American Tungsten (CSE:TUNG) is building on its US-based tungsten platform by entering into a letter of offer agreement with GTT Ventures and Viking Mines (ASX:VKA).
Under the agreement, American Tungsten will subscribe for 150 million shares at $0.005 per share, representing a $750,000 investment.
CEO Ali Haji says with tungsten’s outlook at historical highs and secure western supply more critical, the investment complements American Tungsten’s existing footprint at the IMA Tungsten Mine in Idaho, US.
“Together, these assets create clear alignment across exploration, resource growth, and the development of future domestic supply,” Haji says.
Viking Mines intends to use funds from a planned $3.8 million placement to acquire an interest in a portfolio of six tungsten projects located in Nevada, US. Historical production from these projects is reported at 123,000 tonnes @ 0.54% tungsten oxide.
The placement is anticipated to close in February 2026, subject to shareholder approval.
American Tungsten is currently drilling and assessing potential for a restart of the underground mining operations at the IMA Mine. IMA is a historical and high-quality underground tungsten past-producing property on private-patented land well above the water table with significant infrastructure.
Viking Mines is a diversified mineral developer and explorer with a primary focus on gold and vanadium.
Write to Aaliyah Rogan at Mining.com.au
Images: Viking Mines
