Stonegate Capital Partners Updates Coverage On American Tungsten Corp. (TUNG)

June 04, 2026 5:02 PM EDT | Source: Stonegate, Inc.

Dallas, Texas--(Newsfile Corp. - June 4, 2026) - American Tungsten Corp. (TSXV: TUNG): Stonegate Capital Partners updates coverage on American Tungsten Corp. American Tungsten's capital position and operating cadence have improved materially as it advances IMA. As of March 31, 2026, the Company reported C$51.1M of cash, C$52.5M of total assets, and C$51.0M of shareholders' equity, following the March 2026 C$40.0M bought-deal financing. Q1 2026 net loss was C$5.8M, primarily reflecting C$4.8M of exploration and evaluation expense at IMA, including underground access, drilling, assays, and related field work. Subsequent to quarter-end, the Company received TSXV approval and began trading on the TSXV under "TUNG" on May 29, 2026, with the CSE delisting effective market close on May 28, 2026. In our view, the story has evolved from a better-capitalized restart concept into a more active two-track development platform centered on IMA: Phase I tailings evaluation / potential processing and Phase II underground mine restart.

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Key Takeaways:

TUNG is now better funded and more active, with C$51.1M of cash and a 35,000 ft drill program supporting a transition from restart concept to resource-definition platform. Tailings have become a standalone value driver, with 35/35 boreholes intersecting tungsten mineralization and 190,000-200,000 m3 of estimated tailings volume supporting a potential lower-capital production path. The near-term setup is increasingly catalyst-rich, with underground drilling, tailings resource work, metallurgy, permitting, and a C$4.91 midpoint valuation anchoring the IMA development thesis.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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