Mr. Ali Haji reports

AMERICAN TUNGSTEN REPORTS POSITIVE INITIAL METALLURGICAL TEST WORK RESULTS FROM IMA TUNGSTEN PROJECT

American Tungsten Corp. has released positive results of initial metallurgical testwork conducted by Sepro Laboratories on tungsten-silver mineralized samples from the IMA mine, Lemhi county, Idaho.

Highlights

• Staged Falcon gravity concentration with regrinding achieved 94.4-per-cent WO3 recovery;
• Heavy liquid separation achieved 91.1-per-cent WO3 recovery with 33.8-per-cent mass pull;
• Sulphides effectively concentrated by flotation recovering 83.2 per cent Cu (copper), 72.0 per cent Ag (silver) and 59.1 per cent Mo (molybdenum) with minimal WO3 loss.

"These initial metallurgical results reinforce the robustness of the material's response to dense media and gravity separation, supporting our view that the IMA tungsten project has the potential for an efficient and scalable processing pathway. Coupled with the momentum from our recently completed $40-million bought deal financing, we are in a strong position to accelerate technical derisking and advance key development activities. We remain focused on driving value creation as we move the project toward its next stages," stated Ali Haji, chief executive officer of American Tungsten.

Test program

Sepro Laboratories, a division of Sepro Mineral Systems Corp., was contracted to conduct gravity and flotation testwork on polymetallic tungsten quartz vein material from the IMA mine. One hundred thirty kilograms of representative materials were collected from six sample channels in the No. 5 and No. 7 veins on the D level of the IMA mine and provided to Sepro for bench scale metallurgical testing. Head assays for the material show average grades of 1.1 per cent WO3, 83 parts per million Ag, 0.09 per cent Cu, 0.037 per cent Mo and 0.41 per cent S (sulphur).

The objective of the test program was to evaluate the amenability of mineralized materials to a gravity-flotation flowsheet including dense media separation (DMS), Falcon centrifugal gravity concentrator (Falcon), tabling and flotation methods.

"The HLS [heavy liquid separation] test results demonstrate excellent WO3 recovery and indicate that the sample is highly amenable to density-based separation," reported Sepro in the test report, and "results of staged Falcon concentration with regrinding and final tabling demonstrates excellent gravity recoverability of WO3."

Test results

An open-circuit rougher Falcon gravity test entailing staged Falcon concentration with regrinding and final cleaning was conducted on the sample. The initial gravity stage achieved 84.4 per cent WO3 recovery at a 29.6-per-cent mass pull. Subsequent rougher cleaner and MAT table simulation further upgraded the cleaner concentrate with limited WO3 losses. Regrinding the rougher tail to P80 of 75 micrometres and treatment with a scavenger falcon recovered an additional 10.0 per cent of the WO3, demonstrating potential for greater than 90-per-cent recovery through gravity methods.

Heavy liquid separation tests were conducted on one-fourth crush material with under 0.85-millimetre fraction removed at 2.85, 2.75, 2.7 and 2.65 cut points. The 2.85 SG cut achieved 65.3-per-cent WO3 recovery (13.81 per cent WO3 grade) in a 4.4-per-cent mass pull, and achieved 91.1-per-cent WO3 overall recovery in a 33.8-per-cent mass pull at 2.65 SG, demonstrating strong potential for DMS as a preconcentration method.

Sulphide-tungsten staged flotation testing was conducted at P80 of 75 micrometres. Sulphide preflotation recovered 81.4 per cent of the S, 83.2 per cent of the Cu, 72.0 per cent of Ag and 59.1 per cent of Mo at a very low mass pull of 1.44 per cent, with minimal WO3 loss (4.1 per cent at 2.46-per-cent grade). Subsequent WO3 rougher flotation recovered 89.7 per cent of the WO3 at a 14.93-per-cent mass pull.

Bond Ball Mill Work Index (BBWi) testing was performed to assess grindability. The sample was found to have medium to hard grindability characteristics of 13.51-kilowatt-hours per tonne, indicating moderate energy inputs required for comminution.

American Tungsten and its contractors are actively interpreting results and planning for additional metallurgical and process design testing which may include HLS crush size variability tests, locked cycle Falcon gravity testing, sulphide preflotation with Falcon concentration, magnetic separation for concentrate upgrading and geometallurgical variability testing. Additional metallurgical testwork by Sepro of historical tailings materials is currently continuing.

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 MTUs of WO3 and was subsequently explored for molybdenum and tungsten by various operators between 1960 to 2010. American Tungsten is currently conducting an exploration drill program and assessing potential for restart of underground tungsten mining operations at the IMA mine.

QA/QC (quality assurance/quality control) and sample methodology

Underground sampling was conducted using a cordless hammer drill plus/minus a diamond saw where required in competent silicified veinwork. Sampling methodology was designed to obtain representative samples of the entirety of the vein; samples were typically vertical channels, chipped or sawn approximately six to 10 centimetres wide, extending from rib to rib, ranging from five to 10 feet length. Samples were collected in five gallon buckets and shipped to Sepro by commercial courier.

Samples received by Sepro were coarse crushed and homogenized using a rotary splitter, splits collected for various processes and head assays, and remainer stage crushed to 3.35 mm with additional preparation as required. Assaying was conducted by MSA Labs of Langley, B.C., as directed by Sepro using four-acid digest with ICP-ES finish and peroxide fusion methods for tungsten.

While efforts were made to collect and submit representative samples for testing, the reader is cautioned that sample results discussed herein are based on a limited sample volume, and may not ultimately be representative of all mineralized materials, and their metallurgical recoveries. Additional variability testing is required to further assess overall metallurgical performance of mineralized materials from the IMA project.

American Tungsten Corp's quality assurance and quality control (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 transport and storage, adherence to data collection protocols, and inclusion of certified reference, blank and duplicate quality assurance samples in laboratory submissions.

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, and 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.

We seek Safe Harbor.