AT4

AT4 has commenced maiden drilling at Dutch Mountain (Utah) targeting a 700m-strike tungsten skarn zone with high-grade surface rock chips (1.48% WO₃) and soil anomalies, positioned to test continuity and concealed extensions along an untested limestone-intrusive contact. The program is the foundation of a vertical integration thesis (mine-to-metal via domestic US supply chain) capitalising on 2027 US defence contractor waiver relief expiry and policy pressure for domestic critical minerals sourcing.

AT4 has commissioned Metso to conduct a FEL1 concept study for APT (ammonium paratungstate) production at its Del Sol refinery, positioning the company to compete for US government critical minerals funding on the back of recent White House engagement. The study establishes technical and cost baseline for a 2,500–5,000 tpa staged expansion within an existing permitted facility, reducing greenfield capex risk and timeline—a material strategic inflection aligned with stated US tungsten supply sovereignty.

AT4 has commenced wet table beneficiation trials at its acquired Del Sol refinery and secured selection on a US DoE shortlist for potential US$18m funding to develop domestic tungsten APT and antimony flake production—both currently lacking meaningful US domestic capacity. The company is building refining infrastructure to leverage domestic feed sources and upcoming US domestic-sourcing mandates (Executive Order 14415, effective Jan 2027).