on establishing a US antimony supply chain leveraging one of the largest undeveloped antimony deposits in the country.

Significant Utah State Tax Incentive Supports Project Development

In a parallel boost, AT4 has been awarded a 40% state tax credit through Utah’s Rural Economic Development Tax Increment Financing (REDTIF) program, administered by the Utah Governor’s Office of Economic Development (GOED). This post-performance refundable credit applies to new Utah state taxes generated by AT4’s wholly owned US subsidiary, Trigg Minerals LLC, and is contingent on meeting agreed performance milestones. While the credit does not provide immediate cash inflow, it will materially reduce the effective US tax cost of the project over time, enhancing the economics of the Antimony Canyon Project and associated operations.

The award follows a high-profile critical minerals event hosted by AT4 in Cedar City, Utah, which drew senior US government, state, and industry stakeholders, including Utah Governor Spencer Cox. The event underscored the company’s alignment with US government priorities to secure domestic critical minerals supply chains. Local officials highlighted the project’s potential to create high-quality jobs and drive economic development in rural Utah, marking a generational shift for the region’s workforce.

Progressing US Market Access and Processing Capacity

AT4’s near-term milestones include the commencement of the maiden drilling program at Tennessee Mountain and continued drilling at Antimony Canyon, building on results announced earlier this year. The company is also advancing refurbishment of the Dutch Mountain processing mill, Utah’s only fully permitted tungsten processing facility, aiming to restart production and alleviate regional processing bottlenecks. This refurbishment follows a US$400,000 revamp initiated in March 2026 and is a critical component of AT4’s vertically integrated hub-and-spoke strategy.

Meanwhile, AT4 is actively engaging with US federal and state stakeholders to position itself within the Defense Production Act framework and critical minerals supply chain programs. The company’s recent membership in the US Defense Industrial Base Consortium unlocks access to Department of War funding opportunities, which could further accelerate project development. This government engagement complements the planned Nasdaq listing, which is expected to expand US investor participation and enhance trading liquidity, subject to regulatory approvals.

AT4 has also established a Level 1 ADR program with Deutsche Bank, facilitating US dollar trading access ahead of its Nasdaq push. This strategic positioning aligns with the company’s goal to consolidate and restart tungsten and antimony production in the US, leveraging existing infrastructure and exploration upside to meet rising demand driven by renewable energy, defence, and high-tech industries.