The Globe and Mail reports in its Friday, Sept. 4, edition that Stifel analyst Muhammad Sadiq began coverage on American Tungsten with a "buy" recommendation and a $5 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $4.95. Mr. Sadiq says in a note: "Tungsten has repriced roughly 900 per cent over twelve months to $3,185 (U.S.)/mtu, after China, which contributes 79 per cent of mine supply and possesses 85 per cent of refining capacity, brought the metal under export control and concurrently the United States moved to bar Chinese material from defence procurement starting in 2027. Tungsten is indispensable to munitions, aerospace alloys and semiconductor interconnect but its primary market is industrial: approximately 65 per cent of first use is cemented carbides for metal cutting, mining and construction, demand tracks GDP growth rather than a single concentrated end-market. American Tungsten offers the earliest listed exposure to that dislocation on United States soil. American Tungsten trades at 0.21 times P/NAV against a median 0.60 times for North American single-asset critical minerals developers supported by government financing."