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Priced near base case
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What is American Tungsten Corp. (TUNG.V) worth?
Currently $1.38 — in line with the base case ($1.35) · ● live
Platform / optionality
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-08-03 17:29 · Market cap $87.5M
As of 2026-08-03, American Tungsten Corp. (TUNG.V) looks fairly valued. Dolphy estimates a fair value of $1.30 versus a current price of $1.38 — a 6% premium to fair value.
Executive summary
American Tungsten Corp. (TUNG.V) is a Vancouver-based junior mineral developer advancing the IMA tungsten-molybdenum project in East-Central Idaho — a former producing mine it acquired and rebranded around in early 2025 (ex-Demesne Resources). It has no revenue, no reserves and no economic study in the available disclosure; FY2025 net loss was ~CAD 16m, of which a large share was non-cash stock-based compensation, and cash burn is running near CAD 5m/quarter and accelerating.
The story is entirely forward-looking: tungsten is a critical mineral, ~80%+ of global supply is China-controlled, and Western supply-security policy has revived interest in domestic sources. The company capitalised on that narrative to raise ~CAD 60m of equity over the past year, leaving it with ~CAD 51m cash and no debt — a genuinely well-funded junior, which is rare and valuable.
Stripping out cash, the market ascribes only ~CAD 35–40m to IMA itself. That is a reasonable, risk-fair price for early-stage optionality rather than a mispricing. Fair value of CAD 1.30 sits around the current level. This is a speculative, binary, high-beta (~4.3) situation whose value will be re-rated — up or down sharply — by resource delineation and study economics, not by earnings.
How we value it
Risked NAV / sum-of-the-parts (cash + optionality on IMA project), cross-checked with probability-weighted scenarios
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About American Tungsten Corp.
American Tungsten Corp., a mineral exploration company, engages in the acquisition, exploration, and evaluation of mineral properties in Canada and the United States. The company explores for tungsten, molybdenum, and iron deposits. Its flagship project is the IMA Mine Project located in East-Central in Idaho, United States. The company was formerly known as Demesne Resources Ltd. and changed its name to American Tungsten Corp. in January 2025. American Tungsten Corp. was incorporated in 2019 and is based in Vancouver, Canada.
Frequently asked questions
Is TUNG.V a buy?
As of 2026-08-03, American Tungsten Corp. (TUNG.V) looks fairly valued. Dolphy estimates a fair value of $1.30 versus a current price of $1.38 — a 6% premium to fair value.
What is TUNG.V's fair value?
Dolphy's estimated fair value for American Tungsten Corp. (TUNG.V) is $1.30, versus a current market price of $1.38.
Is TUNG.V overvalued or undervalued?
American Tungsten Corp. (TUNG.V) currently looks fairly valued — trading at a 6% premium to Dolphy's estimated fair value of $1.30.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.