American Tungsten Corp. Engages United Supply Co. to Secure Strategic Offtake and U.S. Defense Sector Relationships Amid Growing National Security Concerns & Announces New Board Appointment
Vancouver, BC, March 10, 2025 (GLOBE NEWSWIRE) -- American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) ("American Tungsten" or the "Company") is pleased to announce that it has engaged United Supply Co. ("United Supply"), a specialized advisory group focused on securing offtake agreements and strategic partnerships within the U.S. defense manufacturing sector. This initiative is a direct response to increasing concerns over the domestic supply of tungsten – a critical mineral essential for national defense – following China's recent ban on tungsten exports and the U.S. Government's policy shift towards onshoring domestic production and supply of critical minerals.
United Supply provides strategic support for defense and defense-adjacent companies, specializing in sales, manufacturing execution, and procurement. With over $75 million in closed defense deals, United Supply connects buyers with mission-critical solutions and secures key contracts. United Supply also oversees manufacturing operations from concept to production, ensuring efficient execution. By integrating at any stage of a company's operations – whether providing high-level strategy or direct execution – United Supply strengthens the resilience of domestic manufacturing and supply chains, supporting the long-term sustainability of the U.S. defense industry.
The Company's engagement with United Supply aligns with the latest policy direction outlined by President Donald Trump, who reaffirmed his administration's commitment to bolstering domestic production of critical minerals. American Tungsten is seeking to position itself at the forefront of this effort by advancing the development of secure, onshore tungsten sources in the United States.
Tungsten is a vital material for defense applications, with unparalleled hardness and high-temperature resistance, making it indispensable for armor-piercing ammunition, missile components, and aerospace manufacturing. The U.S. Department of Defense and the Defense Industrial Base Consortium, of which the Company is an active member of, classifies tungsten as a critical mineral. Yet, the country remains heavily reliant on imports – primarily from China, which dominates over 80% of global supply. The recent ban on tungsten exports by China underscores the need to establish a stable, North American supply chain to safeguard national security interests.
"We're excited to have United Supply in our corner as we look to advance discussions and form strategic relationships with key United States government agencies. The United States can no longer afford to depend on foreign sources for materials critical to its national defense," said Murray Nye, CEO of American Tungsten. "China's recent export restrictions on tungsten are a wake-up call, and we are taking decisive action to develop a secure domestic supply. With the Biden administration previously prioritizing critical minerals and now President Trump doubling down on the urgency of U.S. production, we believe the time is now to establish American tungsten independence."
With United Supply now engaged, the Company will look to accelerate discussions with U.S.-based defense manufacturers and government stakeholders to secure long-term contracts that support the re-shoring of tungsten production. Through advancing its tungsten project, the IMA Mine, the Company is committed to potentially playing a leading role in ensuring that the United States has a reliable and secure supply of this essential mineral, reducing dependency on foreign-controlled supply chains.
The IMA Mine is a past producing underground tungsten mine situated on 22 patented claims located in East Central Idaho. Between 1945 and 1957, the property produced approximately 199,449 MTUs of WO3 and was subsequently explored for molybdenum and tungsten by various operators between 1960-2008(1).
Board Appointment
The Company is also pleased to announce the appointment of Mr. Austin Zinsser to its Board of Directors effective March 7, 2025. Mr. Zinsser has over 15 years of experience in applied geological and environmental science and mineral project development. He is an Idaho licensed Professional Geologist, holds a M.S. in Earth and Environmental Sciences and is a registered member of SME.
As a mining industry professional, Mr. Zinsser has worked on diverse interdisciplinary teams to advance mineral projects from grass-roots exploration stages through feasibility-level engineering phase and federal permitting. Mr. Zinsser has direct experience in resource delineation, metallurgy, mine planning, geochemistry, mining economics and environmental liability. Mr. Zinsser served as Sr. Resource Geologist on Perpetua Resources Corp.'s (NASDAQ:PPTA) (TSX:PPTA) Stibnite Gold Project, and has worked on other critical mineral projects in the western U.S. as an independent geological consultant. Mr. Zinsser also serves on the Idaho State Board of Professional Geologists.
Murray Nye, CEO of American Tungsten, said, "We are very excited to have Austin join our Board of Directors. As American Tungsten's Vice President, Exploration, his on-the-ground experience has and will provide our Board with valuable insights as we look to advance the IMA Mine. Additionally, his prior success at Perpetua Resources and his proven expertise in project development and exploration make him an invaluable addition to our Board."
Austin Zinsser said "I am pleased to serve on the board of American Tungsten Corporation. Socially and environmentally responsible domestic production of critical minerals and materials is vital to economic and security objectives of the U.S. I look forward to working with the Board to advance the IMA Mine towards a production decision."
ABOUT AMERICAN TUNGSTEN CORP.
American Tungsten Corp. (previously Demesne Resources Inc.) is a Canadian-based company involved in the acquisition and exploration of magnetite mineral properties. The Company's Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. American Tungsten has also entered into an option agreement, pursuant to which it can acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho, United States. In addition, the Company has acquired surrounding mining rights at its IMA Mine Project through the staking of 113 WMO federal lode mining claims covering an area of 1,988.6 acres (804.75ha).
Social media links:
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ON BEHALF OF THE BOARD OF DIRECTORS:
Murray Nye
CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC V6E 0B6
Canada
For further information, please contact:
Murray Nye, CEO
Email: [email protected]
Phone: +1 (416) 300-7398
CSE:TUNG
OTCQB:DEMRF
FSE:RK9
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "believes", "expects", "plans", "anticipates", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward looking statements in this news release include statements respecting: (i) the IMA Mine Project and the mineral prospects thereon, (ii) the Company's performance of its obligations under the Option Agreement, and the exercise of the option thereunder, and (iii) the Company's planned activities on the IMA Mine Project. Factors that could cause the actual results to differ materially from those in forward-looking statements include the receipt of regulatory approvals, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI-43-101"). Austin Zinsser, P.G., SME-RM, Vice President, Exploration for the Company, and a Qualified Person as defined by NI-43-101, has reviewed and approved the scientific and technical information in this Presentation.
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1. Bradley Mining Company, 1958; Summarized Information on IMA Mine, Lemhi Co, Patterson, Idaho. Company Report, 6p.
