American Tungsten & Antimony locks in Del Sol refinery for US metals push

• AT4 completes acquisition of Nevada’s Del Sol refinery and 100% of Nexus Metals
• Existing processing infrastructure supports US antimony and planned tungsten expansion
• Nasdaq preparations progress while White Spar acquisition remains conditional

Special Report: American Tungsten & Antimony has taken ownership of the Del Sol refinery in Nevada, securing a key piece of infrastructure in its strategy to build an integrated US critical minerals business.

American Tungsten & Antimony (ASX:AT4) has completed its acquisition of 100% of Nexus Metals Pty Ltd, with the Del Sol hydrometallurgical refinery now held through its newly acquired US subsidiary, Nexus Metals LLC.

The transaction gives AT4 direct ownership of an established processing facility that has already demonstrated antimony metal production from US-mined material, with plans to expand into tungsten processing.

“Securing Del Sol is a major milestone for AT4. We now own an established US refinery that has already demonstrated the ability to produce high-purity antimony metal from American-mined material,” American Tungsten & Antimony CEO Casper Adson said.

“This is a powerful foundation on which to build a domestic critical minerals business.”

The acquisition follows a series of operational milestones at Del Sol.

In September, AT4 reported the production of antimony ingots using material mined at the White Spar project in Arizona under pre-completion arrangements.

That work demonstrated a physical pathway from US-mined feedstock to refined antimony metal, with product qualification and commercial-scale operations still to be advanced.

Ownership of Del Sol now gives AT4 control of the downstream processing infrastructure it intends to connect with its US antimony and tungsten projects.

Another step towards Nasdaq

The completed transaction also advances AT4’s proposed Nasdaq listing.

The company revised the original acquisition structure to take direct ownership of the underlying US refinery assets, replacing the previously proposed acquisition of shares in the existing project companies.

AT4 expects this arrangement to simplify its ownership structure and associated US regulatory and financial reporting requirements, including historical financial information.

It also allows the refinery’s Water Pollution Control Permit to be transferred or reissued to Nexus Metals LLC.

The underlying commercial terms of the broader transaction remain unchanged.

The proposed Nasdaq listing remains subject to applicable regulatory and exchange approvals, but AT4 believes the revised structure provides a more straightforward path.

The acquisition of White Spar, however, is still to be completed.

The Arizona transaction covers interests associated with the White Spar, Challenge and Morning Star patented mining claims, together with 17 unpatented claims.

Its completion remains subject to outstanding conditions, including required third-party lease consents and title confirmations. 

The consideration allocated to White Spar will become payable only if the separate acquisition is completed.

US tungsten supply faces a turning point

AT4’s expanding US footprint comes as Washington places greater emphasis on domestic supply chains for strategic minerals.

Tungsten is classified as a critical mineral in the US, prized for its hardness, high melting point and ability to withstand extreme conditions.

Its applications span defence, aerospace, electronics, advanced manufacturing and industrial equipment, particularly cutting tools, wear-resistant components and high-performance alloys.

But the US has not mined tungsten commercially since 2015, according to the US Geological Survey, leaving domestic users reliant on overseas supply.

The policy environment is also changing.

From 1 January 2027, US defence procurement restrictions will extend to certain tungsten products sourced from China, Russia, North Korea or Iran, including relevant upstream mining and processing stages.

The rules cover tungsten metal powder, tungsten heavy alloys and specified components, with exemptions and waivers applying in certain circumstances.

They form part of broader US efforts to reduce exposure to foreign critical minerals supply chains and support more secure sources of strategic materials.

For AT4, that creates a relevant backdrop to its plans for tungsten processing at Del Sol.

The company is progressing engineering work with Metso on a proposed ammonium paratungstate (APT) circuit, which would add a potential downstream processing route for tungsten alongside Del Sol’s existing antimony capabilities.

APT is an intermediate product used in the manufacture of tungsten powders and other tungsten products.

The project remains at the study stage, with further engineering, permitting and commercial work needed before any expansion decision.

AT4’s wider US portfolio includes the Antimony Canyon project in Utah and tungsten exploration projects across the country, providing potential upstream components of its mine-to-metal strategy.

Next steps at Del Sol

With the refinery acquisition complete, AT4 is turning its attention to advancing antimony processing operations and qualifying products with prospective customers.

The company is also progressing studies into higher-value antimony products and tungsten APT processing, alongside commercial engagement with US customers, strategic partners and government agencies.

“Our focus now shifts to scaling that capability, advancing product qualification and commercial relationships, and progressing the studies required to expand Del Sol into tungsten APT production,” Adson said.

Meanwhile, AT4 will continue working through the outstanding conditions for White Spar and progressing its proposed Nasdaq listing.

“With this acquisition complete, we have secured the processing infrastructure at the heart of our mine-to-metal strategy. The opportunity now is to translate that strategic position into sustained operations and commercial outcomes.”

This article was developed in collaboration with American Tungsten & Antimony, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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