American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (October 2025)
27 slides from American Tungsten's investor presentation, October 2025
Slide 1: Building America's Defense Critical Metals Supply
Building America’s Defense Critical Metals Supply Q3 2025 CSE: TUNG | OTCQB: TUNGF | FSE: RK9 1
Slide 2: Disclaimers
ADVISORIES Disclaimers connection with exploration plans and future mining and mineral processing operations, including, but not This corporate presentation and the information contained herein (the “Presentation”) is proprietary and for Comparables authorized use only. It is being provided for the
Slide 3: Investment Highlights
EXECUTIVE SUMMARY Investment Highlights Building America’s Defense Critical Metals Supply ▪ Focused on bringing onshore tungsten mining and production capabilities to the United States in 2026 Onshoring a ▪ Majority of tungsten supply is controlled by China Scarce, Critical ▪ Classified critical met
Slide 4: Demand & Supply Outlook
THE TUNGSTEN OPPORTUNITY Demand & Supply Outlook A Reliance on Foreign Tungsten Supply Represents a Major Domestic Security Vulnerability In the US and Canada,Tungsten is classified as a critical metal owing to its use in high- strength applications Defense Technology Aerospace Nuclear Energy Global
Slide 5: Tungsten Pricing & Demand
CRITICAL METAL IN HIGH DEMAND Tungsten Pricing & Demand APT prices per MTU Strategic Landscape & Defense Imperatives Average (USD) MTU Global Defense Surge: NATO’s push for 5% $642.50 - October 2025 - GDP defense spending, signals a new era of military investment and strategic rearmament. Geopolitic
Slide 6: Bringing Tungsten Supply to America in 2026
AMERICAN TUNGSTEN AT-A-GLANCE Bringing Tungsten Supply to America in 2026 Focused on bringing critical metals supply into production in the United States IMA Mine Project(1) ▪ With no domestic producers of tungsten in the U.S., American Tung- sten is seeking to become an imminent, leading supplier o
Slide 7: The IMA Mine Project At-A-Glance
THE IMA MINE PROJECT The IMA Mine Project At-A-Glance Legacy Asset With Historical Tungsten Production & Optionality to Explore for Significant Molybdenum Geographical Overview A De-Risked, Brownfield Tungsten-Molybdenum Project: Poised for 2026 Production IMA Mine Project Idaho,UnitedStates ▪ Advan
Slide 8: History of The IMA Mine Project
THE IMA MINE PROJECT History of The IMA Mine Project Legacy Asset With Historical Exploration, Development and Production Work Completed IMA Mine begins as a silver mine; tungsten discovered in 1903 In 2007, Gentor Resources optioned the mine and explored for molybdenum. In March 1881-1979 In 1945,
Slide 9: Significant Land Position
Significant Land Position THE IMA MINE PROJECT ▪ 396 acres patentedminingclaims(IMA Property) ▪ 21 claims ▪ 1989 acres unpatented mining claims (WMO claims) ▪ 113 claims ▪ 220 acres private land in valley ▪ Mazda claims are under separate ownership IMA Project Property Map IMAPatented (optioned) WMO
Slide 10: The IMA Mine Project Mineralization
THE IMA MINE PROJECT The IMA Mine Project Mineralization Climax-Type Molybdenum Porphyry System Tungsten ▪ High grade Tungsten bearing quartz veins with hubnerite, scheelite, tetrahe- drite, galena, sphalerite, and chalcopyrite Approximate location of historic resource ▪ Veins occur within metasedim
Slide 11: Historical Drilling
THE IMA MINE PROJECT IMA Property Drillhole Historical Drilling Location Map Lemhi County, Idaho NAD27 Idaho Central Feet Revised February 2025 Historical drilling on the IMA property includes at least 129 holes totaling 57,659 feet TABLE 10.1 COMPILATION OF HISTORIC DRILLING AT THE IMA MINE SITE Co
Slide 12: IMA Historical Resources and Reserves
THE IMA MINE PROJECT IMA Historical Resources and Reserves 1963 & 1981 Non-43-101 Compliant Estimates of Mineralized Materials 2008 Wardrop Mineral Resource Estimate Historical Resources and reserves occur on both IMA and Mazda Properties Gentor Resources Bradley Mining Company GentorResources repor
Slide 13: Potential For Near Term Underground Development Of Tungsten Mineralization
THE IMA MINE PROJECT Potential For Near Term Underground Development Of Tungsten Mineralization Building America’s First Tungsten Mine: Poised for Production in 2026 Favorable Strong Historical Tier 1 Jurisdiction Work & Data Infrastructure ▪ Property is located on patented mining ▪ High Grade Vein
Slide 14: From Discovery to Delivery
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY Building America’s First Tungsten Mine: Poised for Production in 2026 O U R C ATA LY S T S Updated Resource Study (NI 43-101) Closing of $7M Non-Brokered Economic Feasibility and Private Placement Mine Plan Announcement of Updated Base Level Commission
Slide 15: From Discovery to Delivery: Current Operational Progress
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY: Current Operational Progress Building America’s First Tungsten Mine: Poised for Production in 2026 O P E R AT I O N A L U P D AT E S : Q 3 2 0 2 5 ▪ Management Validating the Work: ▪ Rehabilitation Work Complete: ▪ Shift to potential onsite process- S
Slide 16: Management & Directors
Management & Directors MANAGEMENT TEAM & BOARD OF DIRECTORS Assembling a Premier Mining Team With Extensive Track Records of Success Liam Farrell VP, Dan Nicholas Di- Jim Whittaker Di- Duncan Blount Dennis Logan Operations Austin Zinsser, rector rector Director Ali Haji Chief Execu- Chief Financial
Slide 17: Technical Team
MANAGEMENT TEAM & BOARD OF DIRECTORS Technical Team Strong Operating Team With Proven Technical Expertise David Sabourin VP, Finley Bakker Advisor Jeff Wilson Advisor Bill Breen Advisor Taylor Sulik Advisor Mining Operations +45 years of mining geol- +25 years of executive & +8 years U.S. intelli- o
Slide 18: Capitalization & Corporate Information
CAPITILIZATION STRUCTURE & SHAREHOLDER BASE Capitalization & Corporate Information American Tungsten Corp. Capitalization Table Shareholder Ownership (Fully Diluted) CAD$, Except Per Share Figures 1.1% 15.0% Insiders Institutional Share Price (as at Oct. 24, 2025) Key Institutional Investors Lowell
Slide 19: Comparable Companies' Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies’ Analysis Publicly-Listed Peer Benchmarking Tungsten, Molybdenum, and Defense Metals Peers C$, Millions Tungsten Miners Molybdenum Miners Equity Value $119.2 $110.3 Almonty Fireweed Guardian Metal EQ Resources American Northcliff Allied Crit
Slide 20: mae
mae - SG SE tS) PAG =: ‘ 4 ger 2G. = -— po
Slide 21: Appendix
Appendix Supplementary Information 21
Slide 22: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Mine House & Shed Drill Core Storage Drill Core Minesite Roads (1/2) Mine Site Entrance Minesite Roads (2/2) 22
Slide 23: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Zero Level –Portal Challis, Idaho D-Level adit Pre Rehab Rebuilt Zero Level adit ZeroLevel, tailings in Earthmoving equipment Zero Level –Portal v alley After Rehab 23
Slide 24: Photo Gallery
APPENDIX Photo Gallery The IMA Mine D Level Portal Sampling No 5 Vein Coarse crystalline quartz October 2025 on D Level horizon in No 5 Vein 24
Slide 25: What is Molybdenum & How Is It Used?
APPENDIX What is Molybdenum & How Is It Used? A Critical Element in Short Supply What is Molybdenum… Use Cases ▪ Molybdenum (Mo) is a high melting-point alloying metal, primarily ▪ Jet Engines Alloying used in metallurgy as an additive for specialized forms of steels and ▪ ▪ Automotive Parts superal
Slide 26: The Star Project At-A-Glance
APPENDIX The Star Project At-A-Glance Skarn-Hosted Iron Deposit Project Geographical Overview An Iron-Ore Play In The Prolific Skeena Mining Division Star Project ▪ The Star Project is located in the northwest part of British Columbia, Canada, ~30km southwest of the city of Prince Rupert on Porcher
Slide 27: American Tungsten Contact
American Tungsten ir@am ericantungstencorp.com 1200 -750 West PenderStreet Van- couver, BC V6C 1G8 Canada 27
American Tungsten — Investor Presentation (October 2025) on 6ix