BN Strategic Metals Corp. has updated the S-K 1300 technical report for its Atolia Tungsten Project in California, outlining an estimated pre-tax net present value of $1.475 billion and a pre-tax internal rate of return of 201% using a 6.2% discount rate.

The updated mineral resource estimate reports approximately 40.4 million pounds of contained tungsten trioxide, comprising 5.85 million pounds in the indicated category and 34.57 million pounds in inferred resources, alongside approximately 97,000 ounces of contained gold. The study models conventional open-pit mining and gravity processing across two plants at Black Hawk and Spud Patch, each designed for a nominal feed rate of 1.032 million cubic yards per year.

“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.” — Robert Binkele, Chief Executive Officer

The project development strategy centers on establishing a vertically integrated domestic supply chain. BN Strategic Metals proposes building an alkaline-leach ammonium paratungstate refinery adjacent to the Black Hawk processing facility, with a maximum annual capacity of approximately 5,250 tons of 50% WO₃ scheelite concentrate.

To support this footprint, BN Strategic Metals has assembled approximately 5,510 acres of private and federal mineral properties in the historic Rand Mining District. Historical production across the district between 1893 and 2001 yielded approximately 2.06 million ounces of gold, 20.79 million ounces of silver, and 24.94 million pounds of tungsten trioxide.

“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.” — Robert Binkele, Chief Executive Officer

The preliminary economic assessment estimates life-of-mine recovered production of approximately 25.6 million pounds of tungsten trioxide and 55,800 ounces of gold, averaging approximately 3.1 million pounds of tungsten trioxide and 7,400 ounces of gold annually, with capital payback estimated at approximately 6.4 months after production begins.

The company plans to complete additional metallurgical and process testing to establish recoveries and refine the processing flowsheet, with an objective of delivering a comprehensive feasibility study incorporating the proposed processing facilities and ammonium paratungstate refinery.

Read the full announcement: BN Strategic Metals Reports Update to S-K 1300 Technical Report for Atolia Tungsten Project