American Tungsten Corp. · TSXV:TUNG
American Tungsten — Investor Presentation (February 2026)
31 slides from American Tungsten's investor presentation, February 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 the Company’s ability to secure strategic partnerships and expand its operational network; the Company’s Comparables authorized use only. It is being provided for the u
Slide 3: Technical and Historical Exploration Disclaimers
ADVISORIES Technical and Historical Exploration Disclaimers Disclaimers 1) Data Verification: Historical statements concerning historical exploration results cited in this Presentation have been obtained through both Scientific and Technical Information public and private sources and are believed to
Slide 4: Investment Highlights
EXECUTIVE SUMMARY Investment Highlights Building America’s Defense Critical Metals Supply ▪ Focused on advancing a U.S. domestic source of tungsten Onshoring a ▪ Majority of tungsten supply is controlled by China Scarce, Critical ▪ Metal Classified as a critical metal by the U.S Department of Defens
Slide 5: Demand & Supply Outlook
THE TUNGSTEN OPPORTUNITY Demand & Supply Outlook A Reliance on Foreign Tungsten Supply Represents a Major U.S. 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 Ene
Slide 6: Tungsten Pricing & Demand
(See Reference 4) CRITICAL METAL IN HIGH DEMAND Tungsten Pricing & Demand APT prices per MTU $900.00 Average (USD) MTU Strategic Landscape & Defense $1,738 $800.00 - as at February 13, 2026 - Imperatives (See Reference 4) $700.00 Global Defense Surge: NATO’s push for 5% GDP defense spending, signals
Slide 7: US / China Trade Relations
GEOPOLITICAL LANDSCAPE US / CHINA TRADE RELATIONS THE BATTLE FOR CRITICAL METALS CONTINUES: ▪ October 2025 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 (See Reference 4) ▪ China's proce
Slide 8: The IMA Mine Project At A Glance
THE IMA MINE PROJECT The IMA Mine Project At A Glance Focused On Advancing a Legacy Tungsten Asset Geographical Overview Brownfield Tungsten-Molybdenum Project IMA Mine Project ▪ Past producing tungsten-molybdenum asset principally located on patented mining claims Idaho, United States Tungsten-Moly
Slide 9: History of The IMA Mine Project
THE IMA MINE PROJECT History of The IMA Mine Project Legacy Asset With Significant Historical Exploration Work 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 March 2008, Gentor completed th
Slide 10: Significant Land Position
THE IMA MINE PROJECT Significant Land Position ▪ 396 acres patented across 21 mining claims (IMA Property) (See Reference 3) ▪ 1989 acres unpatented across 113 mining claims (WMO claims) (See Reference 2) ▪ 220 acres private land in valley (See Reference 2) ▪ Intend to acquire Mazda claims currently
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, and chalcopyrite (Reference 2, Disclaimer 1) ▪ Veins occur within metasediments along antic
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 Compilation of Historic Drilling at the Ima Mine Site Number of Com
Slide 13: 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 520 ft @ 0.44% WO₃, 2.63 opt No. 7 Vein – Avg. 6 ft wide 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 Histor
Slide 14: D Level Exploration Target
THE IMA MINE PROJECT D Level Exploration Target Potential for Multiple Stacked Veins Extending above D Level Focus of 2026 American Tungsten Phase 1 Drill Program Conceptual Exploration Target: WO₃ intercepts 200’ to 500’ 2-3 parallel stacked up-dip of D Level D Level Drill Target veins extending 2-
Slide 15: 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 16: From Discovery to Delivery
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY Advancing a Source of U.S. Domestic Tungsten Supply OUR EXPECTED CATALYSTS Closing of $7M Non-Brokered Private Placement Announcement of Updated Expected Drill Results and Leadership Team Metallurgical Testing Planned Pre-Feasibility Study Non-Binding
Slide 17: Engineering Design for Potential On-site Processing
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY Engineering Design for Potential On-site Processing Conceptual Process Plan Conceptual Site Facilities Layout 17
Slide 18: Potential for Reprocessing of Historical Tailings
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY Potential for Reprocessing of Historical Tailings Tailings Sampling: Preliminary American Tungsten samples of historical tailings average 0.25% WO₃ and 0.48 oz/t Ag (Reference 7) Tailings Quantity: Tailings present over 30 acres and range from 1 to 9 f
Slide 19: Current Operational Progress: Near-Term Work Plan
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY: Current Operational Progress Advancing a Source of U.S. Domestic Tungsten Supply NEAR-TERM WORK PLAN ▪ Planned Completion of Phase 1 Drill ▪ Phase 2 Drill Program Definition: Program: Targeting 15,000 feet drilled Adding drill footage across establish
Slide 20: Current Operational Progress: 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 ▪ Drilling on both the upper D-level and mid-Zero Level is now underway. ▪ Approximately 325 feet of the
Slide 21: Recent Drill Results
THE IMA MINE PROJECT FROM DISCOVERY TO DELIVERY: Recent Drill Results Advancing a Source of U.S. Domestic Tungsten Supply OPERATIONAL UPDATES: DRILLING PROGRAM PHASE I ▪ Drill Result Highlights: (Reference 9) Hole Length Hole ID Azimuth Dip Length From (ft) To (ft) WO₃ % Ag oz/t (ft) (ft) AT25-01 28
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: 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 24: Capitalization & Corporate Information
CAPITILIZATION STRUCTURE & SHAREHOLDER BASE Capitalization & Corporate Information American Tungsten Corp. Shareholder Ownership (Fully Diluted) Capitalization Table CAD$, Except Share Figures 14.7% Share Price (as at Feb 20, 2026) $2.45 Key Institutional Investors 1.1% ▪ Lowell Resources Fund Curre
Slide 25: Comparable Companies' Analysis
COMPARABLE COMPANIES & CAPITALIZATION Comparable Companies’ Analysis Publicly-Listed Peer Benchmarking Defense Metals Peers Equity Value $5,540 $1.050 $758 $324 $325 $204 $171 $120 $7 $6 (C$, Millions) Allied Critical American Almonty EQ Resources Fireweed Guardian Metal Tungsten Mining Northcliff S
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: References
ADVISORIES References 1. Mitchell ,V.E., Idaho Geological Survey, History of the IMA Mine, Lemhi County, Idaho, August 1999 2. NI 43-101 Technical Report on the IMA Mine, Patterson, Idaho, A-Z Mining Professionals Ltd; – dated June 6, 2025 and filed on Sedar+ under the Company’s profile on June 10,
Slide 31: American Tungsten Contact
American Tungsten ir@americantungstencorp.com 1200 - 750 West Pender Street Vancouver, BC V6C 1G8 Canada 31
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