- American Tungsten (CSE:TUNG) completed a AUD$750,000 minority investment in Viking Mines Limited, subscribing for 150 million shares following VKA shareholder approval
- The investment supports VKA’s broader AUD$3.8 million financing, which will fund the acquisition of six tungsten projects in Nevada with significant historical production
- American Tungsten continues its exploration and assessment work at the past‑producing IMA Mine in Idaho, evaluating the potential restart of underground tungsten mining operations
- American Tungsten stock (CSE:TUNG) opened trading at C$2.80
American Tungsten (CSE:TUNG) has finalized its minority investment in Viking Mines Ltd. (ASX:VKA), following approval from VKA shareholders.
The company subscribed for 150,000,000 ordinary shares at AUD$0.005 per share, representing a total investment of AUD$750,000. The financing forms one component of Viking Mines’ broader AUD$3.8 million capital raise, designed to fund a major expansion into the U.S. critical minerals sector.
Under the completed Letter Agreement, American Tungsten’s investment will support VKA’s planned acquisition of a 100 per cent interest in six tungsten projects located in Nevada, USA, a Tier‑1 mining jurisdiction with a historic base‑metals mining pedigree. According to VKA, the Nevada portfolio hosts significant past production, with historical output estimated at approximately 123,000 tons at an average grade of 0.54 per cent WO₃.
VKA’s expansion marks a strategic shift for the Australian-listed explorer, which has recently broadened its focus from African and Australian mineral assets into North America. The Nevada acquisition positions the company within one of the United States’ most prospective regions for tungsten—a federally designated critical mineral essential for aerospace, defence, and industrial tooling applications.
For American Tungsten Corp., the investment represents a complementary step to its ongoing development of the IMA Mine, a past-producing underground tungsten operation located on 22 patented claims in east‑central Idaho. The property recorded substantial historical output, producing 199,449 MTUs of WO₃ between 1945 and 1957. Subsequent exploration between 1960 and 2010 identified additional tungsten and molybdenum targets.
American Tungsten is currently conducting a new exploration program at the IMA Mine, including drilling and technical assessments to evaluate the potential restart of underground mining operations. The company has stated that the strategic alignment with Viking Mines could support regional tungsten development while increasing exposure to the growing North American critical minerals supply chain.
With tungsten’s importance rising amid geopolitical supply concerns—global production is heavily concentrated in China—both companies are positioning themselves to contribute to the strengthening of domestic U.S. tungsten supply.
“This strategic cornerstone investment in Viking Mines strengthens our ability to build a meaningful U.S.-based tungsten platform,” American Tungsten’s CEO, Ali Haji, said in a release at the time. “With tungsten’s outlook at historic highs and secure Western supply more critical than ever, this investment directly complements our existing footprint at the IMA Tungsten Mine. Together, these assets create clear alignment across exploration, resource growth, and the development of future domestic supply.”
The company also announced on Wednesday that had completed C$40 million bought deal financing.
About American Tungsten
American Tungsten Corp. is a mineral exploration company that engages in the acquisition, exploration, and evaluation of mineral properties in Canada and the United States. The company explores for tungsten, molybdenum, and iron deposits.
American Tungsten stock (CSE:TUNG) opened trading around 4 per cent lower at C$2.80 but has risen 186 per cent since this time last year.
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