American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (September 2026)
20 slides from American Tungsten's investor presentation, September 2026
Slide 1: Re-Building America’s Defense Supply
Re-Building America’s Defense Supply Q3 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
EXECUTIVE SUMMARY WHY INVESTORS ARE PAYING ATTENTION EARLIEST PUBLICLY LISTED U.S. TUNGSTEN EXPOSURE 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 E
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 & Demand Average MTU Expansion Cycle $3,000 (USD) NATO’s push toward defense spending of up to 5% of GDP reflects a structural shift toward sustained re-armamen
Slide 6: The IMA Mine: 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 Permitting Construction First Concentrate Sale Commercial Production 8
Slide 9: Rebuilding America's Tungsten Supply
Rebuilding America's Tungsten Supply 9
Slide 10: 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 11: Demonstrated Scale, Continuity, and Optionality
THE IMA MINE DEMONSTRATED SCALE, CONTINUITY, AND OPTIONALITY High-Grade Domestic Resource Phased Development Strategy Strong Expansion Potential Indicated and Inferred resources Lower-capital tailings processing followed by Recent drilling confirms continuity over average approximately 0.55% WO₃, un
Slide 12: High Grade, Lower Equity Value
COMPARABLE COMPANIES & VALUATION HIGH GRADE, LOWER 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 Almonty Ind
Slide 13: 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 $2.04 METALLURGY Complete PEA Deliver First C$5.00 CDN Confirm to define Concentrate at the Sept1, 2026 close recoveries, development demonstrating a 12-month
Slide 14: Execution Driven: Capitalization and Progress
OPERATIONAL MILESTONES EXECUTION DRIVEN Advancing America’s Domestic Tungsten Supply Capitalization Table Our Progress CAD$, Except Share Figures Operational Achievement Execution & De-risking Forward Path Share Price $2.04 (as at September 14, 2026) Q3 2025/Q2 2026 Q3 2026 Q4 2026 2027 + Planned Cu
Slide 15: 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 16: 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 17: 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 18: Disclaimers
DISCLAIMERS INFORMATION IN THIS PRESENTATION beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not sets are considered to be “comparables”. Comparable information about other issuers contained in Although the Company has attempted to identify important
Slide 19: Technical and Historical Exploration Disclaimers
TECHNICAL AND HISTORICAL EXPLORATION DISCLAIMERS DISCLAIMERS collection protocols and inclusion of certified reference, blank and duplicate quality assurance samples in laboratory submissions. 1) Data Verification: Historical statements concerning historical exploration results cited in this Present
Slide 20: 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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