News Summary
The most recent news (December 18, 2025) provides assay results from a 34-hole auger drilling program targeting the historical Tungstonia tailings at the Eagle Project in Nevada. The program was extremely shallow, totaling only 67 meters (averaging less than 2 meters per hole). Results showed a weighted average grade of 0.13% WO3, 10.6 g/t Ag, and 626 ppm Rb. Individual “high-grade” highlights reached up to 0.42% WO3 and 123 g/t Ag. Management is framing these results as a potential contribution to the U.S. domestic critical metal supply chain, with metallurgical results expected in early 2026.
Material Impact
The impact is categorized as Routine – Positive. While the news confirms mineralization within the legacy tailings, the materiality is limited by the following:
– Depth Constraints: An average hole depth of ~2 meters indicates this is strictly a surface waste characterization study, not an exploration of the underlying bedrock system.
– Grade Profile: A 0.13% WO3 average is modest. While potentially economic if the material is already “crushed” and on surface, it does not significantly alter the company’s valuation compared to the potential of the primary vein system.
– Expectation Alignment: These results are in line with historical production data (0.6% to 1.0% historic grades) which would naturally leave lower-grade residues in tailings.
– Patriotic Rhetoric: The heavy emphasis on “military family” and “national security” in the press release suggests a strategic pivot toward ESG/Defense-related marketing rather than purely technical milestones.
Catalysts
– Metallurgical Results (Q1 2026): Critical for determining if the tungsten and rubidium can actually be recovered from the tailings profitably.
– Spring 2026 Drill Program: The first real test of the “Two New Targets” and the CRD targets identified in late 2025.
– Resource Estimate (Early 2026): Management has promised a resource estimation which will provide the first formal tonnage and grade figures.
– Warrant Overhang: The $0.45 warrants from the September financing are currently “at the money” and could create selling pressure if exercised for liquidity.
Materiality Conclusion
The tailings results are a logical step in a “low-hanging fruit” strategy but are secondary to the larger Eagle Project potential. The termination of the ValPal IR agreement (December 12) just one month after its inception (November 17) is an odd administrative pivot that suggests internal shifts in marketing strategy or dissatisfaction with service delivery.
