American Tungsten and Antimony [ASX: AT4]
Metals & Mining
A Multi-Asset US Antimony and Tungsten Opportunity
We are revising our Target Share Price for American Tungsten and Antimony (ASX: AT4), previously Trigg Minerals (ASX: TMG), upwards to A$0.478, representing an upside potential of 139% from the current share price of A$0.200 and a significant 81.5% increase from our target share price from our last report in August 2025. This valuation re-rating reflects a series of key milestones as AT4 moves toward becoming a vertically integrated, US-centric supplier of Western antimony and tungsten. These milestones span technical de-risking at Antimony Canyon, portfolio expansion via the Tennessee Mountain, Nightingale, and Central Idaho acquisitions, and corporate advances, including Tribeca’s institutional funding, stronger US government engagement, and the Metso-led antimony smelter concept. Together, these milestones give investors several paths to upside, across projects, metals and integration.
Antimony Canyon – From Historic Camp to Flagship Asset
Since August 2025, Antimony Canyon in Utah has become the clear centre of AT4’s value. The company now controls 20 patented claims, effectively private mining land where it owns both surface and mineral rights, giving it a faster, simpler permitting pathway than typical US federal ground. On this footprint, AT4 has defined a JORC Exploration Target of 6.1–6.9 Mt at 1.4–2.3% Sb, a large, high-grade system by US standards. Sampling of the key “Salt and Pepper” unit has returned very high grades (up to ~29% Sb) over meaningful widths, while geophysics has outlined a coherent system with clear, shallow drill targets. With a Phase 1 drill program now permitted and a specialist contractor in place, Antimony Canyon is truly drill-ready and is the single asset most likely to grow into a major US antimony resource, making it the core driver of AT4’s long-term value and re-rating potential.
Project Expansion Grows US Resources and Tungsten Exposure
In parallel with Antimony Canyon, AT4 has been expanding its US project base to add both scale and a second critical metal. In Nevada, the company has acquired and consolidated the Tennessee Mountain and Nightingale projects, two historic tungsten mining districts with past high-grade production and US government–backed drilling. This history shows the ground already hosts tungsten, which reduces exploration risk compared with unexplored greenfield projects. By bringing these districts under one roof, AT4 now controls two tungsten trends in a Tier-1 US state at a time when tungsten prices are rising on tight Chinese supply and strong Western demand. Alongside this, the Central Idaho Antimony (CIA) project adds a second high-grade antimony district in a Tier-1 jurisdiction. Together, Nevada tungsten and CIA turn AT4 from a single-asset antimony story into a broader US critical-minerals platform, with more tonnes, more targets and more ways for investors to win.
Stock Rerating Driven by Strategic Acquisitions and Project De-Risking
Following recent milestones, we value AT4 at A$0.445 in our Base Case (123% upside) and A$0.510 in our Bull Case (155% upside), versus the current share price of A$0.200. Using the midpoint of these scenarios, our target price of A$0.478 implies 139% potential upside. This valuation increase is driven by three linked developments: the elevation of Antimony Canyon into a drill-ready flagship with a defined Exploration Target on private land; the expansion into Nevada tungsten and Idaho antimony, creating a broader US critical-minerals platform; and the strengthening of the management, funding and government-engagement base that will be needed to execute. With a visible path from drill hits to potential resources, studies and ultimately cash flow, we see room for further valuation uplift as each project milestone is delivered and execution risk progressively reduces.