American Tungsten signs LOI with GTP for U.S. offtake

Executive Summary

• American Tungsten Corp. has entered into a Letter of Intent (LOI) with Global Tungsten & Powders (GTP), a major global tungsten processor, for a U.S.-based offtake agreement.
• The company reported significant progress on the rehabilitation of the zero-level access tunnel at the Ima mine, with 115 feet completed and work entering the main collapsed zone.
• CEO Ali Haji stated the company is approximately 80% complete on the zero-level tunnel work, is fully funded for upcoming resource definition drilling and technical studies, and is seeking non-dilutive capital to accelerate production.

Key Details

• Offtake Agreement: Entered into an LOI with Global Tungsten & Powders (GTP), described as one of the largest tungsten processors in the world.
• Rehabilitation Progress:
  • 115 feet of the zero-level access tunnel successfully rehabilitated from the portal entrance.
  • Work is now within the heart of the main collapsed zone, estimated to span approximately 50 feet.
  • Zero-level tunnel work is approximately 80% complete.
• Site Inspection & Safety:
  • Management conducted site visits on Sept. 15 and 16, 2025.
  • Reviewed zero-level rehab, D-level underground workings, and historic tailings area.
  • MSHA inspector praised the quality of work and expressed confidence in site progress.
  • Radon measurement within the tunnel yielded a zero reading, confirming a safe working environment.
• Financial & Operational Status:
  • Company is fully funded for updated resource definition drilling and technical study.
  • Actively seeking non-dilutive capital through government partnerships.
  • Targeting near-term production and a full-scale restart of the Ima mine.
• Upcoming Events:
  • Presentation at the Centurion One Capital 3rd Annual Bahamas Summit.
  • Dates: Oct. 28–29, 2025.
  • Location: Rosewood Baha Mar Hotel, Nassau, Bahamas.

Notable Quotes

• "Our strategic agreement with Global Tungsten & Powders marks a pivotal milestone in our emergence as a leading domestic supplier of high-grade tungsten. This LOI not only affirms robust market demand but also reflects the deep confidence our partners place in our technical capabilities and long-term vision." — Ali Haji, CEO
• "With anticipated work on the zero-level tunnel approximately 80 per cent complete, we are rapidly advancing toward a secure, modern and highly efficient underground mining operation." — Ali Haji, CEO