American Tungsten & Antimony (ASX:AT4) secures A$10 million Placement as U.S. critical minerals programs advance

American Tungsten & Antimony has secured firm commitments for an A$10 million Share Placement, with the raising supported by institutional and sophisticated investors and funds to be applied across drilling, project advancement, technical studies, permitting, approvals, geological work, working capital and corporate costs across the company’s tungsten and antimony portfolio in Utah and Nevada.

Highlights

• A$10 million Placement secured from institutional and sophisticated investors.
• Placement price of A$0.07 per share via 142,857,143 new fully paid ordinary shares.
• Tennessee Mountain maiden diamond drilling program planned in Nevada.
• Continued drilling at Antimony Canyon in Utah.
• Dutch Mountain processing mill refurbishment included in near-term workstreams.

The Placement is being completed in a single tranche under the company’s placement capacity under ASX Listing Rules 7.1 and 7.1A and does not require shareholder approval for the issue of Placement Shares.

The issue price of A$0.07 per Placement Share represents a 12.5% discount to the last closing price of A$0.08 on 14 May 2026, a 16.5% discount to the 5-day VWAP and a 15.4% discount to the 15-day VWAP, to and including 14 May 2026, with the Placement Shares to rank equally with the company’s existing fully paid ordinary shares on issue.

In addition to the Placement, the company received firm commitments under the chairman’s list to raise approximately A$0.35 million through the issue of approximately 5,000,000 fully paid ordinary shares at A$0.07 per share.

Investors participating in the Placement and chairman’s list will receive 1 free attaching listed option for every 2 shares subscribed for and issued under the offer, equating to approximately 73,928,572 Participant Options in aggregate, subject to rounding.

Petra Capital and GBA Capital, as Joint Lead Managers, will also receive 36,964,286 Broker Options in aggregate for services provided in connection with the Placement.

Funds raised under the Placement are to advance AT4’s portfolio of tungsten and antimony assets in Utah and Nevada, including exploration and resource drilling, infrastructure and technical studies, permitting and approvals, geological mapping, geochemical and geophysical works, together with general working capital and corporate costs, including costs of the offer, with the release also stating the company retains discretion to reallocate funds between categories as priorities evolve.

The release outlines near-term work at the company’s U.S. assets. Dutch Mountain in Utah includes a fully permitted mill under refurbishment.

Tennessee Mountain and Nightingale are tungsten assets in Nevada, while Antimony Canyon is an antimony project in Utah.

Near-term work includes the maiden drill program at Tennessee Mountain, continued drilling at Antimony Canyon, Dutch Mountain mill refurbishment, engagement with U.S. federal and state stakeholders, and progression toward an admission to the Nasdaq Capital Market in Q3 CY2026, subject to the disclosed conditions.

American Tungsten & Antimony Managing Director Andre Booyzen said

“The strong support received from new and existing institutional investors is a clear endorsement of AT4’s strategy and the quality of our U.S. tungsten and antimony asset base. With the Placement now secured, AT4 is well-positioned to accelerate drilling at the Antimony Canyon Project, commence the maiden drill campaign at the Tennessee Mountain Tungsten Project, progress refurbishment of the Dutch Mountain processing mill and continue advancing toward an admission to the Nasdaq Capital Market in the United States.”

The release also states no new capital is expected to be raised in connection with the proposed Mainboard Nasdaq listing.

Any listing remains subject to a registration statement being declared effective by the U.S. Securities and Exchange Commission and a listing application being approved by Nasdaq, with the company stating there can be no assurance as to if or when a listing will occur.

The company states near-term work includes the maiden drill program at Tennessee Mountain, continued drilling at Antimony Canyon, Dutch Mountain mill refurbishment, engagement with U.S. federal and state stakeholders, and progression toward an admission to the Nasdaq Capital Market in Q3 CY2026, subject to the disclosed conditions.

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