American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (September 2025)
25 slides from American Tungsten's investor presentation, September 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
Slide 2: Disclaimers
ADVISORIES Disclaimers This corporate presentation and the information contained herein (the “Presentation”) is proprietary and for connection with exploration plans and future mining and mineral processing operations, including, but not 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 Onshoring a ▪ Focused on bringing onshore tungsten mining and production capabilities to the United States ▪ Majority of tungsten supply is controlled by China Scarce, Critical ▪ Classified critical metal by th
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. Pricing is at 12 year highs. Defense Technology
Slide 5: Bringing Tungsten Supply to America
AMERICAN TUNGSTEN AT-A-GLANCE Bringing Tungsten Supply to America 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 Asset Class: Tungsten is seeking to become an imminent, leading supplie
Slide 6: 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 IMA Mine Project Idaho, United States ▪ Advanced, past producing tungst
Slide 7: 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 In 2007, Gentor Resources optioned the mine and explored for molybdenum. 1881-1979 1903 gento 2008-2010 I
Slide 8: Significant Land Position
THE IMA MINE PROJECT Significant Land Position ▪ 396 acres patented mining claims (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 ▪ Sufficient private land for milling, staging a
Slide 9: The IMA Mine Project Mineralization
THE IMA MINE PROJECT The IMA Mine Project Mineralization Climax-Type Molybdenum Porphyry System Mazda Property Tungsten ▪ High grade Tungsten bearing quartz veins with Property hubnerite, scheelite, tetrahedrite, galena, sphalerite, IMA and chalcopyrite Approximate location of historic resource ▪ Ve
Slide 10: 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 11: 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 Bradley Mining Company Gentor Resources Following closure, in
Slide 12: 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 Favourable Strong Historical Tier 1 Jurisdiction Work & Data Infrastructure ▪ Property is located on patented ▪ High Grade Vein systems are ▪ Local communities can p
Slide 13: Key Value Drivers & Critical Path
THE IMA MINE PROJECT Key Value Drivers & Critical Path Building America’s First Tungsten Mine Restart & Update and Define IMA Secure Key Strategic & Rehabilition Mine Resources Financial Partnerships • Site remediation commenced • Complete exploratory and validation • Continue discussions to secure
Slide 14: Management & Directors
MANAGEMENT TEAM & BOARD OF DIRECTORS Management & Directors Assembling A Premier Mining Team With Extensive Track Records of Success Austin Zinsser, Ali Haji Dennis Logan Murray Nye PG Dan Nicholas Jim Whittaker Liam Farrell Chief Executive Chief Financial President VP, Exploration, Director Directo
Slide 15: Technical Team
MANAGEMENT TEAM & BOARD OF DIRECTORS Technical Team Strong Operating Team With Proven Technical Expertise David Sabourin Finley Bakker Jeff Wilson Bill Breen Taylor Sulik VP, Mining Operations Advisor Advisor Advisor Advisor +35 years of mine +45 years of mining +25 years of executive & +41 years of
Slide 16: Capitalization & Corporate Information
CAPITILIZATION STRUCTURE & SHAREHOLDER BASE Capitalization & Corporate Information American Tungsten Corp. Capitalization Table Shareholder Ownership (Fully Diluted) C$, Except Per Share Figures 2.5% 7.3% Share Price (as at XXX) $1.03 10.5% Key Institutional Investors Current Basic Shares Outstandin
Slide 17: Comparable Companies Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies Analysis Publicly-Listed Peer Benchmarking Tungsten, Molybdenum, and Defense Metals Peers C$, Millions Tungsten Miners Other Defense Metals Miners $1,581.8 Equity Value $541.9 $491.9 $287.1 $116.2 $103.1 $56.6 $45.6 $41.5 $34.8 – – – – $7.4
Slide 18: Slide 18
Slide 19: Appendix
Appendix Supplementary Information
Slide 20: 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) 20
Slide 21: Photo Gallery
APPENDIX Photo Gallery Zero Level – Portal From Zero Level, Challis, Idaho D-Level adit Rehab tailings in valley Management on site Zero Level portal 21
Slide 22: Historical Drilling Results
APPENDIX Historical Drilling Results Significant historical tungsten intercepts from Inspiration and Gentor drilling Significant historical molybdenum intercepts from Gentor drilling Hole ID Company From (ft) To(ft) Length (ft) WO3% Ag Oz/t MoS2% Cu% Pb% Zn% Hole ID From (ft) To(ft) Length (ft) WO3%
Slide 23: 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 Metallur Alloying used in metallurgy as an additive for specialized forms of steels and ▪ Automotive Parts
Slide 24: 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 Skeena, British Columbia
Slide 25: American Tungsten
American Tungsten ir@americantungstencorp.com 1055 West Georgia Street, Suite 1500 Vancouver, BC V6E 0B6 Canada
American Tungsten — Investor Presentation (September 2025) on 6ix