American Tungsten Exceeds 30,000 Feet of Drilling, Confirms High-Grade Tungsten Mineralization and Continues to Demonstrate the Scale Potential of the IMA Mine

American Tungsten Corp (TUNG) has surpassed 30,000 feet of drilling since December 2025 at the IMA Mine, producing more than 5.5 miles of core. The results cover holes drilled at Zero-Level, D-Level, and the surface.

Key reported intercepts include: - AT26-39, 41R vein: 9.4 ft @ 0.802% WO3 and 0.59 oz/t Ag, including 4.4 ft @ 1.551% WO3 and 1.05 oz/t Ag. - AT26-48S, surface hole: 10.6 ft @ 0.955% WO3 and 1.14 oz/t Ag, and a separate 5.3 ft @ 0.777% WO3. - AT26-43, No. 7 vein: 14.8 ft @ 0.470% WO3 and 1.24 oz/t Ag, including 6.7 ft @ 0.931% WO3 and 2.55 oz/t Ag. - AT26-43, No. 5 vein: 6.7 ft @ 0.547% WO3 and 2.38 oz/t Ag. - AT26-36, No. 5 vein: 5.05 ft @ 0.550% WO3 and 1.45 oz/t Ag. - AT26-50: 16.1 ft @ 0.548% WO3 and 2.48 oz/t Ag, followed by 20 ft @ 0.2% MoS2. - AT26-45: 5 ft @ 0.484% WO3. - AT26-35: multiple intercepts, including 7.6 ft @ 0.372% WO3 and 5.32 oz/t Ag.

Assays are pending for additional completed holes. AT26-42 and AT26-40S have roughly half their samples pending, and AT26-40S has no significant intercepts reported from partial assays.

American Tungsten Corp (TUNG) has released incremental resource-expansion and exploration results from the IMA Mine, which already hosts a mineral resource of 316,000 tonnes Indicated and 2,178,000 tonnes Inferred, both grading approximately 0.55% WO3, alongside a tailings resource. The current share price is CAD 1.85, down roughly 57% from the CAD 4.29 high reached in October 2025. The market has not re-rated on the stronger July 2026 intercepts. Because prior high-grade anchors are not embedded in the current valuation, this weaker-but-consistent release does not represent a major disappointment. However, it also does not provide a new catalyst.

The new 41R vein and deeper surface intercepts are genuinely new offsets, but they are supported by only a few holes with moderate to good grades. They are not a district-opening or scale-changing event. Expected share-price impact: a modest positive or neutral reaction in the low single digits; not the 15%+ move associated with Material categories.

American Tungsten Corp. is a Canadian junior explorer and developer advancing the past-producing IMA tungsten mine in Lemhi County, Idaho. The company holds 22 patented claims plus additional federal claims, and the property produced approximately 199,449 MTUs of WO3 between 1945 and 1957.

The August 2026 mineral resource estimate includes: - Indicated vein resource: 316,000 tonnes grading 0.55% WO3, containing 1,747 tonnes WO3 and 404,000 oz silver. - Inferred vein resource: 2,178,000 tonnes grading 0.55% WO3, containing 11,933 tonnes WO3 and 1,848,000 oz silver. - Indicated tailings resource: 267,000 tonnes grading 0.155% WO3, containing 413 tonnes WO3 and 79,000 oz silver.

The company is focused on a phased approach: Phase I evaluation and processing of surface tailings, and Phase II rehabilitation and restart of the underground mine. It has no revenue and remains pre-production.

Financial position from the latest provided financials, Q1 2026: - Cash: CAD 51.1 million. - Total assets: CAD 52.5 million. - Total liabilities: CAD 1.6 million. - Working capital: approximately CAD 50.2 million. - Q1 2026 net loss: CAD 5.8 million.

Recent financing includes a CAD 40.0 million bought-deal completed in March 2026 at CAD 2.80 per unit, with half warrants exercisable at CAD 3.75.