BN Strategic Metals Updates Atolia Tungsten Project Technical Report

BN Strategic Metals, a company focused on critical mineral and precious-metal assets in the United States, has announced an update to its S-K 1300 Technical Report for the Atolia Tungsten Project, located in California's historic Rand Mining District. The report outlines approximately 40.4 million pounds of contained tungsten trioxide (WO₃), with significant gold credits, and proposes the establishment of an integrated domestic U.S. tungsten supply chain.

According to the updated report, the Atolia Tungsten Project now boasts an estimated 40.4 million pounds of contained WO₃, divided into 5.85 million pounds of Indicated Resources and 34.57 million pounds of Inferred Resources. Additionally, the project contains approximately 15,000 ounces of Indicated gold and 82,000 ounces of Inferred gold. The Mineral Resource Estimate, effective as of August 31, 2026, reflects revised geological modeling, updated resource classification methodology, and additional technical work completed since the Company's prior NI 43-101 mineral resource estimate dated August 7, 2025.

BN Strategic Metals is advancing its strategy to develop the Atolia Project as a potential vertically integrated U.S. tungsten operation, encompassing mining, gravity concentration, tungsten concentrate production, and the Company's proposed ammonium paratungstate (APT) processing facility. The proposed APT refinery, located adjacent to the Black Hawk processing facility, is designed to process up to approximately 5,250 tons per year of 50% WO₃ scheelite concentrate. The Company aims to advance an integrated mine-to-APT pathway entirely within the United States.

The Preliminary Economic Assessment (PEA) for the Atolia Project indicates a pre-tax net present value (NPV) of approximately $1.475 billion using a 6.2% discount rate. The PEA also estimates a pre-tax internal rate of return (IRR) of approximately 201% and an undiscounted payback period of approximately 6.4 months after production begins. Tungsten APT pricing is identified as the most significant sensitivity affecting project economics.

The Atolia Tungsten Project is situated in the historic Rand Mining District of California, approximately 100 miles north-northeast of Los Angeles. The district contains more than 50 historical mines, including the Baltic, Lamont, and Yellow Aster gold mines, the Kelly silver mine, and the Union tungsten mine. BN has assembled approximately 5,510 acres of private and federal mineral properties in the district through purchases, staking, and options.

The Company's technical work also identifies potential for additional tungsten- and gold-bearing placer resources in the Atolia area, as well as potential rare-earth mineralization. The in-situ lode tungsten potential in the district remains largely untested. BN Strategic Metals plans to advance the project by completing additional metallurgical work, advancing engineering and permitting activities, refining the design of the proposed APT facility, and continuing exploration across the Company's substantial land position in the Rand Mining District.

Robert Binkele, Chief Executive Officer of BN Strategic Metals, stated, "This updated S-K 1300 technical work marks an important milestone for BN Strategic Metals and the Atolia Tungsten Project. We now have a significantly stronger technical foundation outlining approximately 40.4 million pounds of contained tungsten resources, significant gold credits, and the potential for an integrated processing operation that could include APT production in the United States."

Binkele further commented, "What makes Atolia particularly compelling is that our strategy goes beyond simply mining tungsten. We are evaluating the opportunity to develop an integrated domestic tungsten supply chain, from resource extraction and concentration through the production of APT. At a time when the United States is focused on rebuilding domestic critical-mineral supply chains, we believe Atolia has the potential to become an important U.S. tungsten development project."

BN Strategic Metals intends to continue advancing the Atolia Tungsten Project toward a Feasibility Study and potential development. The Company's near-term priorities include completing additional metallurgical work, advancing engineering and permitting activities, refining the design of the proposed APT facility, and continuing exploration across the Company's substantial land position in the Rand Mining District. BN's long-term objective is to establish Atolia as a domestic source of tungsten and APT, creating an integrated U.S. supply chain capable of supplying critical tungsten products to downstream American markets.