American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (May 2025)
33 slides from American Tungsten's investor presentation, May 2025
Slide 1: Building America’s Defense Critical Metals Supply
Building America’s Defense Critical Metals Supply Q2 2025 Investor Presentation
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: Executive Summary
Executive Summary Overview of American Tungsten Corp.
Slide 4: Investment Highlights
EXECUTIVE SUMMARY Investment Highlights Building America’s Defense Critical Metals Supply ▪ American Tungsten is focused on bringing onshore tungsten mining and production capabilities to the United States Onshoring a ▪ The majority of tungsten supply is controlled by China, and is a necessary compo
Slide 5: Bringing Tungsten Supply to America
AMERICAN TUNGSTEN AT-A-GLANCE Bringing Tungsten Supply to America Focused on bringing critical metals supply into IMA Mine Project(1) production in the United States Asset Class: ▪ With no domestic producers of tungsten in the U.S., American Tungsten is Tungsten-Molybdenum seeking to become a leadin
Slide 6: Key Strategic Priorities
AMERICAN TUNGSTEN AT-A-GLANCE Key Strategic Priorities Focus on Bringing Key Assets Into Production & Maximizing Shareholder Returns Near-Term Objectives Medium-Term Objectives Update & Define IMA Commence Additional Foster & Secure Key Strategic & Financial Mine Resources And Drilling & Exploration
Slide 7: The Tungsten Opportunity
The Tungsten Opportunity Strong Fundamentals & Demand
Slide 8: What is Tungsten & How Is It Used?
THE TUNGSTEN OPPORTUNITY What is Tungsten & How Is It Used? A Critical Element in Short Supply What is Tungsten… Use Cases ▪ Tungsten (W) is a rare, critical earth metal (as defined by the U.S. ▪ Tank Armor Defense Department of Defense and the U.S. Department of Energy) and is ▪ Armor-Piercing Arti
Slide 9: Demand & Supply Outlook
THE TUNGSTEN OPPORTUNITY Demand & Supply Outlook A Reliance on Foreign Tungsten Supply Represents a Major Domestic Security Vulnerability A Metal In Short Supply in North America… … Amidst a Backdrop of Growing Demand & Strategic Vulnerabilities Global Tungsten Reserves & Production Are The Need to
Slide 10: The IMA Mine Project
The IMA Mine Project Tungsten Exploration Asset Overview
Slide 11: 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 Geographical Overview A De-Risked, Brownfield Tungsten-Molybdenum Project IMA Mine Project Idaho, United States ▪ Advanced, past producing tungst
Slide 12: 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 IMA Mine begins as a silver mine; tungsten discovered in In 2007, Gentor Resources optioned the mine and explored for molybdenum. 1881-1979 1903 2008-2010 gentor
Slide 13: Land Position
THE IMA MINE PROJECT Land Position IMA Project Property Map Lemhi County, Idaho NAD27 Idaho Central Feet Revised February 2025 ▪ 396 acres patented mining claims (IMA Property) ▪ 21 claims IMA Patented (optioned) WMO Claims (unpatented) Private Land (optioned) ▪ 1989 acres unpatented mining claims (
Slide 14: The IMA Mine Project Mineralization
THE IMA MINE PROJECT The IMA Mine Project Mineralization Climax-Type Molybdenum Porphyry System Mazda Property Tungsten Property ▪ Tungsten bearing quartz veins with hubnerite, scheelite, tetrahedrite, galena, sphalerite, and IMA Approximate location chalcopyrite of historic resource ▪ Veins occur w
Slide 15: 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
Slide 16: IMA Historical Resources and Reserves
THE IMA MINE PROJECT IMA Historical Resources and Reserves These historical resource estimates pre-date the implementation of NI 43-101 and do not use categories stipulated by CIM. Prior operators assigned confidence categories which differ from those stipulated by CIM, as they may not have demonstr
Slide 17: Overview of Key Acquisition Terms
THE IMA MINE PROJECT Overview of Key Acquisition Terms 8-Year Option Agreement for 100% Interest In the IMA Mine Project Summary of IMA Mine Project Option Cash Payments US$ @ Close $100,000 @ 6-Month $50,000 @ 1-Year $100,000 @ 2-Year $130,000 @ 3-Year $150,000 @ 4-Year $250,000 @ 5-Year $250,000 @
Slide 18: Overview of Key Upcoming Milestones
THE IMA MINE PROJECT Overview of Key Upcoming Milestones Building America’s First Tungsten Mine 01 02 03 Updated 43-101 Technical Report Additional Exploration Work Government Engagement ▪ Compile & validate historical ▪ Complete exploration drilling and ▪ Continue discussions to secure key informat
Slide 19: Potential For Near Term Underground Development Of Tungsten Mineralization
THE IMA MINE PROJECT Potential For Near Term Underground Development Of Tungsten Mineralization Building America’s First Tungsten Mine 01 02 03 Favourable Jurisdiction Strong Historical Work & Data Access to Quality Resources ▪ Property is located on patented ▪ Vein systems are accessible ▪ Local co
Slide 20: Management Team & Board of Directors
Management Team & Board of Directors World-Class Mining & Capital Markets Expertise & Experience
Slide 21: Senior Leadership Team
MANAGEMENT TEAM & BOARD OF DIRECTORS Senior Leadership Team Assembling A Strong Junior Mining Team With Strong Experience & Governance Capabilities Management Team Board of Directors Ali Haji +20 years of metals and mining, investment management, Adam Virani Founder of Mining Technology Consulting,
Slide 22: Financial Information
Financial Information Comparable Companies & Capitalization
Slide 23: Comparable Companies Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies Analysis Publicly-Listed Peer Benchmarking Tungsten, Molybdenum, and Defense Metals Peers C$, Millions Tungsten Miners Molybdenum Miners Other Defense Metals Miners $871.6 Equity Value $353.7 $104.8 $92.5 $65.3 $37.2 $37.0 $30.5 $22.4 $16.9
Slide 24: Comparable Companies Analysis (Cont’d)
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies Analysis (Cont’d) Tungsten Asset Details & Benchmarking Fireweed EQ Guardian Metal Northcliff Almonty Industries Metals Resources Resources Resources Asset(s) ▪ Los Santos ▪ IMA Mine ▪ Panasqueira ▪ Sandong ▪ Valtreixal ▪ Mactung ▪ Mt. Carbi
Slide 25: Capitalization & Corporate Information
COMPARABLE COMPANIES & CAPITALIZATION Capitalization & Corporate Information American Tungsten Corp. Capitalization Table Corporate Information C$, Except Per Share Figures Current Trading Symbols Current Share Price $1.39 CSE: OTCQB: FSE: Current Basic Shares Outstanding 24,253,181 New Issued Share
Slide 26: Appendix
Appendix Supplementary Information
Slide 27: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Drill Core Samples Mine House & Shed Drill Core Storage Minesite Roads (1/2) (Mo) Mine Site Entrance Minesite Roads (2/2) 27
Slide 28: Historical Drilling Results
APPENDIX Historical Drilling Results Significant historical tungsten intercepts from Inspiration and Gentor drilling Significant historical molybdenum intercepts from Gentor drilling Hole ID Company From (ft) To(ft) Length (ft) WO3% Ag Oz/t MoS2% Cu% Pb% Zn% Hole ID From (ft) To(ft) Length (ft) WO3%
Slide 29: The Defense Sector Opportunity
APPENDIX The Defense Sector Opportunity Critical Metals List By Supplying North America’s National Security Capabilities Country Tungsten’s Critical Metal Status Why Tungsten Is Important to Defense Aluminum Antimony ▪ Due to Tungsten’s role in important defense & military ▪ Tungsten possesses high
Slide 30: Tungsten Pricing & Processing
APPENDIX Tungsten Pricing & Processing Metric Ton Units Overview of Tungsten Pricing Economics Overview of Tungsten Processing(3) Metric Ton Unit (MTU) Unlike most base and precious metals, Tungsten is largely not smelted to form metal due to its high ▪ Measure of mass melting point and is instead e
Slide 31: 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 Metallur Alloying used in metallurgy as an additive for specialized forms of steels and ▪ Automotive Parts
Slide 32: 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 Skeena, British Columbia
Slide 33: American Tungsten
American Tungsten ir@americantungstencorp.com 1055 West Georgia Street, Suite 1500 Vancouver, BC V6E 0B6 Canada