American Tungsten Advances of the IMA Mine Project: New Vein Discovery, Strong In-fill Drill results and Ongoing PEA Development

American Tungsten Corp (TUNG) reported drilling results from the IMA Mine, including new intersections from the “360 Portal” vein and D-Level infill and step-out holes. The company stated that a Preliminary Economic Assessment (PEA) remains targeted for completion before the end of 2026.

Assays have been received for four of six holes in the 360 Portal vein, which is described as a moderately northeast-dipping hubnerite-tetrahedrite quartz vein. Historically mined near the surface, the vein has now been intersected over approximately 200 feet along strike and down dip. Intercepts include:

• AT26-58S: 18.9 ft from 151.3 ft at 0.536% WO3 and 1.29 oz/t Ag
• AT26-52S: 5 ft from 139 ft at 0.475% WO3 and 1.46 oz/t Ag
• AT26-47S: 15 ft from 184 ft at 0.249% WO3 and 1.16 oz/t Ag
• AT26-55S: 3.5 ft from 204 ft at 0.131% WO3 and 0.86 oz/t Ag

Results for holes AT26-56S and AT26-62S are pending.

D-Level infill and step-out drilling yielded the following highlights:

• AT26-49: 18.4 ft from 106.3 ft at 0.804% WO3 and 2.34 oz/t Ag in the 5 vein, plus 11 ft from 225 ft at 0.894% WO3 and 0.95 oz/t Ag in the 7 vein
• AT26-53: 5 ft from 183 ft at 1.513% WO3 in the 5 vein

Additional results from AT26-49 included 5.3 ft at 1.322% WO3 and 5.38 oz/t Ag near surface, 4.7 ft at 0.627% WO3, and 7 ft at 0.240% WO3. AT26-37 reported 1 ft at 2.415% WO3 and 3.3 ft at 0.371% WO3. AT26-46 intersected multiple low-grade footwall veins, while AT26-51 was lost short of its target with no significant intercept.

The company stated that approximately 9,300 ft of drilling was completed in August and September 2026 across six surface and thirteen underground holes, though assays for that batch are pending.

The release reiterated the existing resource context: 316,000 tonnes Indicated at 0.55% WO3 and 2,178,000 tonnes Inferred at 0.55% WO3, plus 267,000 tonnes of tailings at 0.15% WO3.

American Tungsten Corp (TUNG) is a pre-revenue explorer and developer with a defined mineral resource estimate, approximately C$51.1 million in cash as of March 31, 2026, and a market capitalization of about C$83 million. The company remains in the resource exploration stage rather than production, meaning individual drill holes do not immediately alter mine life projections.

Recent drilling at the 360 Portal vein identified a small, near-surface exploration target at grades consistent with existing resource levels. Infill drilling at the D-Level confirmed grades at or above the 0.55% WO3 resource grade. These results did not add new tonnage figures, a revised resource estimate, or a preliminary economic assessment cash-flow number.

The company’s 2.49 million tonne resource base, 0.55% WO3 grade, tailings option, and development timeline remain unchanged. The preliminary economic assessment is considered the next significant valuation event.

The stock closed at C$1.31 on October 28, 2026, near its C$1.12 52-week low and well below the C$3.32 high recorded in April 2026. The current price does not reflect an embedded anchor that would trigger a negative expectation gap from this release.

The results represent a solid confirmation of grades and the identification of a new vein, albeit at resource-grade tenor and limited scale. The stock closed at C$1.31 on October 28, 2026.

American Tungsten Corp. (TUNG), a Canadian-listed explorer and developer, is focused on the past-producing IMA tungsten mine in Lemhi County, Idaho. The company holds the property on 22 patented claims. While prior releases described the asset as subject to an exclusive option and a 2% royalty, the latest release states that IMA is now wholly owned.

The mine produced approximately 199,449 MTU of WO3 between 1945 and 1957. American Tungsten is pursuing a phased development strategy that includes Phase I tailings evaluation and processing, followed by Phase II underground rehabilitation and restart.

The company’s resource estimate includes 316,000 tonnes of Indicated resources at 0.55% WO3, containing 1,747 tonnes of WO3, and 2,178,000 tonnes of Inferred resources at 0.55% WO3, containing 11,933 tonnes of WO3. Additionally, the company identified 267,000 tonnes of tailings at 0.15% WO3, containing 413 tonnes of WO3.

In prior-period financial disclosures not included in today’s release, the company reported cash holdings of C$51.1 million at March 31, 2026, following a C$40 million bought deal in March 2026. The company recorded a net loss of C$5.82 million in the first quarter of 2026 and had 63,433,882 shares outstanding at March 31, 2026. American Tungsten also holds a minority stake in Viking Mines.

The IMA project is positioned within the context of tungsten as a critical mineral, citing Chinese export controls, U.S. supply-chain policy, and a pending preliminary economic assessment (PEA).