American Tungsten Provides Operational Update on Its IMA Mine Rehabilitation and Proposed Diamond Drill Program

Executive Summary

• American Tungsten announced an expanded first‑phase diamond drilling program at the IMA Mine, increasing planned drill length from ~5,400 ft to >10,000 ft across five stations (D Level and Zero Level).
• Rehabilitation work on access drifts at both D Level and Zero Level is progressing, with underground rig secured and a second drill rig procured; drilling is expected to start before the end of November.
• The company highlighted recent non‑brokered LIFE financing closure and positioned itself to benefit from upcoming Chinese tungsten export controls, underscoring its strategic role as a domestic supplier.

Key Details

• Financing: Recent successful close of a non‑brokered LIFE financing (details not disclosed) provides capital for the expanded drilling program.
• Drilling Scope: Original drill program ~5,400 ft → now >10,000 ft; five planned stations (originally three) across D Level and Zero Level drifts.
• Schedule: Double‑shift drilling schedule through year‑end; first‑phase drilling to commence before end of November 2025.
• D Level Progress:
• ~1,100 ft of underground access drift rehabilitated to initial cross‑cut location.
• New access drift excavation ~25% complete (≈48 ft out of ≈138 ft remaining).
• Underground drill rig secured on site.
• Office and storage facilities established at canyon base; additional staff hired for core sampling/assaying.
• Zero Level Progress:
• Rehabilitation resumed to support two drill stations.
• Access drift blockage (~125 ft from portal) being removed/re‑supported; work expected complete within two weeks.
• Second diamond drill rig sourced and secured.
• Infrastructure Additions: Improved access roads/switchbacks, full services installed, core shed being equipped, contracting Minetech USA, LLC for mine planning and geotechnical engineering.
• Strategic Context: CEO Ali Haji notes accelerated drilling positions the company favorably for 2026 production and cites recent Chinese tungsten export controls (effective until 2027) as a market tailwind for domestic supply.

Notable Quotes

“Our team continues to lay a solid operational foundation for the IMA Mine ahead of our planned diamond drilling program in November… Accelerating our drilling program will put the company in a stronger position for its development and production efforts in the lead‑up to 2026.” – Ali Haji, CEO

Materiality Assessment: Material – Positive (expansion of drilling program and infrastructure upgrades represent a significant operational milestone that could materially affect future production and valuation).