American Tungsten & Antimony (ASX:AT4) sets March SEC filing target and appoints ADR depositary

American Tungsten & Antimony has outlined further progress toward a proposed Nasdaq listing, while also strengthening its executive team with a Chief Financial Officer appointment, as it works through the documentation, audit and regulatory steps required for US market access.

Highlights

• Deutsche Bank appointed as depositary for an American Depositary Receipt facility

• Registration statement and listing application workstreams for the proposed Nasdaq listing are in progress

• Company remains on track for confidential submission of a registration statement to the SEC in March, for a proposed Nasdaq listing in Q2 2026

• Graeme Morissey appointed Chief Financial Officer effective 23 January 2026

• The company stated that a Nasdaq listing would provide access to the world’s largest equity capital markets during a period of “unprecedented investment interest in critical minerals in the United States”

The release frames the Nasdaq process around a confidential submission of a registration statement on Form 20 F to the US Securities and Exchange Commission during March 2026, with the company noting that key elements of the submission are in progress.

A central component is the audit of historical financial statements by PCAOB registered auditors, which is a foundational requirement for the Form 20 F work program.

On timing, the company has set out a sequence that anticipates admission during Q2 of calendar year 2026, assuming the Form 20 F submission is made in March and after taking into consideration standard review periods by the regulators.

In parallel, a listing application will be submitted to Nasdaq, with the company noting that the documentation will be subject to review by both the SEC and Nasdaq and that there can be no assurance as to when the process will be completed.

Importantly for investors assessing near term dilution risk, the release states that no capital is expected to be raised at the time of a listing on Nasdaq.

The other substantive pillar is the planned establishment of an American Depositary Receipt program, with Deutsche Bank appointed as the depositary for an ADR facility the company seeks to establish.

The company states that the program will allow US investors to acquire ADRs, initially in the over the counter market, and then, once a Nasdaq listing is completed, for trading on Nasdaq.

The release sets an anticipated opening date for the facility in late February, subject to completion of the relevant compliance and legal documentation and acceptance by the regulators.

Once underway, the company expects to work alongside Deutsche Bank in establishing the facility, registering investors and administering the ADR program, and it notes that Deutsche Bank will act as a service provider to assist with achieving the ADR outcomes required for a Nasdaq listing.

Alongside the US market access agenda, the appointment of Graeme Morissey as Chief Financial Officer is positioned as aligned with the company’s growth trajectory as it accelerates exploration programs and moves toward a dual listing to include Nasdaq.

The company discloses that Mr Morissey served as Chief Financial Officer for Warriedar Resources (ASX:WA8) and played a pivotal role progressing the acquisition of Warriedar by Capricorn Metals (ASX:CMM) pursuant to a scheme of arrangement valued at $300000000.

His background includes roles at EY, KPMG and Grant Thornton, and the company states he has served as CFO for early stage explorers, developers and producers, with experience spanning equity capital markets, debt financing, mergers and acquisitions, and mining and exploration operations including the Americas and Africa.

His qualifications include CA and MAICD, and he holds a Bachelor of Commerce from McMaster University in Canada.

Managing Director Andre Booyzen tied the corporate steps back to the company’s stated objective of extending the availability of AT4 securities to Nasdaq and to its US project portfolio, saying

“the appointment of Deutsche Bank, a tier one financial institution with a focussed ADR team, is considered a big step towards the listing”.

The near term markers are procedural and measurable, rather than speculative.

The company has indicated late February as the anticipated opening date for the ADR facility, subject to regulatory acceptance and completion of compliance and legal documentation, and March 2026 as the target window for confidential submission of the Form 20 F registration statement.

From there, the company’s stated expectation is admission in Q2 2026, while emphasising that the SEC and Nasdaq review process carries timing uncertainty.

For investors, the release defines the next phase as execution against these sequencing milestones, alongside the integration of a CFO appointment made specifically in the context of advancing exploration activity and progressing toward a Nasdaq pathway.