American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (January 2026)
31 slides from American Tungsten's investor presentation, Jan 22, 2026
Slide 1: Building America’s Defense Critical Metals Supply
Building America’s Defense Critical Metals Supply Q1 2026 CSE: TUNG | OTCQB: TUNGF | FRA: RK90
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 in 2026 ▪ 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 Wind Nuclear Energy G
Slide 5: Tungsten Pricing & Demand
CRITICAL METAL IN HIGH DEMAND Tungsten Pricing & Demand APT prices per MTU $900.00 Average (USD) MTU $920 - as at January 2, 2026 - Strategic Landscape & Defense $800.00 Imperatives $700.00 Global Defense Surge: NATO’s push for 5% GDP defense spending, signals a $600.00 new era of military investmen
Slide 6: US / China Trade Relations
GEOPOLITICAL LANDSCAPE US / CHINA TRADE RELATIONS THE BATTLE FOR CRITICAL METALS CONTINUES: ▪ Late October tariff truce for one year does not include tungsten exports ▪ Though trade relations are thawing, China has tightened export controls for tungsten into 2026/27 ▪ China's processing dominance at
Slide 7: 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 Tungsten is seeking to become an imminent, leading supplier of
Slide 8: 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 A De-Risked, Brownfield Tungsten-Molybdenum Project: Geographical Overview Poised for 2026 Production IMA Mine Project Idaho,UnitedStates ▪ Advan
Slide 9: 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 In 2007, Gentor Resources optioned the mine and explored for molybdenum. In March 1881-1979 IMA Mine begins as a silver mine; tungsten discovered in 1903 2008-2010
Slide 10: 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 11: 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, tetrahedrite, galena, sphalerite, Approximate location and chalcopyrite of historic resource ▪ Veins occur within metasedimen
Slide 12: 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 13: 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 Gentor Resources repo
Slide 14: Historical Sampling
THE IMA MINE PROJECT Historical Sampling Inspiration Development (1979-1980) 651 Channel Samples on Three Levels No 5 Vein -Avg 5.3 ft wide No 7 Vein -Avg 6 ft wide 520 ft 0.44% WO3 2.63 opt Ag 408 ft 0.43% WO3 2.01 opt Ag No 7 Vein -Avg 5.3 ft wide 80 ft 0.53% WO3 0.49 opt Ag (1) Inspiration interc
Slide 15: D Level Exploration Target
THE IMA MINE PROJECT D Level Exploration Target No. 5 and No.7 Vein Systems Extend up from D Level Location of 1963 historical reserves No5 Vein 104k tons, 0.5% WO3 (1) Inspiration intercepts reported from 1979 and 1980 internal company annual reports. (4) For Gentorholes, intercept width may not re
Slide 16: D Level Exploration Target
THE IMA MINE PROJECT D Level Exploration Target Potential for Multiple Stacked Veins Extending above D Level Potential for 300-400k tons of mineralized materials WO3 intercepts D Level Drill Target 200’ to 500’ up-dip of D Level 2-3 stacked veins (1) Inspiration intercepts reported from 1979 and 198
Slide 17: 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 Favorable Strong Historical Tier 1 Jurisdiction Work & Data Infrastructure ▪ Property is located on patented ▪ High Grade Vein systems are ▪ Local communities can pr
Slide 18: From Discovery to Delivery
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY Building America’s First Tungsten Mine O U R C ATA LY S T S Updated Resource Study (NI 43-101) Closing of $7M Non-Brokered Private Placement Updated Resource Study and IMA Mine Economics Announcement of Updated Leadership Team LOI with prominent U.S-ba
Slide 19: Operational Highlights: Accomplishments to Date
THE IMA MINE PROJECT OPERATIONAL HIGHLIGHTS: Accomplishments to Date This is More Than a Mine - It is a Strategic Asset Secured ▪ Solidified an internal Team of subject matter experts supported by Top-Tier Talent best-in-class third-party consultancy groups Primary ▪ Successfully completed surface a
Slide 20: From Discovery to Delivery: Current Operational Progress
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY: Current Operational Progress Building America’s First Tungsten Mine O P E R AT I O N A L U P D AT E S : Q 1 - Q 2 2 0 2 6 ▪ Completion of Phase 1 Drill Program: ▪ Formulation of Mine Trade Off ▪ Phase 2 Drill Program Definition: Targeting 15,000 feet
Slide 21: Operational Updates: Drilling Program Phase I
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY: Current Operational Progress Building America’s First Tungsten Mine O P E R AT I O N A L U P D AT E S : D R I L L I N G P R O G R A M P H A S E I ▪ 2,120 feet across six holes completed since early December, with the final hole from the first D-Level
Slide 22: Leadership
OUR TEAM Leadership Seasoned Executives and Directors Known for Fostering Transparency, Accountability and Value Creation Ali Haji Dennis Logan Carolyn Loder Dan Nicholas Jim Whittaker Duncan Blount Chief Executive Chief Financial Director Director Director Director Officer, Director Officer +20 yea
Slide 23: Advisory Team
OUR TALENT Advisory Team Professionals with Extensive Track Records of Success in Mining, Operations and Capital Markets David Sabourin Liam Farrell Austin Zinsser, PG Joanna Longo Michael Zehr VP, Mining Operations SVP, Operations VP, Exploration Head, Investor Relations Strategic Advisor +35 years
Slide 24: Capitalization & Corporate Information
CAPITILIZATION STRUCTURE & SHAREHOLDER BASE Capitalization & Corporate Information American Tungsten Corp. Capitalization Table Shareholder Ownership (Fully Diluted) CAD$, Except Per Share Figures Float Insiders Institutional Share Price (as at Jan 9, 2026) $2.00 14.7% Key Institutional Investors 1.
Slide 25: Comparable Companies’ Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies’ Analysis Publicly-Listed Peer Benchmarking Defense Metals Peers Equity Value $3,410 $668 $408 $265 $208 $204 $112 $99 $7 $6 (C$, Millions) Allied Critical American Almonty Fireweed EQ Resources Guardian Metal Tungsten Mining Northcliff Stuh
Slide 26: Appendix
Appendix Supplementary Information 26
Slide 27: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Drill Core Storage Zero Level – Portal Heavy Machinery Mine House & Shed Pre Rehab for Rehab Program Zero Level, tailings in D - Level Adit Zero Level – Portal Valley After Rehab 27
Slide 28: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Drilling at No 5 Vein on D Level Heavy Machinery D Level Portal October 2025 Sampling No 5 Vein on D Level Hagby 1000 rig drilling AT26-05 28
Slide 29: 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 Metallurgy used in metallurgy as an additive for specialized forms of steels and ▪ Automotive Part
Slide 30: 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 31: American Tungsten
American Tungsten ir@americantungstencorp.com 1200 - 750 West Pender Street Vancouver, BC V6C 1G8 Canada 31
American Tungsten — Investor Presentation (January 2026) on 6ix