American Tungsten begins drilling at Ima

Executive Summary

• American Tungsten Corp. has initiated an auger drilling program at the historical Ima mine site in Idaho to delineate thickness and collect samples from lower tailings impoundments.
• Preliminary sampling of historical tailings averages 0.25% WO3 (tungsten trioxide) and 0.48 oz/t silver, supporting the company's strategy to unlock value through modern processing technologies.
• The company also announced the appointment of Max Baker as an adviser to its geological team to strengthen its exploration and resource definition capabilities.

Key Details

• Drilling Program Scope:
  • Conducted by Haz-Tech Drilling Inc. using hollow stem auger drilling.
  • Planned for 35 drill holes totaling approximately 370 feet.
  • Duration is approximately one week.
  • Objective is to delineate tailings thickness and collect samples for assay and in situ density.
• Preliminary Sampling Results (Lower Tailings Impoundment):
  • Area: Approximately 30 acres.
  • Historical estimate: 222,000 cubic yards of tailings.
  • Recent shallow trench sampling (5 test pits, avg depth 3.5 ft, spaced ~500 ft apart) averaged:
    • 0.235% WO3
    • 0.45 oz/t Ag
  • New preliminary samples reported Jan 20, 2026, average:
    • 0.25% WO3
    • 0.48 oz/t Ag
  • Samples submitted to Sepro Laboratories for preliminary metallurgical test work in January 2026; results pending.
• Strategic Context:
  • CEO Ali Haji states initial sampling supports the view that tungsten grades in tailings are representative of remaining material.
  • Company believes modern processing technologies can significantly improve historical recoveries compared to 1950s methods.
  • Tailings viewed as a low-cost, early-production opportunity for near-term cash flow and site restoration.
• Personnel Update:
  • Max Baker joined as an adviser to the geological team.
  • Baker has 45+ years of global exploration experience (Australia, Asia, Europe, Americas).
  • Former VP Exploration and co-founder of Integra Resources; co-founder of Chariot Corp.
  • Previously helped expand the DeLamar-Florida Mountain resource to ~5 million ounces gold equivalent and consolidated a 32,000-acre land package.
• Project Background (Ima Mine):
  • Past-producing underground tungsten mine in Lemhi County, Idaho.
  • Produced ~199,449 million thermal units of WO3 between 1945 and 1957.
  • American Tungsten holds an exclusive option to acquire full ownership (subject to 2% royalty) and has expanded land position with 113 additional federal claims (~2,000 acres).
• QA/QC and Analysis:
  • Samples analyzed by ALS Global (Twin Falls, ID) and ALS Minerals (Vancouver, BC).
  • Preparation: Crushed to 70% passing 2mm, rotary split 250g, pulverized to 85% passing 75-micron.
  • Analysis Methods:
    • Tungsten: Four-acid digest with ICP-MS finish; XRF with lithium borate fusion for samples >200 ppm W.
    • Silver: Fire assay with gravimetric finish for samples >50 ppm Ag.
  • Technical information reviewed by Austin Zinsser, PG, SME-RM, Vice-President, Exploration (Qualified Person under NI 43-101).

Notable Quotes

• "The tailings drilling program is a key component of our strategy to unlock value and fully define the opportunity at the historic Ima mine... With modern processing technologies far more efficient than those available in the 1950s, we believe there is a clear pathway to significantly improve historical recoveries. The tailings represent a compelling low-cost, early-production opportunity that can generate near-term cash flow while advancing meaningful site restoration as part of our overall development plan." — Ali Haji, CEO
• "Max joins American Tungsten at a pivotal moment... His depth of experience in turning geological potential into mine-ready resources will be instrumental as we advance toward production this year. His leadership strengthens our confidence in delivering a domestic tungsten supply in the United States." — Ali Haji, CEO