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

Mr. Ali Haji reports AMERICAN TUNGSTEN ADVANCES REHABILITATION EFFORTS AT IMA AND ENTERS INTO LOI FOR U.S-BASED OFFTAKE American Tungsten Corp. has continued progress on the zero-level rehabilitation project at the Ima mine, with significant milestones achieved during the week ended Sept. 20, 2025. Strategic developments: Entered into a letter of intent (LOI) with a prominent U.S.-based offtake partner, Global Tungsten & Powders (GTP); GTP is one of the largest tungsten processors in the world. Ima mine rehabilitation progress: A total of 115 feet of the zero-level access tunnel has now been successfully rehabilitated, measured from the portal entrance. Rehabilitation efforts are now within the heart of the main collapsed zone, currently estimated to span approximately 50 feet. A site visit was conducted on Monday and Tuesday, Sept. 15 and 16, attended by American Tungsten management. The team reviewed the zero-level rehab work, the D-level underground workings, the historic tailings area across the road from the canyon and the broader site area. The MSHA (Mine Safety and Health Administration) inspector expressed confidence in the site's progress and praised the quality of work completed. A radon measurement taken within the tunnel yielded a zero reading, affirming a safe working environment. "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. With this partnership in place, American Tungsten remains firmly on track for near-term production and a full-scale restart of the Ima mine -- delivering on our promise to build a resilient, future-ready supply chain for this critical mineral," said Ali Haji, chief executive officer of American Tungsten. "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. The company is fully funded for our updated resource definition drilling and technical study; we are well positioned to unlock significant value from the Ima mine. Simultaneously, we continue to work closely with government agencies to build partnerships seeking to secure non-dilutive capital that brings our vision of production to reality." American Tungsten will continue to provide updates as work progresses at Ima. American Tungsten is pleased to announce that the company will be presenting at the Centurion One Capital 3rd Annual Bahamas Summit, a two-day invitation-only event taking place at the Rosewood Baha Mar Hotel from Tuesday, Oct. 28 to Wednesday, Oct. 29, 2025, in Nassau, Bahamas. About the Ima mine project The Ima mine is an advanced, readily permittable, past-producing tungsten-molybdenum property situated in the Idaho porphyry belt on private-patented mining claims. American Tungsten has an immediate opportunity to restore production at a strong identified silver- and molybdenum-bearing intrusion target in the favourable jurisdiction of Idaho. 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.