American Tungsten Reports Results from Historical Tailings Drill Program

Executive Summary

• American Tungsten Corp. released assay results from a 35-hole, ~320-foot hollow-stem auger drilling program targeting historical tailings at the IMA Mine in Idaho.
• Intersections averaged 0.152% WO₃ and 0.269 oz/t Ag across all boreholes.
• Tailings thickness averaged 5.9 feet (max 13.5 feet), defining a total volume of 190,000–200,000 cubic meters.
• The program aims to establish a defined Mineral Resource for the tailings, supporting a capital-efficient development pathway parallel to the underground mine restart.

Historical Context & Progression

• The company initiated tailings sampling in January 2026 (avg 0.253% WO₃) and commenced auger drilling in March 2026.
• This June 2 release represents the first formal assay results from that program, confirming the presence of tungsten and silver in the impoundment.
• Grades are notably lower than the high-grade underground channel and diamond drilling results reported throughout Q1 and Q2 2026 (which frequently exceeded 0.5%–1.0% WO₃).
• The release aligns with the company’s stated strategy of pursuing a dual-track approach: aggressive underground exploration to define a primary resource, while simultaneously evaluating historical tailings as a potential low-capital supplement.

Alignment with Expectations

• The results are fully in line with previous announcements and the company’s phased exploration roadmap. The tailings program was announced in March, and results were expected in the spring.
• The average grade of 0.152% WO₃ is below the historical tailings sampling average of 0.253% reported in January, suggesting grade variability or dilution within the impoundment.
• The volume estimate (190k–200k m³) is consistent with earlier estimates (~222,000 cubic yards).
• No new strategic partnerships, financing, or regulatory milestones were announced alongside the results.

Impact on Valuation & Operations

• The tailings resource, if successfully defined, would likely serve as a supplementary feed source rather than a primary economic driver, given the modest grades.
• The announcement does not materially alter the company’s capital allocation, development timeline, or near-term cash burn.
• The primary value driver remains the underground diamond drilling program (35,000 ft planned), which is advancing on schedule with four rigs active.
• The news is incremental and expected, lacking the surprise element required for a material market move.

Corporate Profile

• American Tungsten Corp. is a pre-revenue exploration and development company focused on the IMA Mine in Idaho, USA.
• The IMA Mine is a historic underground tungsten producer that operated from 1945 to 1957, yielding approximately 199,449 MTU of WO₃.
• The company is pursuing a restart of underground mining while simultaneously evaluating historical tailings as a potential supplementary resource.
• The company holds a strategic minority investment in Viking Mines Limited (VKA), acquiring 150 million shares for AUD 750,000 to diversify exposure to North American tungsten assets.

Development Status

• Phase 1 underground drilling is actively expanding the No. 5, No. 7, and West Vein systems.
• Metallurgical testwork by Sepro Laboratories and WSP indicates high gravity recovery (94.4% WO₃) and efficient sulfide pre-flotation.
• The company recently transitioned to the TSX Venture Exchange to improve liquidity and access a broader investor base.