AT4 turns US antimony strategy into refinery output despite heavy loss

US refinery strategy moves from pitch to physical output

American Tungsten & Antimony Ltd (ASX:AT4) is no longer presenting its US critical-minerals strategy solely as a collection of exploration assets. Its FY2026 annual report records successful production of antimony ingot at the Del Sol refinery in Nevada from material mined at the White Spar mine in Arizona, a tangible demonstration of the mine-to-metal chain the company is trying to assemble.

The milestone sits beyond the 30 June reporting date and does not mean the proposed acquisition has closed. AT4 agreed to acquire both assets from Nexus Metals, with the transaction still subject to remaining conditions precedent after shareholder approval was obtained on 21 September. The deadline for completing those conditions was extended by three weeks on 28 September.

Large loss funded by a much larger equity base

The financial numbers are considerably less polished. AT4 reported a consolidated net loss of A$34.1 million for FY2026, compared with a restated A$17.3 million loss a year earlier. Exploration and evaluation expenses rose to A$13.4 million, corporate and administrative costs reached A$7.2 million, and share-based payment expense was A$11.2 million.

Cash at bank nevertheless climbed to A$19.5 million from A$3.3 million, helped by A$30 million in gross placements and A$2.2 million from option exercises during the year. Operating cash outflow also expanded sharply to A$18.3 million. That funding cushion therefore came alongside substantial dilution: ordinary shares on issue increased to about 1.75 billion at 30 June, with a further 335.4 million options listed in the annual report.

A processing-led portfolio across Utah and Nevada

AT4’s stated model is to feed tungsten projects including Tennessee Mountain, Dutch Mountain and Nightingale into the Dutch Mountain concentrator, then use Del Sol for refined tungsten and antimony products. The company is also assessing an ammonium paratungstate circuit at Del Sol through a Metso FEL1 concept study, sized initially at 2,500 tonnes per annum with a possible modular expansion to 5,000 tonnes.

Antimony Canyon remains the flagship US exploration asset, with a JORC-compliant Exploration Target of 6.1 million to 6.9 million tonnes at 1.4% to 2.3% antimony. AT4 also says its US subsidiary has entered negotiations with the Department of Energy over a potential award of up to US$18 million for the ASCEND-Sb project. Neither the Exploration Target nor the potential award represents a current production outcome.

Australian assets marked for a separate future

The strategic reset leaves AT4’s Australian portfolio in a supporting role. The company plans to spin out the Achilles project, excluding the Wild Cattle Creek deposit, and the Drummond gold project. Wild Cattle Creek itself retains a JORC Mineral Resource of 1.52 million tonnes at 1.97% antimony, containing 29.9 kilotonnes of antimony metal, although the report reiterates that Mineral Resources are not Ore Reserves and do not establish economic viability.

For shareholders, the immediate test is execution rather than geology alone: completion of the Del Sol and White Spar deal, operation of a refinery that is not yet running continuously on a commercial basis, and the funding required to advance several US projects at once. The next evidence will come from refinery operating performance, the Metso study, DOE negotiations and drilling approvals across the tungsten portfolio.