American Tungsten completes first tranche of financing

Mr. Ali Haji reports AMERICAN TUNGSTEN ANNOUNCES COMPLETION OF $16.8 MILLION; FIRST TRANCHE OF LIFE OFFERING Further to its press releases dated Oct. 14, 2025, Oct. 15, 2025, and Oct. 20, 2025, American Tungsten Corp. has completed the first tranche of its non-brokered private placement for gross proceeds of $16,770,510 from the sale of 6,500,198 common shares of the company at a price of $2.58 per share under the listed issuer financing exemption (as defined herein). The common shares were issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The common shares issued under the listed issuer financing exemption are not subject to a hold period pursuant to applicable Canadian securities laws. The proceeds raised from the first tranche will be used by the company for general and administrative expenses and working capital purposes, as further described in the company's amended and restated Form 45-106F19 listed issuer financing document dated Oct. 20, 2025, that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. In connection with the first tranche, the company paid aggregate cash commissions of $741,343 on gross proceeds of $16,770,510. No finder warrants were issued. Ali Haji, chief executive officer of American Tungsten, commented: "We are very pleased to announce the closing of this first tranche, reinforcing institutional support despite challenging market dynamics and volatility. Given the logistics associated with the repricing, the company will be required to close a subsequent tranche. The company will remain committed to value creation that ensures fiduciary responsibility is upheld across all verticals. Securing this capital demonstrates strong investor confidence in our strategy to advance the high-grade Ima mine project. Funds will be immediately deployed to fast-track development activities, additional drilling, expediting technical studies and bolstering working capital. We appreciate the support of our new and existing shareholders and look forward to completing the balance of the offering in a subsequent tranche in short order." 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 tungsten past-producing 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.