Vancouver, British Columbia--(Newsfile Corp. - February 24, 2026) - American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK90) ("American Tungsten" or the "Company") is pleased to report additional tungsten-silver assay results from its on-going underground drilling program at the IMA Mine, Lemhi County, Idaho. Drilling to date has expanded the extent of the No. 5 - No.7 vein system over 300 feet up-dip of the D-level and over 350 feet along strike.Drill Result Highlights:14.2 ft grading 0.67% WO3 and ...

Core Viewpoint - American Tungsten Corp. is advancing its exploration efforts at the IMA Mine, with the initiation of drilling activities and rehabilitation of mine levels, aiming to enhance productivity and identify new mineralization opportunities [2][5]. Drilling and Rehabilitation Progress - A second drill rig is now operational at the IMA Mine, with drilling activities underway on both the upper D-level and mid-Zero Level [1]. - The rehabilitation of approximately 325 feet of the Zero level has been completed, and a new drill station (DSZ-1) has been established [2]. - Drilling from DSZ-1 is designed to assess mineralization in the main IMA vein and test for additional parallel vein systems, with a total of 9 holes planned, amounting to 3,800 feet [2]. Future Drilling Plans - Additional drilling is planned from a second drill station on the Zero level, located approximately 720 feet beyond DSZ-1, with the potential for up to 10,000 feet in 15 holes [3]. - This drilling will target continuity of significant tungsten intercepts and broad zones of tungsten-molybdenum mineralization identified in historical sampling [3]. Historical Context and Production - The IMA Mine is a past-producing underground tungsten mine that operated between 1945 and 1957, producing approximately 199,449 metric tons of WO3 [8]. - The mine has been explored for molybdenum and tungsten by various operators from 1960 to 2010, and American Tungsten Corp. is currently assessing the potential for re-starting underground tungsten mining operations [8][10]. Company Overview - American Tungsten Corp. is focused on high-potential tungsten and magnetite assets in North America, with the IMA Mine Project being a historic and high-quality property situated on private-patented land [10]. - The company holds an exclusive option to acquire full ownership of the IMA Mine, subject to a 2% royalty, and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres [10].

Group 1 - The core message of the article highlights American Tungsten Corp.'s recent financial activities and strategic developments, including a private placement and potential funding from the Export-Import Bank of the United States [1][6] - In July 2025, American Tungsten Corp. completed a C$7.0 million private placement, issuing 14.0 million shares, which has strengthened its balance sheet for accelerated field execution [1] - The company has received a Letter of Interest from the Export-Import Bank of the United States for up to US$25.5 million to support the development of the IMA Project, indicating the strategic importance of domestic tungsten supply [1][6] Group 2 - Drilling activities at the IMA Mine Project are ongoing, with expectations for a full technical analysis to be released within the year [1] - The upcoming expiry of restrictions on the July placement shares is viewed as a mechanical unlock rather than an incremental dilution, which is favorable for the company's stock [1]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The price of tungsten has increased significantly, with 65% black tungsten concentrate priced at 632,000 RMB per ton, up 37.4% year-to-date, and tungsten powder priced at 1,550 RMB per kilogram, up 43.5% year-to-date, indicating strong support for elevated tungsten price levels [1][2] - China's supply and export of tungsten are both contracting, with a projected total mining output of 58,000 tons in 2025, down 6.5% year-on-year, and a cumulative export of tungsten products expected to be 13,149 tons, down 27.5% year-on-year [2][8] - The high tungsten prices are stimulating the advancement of tungsten mining projects in Kazakhstan, Canada, South Korea, and Australia, but the pace of capacity release is slow, with expectations of less than 5,000 tons of new capacity from overseas tungsten mines by 2026 [2][10] - The downstream demand for tungsten products is gradually transmitting price changes, with manufacturers adjusting prices in response to rising raw material costs, indicating a need to focus on end-user demand feedback [3][14] Summary by Sections Supply and Export Dynamics - China's tungsten supply is under strict control, with environmental and safety inspections limiting output from non-compliant mines, leading to a significant reduction in exports to key markets such as Japan and the EU [2][8] - The tightening of export controls on dual-use items to Japan is expected to further decrease market access, reinforcing the reliance on domestic supply [2][8] Price Transmission in Downstream Markets - The impact of tungsten price fluctuations on downstream products is mitigated by the low proportion of tungsten in the overall cost structure of tools, which is around 10-15% [13][14] - Price adjustments by tool manufacturers are expected to occur over a 2-6 month period, reflecting the gradual transmission of raw material costs through the supply chain [3][14] Long-term Industry Outlook - The strategic importance of tungsten resources is increasing, with the U.S. and other countries seeking to reduce dependence on Chinese tungsten through various policies, although significant shifts in the industry are not expected within the next 5-10 years [4][11][18] - The transition from low-end to mid-to-high-end tungsten products is anticipated to enhance profitability and support the overall upgrade of the Chinese tungsten industry [4][18]

Core Viewpoint - American Tungsten Corp. reports high-grade tungsten-silver assay results from the IMA Mine, indicating significant mineralization and potential for project expansion [1][2]. Exploration Sampling Highlights - The company is nearing completion of its drilling program, with initial assay results reinforcing the strength of the IMA Mine project [2]. - Recent assay results from underground channel sampling and surface sampling highlight the scale and continuity of mineralization across the property [2]. Sampling Methodology and Results - Fifteen underground channel samples were collected from the No. 5 vein drift, primarily to validate historical sampling conducted in 1979 [3]. - Tungsten-bearing quartz veins are variably mineralized with hubnerite, scheelite, tetrahedrite, galena, sphalerite, and chalcopyrite [3]. - Samples were submitted for assay to ALS Global in Twin Falls, Idaho, in November 2025 [3]. Individual Sample Results - Samples from the No. 5 vein show elevated levels of tungsten, silver, copper, zinc, and lead [4]. - The average results from underground samples indicate 1.04% WO3 and 2.70 oz/t Ag over an average width of 5.0 ft [7]. Surface Sampling Results - Surficial rock chip sampling identified tungsten-silver mineralization in quartz veins exposed at the surface, with significant results including 0.256% WO3 and 0.64 oz/t Ag over 10 ft [8]. - Historical tailings from past mining activities contain an estimated 222,000 cubic yards, with preliminary sampling averaging 0.235% WO3 and 0.45 oz/t Ag [9]. About the IMA Mine - The IMA Mine is a past-producing underground tungsten mine located in East Central Idaho, with historical production of approximately 199,449 MTUs of WO3 between 1945 and 1957 [14]. - The company is currently conducting an exploration drill program to assess the potential for restarting underground tungsten mining operations at the IMA Mine [14]. Quality Assurance and Sample Analysis - The company's QA/QC program applies industry-standard best practices to ensure data quality and integrity for the IMA Mine project [15]. - Samples were analyzed by ALS Minerals in Vancouver, BC, using various methods including ICP-MS and fire assay [16].

Core Viewpoint - American Tungsten Corp. is advancing its underground drill program at the IMA mine, having completed 2,120 feet of drilling across six holes, with a focus on resource expansion and becoming the first tungsten producer in the United States [1][3]. Drill Program Highlights - The initial drillholes at the IMA Project are intersecting the vein system along the strike of historical resources, reinforcing the geological model [3]. - The Phase 1 drill program targets five priority exploration areas, including the No. 5 and No. 7 Vein systems, aiming to delineate historically identified tungsten vein systems by the end of Q1 2026 [5]. Drilling Progress - Drilling has intersected quartz veins with hubnerite mineralization over an area of 400 feet along strike and 250 feet up-dip from the D-level [7]. - An additional 3,850 feet of drilling is planned across nine holes from the second and third D-Level drilling stations as part of the Phase 1 Program [7]. IMA Mine Overview - The IMA Mine is a past-producing underground tungsten mine located in East Central Idaho, which produced approximately 199,449 MTUs of WO3 between 1945 and 1957 [4]. - The company is currently assessing the potential for re-starting underground tungsten mining operations at the IMA Mine [4]. Company Background - American Tungsten Corp. is focused on high-potential tungsten and magnetite assets in North America, with the IMA Mine Project being a historic and high-quality property on private-patented land [15]. - The company holds an exclusive option to acquire full ownership of the IMA Mine, subject to a 2% royalty, and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres [15].

Core Insights - American Tungsten Corp. has granted a total of 1,900,000 stock options to directors and consultants, with an exercise price of $1.50 per share for three years and an additional 131,347 options at $2.58 per share for two years [1] - The company is focused on advancing the IMA Mine Project in Idaho, which is a historic underground tungsten property with significant infrastructure and an exclusive option for full ownership [2] Group 1 - The stock options granted are exercisable at a price of $1.50 per common share for a period of three years [1] - An additional 131,347 stock options are exercisable at a price of $2.58 per common share for a period of two years [1] - The common shares from these options cannot be transferred or sold prior to April 19, 2026 [1] Group 2 - American Tungsten Corp. is a Canadian exploration company focused on tungsten and magnetite assets in North America [2] - The IMA Mine Project addresses critical metal scarcity in North America and is located on private-patented land well above the water table [2] - The company has expanded its land position with 113 additional federal claims covering nearly 2,000 acres [2]

Core Viewpoint - American Tungsten Corp. has successfully completed the initial drillhole at the IMA mine project, revealing the presence of hubnerite and scheelite tungsten mineralization across multiple core intercepts, indicating potential for further exploration and resource expansion [1][2]. Company Overview - American Tungsten Corp. is a Canadian exploration company focused on tungsten and magnetite assets in North America, particularly advancing the IMA Mine Project in Idaho, which is a historic underground tungsten mine [14]. Drilling Program Details - The Phase 1 drilling program targets five priority exploration areas, including the No. 5 and No. 7 Vein systems, aiming to delineate historically identified tungsten vein systems and expand known mineralization by the end of Q1 2026 [2]. - The initial drillhole AT25-01 was completed at a depth of 373 feet, intersecting the No. 5 vein over 12.7 feet and the No. 7 vein over 14.1 feet [7]. - Drillhole AT25-02 is ongoing, currently at approximately 150 feet, having intersected the No. 5 vein over 11.5 feet [7]. Mineralization Observations - Hubnerite was observed as reddish-brown to black striated prismatic crystals within the No. 5 quartz vein, while scheelite was noted as blue fluorescent diffuse masses under UV light [7]. - Accessory minerals found in both veins include tetrahedrite, chalcopyrite, galena, molybdenum, pyrite, and fluorite [7]. Historical Context - The IMA Mine produced approximately 199,449 MTUs of WO3 between 1945 and 1957 and has been explored for molybdenum and tungsten by various operators from 1960 to 2010 [11]. Quality Assurance Measures - The company implements a QA/QC program adhering to industry best practices to ensure data quality and integrity for the IMA Mine project, including secure sample storage and adherence to data collection protocols [12].

Core Viewpoint - American Tungsten Corp. has entered into a letter of offer agreement to invest AUD$750,000 in Viking Mines Limited by subscribing for 150,000,000 ordinary shares at AUD$0.005 per share, aiming to strengthen its position in the U.S. tungsten market [1][3]. Investment Details - The investment will support Viking Mines' planned AUD$3.8 million placement to acquire a 100% interest in six tungsten projects in Nevada, which have a historical production of approximately 123,000 tons at an average grade of 0.54% WO₃ [2]. - The financing is expected to close in February 2026, pending shareholder approval from Viking Mines [2]. Strategic Importance - The investment is seen as a strategic cornerstone for American Tungsten, enhancing its ability to build a significant U.S.-based tungsten platform amid a favorable market outlook for tungsten [3]. - The acquisition aligns with American Tungsten's existing operations at the IMA Tungsten Mine, facilitating exploration, resource growth, and the development of domestic supply [3]. Company Background - American Tungsten Corp. is focused on high-potential tungsten and magnetite assets in North America, particularly advancing the IMA Mine Project in Idaho, which is a historic underground tungsten mine [6]. - The IMA Mine has produced approximately 199,449 MTUs of WO3 between 1945 and 1957 and is currently undergoing exploration to assess the potential for re-starting operations [5]. Viking Mines Overview - Viking Mines Ltd is an Australian-listed company that has recently expanded into the U.S. by acquiring six tungsten projects in Nevada, a region known for its rich history in critical mineral production [4].

Core Viewpoint - American Tungsten Corp. has initiated its Phase 1 diamond drill program at the IMA Mine, aiming to advance towards commercial production of tungsten in the United States [1][2]. Group 1: Program Objectives - The Phase 1 drill program is designed to systematically test multiple tungsten vein systems and validate the historical resource base, enhancing confidence in the asset [2][3]. - The program targets five priority exploration areas, including the No. 5 and No. 7 Vein systems, the IMA West Vein, the Eastern Vein, and the Main IMA Vein, with the goal of delineating these systems and expanding known mineralization by the end of Q1 2026 [3]. Group 2: Current Deliverables - Approximately 12,100 feet of drilling is planned across three stations on the D Level and two stations on the Zero Level, with the first drill station already established [5][7]. - The initial drilling at the D Level will include at least five holes totaling around 1,950 feet to validate and extend the No. 5 and No. 7 Veins [7]. - Additional drilling of approximately 3,500 feet will be conducted from the second and third D Level stations, with ongoing rehabilitation and infrastructure upgrades at the Zero Level to support further drilling, planned to encompass about 6,700 feet [7]. Group 3: Company Background - American Tungsten Corp. is a Canadian exploration company focused on tungsten and magnetite assets in North America, specifically advancing the IMA Mine Project in Idaho to address critical metal scarcity [17]. - The IMA Mine is a historically significant underground tungsten mine that produced approximately 199,449 MTUs of WO3 between 1945 and 1957 and has been explored for molybdenum and tungsten by various operators since [15][17].