American Tungsten & Antimony (ASX: AT4)

AT4 is well on the way to becoming an entirely Western, vertically integrated antimony producer that controls every step in the supply chain – all the way from mining ore to selling ingot, right in the USA.

In the heart of Western demand, AT4 is in the right place, at the right time, and has a world-class team working tirelessly to execute the company’s near-term production plans of 3,000-5,000 tons of 99.65% antimony ingot per year. AT4 has also commissioned a net-zero smelting study with Metso to utilise their proprietary Ausmelt TSL process.

AT4’s flagship Antimony Canyon Project in Utah has a JORC exploration target of 6.1-6.9 Mt at 1.4-2.3% Sb – implying 85,400 to 158,700 of contained antimony. ACP has a long history of production at many of its prospects, such as the Nevada mine – which averaged 2.2% Sb and had considerable high grade zones averaging 3.6% Sb.

Antimony consumption in the US increased 57% to 45kt in 2025 despite prices averaging 150% higher at US$55,000/t accounting for 41% of global production the same year – which decreased 7.5% 110kt. Current prices are still tremendously strong at US$48,000/t, and both the energy transition and rise of AI are creating explosive levels of demand through antimony’s vital efficiency functions in photovoltaic solar panels and flame-retardant PVC piping in data centres – both uses of which do not have cost effective, mature substitutes.

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