American Tungsten receives letter of interest for loan

Mr. Ali Haji reports AMERICAN TUNGSTEN RECEIVES LOI FROM U.S. EXPORT-IMPORT BANK (EXIM) FOR US $25.5 MILLION TO FUND MINING DEVELOPMENT AND PRODUCTION American Tungsten Corp. has received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to $25.5-million (U.S.) to potentially finance the mining development and milling facilities associated with the company's Ima tungsten mine in Patterson, Idaho. The loan, if approved, will help provide access to a domestic source of tungsten in the United States. Tungsten is a vital material for defence applications, with unparalleled hardness and high-temperature resistance, making it indispensable for armour-piercing ammunition, missile components and aerospace manufacturing. The U.S. Department of Defense and the Defense Industrial Base Consortium, of which the company is an active member of, classify tungsten as a critical mineral. Currently, the United States remains heavily reliant on imports -- primarily from China, which dominates over 80 per cent of the global supply. The recent ban on tungsten exports by China underscores the need to establish a stable, U.S.-domiciled supply chain to safeguard national security interests. If approved, this loan initiative would help offset the capital needed to restart production at the company's Ima tungsten mine and help alleviate these domestic supply challenges. In a letter dated Oct. 17, 2025, American Tungsten has met initial requirements to apply for the $25.5-million (U.S.) EXIM loan and, if approved, would have a 15-year repayment term, longer than the company would expect with public debt financing. About American Tungsten Corp. American Tungsten is a Canadian exploration company focused on high-potential tungsten and magnetite assets in North America. The company is advancing the Ima mine project in Idaho to commercial production, addressing critical metal scarcity in North America. The company's Ima mine project is a historic and high-quality underground past-producing tungsten property on private-patented land well above the water table with significant infrastructure. The company holds an exclusive option to acquire full ownership (subject to a 2-per-cent royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres. We seek Safe Harbor.