Mr. Ali Haji reports

AMERICAN TUNGSTEN COMMENCES PHASE I DIAMOND DRILL PROGRAM AT THE IMA MINE

American Tungsten Corp. has commenced its phase 1 diamond drill program at the Ima mine, as previously announced by the company on Nov. 12, 2025.

"The commencement of this phase 1 drill program marks the next step in advancing the Ima mine toward commercial production. By systematically testing multiple tungsten vein systems and validating an established historical resource base, we are building confidence in the asset while positioning American Tungsten to become the first commercial tungsten producer in the United States. Our contractors are progressing at an accelerated pace, and we are committed to delivering tangible milestones: from drill results to infrastructure development, demonstrating value creation and keeping shareholders closely aligned with our path to production throughout the first quarter of next year," said Ali Haji, chief executive officer of American Tungsten.

Following a detailed review of historical mining and drill hole data, American Tungsten has identified five priority exploration targets for phase 1 drilling, as described in the company's press release on June 10, 2025, consisting of the No. 5 and No. 7 vein system, the Ima West vein, the Eastern vein, and the Main Ima vein. The objective of the company's phase 1 program is to further delineate these historically identified tungsten vein systems and address compelling low-risk targeted areas for expansion of known mineralization by the end of first quarter 2026.

Program objectives:

• Approximately 12,100 feet of drilling across three stations on the D level and two stations on the Zero level;
• Establish geological continuity of the polymetallic tungsten-silver quartz vein system updip of the D level and along strike to the north; and
• Test additional vein systems and molybdenum mineralization from the Zero level previously intersected by past operators.

Current deliverables:

• Drilling has commenced at the first station on the D level, with at least five holes planned totalling approximately 1,950 feet to validate and extend the No. 5 and No. 7 veins.
• The first drill station is established from a new crosscut driven 195 feet into the footwall of the No. 5-7-9 vein system, where planned drill holes are projected to intersect multiple veins.
• Continued drift development (approximately 325 feet remaining) is continuing to prepare the second and third D level drill stations. During late December and January, a further 3,500 feet of additional drilling will be carried out from those two stations.
• Rehabilitation and infrastructure upgrades at the Zero level are progressing to support further diamond drilling, currently planned to entail approximately 6,700 feet.

About the Ima mine

The Ima mine is a past-producing underground tungsten mine situated on 22 patented claims located in east-central Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric thermal units of WO3 and was subsequently explored for molybdenum and tungsten by various operators between 1960 and 2010.

Between 1978 and 1982, Inspiration Development Corp. focused exploration on development of the quartz-tungsten-vein system, rehabilitating upper levels of the mine to complete underground resource delineation drilling, and conducting metallurgical work. Inspiration planned a 300-tonne-per-day underground operation using inclined slot methods targeting the vein systems in the upper levels of the Ima mine. Development work ceased in 1982 prior to recommencement of mining associated with the deterioration of tungsten prices at the time. American Tungsten is actively assessing potential for restart of underground tungsten mining operations at the Ima mine.

About American Tungsten Corp.

American Tungsten is a Canadian exploration company focused on high-potential tungsten and magnetite assets in North America. The company is advancing the Ima mine project in Idaho to commercial production, addressing critical metal scarcity in North America. The company's Ima mine project is a historic and high-quality underground tungsten past-producing property on private-patented land well above the water table with significant infrastructure. The company holds an exclusive option to acquire full ownership (subject to a 2-per-cent royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.

Technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Austin Zinsser, PG, SME-RM, vice-president, exploration, for the company, a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical information in this presentation.

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