American Tungsten Ramps-up Exploration Operations; Initiates 35,000 ft Surface and Underground Drilling Program at Ima Mine

The most recent news release from May 26, 2026, announces a significant ramp-up in exploration operations at the Ima Mine property in Lem, Idaho. The company has deployed four drill rigs (two surface and two underground) to initiate a large-scale drilling campaign totaling 35,000 feet. This program comprises 30 underground holes and 20 surface holes designed to expand known mineralization limits, test high-priority targets adjacent to historic workings, and define the lateral extents of the main Ima vein system.

Key operational details include: - Drilling Scope: Total planned drilling is 35,000 feet, a substantial increase from earlier Phase 1 estimates which ranged between 10,000 to 12,100 feet in late 2025 and early 2026. - Infrastructure: Four active rigs are on-site; Rockhead Consulting LLC has completed over 16,500 feet of drilling and driven over 660 feet of drift to date. - Objectives: The program aims to expand the No. 5-7 vein system above the D-Level, establish along-strike continuity of the D-level vein system, confirm mineralization at the second zero-level drill station, and assess continuity of the western vein system.

This release follows positive drilling results reported on May 5, 2026, which confirmed high-grade tungsten-silver mineralization from initial Zero Level underground drilling. The company is executing on its capital deployment strategy following a C$40 million bought-deal financing closed in March 2026.

The news represents Routine - Positive execution of the company's previously announced strategic plan rather than a surprise game changer. While the scale of the drilling program (35,000 feet) is larger than earlier estimates (~10,000-12,000 feet mentioned in late 2025), this expansion aligns with the capital raised in March 2026 and validates the company's confidence following the successful initial drilling results reported on May 5, 2026.

The market has already priced in the C$40 million financing from March 2026 intended for exploration and development. The initiation of this specific program confirms that proceeds are being deployed as promised to advance technical de-risking. However, because this is an operations update regarding the initiation of drilling rather than new assay results or a definitive resource estimate, it does not constitute "Material - Positive" news in terms of immediate valuation impact. It serves as confirmation of progress and management confidence but lacks the fundamental data (assays) to materially alter the risk/reward profile immediately.

The increase from ~10k ft to 35k ft is notable for its scale, suggesting a higher potential resource definition capability, but it remains within the scope of an exploration phase update. There are no new strategic investors or M&A activities mentioned that would qualify as a "Game Changer." The EXIM Bank Letter of Interest (LOI) from November 2025 remains pending and is not updated in this release, leaving financing risk for production development unresolved.

American Tungsten Corp. is focused on revitalizing the historic Ima Mine in Lem, Idaho. The property was a producer from 1945 to 1957, yielding approximately 199,449 MTU of WO3. The company's strategy involves restarting underground mining operations and defining a modern mineral resource through systematic exploration.

• Flagship Project: Ima Mine (Idaho).
• Project Status: Exploration and development phase transitioning toward production restart.
• Key Assets: Underground mine infrastructure, historic tailings impoundment, and multiple vein systems (No. 5, No. 7, West Vein, Talmadge Vein).
• Strategic Focus: Becoming the first commercial tungsten producer in the United States to address domestic supply chain security against Chinese dominance.