The disclosed resource is a preliminary Inferred classification with significant geological uncertainty. Traders should note that while the tungsten resource is substantial, the project remains in early exploration with unverified historical data and unproven metallurgical recovery. The $4 million recommended work program indicates a significant future capital commitment, and the lack of Indicated or Measured resources limits near-term development potential.
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Executive Summary
United States Antimony Corp. released a technical report for its Fostung Tungsten Project in Ontario, Canada, disclosing an Inferred Mineral Resource of 14,770 thousand tonnes grading 0.17% WO3, containing 54.2 million pounds of tungsten. The project, acquired for $5 million in 2025, is at an early exploration stage with significant geological uncertainty and unverified historical data, requiring an estimated $4 million in further work to advance to a preliminary economic assessment.
Key Facts
- Disclosed Inferred Mineral Resource of 14,770 thousand tonnes at 0.17% WO3, containing 54.2 million pounds of tungsten
- Project acquired in June 2025 for $5 million cash plus a 0.5% NSR royalty
- An additional 1% NSR royalty was purchased in January 2026
- Total recommended exploration program costs estimated at $4 million
- Significant risks include unverified historical data, unconfirmed drill collar locations, and untested metallurgical recovery assumptions
Financial Impact
The disclosed resource represents a significant exploration asset, but with no demonstrated economic viability. The $5 million acquisition cost and $4 million recommended exploration program represent material capital commitments.
Risk Factors
- Significant geological uncertainty due to unverified historical data and unconfirmed drill collar locations
- Metallurgical recovery assumptions (59%) are not supported by testing on Fostung samples
- The project has no mineral reserves and no demonstrated economic viability
- The $4 million recommended exploration program represents a material future capital expenditure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-041802 |
| Document: tm2610675d1_8k.htm | 0001104659-26-041802 |
| Document: tm2610675d1_ex23-1.htm | 0001104659-26-041802 |
| Document: 0001104659-26-041802-index-headers.html | 0001104659-26-041802 |
| Document: 0001104659-26-041802-index.html | 0001104659-26-041802 |
| Document: 0001104659-26-041802.txt | 0001104659-26-041802 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $3.08 | awaiting T+20 | — | $3.19 (+3.57%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.19 (−20.05%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.19 (−20.05%) |
Sep 2, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −21.78% | $3.19 (−39.70%) |
Sep 1, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −22.02% | $3.19 (−39.70%) |
Aug 31, 2026 8w ago | Insider Cluster | $4.68 $4.17 | ▼ −10.90% | ▼ −11.01% | $3.19 (−31.84%) |
Aug 25, 2026 9w ago | 8-K | $5.20 $4.60 | ▼ −11.54% | ▼ −11.79% | $3.19 (−38.65%) |
Aug 19, 2026 9w ago | 8-K | $5.73 $4.61 | ▼ −19.55% | ▼ −18.71% | $3.19 (−44.33%) |
Aug 11, 2026 10w ago | 8-K | $4.97 $4.93 | ▲ +0.80% | ▼ −1.09% | $3.19 (+35.81%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.33 $6.62 | ▼ −9.69% | ▼ −11.58% | $3.19 (−56.48%) |
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