A high-risk ASX microcap is trying to turn U.S. antimony and tungsten scarcity into a strategic Western supply-chain re-rating.
Overview
American Tungsten & Antimony is a pre-revenue ASX critical-minerals explorer pivoting from Australian potash to U.S. antimony and tungsten. Its portfolio spans Utah, Nevada and Idaho, led by Antimony Canyon and the Dutch Mountain tungsten mill. The thesis is geopolitical: Western defense and industrial buyers urgently need non-Chinese supply. The company has no operating revenue, reported a FY25 loss of A$17.43 million, but holds strategic assets in mining-friendly U.S. jurisdictions.