Stonegate Capital Partners has updated its coverage on American Tungsten Corp., highlighting significant developments in the company's financing and strategic positioning. The company closed an upsized C$7.0 million private placement in July 2025, issuing 14.0 million shares to strengthen its balance sheet for accelerated field execution. Management has emphasized that the upcoming restriction expiry on these shares represents a mechanical unlock rather than incremental dilution, addressing potential investor concerns about share value.
The most significant development is the company's disclosure of a Letter of Interest from the Export-Import Bank of the United States for up to US$25.5 million to support development of the IMA Project. This EXIM interest represents more than just potential funding—it serves as validation of the strategic importance of domestic tungsten supply. Tungsten is classified as a critical mineral by the United States government, essential for defense applications, aerospace components, and industrial manufacturing. The EXIM Bank's involvement signals recognition of the project's national security implications and potential contribution to reducing reliance on foreign sources, particularly from China which dominates global tungsten production.
Drilling continues at the IMA Mine Project, with a full technical analysis expected this year. The high-grade drilling results support resource development at a time when global demand for tungsten is increasing while supply remains constrained. The EXIM financing pathway represents a potential shift toward non-dilutive or structured funding, which could preserve shareholder value while advancing project development. This approach contrasts with traditional equity financing that often dilutes existing shareholders.
The strategic implications extend beyond American Tungsten Corp. to the broader critical minerals sector and national security considerations. As geopolitical tensions continue to impact global supply chains, domestic production of essential minerals like tungsten becomes increasingly important. The EXIM Bank's interest in the project reflects growing government recognition of this reality and willingness to support private sector development of strategic resources. For investors, this development suggests reduced financing risk and potential valuation upside as the project advances toward production with government-backed support.
Stonegate Capital Partners' updated coverage can be viewed in full at https://www.stonegateinc.com. The analysis provides detailed context on how the EXIM interest represents both financial and strategic validation for American Tungsten Corp.'s development plans. As drilling continues and technical analysis progresses throughout the year, market participants will be watching for further developments in what has become a strategically important project for domestic critical minerals supply.
