Updated Technical Report Outlines Approximately 40.4 Million Pounds of Contained WO₃, Proposed U.S. APT Refinery and Estimated $1.475 Billion Pre-Tax NPV.
Company Advances Strategy to Establish an Integrated Domestic U.S. Tungsten Supply Chain.
INDIAN WELLS, CA / ACCESS Newswire / September 15, 2026 / BN Strategic Metals Corp. ("BN Strategic Metals," "BN," or the "Company") today announced updates to the S-K 1300 Technical Report for its wholly owned Atolia Tungsten Project, located in California's historic Rand Mining District.
The updated technical work includes a Mineral Resource Estimate with an effective date of August 31, 2026, reporting approximately 40.4 million pounds of contained tungsten trioxide (WO₃), consisting of approximately 5.85 million pounds of Indicated Resources and 34.57 million pounds of Inferred Resources, together with approximately 97,000 ounces of contained gold.
The updated technical work represents an important advancement in BN's 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 updated Mineral Resource Estimate 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. Differences between the two estimates reflect [changes in resource boundaries, classification standards, cut-off parameters, and the incorporation of additional drilling and technical data].
KEY ATOLIA PROJECT HIGHLIGHTS
Updated S-K 1300 Mineral Resource
- Approximately 40.4 million pounds of contained WO₃ in Indicated and Inferred Mineral Resources.
- Approximately 5.85 million pounds of Indicated WO₃ and 34.57 million pounds of Inferred WO₃.
- Approximately 15,000 ounces of Indicated gold and 82,000 ounces of Inferred gold.
- Mineral Resource Estimate effective date of August 31, 2026.
Integrated U.S. APT Strategy
- Proposed alkaline-leach APT refinery with a maximum annual capacity of approximately 5,250 tons of 50% WO₃ scheelite concentrate.
- Proposed refinery to be located adjacent to the Black Hawk processing facility.
- Company objective is to advance an integrated mine-to-APT pathway entirely within the United States.
Large-Scale Processing Concept
- Two processing plants are contemplated at Black Hawk and Spud Patch.
- Each plant is designed for a nominal feed rate of approximately 1.032 million cubic yards per year.
- Conventional open-pit mining and gravity processing are contemplated to produce tungsten-bearing scheelite concentrate and gold doré.
Preliminary Economic Assessment
- Estimated pre-tax NPV of approximately $1.475 billion using a 6.2% discount rate.
- Estimated pre-tax IRR of approximately 201%.
- Estimated undiscounted payback of approximately 6.4 months after production begins.
- The technical report identifies tungsten APT pricing as the most significant sensitivity affecting project economics.
All figures presented are pre-tax. After-tax figures may be materially lower.
Projected Production
The PEA estimates life-of-mine recovered production of approximately 25.6 million pounds of WO₃ and 55,800 ounces of gold, with average annual production of approximately 3.1 million pounds of WO₃ and 7,400 ounces of gold.
The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
BUILDING AN AMERICAN TUNGSTEN SUPPLY CHAIN
BN believes the Atolia Tungsten Project represents an opportunity to contribute to one of the most important challenges facing the U.S. critical-minerals sector: expanding domestic tungsten resources and processing capacity.
Rather than developing Atolia solely as a conventional concentrate-producing mining operation, BN's strategy is to advance the project toward an integrated mine-to-APT model.
Under the current project concept, tungsten- and gold-bearing placer material would be mined and processed through gravity concentration to produce scheelite concentrate. The concentrate would then be processed through the proposed APT refinery to produce a higher-value tungsten intermediate product.
The proposed refinery is currently contemplated to process up to approximately 5,250 tons per year of 50% WO₃ scheelite concentrate.
BN believes that establishing domestic APT production could provide an important additional link in the U.S. tungsten supply chain and potentially reduce reliance on foreign processing capacity. APT is a key intermediate tungsten product used in the production of materials required for defense, aerospace, advanced manufacturing and other strategic applications.
Consolidated Project Economics
In addition to the economics of the Atolia Project, the consolidated economics for BN's Kelly silver-gold project and Atolia tungsten project indicate a pre-tax NPV of approximately $2.1 billion and an IRR of 222% at an 8% discount rate under the Base Case, increasing to approximately $3.5 billion of NPV and 425% IRR at spot prices. These consolidated figures are derived from preliminary economic assessments and are subject to the same limitations and uncertainties described above.
These consolidated figures reflect the potential value of BN's broader tungsten development portfolio and are separate from the Atolia-specific economic assessment described above.
ATOLIA: A HISTORIC TUNGSTEN DISTRICT WITH MODERN DEVELOPMENT POTENTIAL
The Atolia Tungsten Project is located in the historic Rand Mining District of California, approximately 100 miles north-northeast of Los Angeles.
The Rand Mining 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.
Historical production from the Rand Mining District from 1893 through 2001 included approximately:
- 2.06 million ounces of gold
- 20.79 million ounces of silver
- 24.94 million pounds of WO₃
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.
TECHNICAL PROGRAM ADVANCES TOWARD FEASIBILITY
The updated technical work provides BN with a framework for advancing the Atolia Project toward feasibility-level development.
The technical work indicates that tungsten- and gold-bearing placer material responds well to conventional gravity recovery methods. Additional metallurgical testing is planned to further establish recoveries and refine the processing flowsheet.
BN plans to advance:
- Additional metallurgical and process testing;
- Engineering and design for the proposed processing facilities;
- Engineering and development work for the proposed APT refinery;
- Environmental and permitting activities;
- Continued exploration;
- Infrastructure planning; and
- A comprehensive Feasibility Study incorporating the proposed processing facilities and APT refinery.
The technical report recommends advancing toward a Feasibility Study following completion of the required technical and metallurgical work.
MANAGEMENT COMMENTARY
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."
"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."
"Our next objective is to continue advancing the metallurgical, engineering, permitting and feasibility work necessary to move Atolia toward a production decision."
NEXT PHASE OF DEVELOPMENT
BN 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.
QUALIFIED PERSONS
The Mineral Resource Estimate and Preliminary Economic Assessment contained in the technical report were prepared under the supervision of qualified persons identified in the report, including Sam J. Shoemaker, Jr., B.S., SME Registered Member; Chris L. Boyer; Jody Kelso; and Catherine A. Joyner, M.S., P.E.
Catherine A. Joyner was responsible for converting the technical report to S-K 1300 format.
ABOUT BN STRATEGIC METALS
BN Strategic Metals is focused on the exploration and development of critical mineral and precious-metal assets in the United States.
The Company's principal development focus is the Atolia Tungsten Project, located in California's historic Rand Mining District.
BN's strategy is to advance the Atolia Project toward an integrated domestic tungsten operation encompassing mineral resources, mining, processing, tungsten concentrate production and the potential production of ammonium paratungstate (APT) in the United States.
FORWARD‑LOOKING STATEMENTS & TECHNICAL NOTES
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements include, but are not limited to, statements regarding anticipated project development, mineral resources, exploration potential, planned APT processing facilities, permitting, financing, engineering, construction, production timing, future demand for critical minerals, strategic partnerships, and expected business strategies. These statements are based on management's current expectations and assumptions and are subject to numerous risks and uncertainties that could cause actual results to differ materially. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Factors that may affect actual results include changes in commodity prices, financing availability, permitting and regulatory approvals, technical and operational challenges, market conditions, and other risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. BN Strategic Metals Corp. undertakes no obligation to update forward-looking statements except as required by applicable law.
The Company is an exploration-stage company with no proven or probable mineral reserves, and all project statements, including with respect to the quantity and grade of minerals at these project locations, are conceptual and exploratory in nature. All estimates are preliminary and are not prepared to meet specific regulatory requirements. Results may differ due to risks and uncertainties in exploration, permitting, market conditions, financing, and other factors.
For additional information:
BN Strategic Metals Corp.
Robert Binkele, Chief Executive Officer
P: 760-409-7117
E: rbinkele@bnstrategicmetals.com
45110 Club Drive, Suite B
Indian Wells, CA 92210
Supporting U.S. Mineral Independence
SOURCE: BN Strategic Metals Corporation
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