American Tungsten & Antimony Finalizes GBA Capital Underwriting for 69.2 Million AT4N Options Expiring June 30, 2026

Details of the AT4N Options Underwriting Agreement with GBA Capital

On 30 June 2026, American Tungsten & Antimony announced it had executed a formal underwriting agreement with GBA Capital Pty Ltd, an independent party unrelated to AT4. Under this agreement, GBA Capital has committed to underwrite the exercise of up to 69,179,253 AT4N options, each with an exercise price of $0.03 and expiring on Tuesday, 30 June 2026.

The agreement operates such that if AT4N option holders do not exercise their options by the expiry date, GBA Capital will subscribe for the resulting shortfall securities or arrange for sub-underwriters to do so. This mechanism ensures the company can convert a portion of its outstanding options into equity capital regardless of individual option holder actions. The underwriter may appoint sub-underwriters at its discretion to assist in placing any shortfall shares.

Exercise Price of $0.03 and Maximum Capital Raised Under the AT4N Facility

With 69,179,253 options priced at $0.03 each, the maximum gross proceeds from full exercise of the AT4N options would be approximately $2,075,378. This is calculated by multiplying the number of options by the exercise price. The announcement did not specify a capital raising target or intended use of proceeds beyond the underwriting arrangement details.

The total fees amount to 6.0%, consisting of a 2.0% management fee and a 4.0% underwriting fee, exclusive of GST. These fees apply to the underwritten amount, reducing the net proceeds from any shortfall subscription by GBA Capital. The company did not disclose the exact net proceeds, which will depend on the actual shortfall amount determined after the 30 June 2026 expiry.

Deadline for AT4N Option Holders to Exercise by 5:00pm AWST on 30 June 2026

Option holders wishing to exercise their AT4N options, in whole or in part, must submit a Notice of Exercise of Options Form to the company's share registrar by 5:00pm Australian Western Standard Time on Tuesday, 30 June 2026. Payment of $0.03 per option must be received in cleared funds by this deadline. Payment instructions are detailed in the Notice of Exercise form.

This deadline is strict and coincides with the formal option expiry date. Options not exercised by close of business on 30 June 2026 will be deemed unexercised and form part of the shortfall that GBA Capital is obligated to underwrite. Option holders missing this deadline will forfeit the right to acquire shares at $0.03, and their options will lapse. The announcement serves as a formal reminder of this obligation ahead of the same-day deadline.

Indicative Timeline from Shortfall Notification to Quotation of New Shares

After the 30 June 2026 expiry, the underwriting process follows a set timetable outlined in the company update. The Shortfall Notification Date, when the company will inform GBA Capital of the number of unexercised options, is scheduled for Friday, 3 July 2026. This allows three days to tally exercised options and determine the shortfall.

The Shortfall Subscription and Final Allotment Date is Wednesday, 8 July 2026, when GBA Capital or its nominees are expected to complete subscriptions for any shortfall shares. Quotation of these shares on the ASX is anticipated on Thursday, 9 July 2026, subject to ASX procedures. The timetable is indicative and may change, including as required by ASX. Investors should watch for AT4 announcements in early July for any updates.

Issuance of Shortfall Shares Under ASX Listing Rule 7.2 Exception 10

Shares issued to GBA Capital or sub-underwriters under the underwriting agreement are expected to be issued pursuant to ASX Listing Rule 7.2, Exception 10. This allows issuance of shares from option exercises or underwriting of unexercised options without needing shareholder approval at a general meeting.

This is important for existing AT4 shareholders because it enables the process to proceed on the accelerated timetable with shortfall shares potentially registered by 8 July 2026. The dilutive effect on shareholders depends on the number of options not exercised by holders, which will only be known after the 30 June 2026 expiry.

Potential Termination Events That Could Cancel the GBA Capital Underwriting

The underwriting agreement includes termination events allowing GBA Capital to withdraw its commitment if triggered. Annexure 1 of the company update lists standard market-protection provisions, including failure to deliver a No Default Certificate; ASIC investigations related to the company or the issue; court orders regarding the options; criminal proceedings against directors or senior managers; and material breaches of the agreement.

Other triggers include material adverse changes in the company's assets, liabilities, financial position, or prospects before the Final Allotment Date; breach or termination of major contracts without underwriter consent; cessation or threat to cease business; and a sustained drop of over 10% in the S&P/ASX 300 index below its closing level before the agreement date for two business days or on the business day before the Final Allotment Date. The market index trigger is a typical institutional safeguard against market risk during the subscription period. The company has not indicated any expectation that these termination events will occur.

American Tungsten & Antimony’s Critical Minerals Assets in Utah and Nevada

American Tungsten & Antimony is developing a portfolio of critical mineral assets in Tier-1 US jurisdictions, with its flagship Antimony Canyon Project located in Utah. The company also holds tungsten projects including Tennessee Mountain, Fraction Lode, Nightingale, Sage Hen, and Dutch Mountain across Utah and Nevada. Its strategic goal is to become a vertically integrated, conflict-free supplier of antimony and tungsten to Western markets.

The company pursues a US-based hub-and-spoke processing and refining model aligned with US Government priorities to secure domestic critical minerals supply chains. Both antimony and tungsten are classified as critical minerals by the US Government due to their applications in defense, energy storage, and advanced manufacturing. AT4 is also listed on the OTCQB in the US under ticker ATALF, providing access to North American investors alongside its ASX listing. The Managing Director is Andre Booyzen.

Capital Structure Move Aligns with AT4’s US Critical Minerals Strategy

Choosing to underwrite the AT4N options rather than risk a low exercise rate expiry reflects a pragmatic capital management approach for an exploration and development company. By engaging GBA Capital to backstop option exercises, American Tungsten & Antimony aims to secure capital embedded in outstanding options regardless of holder participation. Maintaining access to working capital is a key operational priority as it advances projects across two US states.

The announcement does not provide updates on project milestones, drilling results, or government engagement. Investors seeking operational information should refer to prior company disclosures. This underwriting transaction is a capital structure event, not a project development update. Nevertheless, it is relevant for assessing AT4’s near-term financial position as it facilitates additional cash inflows ahead of expected project expenditures. The company did not specify intended use of proceeds from option exercises or shortfall subscriptions in this update.

What AT4 Shareholders and Option Holders Should Watch in Early July 2026

Following this update, shareholders will focus on the level of voluntary exercise by AT4N option holders before the 30 June 2026 deadline. A high exercise rate would indicate strong confidence at the $0.03 price, while a large shortfall would shift subscription responsibility to GBA Capital and any sub-underwriters. The shortfall notification on 3 July 2026 will clarify this.

Shareholders should also monitor subsequent AT4 announcements in early July confirming the shortfall amount, allotment of shortfall shares on 8 July, and commencement of quotation on 9 July. Any changes to the timetable or activation of termination provisions will require market disclosure. The immediate share price impact of the underwriting announcement was unclear at publication. Investors are advised to review AT4’s full announcement and consider independent financial advice before making investment decisions.