American Tungsten Defines High-Grade Tungsten Mineral Resource in the United States at IMA Mine

American Tungsten Corp (TUNG) released a maiden Mineral Resource Estimate for its IMA Mine in Idaho, effective July 15, 2026. Prepared by Minetech, LLC under NI 43-101 standards, the estimate was authored by Karl Swanson of Minetech, serving as the independent Qualified Person.

The underground vein system Indicated resources comprise 316,000 tonnes at 0.553% WO3, containing 1,747 tonnes WO3 and 404,000 oz silver. Inferred resources for the same system total 2,178,000 tonnes at 0.548% WO3, containing 11,933 tonnes WO3 and 1,848,000 oz silver. Historical tailings Indicated resources account for 267,000 tonnes at 0.155% WO3, containing 413 tonnes WO3 and 79,000 oz silver.

Total contained WO3 across all resource categories is approximately 14,093 tonnes, with total contained silver at approximately 2,331,000 oz. The underground cutoff grade is set at 0.20% WO3, based on a $1,300/MTU WO3 price, $165/tonne operating cost, 80% recovery, and 80% payability. The tailings resource is reported at a 0.0% cutoff, with an effective cutoff estimated at 0.07% WO3 using $44/tonne costs and 60% recovery.

The MRE incorporates over 17,000 feet of company drilling since December 2025 and over 50,000 feet of total project drilling, including historical data. Mineralization is described as open for expansion, with ongoing drilling conducted by two underground rigs and one surface rig.

The resource includes mineralized vein systems beyond patented claim boundaries based on extralateral rights under the U.S. Mining Law of 1872. These extralateral rights have not been adjudicated and may be challenged by adjacent claim holders. Next steps include filing the supporting NI 43-101 report within 45 days and advancing a Preliminary Economic Assessment.

American Tungsten Corp (TUNG) has released its first modern Mineral Resource Estimate for the IMA project, a significant milestone for the pre-revenue tungsten developer. The resource is characterized by high-grade underground indicated material at 0.553% WO3, accompanied by a meaningful silver by-product. Additionally, the inclusion of a 267,000-tonne indicated tailings resource supports the company’s lower-capital Phase I tailings production strategy.

The timing of the release aligns with prior management guidance, which had pointed toward a near-term resource delivery. Following months of drilling that built market expectations, the announcement serves as an important confirmation of project progress rather than an unexpected development.

However, the classification of the resource presents a notable concern. Approximately 79% of total tonnage and 85% of contained WO3 are classified as Inferred. These Inferred resources are considered too speculative for economic analysis and cannot be treated as ore reserves. The resource estimate is also highly sensitive to cutoff grade; at a 0.5% WO3 cutoff, Indicated tonnes decrease from approximately 316,000 to about 153,000.

Legal risks remain a factor, as the inclusion of extralateral rights means a substantial portion of the resource may depend on rights that have not been tested in court or before regulators. Economic viability has yet to be proven, as the company has not completed a Preliminary Economic Assessment (PEA), pre-feasibility study, or feasibility study.

Against the March 2026 C$2.80 bought-deal price and C$3.75 warrant strike, the stock is trading at C$1.61, reflecting market skepticism despite the positive headline resource data.

American Tungsten Corp. is a Canadian-based exploration and development company listed on the TSXV under ticker TUNG, with U.S. OTCQX ticker TUNGF and FSE ticker RK90. Its flagship asset is the IMA Mine in Lemhi County, Idaho, a past-producing underground tungsten mine situated on 22 patented claims. Historical production from 1945 to 1957 totaled approximately 199,449 MTUs of WO3. The company states that the mine processed approximately 722,400 tons of mineralized material before production ceased in 1958.

American Tungsten Corp. holds an exclusive option to acquire full ownership of the IMA Mine, subject to a 2% royalty. The land position includes 113 additional federal claims covering nearly 2,000 acres. The company’s Phase I strategy involves the evaluation and possible processing of surface tailings, while Phase II focuses on rehabilitation and restarting the underground mine. The company is currently pre-revenue and in the exploration stage.