American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (May 2026)
19 slides from American Tungsten's investor presentation, May 2026
Slide 1: Building America’s Defense Supply
Building America’s Defense Supply Q2 2026 CSE: TUNG | OTCQB: TUNGF | FRA: RK90
Slide 2: Purpose: Made in America
PURPOSE MADE IN AMERICA Advance near-term, tungsten production by leveraging our first-mover advantage, to deliver a secure domestic supply of a critical mineral 2
Slide 3: Executive Summary: Why Now?
EXECUTIVE SUMMARY WHY NOW? Advancing America’s Domestic Tungsten Supply Established Idaho 1 2 3 Mining District Montana Washington Coeur d’Alene Mining District • Silver Alley • Shoshone County Only Near-Term Low-Capex, Aligned with U.S. IMA Mine U.S Tungsten De-Risked Entry Strategic Priorities Ame
Slide 4: Market Defined by Supply Scarcity
MARKET DYNAMICS MARKET DEFINED BY SUPPLY SCARCITY Advancing America’s Tungsten Supply Defense Spending Enters a Multi-Year Expansion Cycle Tungsten Pricing & Demand NATO’s push toward defense spending of up to 5% of GDP reflects a structural Average MTU shift toward sustained re-armament and long te
Slide 5: History, Infrastructure and Jurisdiction
THE IMA MINE HISTORY, INFRASTRUCTURE 220 claims AND JURISDICTION 4000 Ha of land Power Access Grid access on site - with a potential for future upgrades Predictable Permitting Process Clear, well-defined U.S. permitting pathways for mining and water use, aligned with federal and state environmental
Slide 6: Positioned to Be the First U.S. Tungsten Producer
THE IMA MINE POSITIONED TO BE THE FIRST U.S. TUNGSTEN PRODUCER Near-term Potential From Existing High-grade Tailings Key Investment Highlights Why Tailings Investment: Product: Potential De-Risked Resource Low Tungsten Concentrate • High-grade historical tungsten tailings with high-potential for nea
Slide 7: 12-Month Re-Rating Catalysts
THE IMA MINE 12-MONTH RE-RATING CATALYSTS Phase 1 tailings opportunity 2026 2027 Q2 Q3 Q4 Q1 Q2 Resource Definition Metallurgy, Bench Testing Permitting Construction & Commissioning Planned Concentrate Production & Sale Commercial Production 7
Slide 8: The IMA Mine: Designed for Execution
THE IMA MINE THE IMA MINE: DESIGNED FOR EXECUTION Why This Asset is Different De-Risked, Past-Producing U.S. Tungsten Asset • Legacy tungsten mine with documented production history1 , significantly reducing geological uncertainty and development risk versus greenfield projects Established Grades wi
Slide 9: Demonstrated Scale, Continuity, and Optionality
THE IMA MINE DEMONSTRATED SCALE, CONTINUITY, AND OPTIONALITY Large, Continuous Proven Vertical Depth-Related Polymetallic System Continuity Molybdenum Optionality IMA hosts a laterally and vertically continuous High grade tungsten mineralization is hosted Disseminated and vein-hosted molybdenum tung
Slide 10: Historical Drilling and Ongoing D and 0-Level Validation
THE IMA MINE HISTORICAL DRILLING1 AND ONGOING D AND 0-LEVEL VALIDATION Why This Asset Is Different Plan Map of D-Level with completed and planned drillholes Extensive Historical Drilling and Sampling1 • IMA benefits from a substantial database of historical underground drilling, channel sampling, an
Slide 11: Key Catalysts for Re-Rating
THE IMA MINE KEY CATALYSTS FOR RE-RATING Near-term Technical & Operational Catalysts Stage 1: Stage 2: Stage 3: De-Risking the Asset Expanding the Resource Advancing Toward Production Advancing towards an Delineating Production-Readiness Updated Resource Mineralization Milestones Estimate Step-out d
Slide 12: Execution Driven: Capitalization and Progress
OPERATIONAL MILESTONES EXECUTION DRIVEN Advancing America’s Domestic Tungsten Supply Capitalization Table Our Progress CAD$, Except Share Figures Share Price Foundation & Financing Execution Phase Forward Plan $3.28 (as at April 15, 2026) Q2 / Q3 2025 Q4 2025 / Q1 2026 Q2 / Q3 2026 2027 + Closing of
Slide 13: Comparable Companies and Capitalization Analysis
COMPARABLE COMPANIES & CAPITALIZATION ANALYSIS OF DEFENSE METALS PEERS Publicly-listed Companies’ Benchmarking American Tungsten trades at a discount despite being the only near-term U.S. Equity Value (C$, Millions) tungsten producer ~ 588 tonnes WO₃ per annum ~ 1,530 tonnes WO3 per annum $171 TSE:
Slide 14: Leadership
OUR TEAM LEADERSHIP Leadership Team With Demonstrated Market Execution Ali Haji Dennis Logan Carolyn Loder Dan Nicholas Jim Whittaker Duncan Blount Chief Executive Officer, Chief Financial Officer Director Director Director Director Director +20 years of strategic +25 years of executive +30 years of
Slide 15: Anchored in Government Initiatives
THE IMA MINE ANCHORED IN GOVERNMENT INITIATIVES Invested in Our Community Buy American, Hire American Aligned with U.S Department of War initiatives to rebuild domestic critical-minerals supply chains – support received to date reflects strategic importance of U.S. based tungsten production Strong G
Slide 16: Critical Supply Gap and Brownfield Restart
Critical Brownfield Capital- Structured Supply Gap: Restart: Disciplined Approach: Tungsten is essential IMA is a past-producing, Path: Proven leadership and irreplaceable, yet high grade U.S. Staged development team and strong the U.S. has no tungsten mine, focused prioritizes derisking, Idaho Stat
Slide 17: Disclaimers
ADVISORIES DISCLAIMERS INFORMATION IN THIS PRESENTATION Any statements that express or involve discussions with respect to predictions, expectations, COMPARABLES Although the Company has attempted to identify important factors that could cause actual results beliefs, plans, projections, objectives,
Slide 18: Technical and Historical Exploration Disclaimers
ADVISORIES TECHNICAL AND HISTORICAL EXPLORATION DISCLAIMERS DISCLAIMERS SCIENTIFIC AND TECHNICAL INFORMATION 1) Data Verification: Historical statements concerning historical exploration results cited in this Presentation have been obtained through Units both public and private sources and are belie
Slide 19: Contact
CONTACT: ir@americantungstencorp.com 400 - 90 Adelaide Street West Toronto, ON M5H 3V9, Canada CSE: TUNG | OTCQB: TUNGF | FRA: RK90