American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (October 2025)
26 slides from American Tungsten's investor presentation, October 2025
Slide 1: Building America's Defense Critical Metals Supply
Building America’s Defense Critical Metals Supply Q3 2025 CSE: TUNG | OTCQB: TUNGF | FSE: RK9
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 ▪ Majority of tungsten supply is controlled by China Scarce, Critical ▪ Classified critical metal by th
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
Slide 5: Tungsten Pricing & Demand
Critical Metal in High Demand Tungsten Pricing & Demand APT prices per mtu Strategic Landscape & Defense $700.00 Imperatives $600.00 Global Defense Surge: NATO’s push for 5% GDP defense spending signals a new era of $500.00 military investment and strategic rearmament $400.00 Geopolitical Tensions R
Slide 6: Bringing Tungsten Supply to America
AMERICAN TUNGSTEN AT-A-GLANCE Bringing Tungsten Supply to America 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 Asset Class: Tungsten is seeking to become an imminent, leading supplie
Slide 7: 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 8: 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 1881-1979 IMA Mine begins as a silver mine; tungsten discovered in 1903 2008-2010 In 2007, Gentor Resources optioned the mine and explored for molybdenum. In Marc
Slide 9: 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 10: 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, Approximate location sphalerite, and chalcopyrite of historic resource ▪ Veins occur within metasedimen
Slide 11: Historical Drilling
THE IMA MINE PROJECT Historical Drilling IMA Property Drillhole 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 12: 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 Bradley Mining Company Gentor Resources Following closure, in
Slide 13: 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 14: Key Value Drivers & Critical Path
THE IMA MINE PROJECT Key Value Drivers & Critical Path Building America’s First Tungsten Mine Restart & Update and Define IMA Secure Key Strategic & Rehabilition Mine Resources Financial Partnerships • Site remediation commenced • Complete exploratory and validation • Continue discussions to secure
Slide 15: Management & Directors
MANAGEMENT TEAM & BOARD OF DIRECTORS Management & Directors Assembling A Premier Mining Team With Extensive Track Records of Success Ali Haji Dennis Logan Austin Zinsser, Murray Nye Dan Nicholas Jim Whittaker Liam Farrell Chief Executive Chief Financial PG President Director Director VP, Operations
Slide 16: Technical Team
MANAGEMENT TEAM & BOARD OF DIRECTORS Technical Team Strong Operating Team With Proven Technical Expertise David Sabourin Finley Bakker Jeff Wilson Bill Breen Taylor Sulik VP, Mining Operations Advisor Advisor Advisor Advisor +35 years of mine +45 years of mining +25 years of executive & +41 years of
Slide 17: Capitalization & Corporate Information
CAPITILIZATION STRUCTURE & SHAREHOLDER BASE Capitalization & Corporate Information American Tungsten Corp. Capitalization Table Shareholder Ownership (Fully Diluted) C$, Except Per Share Figures 2.5% 7.3% 10.5% Share Price (as at Sept 23,2025) $1.46 Key Institutional Investors Current Basic Shares O
Slide 18: Comparable Companies Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies Analysis Publicly-Listed Peer Benchmarking Tungsten, Molybdenum, and Defense Metals Peers C$, Millions Tungsten Miners Molybdenum Miners $2,322.4 Equity Value $624.9 $299.3 $107.6 $100.6 $100.3 $82.5 $58.8 $32.5 $23.3 $6.7 Almonty Fireweed G
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Slide 20: Appendix
Appendix Supplementary Information
Slide 21: Photo Gallery
APPENDIX Photo Gallery The IMA Mine Mine House & Shed Drill Core Storage Drill Core Minesite Roads (1/2) Mine Site Entrance Minesite Roads (2/2) 22
Slide 22: Photo Gallery
APPENDIX Photo Gallery Zero Level – Portal Challis, Idaho D-Level adit Rebuilt Zero Level adit Pre Rehab Zero Level, tailings in Earth moving valley equipment Zero Level – Portal After Rehab 23
Slide 23: 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 24: 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 25: 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 26: American Tungsten
American Tungsten ir@americantungstencorp.com 1200 - 750 West Pender Street Vancouver, BC V6C 1G8 Canada
American Tungsten — Investor Presentation (October 2025) on 6ix