American Tungsten & Antimony (ASX: AT4) is an ASX-listed critical minerals company focused on developing antimony and tungsten projects in the United States, anchored by its large Antimony Canyon Project in Utah and a portfolio of tungsten assets in Utah and Nevada. The company is advancing a U.S.-based hub-and-spoke processing and refining strategy, including a proposed domestic antimony smelter and a fully permitted Dutch Mountain tungsten processing facility, to help secure non-Chinese supply of these key critical minerals.

Placement Offer utilising the company’s Listing Rule 7.1 & 7.1A capacity to raise up to $10 million with the ability to take oversubscriptions at an issue price of $0.07.

The offer comes with a free attaching 1 for 2 options under the existing listed option class AT4OE (Exercise price $0.10, Expiring 17th Oct 28).

The issuance of the options may be subject to shareholder approval at an upcoming EGM to be convened.

American Tungsten & Antimony Ltd (ASX: AT4 / OTCQB: ATALF) is an ASX-listed critical minerals company focused on the exploration and development of antimony and tungsten projects in the United States. The Company’s portfolio includes the flagship Antimony Canyon Project in Utah, together with a portfolio of tungsten projects across Utah and Nevada including Tennessee Mountain, Fraction Lode, Nightingale, Dutch Mountain. AT4 is pursuing a U.S. based hub-and-spoke processing and refining strategy aligned with U.S. Government priorities for the security of domestic critical minerals supply chains.

The Antimony Canyon Project is one of the largest undeveloped antimony systems in the United States, comprising 20 patented mining claims (~375 acres) treated as private land for permitting purposes, plus 311 surrounding un-patented lode claims across a 4,310-metre mineralised corridor. AT4 has defined a JORC 2012 Exploration Target of 6.1–6.9 Mt @ 1.4–2.3% Sb (86,000–158,000 tonnes contained antimony) across the patented claims. All drill holes completed to date have intersected mineralisation.

Significant drilling results from a recent program at Little Emma Prospect (ASX Ann 10 March 2026):

• ACP26DD010: 11.03m @ 3.1% Sb from 25.91m
  • incl. 2.62m @ 12.54% Sb; peak 0.31m @ 66.47% Sb
• ACP26DD005: 8.47m @ 2.67% Sb from 31.15m
  • incl. 2.2m @ 9.69% Sb; peak 0.30m @ 42.1% Sb

Intercept widths of 8–11 metres exceed those typical of western antimony vein systems, confirming a multiphase hydrothermal system with disseminated to massive stibnite mineralisation. A completed CSAMT geophysical survey (12 lines, ~43 line-km) has identified multiple high-priority targets at 50–100m depth and a deep structural corridor extending toward Dry Wash Canyon. Permitting for the next drill targets — Black Jack and Tan Jack has been submitted to Utah DOGM.

A domestic antimony smelter is proposed with a design capacity of 5,000 tpa of >99.65% purity Sb metal, targeting a fully integrated U.S. supply chain independent of Chinese processing.

The Tennessee Mountain Project is a bulk-tonnage tungsten skarn system in Elko County, Nevada, hosting a U.S. Defense Minerals Exploration Administration (DMEA) historical estimate of 780,000 short tons (~708,602 tonnes) at 0.3–0.5% WO₃. Mineralisation occurs from surface with open-pit potential across more than 8km of strike, and the majority of historical drill holes terminated within mineralisation, leaving the system open at depth.

Key historical drill intercepts include:

• 24.9m at 0.65% WO3 from 7.68m (GH-14)

  • Including 10.67m at 0.98% WO3 from 19.81m
  • Including 2.13m at 2.06% WO3 from 28.35m

• 18.38m @ 0.72% WO₃ from surface, including 13.17m @ 0.91% WO₃

The project encompasses more than 75 historical workings, including the high-grade Little Joe and Gribble prospects, both returning up to 1.5% WO₃. A maiden diamond drilling programme is planned to commence shortly, with a Mineral Resource Estimate targeted thereafter.

Dutch Mountain represents AT4's nearest-term pathway to U.S. tungsten production, located within the historic Clifton (Gold Hill) Mining District, Tooele County. Three historically producing deposits feed a fully permitted processing facility on private land, bypassing the approximately seven-year federal NEPA permitting process applicable to greenfield developments.

Key Deposits include:

• Fraction Lode — America's last active tungsten mine (ceased 2017); historic head grade 1.7% WO₃

• E.H.B. Lode — 2,374 tonnes produced historically at 1.3% WO₃

• Stardust Mine — implied historic grade of 2.2% WO₃

Mill refurbishment is underway, with operational readiness anticipated within approximately six months. Phase 1 sampling confirmed the system is larger than previously anticipated, with potential mill expansion to 850 tpd under assessment. A toll-processing model is being evaluated — no comparable U.S. tungsten processing infrastructure currently exists. A Notice of Intent for Fraction Lode drilling has been submitted, with permit approval anticipated in the near term.

The funds raised will be used for:

• Tungsten & Antimony drilling, infrastructure

• Studies, permitting, mapping, geochemical & geophysical works

• General Working Capital Purposes