American Tungsten Provides Operation and Development Update

Core Insights - American Tungsten Corp. has successfully completed rehabilitation work on the D level adit at the IMA Mine and has commenced underground development for diamond drilling [1][6] - The company is transitioning from a Direct Shipping Ore (DSO) model to a full-scale onsite milling strategy, aiming to unlock long-term geological and economic value from its high-grade tungsten asset [2][6] Development and Operations - The company has initiated a metallurgical testwork and process design program in collaboration with WSP to support the establishment of a mill onsite [3][4] - Rockhead Consulting LLC has been awarded the underground drilling contract, which includes an initial 5,000 feet of diamond drilling on the D level [3] - Approximately 1,000 feet of the D level have been rehabilitated, with ongoing preparations for drilling expected to commence in mid-November 2025 [4][5] Technical Evaluations - The metallurgical testwork will include various methods such as comminution, gravity recovery, flotation, and X-Ray sorting technology [4] - Initial engineering efforts will involve mass balance calculations, preliminary Process Flow Diagram (PFD) development, and estimation of capital expenditures [4] Historical Data Validation - The company is validating historical data, including the completion of inventory and re-packaging of analytical pulps from previous drill programs [8] - An underground channel sampling program has been initiated to confirm historical results from specific vein systems [8]