American Tungsten to resume rehab work at Zero level

Executive Summary

• American Tungsten Corp. provides an operational update on the rehabilitation of its Ima mine in Idaho, confirming significant progress in underground access and infrastructure preparation ahead of a planned diamond drill program.
• The scope of the first phase of diamond drilling has been expanded from approximately 5,400 feet to over 10,000 feet, increasing planned stations from three to five across the D-level and Zero-level drifts.
• Drilling is expected to commence before the end of November, with contractors doubling shifts to expedite work through year-end, supported by the recent close of a non-brokered LIFE financing.

Key Details

• Drilling Program Expansion:
  • Original scope: ~5,400 feet.
  • New scope: >10,000 feet.
  • Stations: Increased from 3 to 5 planned stations.
  • Locations: Spread between D-level and Zero-level drifts.
  • Timeline: Start expected before end of November; double-shift schedule planned through end of year.
• D-Level Progress:
  • ~1,100 feet of underground access drift rehabilitated to the initial crosscut location.
  • New access drift excavation is ~25% complete (~48 feet done, ~138 feet remaining).
  • Underground drill rig secured and on property.
  • Surface portal area finalized with container office, generator, water storage, and laydown area.
• Zero-Level Progress:
  • Rehabilitation resumed immediately to support expanded drilling.
  • Two drill stations planned at Zero level.
  • Contractor progressing on removing/resupporting blockages ~125 feet from portal entrance; completion expected in next two weeks.
  • Second diamond drill rig secured for Zero-level activities.
• Infrastructure & Personnel:
  • Access roads and switchbacks to D and Zero levels improved.
  • Core shed being equipped; additional staff hired for core sampling and assaying.
  • Office and storage facilities established at the base of the canyon.
  • Minetech USA LLC contracted for mine planning and geotechnical engineering expertise.
• Financial Context:
  • Expansion follows the recent successful close of a non-brokered LIFE (listed issuer financing exemption) financing.
• Strategic Context:
  • CEO Ali Haji cites China's announcement of further tungsten export controls until 2027 as a catalyst for American Tungsten’s potential role as a domestic supplier.

Notable Quotes

• "Our team continues to lay a solid operational foundation for the Ima mine ahead of our planned diamond drilling program in November," stated Ali Haji, chief executive officer of American Tungsten. "Accelerating our drilling program will put the company in a stronger position for its development and production efforts in the lead-up to 2026. Additionally, following China's announcement this week of further export controls on tungsten until 2027, American Tungsten is well placed to become the domestic supplier of this critical mineral as we continue to plan for full-scale production."