American Tungsten & Antimony Releases November 2026 Investor Presentation Outlining U.S. Refinery and DOE Funding Selection

Aditi Sarkar

09 November 2026 03:33 PM AEDT

American Tungsten & Antimony Releases November 2026 Investor Presentation Outlining U.S. Refinery and DOE Funding Selection

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American Tungsten & Antimony (ASX:AT4) has released its November 2026 investor presentation, disclosing key details about its Del Sol refinery in Nevada, a selection to enter U.S. Department of Energy award negotiations for up to US$18 million in non-dilutive federal funding, and a proposed Nasdaq listing, with the company reporting A$15.1 million in cash on hand as of 30 September 2026.

Key Points

AT4 held A$15.1 million in cash as of 30 September 2026, with a share price of A$0.037 and a market capitalisation of A$107 million as of 6 November 2026.
The company has been selected to enter DOE award negotiations for up to US$18 million in non-dilutive federal funding for its ASCEND-SB Project, a proposed 5,000 tpa Cedar City smelter in Utah; selection is not an award and no funds have been obligated.
The Del Sol refinery in Nevada has permitting in place, with secured power and water, and is disclosed as the base for Phase 1 operations targeting 100 tpa antimony and 100 tpa tungsten APT production.
A Nasdaq listing application is in progress; admission is not assured.
The company holds four U.S. projects across Utah, Nevada, and Arizona, including the Antimony Canyon project with an Exploration Target of 6.1–6.9 Mt at 1.4–2.3% Sb.

Del Sol Refinery and Phase 1 Production Targets

The filing details AT4's Del Sol Critical Minerals Gateway, located in Nevada, described as a built and permitted refinery site. Phase 1 operations are proposed to include a 100 tpa antimony Regulus II ingot circuit and a fast-track 100 tpa tungsten ammonium paratungstate (APT) circuit. Indicative reference prices cited in the filing are US$20,000 per tonne for Regulus II ingot and US$270,000 per tonne for APT, sourced from Fastmarkets. The filing states these are indicative benchmark references only and have not been secured by AT4, and are not forecasts of realised prices, revenue, or financial performance.

DOE Funding Selection and ASCEND-SB Project

AT4 disclosed it has been selected to enter award negotiations with the U.S. Department of Energy for up to US$18 million in non-dilutive federal funding under the ASCEND-SB Project, which relates to a proposed 5,000 tpa antimony smelter in Cedar City, Utah. The filing explicitly states that selection is not an award or commitment to provide funding, that no funds have been obligated, and that the DOE may modify or discontinue negotiations or rescind the selection at any time. The prospective partners identified in the filing include the Department of Energy, the Defense Logistics Agency, and the Department of War.

Four U.S. Project Portfolio and Exploration Assets

According to the filing, AT4 holds four U.S. mineral projects. Dutch Mountain in Utah is a tungsten asset and was the last active U.S. tungsten mine in 2017, with a permitted mill on private land. Tennessee Mountain in Nevada is a tungsten skarn with a historical estimate of 780,000 short tons at 0.3–0.5% WO₃, noted as non-JORC compliant. Antimony Canyon in Utah carries an Exploration Target of 6.1–6.9 Mt at 1.4–2.3% Sb across 20 patented claims, with drill results up to 68.1% Sb. White Spar in Arizona is an antimony project described as intended Del Sol feed, subject to completion, with rock chips up to 665 g/t silver.

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