American Tungsten Corp. Bolsters Board with Strategic Appointments Amid Tungsten Boom

American Tungsten Corp. (previously Demesne Resources Inc.), a critical minerals developer focused on tungsten production in Idaho, has made significant moves to strengthen its board of directors in 2025. These changes reflect the company’s strategic pivot toward advancing its flagship IMA Mine Project—a past-producing tungsten deposit—amid growing global demand for the metal, which is vital for advanced manufacturing and national security.

The most notable additions include Austin Zinsser, a licensed Idaho geologist with 15+ years of experience in mineral project development, and Dan Nicholas, a finance and government policy expert with deep ties to U.S. federal funding mechanisms. Zinsser’s appointment in March 2025 signaled a technical upgrade for the board, while Nicholas’s May 2025 arrival, following the resignation of former director Dhanbir Jaswal, underscored a focus on securing capital and regulatory support.

The March 2025 Appointment: Austin Zinsser’s Technical Expertise

Zinsser, who serves as a professional geologist on Idaho’s state board, brings hands-on experience in permitting, resource delineation, and federal regulatory processes. His prior roles at Perpetua Resources Corp.’s Stibnite Gold Project and as an independent consultant on critical mineral projects directly align with American Tungsten’s goals for the IMA Mine. The mine, located in Idaho’s Lemhi County, is a historic tungsten producer with modern potential due to its high-grade deposits and proximity to infrastructure.

The company emphasized that Zinsser’s addition would accelerate permitting and development efforts. His dual role as Vice President of Exploration further integrates technical leadership into the boardroom, ensuring decisions are grounded in geological realities.

The May 2025 Shift: Dan Nicholas and Government-Finance Synergy

Nicholas’s appointment in May 2025 marked a strategic pivot toward capitalizing on federal funding opportunities. As a former manager of the U.S. Department of Energy’s $40 billion Loan Program Office, Nicholas oversaw investments in energy and infrastructure projects, including loans to Tesla and other high-profile firms. His experience in navigating federal grant programs and his 30-year finance career at firms like Morgan Stanley position him to help American Tungsten secure critical funding for the IMA Mine.

The timing of his appointment aligns with the U.S. government’s push to bolster domestic production of critical minerals. Tungsten, used in high-speed cutting tools, defense systems, and aerospace components, is a key target under the Biden administration’s Critical Minerals Action Plan. Analysts estimate the global tungsten market could grow to $4.5 billion by 2027, driven by EV battery and renewable energy demand.

The Departure of Dhanbir Jaswal

Jaswal’s resignation in May 2025, effective immediately, closed a chapter in American Tungsten’s leadership. While the company thanked him for his contributions, the move likely reflects a shift toward prioritizing technical and capital expertise over Jaswal’s previous focus areas. His exit did not signal instability, as the board retained CEO Ali Haji and added complementary skills through Zinsser and Nicholas.

Why This Matters for Investors

The board reshuffle positions American Tungsten to capitalize on two critical trends:
1. Geopolitical Demand: The U.S. aims to reduce reliance on Chinese tungsten imports, which account for ~80% of global supply. The IMA Mine’s potential to produce domestically sourced tungsten aligns with this priority.
2. Capital Access: Nicholas’s DOE background could unlock funding through programs like the Batteries and Critical Minerals Manufacturing Initiative, which offers grants and loans for U.S. mineral projects.

The company’s Star Project in British Columbia and IMA Mine in Idaho now benefit from a board equipped to handle technical, regulatory, and financial challenges. Recent moves to partner with United Supply Co. for offtake agreements and Alpha Collective for marketing further signal a go-forward strategy.

Risks and Considerations

• Regulatory Hurdles: Permitting delays at the IMA Mine could stall timelines.
• Market Volatility: Tungsten prices have fluctuated in 2025, though long-term demand remains robust.
• Execution Risk: Securing federal funding requires navigating complex bureaucratic processes.

Conclusion

American Tungsten’s board restructuring marks a deliberate move to build a leadership team capable of unlocking the IMA Mine’s potential in a booming critical minerals market. With Zinsser’s technical expertise and Nicholas’s capital-raising prowess, the company is well-positioned to address regulatory, financial, and operational challenges.

Investors should monitor:
- Progress on IMA Mine permitting, with a target of initial production by 2027.
- Federal funding announcements through the DOE or other agencies.
- Tungsten price trends, which averaged $28/lb in 2024 but face near-term supply-side uncertainty.

If successful, American Tungsten could become a cornerstone player in U.S. critical minerals production—a sector poised for sustained growth. The board’s expertise upgrades, paired with strategic partnerships, suggest this is more than a defensive reshuffle—it’s an offensive play for market leadership.

Final Take: For investors focused on critical minerals and energy transition themes, American Tungsten’s board changes signal a compelling opportunity to capitalize on a mineral that’s integral to the 21st-century economy.