As Washington backs antimony and tungsten, AT4 moves towards Nasdaq

American Tungsten & Antimony (ASX: AT4) has submitted a confidential draft registration statement to the US Securities and Exchange Commission, the first formal step towards listing depositary shares on the Nasdaq Capital Market. The listing remains subject to SEC and Nasdaq review.

The company says a Nasdaq listing would broaden its US investor base at a time of rising federal interest in antimony and tungsten.

AT4 said it had submitted a draft Form F-1 to the SEC for non-public review, in an announcement reported on 28 September 2026. The filing supports a proposed Level III American Depositary Receipt program, under which AT4's depositary shares would trade in US dollars on the Nasdaq Capital Market. The company already has a Level I program, through which its securities trade over the counter in the United States. It expects to file the F-1 publicly later this year.

Executive chair Timothy Morrison said the listing would give AT4 a substantially broader platform than its existing over-the-counter presence and could materially widen its US investor base and visibility. He said further regulatory and operational work remains before trading can begin.

The filing comes as Washington's interest in the metals AT4 works on has grown. On 18 August 2026 the Department of Energy selected AT4's ASCEND-Sb antimony smelting project for award negotiations of up to $18m. Selection for negotiations is not an award. On 7 May 2026 the company named David Bernhardt, a former US Secretary of the Interior, chairman of its strategic advisory board. On 5 October 2026 an AT4 executive joined a White House roundtable on critical minerals, and Congressman Paul Gosar then visited the White Spar mine and the Del Sol refinery, joined at White Spar by House Natural Resources chairman Bruce Westerman and Congressman Eli Crane. AT4 says none of this amounts to an endorsement or a commitment of funding or offtake.

AT4's own announcements over the past nine months, with the status of each:

Source: AT4 announcements.

The listing is not assured. AT4 first targeted the second quarter of 2026, then the third. Reports of the filing do not say whether an offering will accompany the listing. A Level III program usually involves one, but AT4's announcement of 19 May 2026 said no new capital was expected to be raised in connection with the listing. The Nexus Metals acquisition has not completed either. Shareholders approved it on 21 September 2026, and the parties have since agreed to extend its end date by three weeks.

AT4 says a Nasdaq listing would widen its access to US investors and improve trading liquidity, which could also give it more ways to raise capital as its projects advance.

Del Sol is restarting, shareholders have backed the Nexus Metals deal and AT4 expects to file its F-1 publicly later this year. If both land, AT4 will have a refinery and a US listing as it pursues the federal funding that has already reached other antimony producers.