American Tungsten and Antimony Ltd. (AT4) will acquire 100 per cent of the constructed and permitted Del Sol hydrometallurgical refinery in Nevada, alongside the White Spar Antimony Mine in Arizona.
Under a binding agreement with Nexus Metals LLC, AT4 will acquire the Nevada facility, currently permitted to process up to 18,500 tonnes of feed per year, for US$3 million (AU$1.44 million) in cash plus a combination of shares, options, and milestone-based performance rights.
The acquisition positions AT4 to establish a vertically integrated, mine-to-metal supply chain for tungsten and antimony on US soil, directly targeting demand from defence, semiconductor, and critical minerals sectors.
Planning will begin immediately to scale up antimony flake production and expand the facility to produce ammonium paratungstate (APT), a key component for military-grade tungsten products.
AT4 CEO Casper Adson will meet with the Nevada Division of Environmental Protection on July 29 to progress approvals to expand the refinery’s permitted feed capacity to approximately 100,000 tonnes per year and extend permit scope to tungsten refining.
“The Del Sol Refinery… provides AT4 with the ability to produce antimony metal flake and a roadmap into military specification antimony products entirely on US soil,” Adson said.
“This proposed acquisition is a major step forward for AT4 establishing a vertically integrated, domestic US supply chain of strategically important tungsten and antimony products for US defence, semiconductor and critical minerals markets.
“Based on Del Sol’s hydromet infrastructure, AT4 is immediately commencing planning for expansion into tungsten APT production with the aim of reducing US reliance on tungsten supply from Foreign Entities of Concern.”
The move comes amid tightening global supply chains, heightened US defence procurement mandates, and recent US executive orders prohibiting critical minerals sourced from nations including China and Russia from 2027.
AT4 Executive Chair Tim Morrison noted that the acquisition allows the company to develop a genuine domestic American supply chain, contrasting with peers that rely on foreign ore.
The deal is subject to shareholder and regulatory approvals.
Supported by a pro forma cash balance of AU$26.5 million, AT4 confirmed it is also targeting a listing on the Nasdaq in the fourth quarter of 2026.
