DALLAS, TX -- February 17, 2026 -- American Tungsten Corp. (CSE: TUNG): Stonegate Capital Partners updates their coverage on American Tungsten Corp. (CSE: TUNG). In July 2025, the Company closed an upsized C$7.0M private placement (14.0M shares issued), strengthening the balance sheet for accelerated field execution. In a subsequent investor update, management highlighted that the upcoming restriction expiry on the July placement shares represents a mechanical unlock rather than incremental dilution. The Company has disclosed a Letter of Interest from the Export-Import Bank of the United States (EXIM) for up to US$25.5M to support development of the IMA Project, which we view as an incremental validation of the strategic importance of domestic tungsten supply and a potential pathway toward non-dilutive or structured funding. Drilling continues at the IMA Mine Project, and we expect a full technical analysis this year.
IMA Mine Project: Located on patented claims in Idaho, the IMA Mine is a past-producing tungsten-molybdenum underground asset with meaningful historic infrastructure and development. Operationally, the story has shifted from “planned drilling” to “results in-hand,” with the Company completing 2,120 feet of underground drilling across six holes by mid-January and expanding planned footage across additional stations as Phase 1 progresses. Recent exploration outputs include high-grade underground channel sampling from the No.5 vein averaging 1.04% WO₃ and 2.70 oz/t Ag, alongside initial results that include 31 ft grading 0.48% WO₃ and 1.84 oz/t Ag (AT25-01) and 11.1 ft grading 1.08% WO₃ and 2.05 oz/t Ag. Management has framed these results as supportive of defining a mineral resource and advancing metallurgy, while also highlighting the emerging silver component as a potential cost-offset.
Star Project: The Star Project spans ~4,616 ha in British Columbia’s Skeena Division and contains a large, skarn-hosted iron target with potential critical mineral byproducts. A recent airborne magnetic survey identified a significant 1.2 km-long anomaly. Early-stage surface samples returned iron values up to 63.3% Fe₂O₃. Although not yet a focus for production, the Star Project enhances American Tungsten’s critical mineral portfolio and offers future optionality within a favorable jurisdiction.
Outlook and Growth Priorities: Looking ahead, the near-term objective remains straightforward: continue advancing IMA through underground drilling, sampling, metallurgy, and permitting workstreams that support a credible resource framework and an executable restart plan. Corporate materials continue to emphasize the strategic setup for a U.S.-based tungsten supplier, supported by favorable infrastructure attributes and the broader push to re-onshore critical metals, particularly as tungsten supply remains heavily concentrated and pricing remains constructive (APT context). With the balance sheet strengthened by 2025 financings and the Company now layering in potential structured/non-dilutive avenues (including EXIM engagement), we believe American Tungsten is increasingly focused on converting technical momentum into a financeable development pathway centered on IMA.
Valuation: We use an EV/Hectares valuation multiple. Currently, comps are trading at a EV/Hectares median of 0.11x compared to TUNG at 0.02x. When we apply a very conservative multiple range of 0.02x to 0.04x it returns a valuation range of C$2.38 to C$4.66 with a midpoint of C$3.52.
