American Tungsten & Antimony Ltd (ASX: AT4) produces first antimony ingots as Utah project moves into test processing

Key Highlights

• First antimony ingots produced from material sourced at Antimony Canyon, Utah
• Testwork completed at independent third-party facility
• Additional stockpiled ore ready for further processing
• Company advancing exploration, acquisitions and proposed Nasdaq listing
• Shares at $0.133, down 5.36% today, up 215% over one year
  
   

Date: Thursday, 5th February 2026

Critical minerals developer American Tungsten & Antimony Ltd has reported its first batch of antimony ingots from material sourced at its Antimony Canyon Project in Utah, marking the company’s initial step from exploration into metallurgical processing.

The ingots were produced during third-party testwork designed to demonstrate proof-of-concept processing, according to the company’s latest ASX update 

For a company that has until now focused largely on resource development and studies, the work represents early validation that ore from the project can be converted into refined metal.

From ore to metal

Antimony is used in flame retardants, defence applications and specialist alloys, and is classified as a critical mineral by the United States due to limited domestic supply.

Source: AT4 ASX Announcement 

AT4’s stated strategy is to develop a localised “mine-to-metal” pathway in the US. The current program builds on a previously completed Metso Ausmelt concept study and plant design, which outlined the potential for a smelter development within two years.

At this stage, the activity remains test scale rather than commercial production.

The company also confirmed that additional stockpiled material is available for further ingot runs, which are expected to continue as part of ongoing evaluation.

Management commentary

Managing Director and CEO Andre Booyzen described the ingot production as an operational milestone within a broader development plan.

He said:

“Production of our first antimony ingots is an important milestone in our development pathway and follows the delivery of a concept study and plant design by Metso, which demonstrated the potential to deliver a smelter within two years.

We are fast-tracking our plans in the US across many fronts, with exploration and drilling underway at ACP, growth of our project portfolio by executing on strategic acquisition opportunities, and positioning AT4 on a corporate front through a proposed Nasdaq listing to provide access to larger capital markets.

Production of the ingots comes at a very busy time for our company, but provides tangible evidence that we are on the right track in helping establish a mine-to-metal critical minerals supply chain in a major global market.” 

Source: AT4 ASX Announcement 

Broader strategy

Alongside technical work, AT4 is progressing exploration at Antimony Canyon and evaluating additional project opportunities. The company has also indicated plans to pursue a Nasdaq listing in the second quarter of calendar 2026, which could broaden its funding base.

These steps are consistent with other Australian-listed critical minerals companies seeking exposure to US capital markets and government-backed supply chain initiatives.

Share price snapshot

The operational update came as AT4 shares traded lower.

• Last price: $0.133
• Change: -5.36%
• Volume: 10.7 million shares
• 52-week range: $0.025 to $0.230
• One-year return: +215%
• Market cap: approximately $169 million
  
   

The pullback appears in line with broader volatility across smaller resource stocks rather than tied directly to the announcement.

The takeaway

The ingot production does not yet signal commercial operations, but it provides early technical confirmation that material from Antimony Canyon can be processed into refined antimony.

Future progress will likely depend on scale-up economics, permitting, funding and construction decisions.