Mr. Ali Haji reports

AMERICAN TUNGSTEN INTERSECTS HUBNERITE-SCHEELITE MINERALIZATION IN INITIAL DRILLHOLE AT IMA MINE PROJECT

American Tungsten Corp. has completed the initial drill hole at the company's Ima mine project and has seen hubnerite and scheelite tungsten mineralization over multiple core intercepts.

The phase 1 drilling program, as described in the company's press release on Dec. 2, 2025, is focused on five priority exploration targets consisting of the No. 5 and No. 7 vein systems, the Ima West vein, the Eastern vein, and the Main Ima vein. The program was designed to systematically test multiple sheeted tungsten veins updip and along strike of historical resources defined on the D-level of the Ima mine. 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.

"The initial drill holes at the Ima project are highly promising for American Tungsten. While assay results are still pending, this early success is a testament to the expertise and dedication of our technical team. Their work is laying the groundwork to validate historical reserves and unlock new opportunities for growth. We are confident this momentum will continue to expand the project's potential and deliver lasting value for our shareholders," said Ali Haji, chief executive officer of American Tungsten.

Drill program highlights:

• The first drill holes were collared from a new crosscut in the footwall of the D-level vein system. AT25-01 was oriented on a 280 azimuth with a plus-40 inclination:
  • AT25-02 was oriented on a 225 azimuth with a plus-45 inclination. AT25-01 was completed at 373 feet on Dec. 12, 2025.
  • Drill hole AT25-02 is continuing as part of the company's planned 10,000-foot phase 1 program. The drilling contractor is initiating double shifts to increase productivity.
• AT25-01 intersected the No. 5 vein over 12.7 ft from 95 to 107.7 ft, and the No. 7 vein over 14.1 ft from 240.2 to 254.3 ft. AT25-02 is currently drilled to a depth of approximately 150 ft and intersected the No.5 vein over 11.5 ft from 93 to 104.5 ft.
• Hubnerite (MnWO4) was observed as 0.5- to 10-millimetre reddish-brown to black striated prismatic crystals occurring within discrete vein horizons distributed throughout significant widths of the No. 5 quartz vein. Scheelite (CaWO4) was observed under shortwave ultraviolet light as blue fluorescent diffuse masses, sometimes rimming hubnerite crystals within coarse milky quartz over four feet of the vein.
• In the No. 7 vein, hubnerite was observed as 0.5- to five-millimetre crystals occurring in discrete vein horizons within sheeted or milky quartz vein phases, locally partially oxidized. Accessory minerals observed in both the No. 5 and No. 7 veins include tetrahedrite, chalcopyrite, galena, molybdenum, pyrite and fluorite.
• Wall rock in AT25-01 was generally unmineralized to weakly mineralized, except where additional pyrite-calcopyrite plus or minus molybdenum veins were intersected outboard of the primary veins.
• True width of the veins is estimated to be approximately 80 per cent of intercept width, based on projected geometry and vein contact/core axis angles. Core recovery is greater than 90 per cent within vein material. Assay results have not been received for AT25-01 or AT25-02.

The next drill holes from the first drill station are oriented to fan southward from the initial intercepts. The drift to access the second drill station 200 ft to the north is well advanced. Analytical results are pending, and there is no guarantee that assay results will verify visual observations of mineralization, grade or economic viability.

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. American Tungsten is currently conducting an exploration drill program and assessing potential for restart of underground tungsten mining operations at the Ima mine.

Quality assurance/quality control measures and chain of custody

American Tungsten's QA/QC program applies industry standard best practices to ensure data quality and integrity for the Ima mine project, including maintaining chain of custody, secure sample storage, adherence to data collection protocols, and inclusion of certified reference, blank and duplicate quality assurance samples in laboratory submissions. Samples will be submitted for assay to ALS Minerals, Twin Falls, Idaho, in December, 2025. Assay results will be released when available. Visual mineral identification was conducted by qualified professional geologists in conjunction with assessment of mineral form, hardness, streak, fluorescence and other semi qualitative data. Analytical results are pending, and there is no guarantee that assay results will verify visual observations of mineralization, grade or economic viability.

Qualified person

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 news release.

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.

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