ASX: AT4 | OTCQB: ATALF | 20 August 2026

AT4 Selected by U.S. Department of Energy for US$18 Million ASCEND-Sb Award Negotiations

American Tungsten & Antimony Limited has been selected by the United States Department of Energy for the commencement of negotiations on a potential financial award of up to US$18 million. The selection was made through the Company’s wholly owned US subsidiary, Trigg Minerals (USA) LLC, and covers the Advanced Smelting Capacity for Expansion and National Dominance in Antimony project, known as ASCEND-Sb.

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Defence critical minerals

ASCEND-Sb is one of only nine projects selected nationally under a US$162 million DOE program announced on 18 August 2026 (Washington D.C. time). The program is administered by the DOE Advanced Mining and Mineral Production Technologies Office, under the Office of Critical Minerals and Energy Innovation, and sits within the Infrastructure Investment and Jobs Act Mines & Metals Capacity Expansion program. The nine selected projects are managed by DOE’s National Energy Technology Laboratory.

The Selection List

The composition of the shortlist is worth examining. DOE selected four projects under Topic Area 2a, targeting the advance of laboratory-stage technologies to prototype, and five projects under Topic Area 2b, targeting the advance of prototype-stage technologies to pre-commercial demonstration. AT4 sits in the second group.

AT4 was selected alongside Alcoa Corporation (NYSE: AA), a multi-billion dollar integrated aluminium producer with a market capitalisation of approximately US$14 billion and more than a century of operating history, and Thompson Creek Metals Company USA, the US molybdenum business unit of Centerra Gold (TSX: CG, NYSE: CGAU), which carries a market capitalisation of approximately US$6 billion and generated revenue of US$442.7 million in the second quarter of 2026 alone. Felix Gold Limited (ASX: FXG) is the other listed selectee. The remaining four selectees, Anactisis, Still Bright, Nusano and SiTration, together with DISA Technologies, are private companies with no public market.

Two observations follow.

First, AT4 is among the smallest listed entities on the list and is a pre-revenue explorer and developer. DOE selected it on the same technical criteria as the producers above and placed it in the same advanced topic area.

Second, a potential award of up to US$18 million carries a materially different weight for AT4 than for the larger selectees. For a company of Alcoa’s or Centerra’s scale, a sum of that size is immaterial to the balance sheet. For AT4, it is significant relative to the size of the Company, and it is non-dilutive. Federal grant funding of that scale changes the funding equation for a company at AT4’s stage in a way it simply cannot for a producer with billions in enterprise value.

Why AT4’s US Assets Matter to American Defence Capability

AT4 is building a US-domiciled critical minerals portfolio in two commodities the Pentagon cannot substitute away from.

Antimony is used across more than 200 categories of military munitions. Its applications include primers and tracer compositions, armour-piercing and hardened lead alloys, night-vision and infrared optics, semiconductors, and flame retardants used throughout naval, aviation and vehicle platforms. The United States has no meaningful domestic primary antimony mine production and has historically depended on imports, with China, Russia and Tajikistan dominating global supply.

That dependency became a live vulnerability in 2024. China imposed dual-use export licensing on antimony in August 2024, then in December 2024 prohibited the export of antimony and other dual-use items to the United States outright, explicitly capturing military end users. Prices rose sharply and shipments into the US collapsed. Beijing subsequently suspended elements of that ban on a time-limited basis, which underlines the central point for Western supply security: access to Chinese antimony is a policy setting in another country’s capital, not a supply chain.

AT4’s flagship Antimony Canyon Project in Utah is one of the largest and highest-grade undeveloped antimony systems in the United States. It was historically mined but has never been subjected to modern exploration. The ASCEND-Sb project addresses the second half of the problem, being domestic smelting and processing capacity, which is the genuine choke point in the Western antimony chain. Ore in the ground is not a supply chain until there is a domestic route to metal and oxide.

Tungsten is the hardest and densest of the practical defence metals. It is used in kinetic energy penetrators, armour, fragmentation and shaped charge liners, rocket nozzles, radiation shielding and the carbide tooling that underpins the entire machining base of US defence manufacturing. The United States has had no domestic tungsten mine production for a decade. China added tungsten products to its export licensing regime in February 2025.

AT4’s Tennessee Mountain Tungsten Project in Nevada adds scale and diversification in a Tier-1 jurisdiction and positions the Company across both metals at a time when Washington is actively funding domestic tungsten capability.

The Company has entered into a share sale and purchase agreement to acquire the Del Sol Refinery in Nevada and the White Spar Antimony Mine in Arizona, announced on 28 July 2026. That acquisition has not completed.

If completed, it would give AT4 a permitted refining asset to complement the upstream portfolio. The Company has stated it intends to work with DOE on the allocation of funds across ASCEND-Sb and potentially other assets including Del Sol.

What the DOE Selection Actually Delivers

The immediate cash outcome is not the whole story. Three things have changed for AT4.

1. Technical validation

DOE selection follows a competitive federal review of technology readiness, project execution capability and supply chain impact. The program is designed to move technologies from prototype toward pre-commercial demonstration. Passing that screen is an independent, non-promotional assessment of the ASCEND-Sb process by the US federal government’s own technical apparatus, delivered through the National Energy Technology Laboratory.

AT4 now has an active negotiating relationship with the DOE Office of Critical Minerals and Energy Innovation and an established file with NETL. In the US critical minerals funding environment, an existing federal relationship and a track record of compliant program participation are material to subsequent applications. Companies are rarely funded cold.

The United States has assembled an unusually broad set of capital pipes for critical minerals over the past two years, and antimony and tungsten sit near the top of the priority list for most of them. AT4’s assets are US-located, in Tier-1 mining jurisdictions, in two DOE-listed and Department of War-prioritised critical minerals, held through a US subsidiary. That structure is exactly what these programs are built to fund. The DOE selection places the Company inside that ecosystem rather than outside it.

The Federal Funding Channels

The following channels form the environment in which AT4 now operates. Select each to expand.

Used repeatedly to fund antimony, tungsten and scandium feasibility, processing and capacity projects across the domestic critical minerals base.

Administered through the Department of War, IBAS funding targets identified capability gaps in the defence industrial base.

OSC credit programs were expanded substantially under the One Big Beautiful Bill Act. The office has since executed multi-hundred-million and billion-dollar loan agreements for domestic critical minerals processing.

Including the National Defense Stockpile expansion, which has already produced large antimony supply contracts with US producers.

EXIM has moved decisively into critical minerals through its Make More in America domestic financing initiative and its US$10 billion Project Vault facility establishing a US Strategic Critical Minerals Reserve. EXIM has authorised transactions for US-based processing and advanced materials businesses at a range of scales.

Available for larger capital deployment at the construction stage of qualifying domestic projects.

Federal Policy Expertise at Advisory Board Level

In May 2026 AT4 appointed David Bernhardt as Chairman of the Company’s Strategic Advisory Board. Bernhardt served as the 53rd United States Secretary of the Interior during President Trump’s first administration, and previously held the roles of Deputy Secretary and Solicitor of the Department. As Secretary he had oversight of approximately 500 million acres of federal land, together with the permitting, resource development and environmental review frameworks that govern mining and energy activity on those lands.

The role is advisory rather than a board directorship. Within it, Bernhardt provides strategic advice on policy, permitting and regulation, and supports the Company’s engagement with state and federal stakeholders.

That background maps directly onto AT4’s asset base. Antimony Canyon in Utah and Tennessee Mountain in Nevada sit in jurisdictions where federal land access and permitting timelines are among the principal determinants of how quickly a project advances. The agencies and processes involved are the ones Bernhardt ran.

The appointment also says something about the Company’s standing. Former cabinet secretaries have a wide choice of post-government engagements and are selective about the names they attach themselves to. Managing Director Andre Booyzen described the appointment as highly strategic, noting that Bernhardt’s experience sits at the intersection of federal land access, permitting and critical minerals policy, all of which are central to advancing AT4’s US projects.

For a company whose entire strategy depends on navigating US federal processes, having that depth of institutional knowledge available at advisory level is a structural advantage over peers working the same system from the outside.

The Position

AT4 holds a large, high-grade undeveloped antimony system in Utah, a tungsten project in Nevada, a pending refinery and mine acquisition, smelter development underway, and now a federal selection for award negotiations of up to US$18 million. The Company has said it will update the market as negotiations with DOE progress.

The strategic case is straightforward. The United States needs domestic antimony and tungsten units and it needs domestic processing capacity to convert them. AT4 is positioned across both, in the right jurisdiction, and is now on the record with the US Department of Energy.

This article is general information only. It is not financial product advice and does not take into account any person’s objectives, financial situation or needs. Investors should consider the Company’s ASX announcements in full, including the forward-looking statements disclaimer in the announcement of 19 August 2026, and obtain independent advice before making any investment decision.