American Tungsten & Antimony Limited (ASX: AT4; OTCQB: ATALF) has engaged Metso Finland Oy to complete an FEL1 concept study for an ammonium paratungstate circuit at the Del Sol Refinery in Nevada, assessing whether the circuit can be sited within the existing permitted facility rather than on a greenfield site. Metso was selected from five proposals in a competitive tender, eleven days after AT4 told the market it would appoint within two weeks.

Our full report covers the study scope and deliverables, why Metso’s hydrometallurgical capability matters for tungsten conversion specifically, and how Executive Order 14415 and its 1 January 2027 waiver cutoff shape the demand case. It also sets out where this sits alongside the DOE award negotiations and the trials now running at Del Sol.

The study had not commenced and reports no results. The 2,500 and 5,000 tonne per annum figures are plant design bases, not production targets. The Del Sol acquisition has not completed.

[Read the full report →]