12:57 PM EDT, 09/24/2025 (MT Newswires) -- American Tungsten ( TUNGF ) shares were last seen up 11% after the company on Wednesday said it signed a letter of intent (LOI) for an offtake agreement from its IMA Mine project with Global Tungsten & Powders.

The company is currently rehabilitating the IMA mine in Idaho, a past producing tungsten-molybdenum project. It did not offer any details on the offtake agreement.

"Our strategic agreement with Global Tungsten & Powders marks a pivotal milestone in our emergence as a leading domestic supplier of high-grade tungsten. This LOI not only affirms robust market demand but also reflects the deep confidence our partners place in our technical capabilities and long-term vision. With this partnership in place, American Tungsten ( TUNGF ) remains firmly on track for near-term production and a full-scale restart of the IMA Mine," chief executive Ali Haji said.

Shares of American Tungsten ( TUNGF ) were last seen up $0.16 to $1.62 on the Canadian Securities Exchange.

Price: 1.62, Change: +0.16, Percent Change: +10.96