Mr. Ali Haji reports

AMERICAN TUNGSTEN COMPLETES C$40 MILLION BOUGHT DEAL FINANCING

American Tungsten Corp. has closed its previously announced bought deal private placement for aggregate gross proceeds of $40,002,060. The offering was conducted by Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Integrity Capital Group Inc. and Canaccord Genuity Corp., pursuant to which the underwriters purchased on a bought deal basis, an aggregate of 14,286,450 units of the company at a price of $2.80 per unit. This total includes the full exercise of the underwriters' option to purchase additional units.

Each unit consists of one Class A common share of the company and one-half of one Class A common share purchase warrant. Each warrant entitles the holder thereof to purchase one Class A common share of the company at a price of $3.75 at any time before 5 p.m. Toronto time on March 18, 2029.

The underwriters received a cash commission of approximately $2,400,123 equal to 6.0 per cent of the gross proceeds of the offering. As additional consideration for their services, the underwriters were also issued 857,187 broker warrants equal to 6.0 per cent of the number of units issued pursuant to the offering. Each broker warrant entitles the holder thereof to subscribe for one Class A common share of the company at the offering price until March 18, 2028.

The net proceeds from the offering are expected to be used by the company to advance exploration and development at the company's IMA mine project, and for working capital and for general corporate purposes.

The units were offered by way of private placement: (a) in each of the provinces of Canada pursuant to applicable prospectus exemptions under applicable Canadian securities laws; (b) to investors in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended; (c) in jurisdictions outside of Canada and the United States as agreed to by American Tungsten and the underwriters on a private placement equivalent basis.

The offering remains subject to the policies of the Canadian Securities Exchange. The securities issued pursuant to the offering are subject to a four-month hold period in accordance with applicable Canadian securities laws and the rules of the exchange.

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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