American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (April 2026)
19 slides from American Tungsten's investor presentation, Apr 1, 2026
Slide 1: Building America’s Defense Supply
Building America’s Defense Supply Q2 2026 CSE: TUNG | OTCQB: TUNGF | FRA: RK90
Slide 2: Disclaimers
ADVISORIES DISCLAIMERS competition for, among other things, capital, acquisitions of undeveloped lands and skilled Comparables personnel; changes in commodity prices and exchange rates; currency and interest rate fluctuations; Information in this Presentation and the ability to secure the required c
Slide 3: 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 both public and private sources and are believed to
Slide 4: 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 4
Slide 5: Why Now?
EXECUTIVE SUMMARY WHY NOW? Advancing America’s Domestic Tungsten Supply Onshoring a Scarce, Strategic Metal Critical defense-grade tungsten remains foreign-sourced as geopolitical risk rises: accelerating urgency for domestic ▪ production Near-Term Production with Low Capex Past-producing IMA tungst
Slide 6: Market Defined by Supply Scarcity
MARKET DYNAMICS MARKET DEFINED BY SUPPLY SCARCITY Advancing America’s Tungsten Supply Average MTU Tungsten Pricing & Demand $3,040 (USD) Defense Spending Enters a Multi-Year Expansion Cycle NATO’s push toward defense spending of up to 5% of GDP 3500 reflects a structural shift toward sustained re-ar
Slide 7: 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 Why Tailings Highlights • Potential De-Risked Resource High-grade historical tungsten tailings with high-potential for near-term revenue stream Investment: Product: • N
Slide 8: 12-Month Re-Rating Catalysts
THE IMA MINE 12-MONTH RE-RATING CATALYSTS Reprocessing of Historic Tailings 2026 2027 Q2 Q3 Q4 Q1 Q2 2026 RESOURCE DEFINITION METALLURGY, BENCH TESTING PERMITTING UPDATED RESOURCE STUDY & IMA MINE ECONOMICS CONSTRUCTION & COMMISSIONING PLANNED CONCENTRATE PRODUCTION & SALE COMMERICAL PRODUCTION 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, significantly reducing geological uncertainty and development risk versus greenfield projects Established Grades with
Slide 10: History, Infrastructure and Jurisdiction
THE IMA MINE HISTORY, INFRASTRUCTURE AND JURISDICTION i n g s Ta i l 10
Slide 11: The IMA Mine Demonstrated Scale, Continuity, and Optionality
THE IMA MINE THE IMA MINE DEMONSTRATED SCALE, CONTINUITY, AND OPTIONALITY Large, Continuous Polymetallic Proven Vertical Continuity Depth-Related Molybdenum System • High grade tungsten mineralization Optionality • IMA hosts a laterally and vertically is hosted in quartz vein systems • Disseminated
Slide 12: Historical Drilling and Ongoing D and 0-Level Validation
THE IMA MINE HISTORICAL DRILLING AND ONGOING D AND 0-LEVEL VALIDATION Why this Asset is Different Extensive Historical Drilling and Sampling • IMA benefits from a substantial database of historical underground drilling, channel sampling, and production records, supporting the continuity and grade of
Slide 13: 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 Updated Resource Continued Drilling Production-Readiness Estimate Demonstrating Milestones Continuity Modern resourc
Slide 14: Execution Driven
OPERATIONAL MILESTONES Capitalization Table CAD$, Except Share Figures $3.28 EXECUTION DRIVEN Share Price (as at April 15, 2026) Current Basic Shares Outstanding 63.42 MM Options & Warrants 3.95 MM Advancing America’s Domestic Tungsten Supply Cash Position (as at April 15, 2026) ~ 49 MM OUR PROGRESS
Slide 15: Comparable Companies & Capitalization
COMPARABLE COMPANIES & CAPITALIZATION Analysis of Defense Metals Peers Publicly-Listed Companies’ Benchmarking $6,000 $5,860 $5,000 Equity Value (C$, Millions) $4,000 $3,000 $2,000 ~ 588 tonnes WO₃ per annum $1,550 $1,000 ~ 1,530 tonnes WO3 $974 per annum $342 $239 $271 $171 $519 $171 $0 Almonty EQ
Slide 16: Leadership
OUR TEAM LEADERSHIP Leadership Team with Demonstrated Market Execution Ali Haji Dennis Logan Carolyn Loder Dan Nicholas Jim Whittaker Duncan Blount Chief Executive Chief Financial Director Director Director Director Officer, Director Officer +20 years of strategic +25 years of +30 years of senior Se
Slide 17: Technical and Advisory Team
OUR TALENT TECHNICAL AND ADVISORY TEAM Professionals with Extensive Track Records of Success in Mining and Capital Markets David Sabourin VP, Liam Farrell Austin Zinsser, PG Joanna Longo Mining Operations SVP, Operations VP, Exploration Head, Investor Relations +35 years of mine +10 years of capital
Slide 18: American Tungsten
American Tungsten • Critical Supply Gap: Tungsten is essential and irreplaceable, yet the U.S. has no domestic production • Brownfield Restart: IMA is a past-producing, high grade U.S. tungsten mine, focused on execution, not discovery • Capital-Disciplined Path: Staged development prioritizes deris
Slide 19: American Tungsten
American Tungsten ir@americantungstencorp.com 400 - 90 Adelaide Street West Toronto, ON M5H 3V9 Canada TSX.V: HSTR OTCQX: HSTXF CSE: TUNG | OTCQB: TUNGF | FRA: RK90 19
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