American Tungsten and Antimony, listed on the ASX as AT4, has completed its acquisition of 100 percent of Nexus Metals and the Del Sol hydrometallurgical refinery in Nevada, giving the company direct ownership of United States processing infrastructure at the centre of its antimony and tungsten strategy. Del Sol has previously demonstrated production of high purity antimony metal from United States mined material. AT4 plans to advance antimony processing and product qualification at the plant while studying an expansion into higher value antimony products and tungsten ammonium paratungstate processing.
The consideration was equity heavy. AT4 paid 2.6 million dollars in cash, precisely 2,600,010 dollars, and issued 1,023,562,482 ordinary shares to complete the Nexus and refinery transactions. It also issued 255,700,065 options exercisable at 0.10 dollars by October 17, 2028, and 803,644,968 performance rights, each capable of converting into one ordinary share. Half the issued shares and options, and all performance rights and resulting shares, are under voluntary escrow until the earlier of six months after completion or completion of AT4’s proposed Nasdaq listing. No milestone payment became due on completion.
The contingent structure prices execution, not ownership. Further refinery payments of up to 20 million dollars become payable progressively if Del Sol sustains processing rates ranging from 10 to 18 tonnes per day for 60 consecutive days. Half the performance rights vest if the refinery processes at least two tonnes of ore per day over 10 continuous operating days, and the remainder vest following the first delivery of antimony metal ingots with at least 99 percent purity and an independently determined value of at least 15,000 Australian dollars per tonne. One caution from the plant’s record: its demonstrated output rests on a single 99.8 percent antimony ingot that met ASTM B237 Grade A, with the other four samples in the batch assaying at 99.5 to 99.6 percent, so consistent Grade A output remains to be proven.
The separate acquisition of the White Spar antimony project interests in Arizona has not completed and remains subject to third party consents and title confirmations, with no certainty it will close. The completed deal therefore gives AT4 the refinery before it has secured all of its intended feedstock, which makes throughput, product qualification and commercial relationships the next tests.