American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (October 2026)
19 slides from American Tungsten's investor presentation, October 2026
Slide 1: Re-Building America’s Defense Supply
Re-Building America’s Defense Supply Q4 2026 TSX-V: TUNG | OTCQX: TUNGF | FRA: RK90
Slide 2: Positioned to become America’s next tungsten producer
PURPOSE MADE IN AMERICA Positioned to become America’s next tungsten producer 2
Slide 3: Why the Market Is Broken
WORLD NEED WHY THE MARKET IS BROKEN Global Tungsten Production Russia 2,000 (2.5%) China controls ~80% Austria world mine supply 800 (1.0%) and processing capacity. Spain 700 (0.9%) No Domestic Tungsten Sources Portugal • U.S. defense procurement restrictions begin 2027 China 500 (0.6%) • No U.S. co
Slide 4: Why Investors Are Paying Attention Now
EXECUTIVE SUMMARY WHY INVESTORS ARE PAYING ATTENTION NOW Earliest PUBLICLY Listed U.S. Tungsten Exposure Established 1 2 3 Mining District Montana Washington Coeur d’Alene Mining District • Silver Alley • Shoshone County Near-Term U.S Low-Capex, Aligned with U.S. IMA Mine Tungsten De-Risked Entry St
Slide 5: Market Defined by Supply Scarcity
MARKET DYNAMICS MARKET DEFINED BY SUPPLY SCARCITY Advancing America’s Tungsten Supply Defense Spending Enters a Multi-Year Tungsten Pricing Average MTU Expansion Cycle $2,900 (USD) NATO’s push toward defense spending of up to 5% of GDP reflects a structural shift toward sustained re-armament and lon
Slide 6: History, Infrastructure and Jurisdiction
THE IMA MINE HISTORY, INFRASTRUCTURE AND JURISDICTION Power Access Predictable Permitting Process Proven Mining Region Grid access on site - with a potential for Clear, well-defined U.S. permitting pathways for mining and water 220 claims and 4000 Ha on established mining land, future upgrades use,
Slide 7: Positioned to Be the First U.S. Tungsten Producer
THE IMA HISTORIC TAILINGS POSITIONED TO BE THE FIRST U.S. TUNGSTEN PRODUCER Existing High-grade Tailings Create Strategic Advantage Key Highlights Near-Term Cash Flow Potential Investment: Product: Potential De-Risked Resource Low Tungsten Concentrate • High-grade historical tungsten tailings with h
Slide 8: 6-Month Re-Rating Catalysts
THE IMA HISTORIC TAILINGS 6-MONTH RE-RATING CATALYSTS Phase One Cash Flow Funds Phase Two 2026 2027 Q2 Q3 Q4 Q1 Q2 Resource Definition Metallurgy, Bench Testing Preliminary Economic Assessment Permitting Construction First Concentrate Sale (DSO) 8
Slide 9: 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 history 1 , significantly reducing geological uncertainty and development risk versus greenfield projects Established Resource
Slide 10: A Growing Resource with Multiple Pathways to Value Creation
THE IMA MINE A GROWING RESOURCE WITH MULTIPLE PATHWAYS TO VALUE CREATION FROM RESOURCE DEFINITION TO PROJECT DEVELOPMENT Established Resource Base Resource Advancement Multiple Development Pathways • 14,093 tonnes contained WO₃ in • Initial MRE supported by ~17,000 feet • Surface tailings provide a
Slide 11: High Grade, Lower Unit Equity Value
COMPARABLE COMPANIES & VALUATION HIGH GRADE, LOWER UNIT EQUITY VALUE IMA Remains Highest-Grade Tungsten Resource Globally Yet Trades Significant Discount Company /Issuer Tungsten Asset Flagship Resource Grade Equity / Resource Countries % WO₃ US$/T American Tungsten IMA | Restart 0.55% $4,713 Almont
Slide 12: From Resource Definition to Re-Rating
EXECUTION FROM RESOURCE DEFINITION TO RE-RATING Multiple Catalysts To Close Valuation Gap Stifel Research Initiation TUNG:TSX-V 01 02 03 Buy $1.75 METALLURGY Complete PEA Deliver First C$5.00 CDN Confirm to define Concentrate at the Sept1, 2026 close recoveries, development demonstrating a 12-month
Slide 13: Execution Driven
OPERATIONAL MILESTONES EXECUTION DRIVEN Advancing America’s Domestic Tungsten Supply Capitalization Table Our Progress CAD$, Except Share Figures Operational Achievement Execution & De-risking Forward Path Share Price $1.75 (as at September 30, 2026) Q3 2025/Q2 2026 Q3 2026 Q4 2026 2027 + Planned Pr
Slide 14: Leadership Team
OUR TEAM LEADERSHIP TEAM Demonstrated Market Execution & Aligned with U.S. Strategic Interests 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 o
Slide 15: Anchored in Government Initiatives
THE IMA MINE ANCHORED IN GOVERNMENT INITIATIVES Invested in Our Community Rooted in Idaho, Built for the Long Term The IMA Mine is being developed with a long-term operating focus, emphasizing local employment, community investment and contribution to U.S. mineral security objectives Strong Governme
Slide 16: Investment Case
Investment Case Critical Brownfield Near-Term Cash Multiple Re-rating Supply Gap: Restart: Flow: Catalysts: Tungsten is essential Past-producing, highest Staged development PEA, metallurgical results and no Western grade U.S. tungsten prioritizes de-risking, and government funding supply mine, focus
Slide 17: Disclaimers
ADVISORIES DISCLAIMERS INFORMATION IN THIS PRESENTATION beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not this Presentation was obtained from public sources and has not been independently verified by the Although the Company has attempted to identif
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 TSX-V: TUNG | OTCQX: TUNGF | FRA: RK90
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