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American Tungsten has signed a letter of intent with Global Tungsten & Powders, a significant tungsten processor, for an offtake agreement related to its Ima project in Idaho. This project is a past-producing underground tungsten mine that generated approximately 199,449 metric tons of tungsten trioxide (WO3) from 1945 to 1957.
As of August 2023, American Tungsten has rehabilitated 115 feet of the Zero Level access tunnel, with ongoing efforts in a collapsed zone estimated at 50 feet. Recent evaluations, including a site visit, confirmed a safe working environment with a zero radon measurement in the tunnel. The company’s stock rose by 6.8% at market close, reflecting a C$62.8 million ($45.2 million) market capitalization.
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