AT4 Confirms High-Grade Antimony Pods and Advances US Tungsten Projects

Antimony Canyon Drilling Reveals Large-Scale Hydrothermal System

American Tungsten & Antimony Ltd (ASX:AT4) has delivered compelling evidence of a district-scale antimony system at its 100%-owned Antimony Canyon Project in Utah. The June quarter saw the completion of 30 Phase 1 diamond drill holes at the Little Emma Prospect, with 24 assays returned confirming high-grade stibnite mineralisation within the stratabound "Salt and Pepper" volcanosedimentary host unit.

Highlight intersections include 10.37 metres at 3.98% antimony (Sb) from 3.35 metres, including a 4.57-metre core grading 8.56% Sb, and a standout 42.1% Sb single-sample grade representing near-pure massive stibnite replacement. These pods of massive to semi-massive stibnite are surrounded by broader envelopes of lower-grade mineralisation, which remain open along strike and at depth, indicating significant scale and continuity.

The geological model points to a replacement-style mineralisation formed by acidic antimony-bearing fluids interacting with calcareous-rich host rocks, creating predictable zones of high-grade pods controlled by sedimentary facies and porosity. The system shares fundamental characteristics with China’s Xikuangshan Antimony District, the world’s largest, though AT4 cautions that no resource estimate or economic assessment has yet been made.

Tennessee Mountain Tungsten Project Advances with Maiden Drill Plans

In Nevada, AT4’s Tennessee Mountain Tungsten Project continues to gain momentum. Surface rock chip and channel sampling at the historic Garnet Mine returned high-grade tungsten assays up to 4,713 ppm W (0.59% WO₃) and molybdenum values exceeding 20,000 ppm (2.07% Mo), indicating proximity to a fertile intrusive source. Soil sampling defined a broad system-scale tungsten anomaly over a 5.8 km north-south corridor, with 39 samples exceeding 10 ppm W.

These geochemical vectors underpin a planned maiden 29-hole, ~3,000-metre drill program designed to test the depth and lateral extensions of the scheelite skarn mineralisation. The Company has submitted a Plan of Operations to the US Forest Service and awaits approval to commence drilling.

Dutch Mountain Permitting Progresses Toward Maiden Drilling

AT4’s Dutch Mountain Tungsten Project in Utah, envisioned as the hub of its US tungsten supply chain, advanced technical and permitting work during the quarter. A 3D geological model integrating historic and modern data was developed to guide drill targeting, complemented by a surface geochemical sampling program underway.

The Company submitted a Notice of Intent to the Bureau of Land Management and Utah Division of Oil, Gas and Mining for up to 60 drill holes across 10 pads, with approval expected imminently. A site visit with regulatory representatives confirmed permitting pathways, setting the stage for a maiden drill campaign subject to final approvals.

Strategic Corporate Moves Support US Critical Minerals Ambitions

Strengthening its financial position, AT4 completed a A$10 million placement backed by institutional and sophisticated investors, boosting its cash balance to A$19.5 million at quarter-end. The Company also secured a post-performance refundable tax credit of up to 40% on new Utah state taxes under the Rural Economic Development Tax Increment Financing (REDTIF) program, contingent on meeting performance milestones.

Leadership changes included the appointment of Casper Adson as Chief Executive Officer, effective 13 July 2026. Adson brings over two decades of critical minerals processing experience, tasked with driving metallurgical and downstream processing to produce defence-grade products. Former Managing Director Andre Booyzen transitioned to Executive Director - Government Relations and Marketing.

Notably, former US Secretary of the Interior David Bernhardt joined AT4 as Chairman of its Strategic Advisory Board. Bernhardt’s extensive experience overseeing federal land and resource management is expected to enhance AT4’s engagement with US government agencies and support its critical minerals supply chain strategy.

Looking Ahead to Drilling and Development Catalysts

AT4 is poised for a busy second half of 2026, with multiple drill programs pending regulatory approvals across its US portfolio. The Antimony Canyon Project will see expanded drilling beyond Little Emma, including the Blackjack Prospect and other targets. Tennessee Mountain awaits US Forest Service approval for its maiden drill campaign, while Dutch Mountain’s permitting progress could unlock further exploration and potential production pathways.

The Company’s Nasdaq listing remains targeted for Q4 2026, supported by its sponsored Level 1 ADR program with Deutsche Bank, which facilitates US investor participation ahead of the listing. While exploration results are promising, AT4 remains in the early stages of resource definition and has yet to make production decisions on any project.