Starting Strong: American Tungsten 2026

0:03 Hello everyone and thank you for joining us for this American Tungsten's first live event of the new year. Today we're joined by CEO Ali Haji and Senior Vice President of Operations Liam Farrell. We'll be going through a brief presentation followed by some questions. If you have any questions of your own, please feel free to submit them in the chat box which can be found in the bottom right corner of your screen. We'll try and address them all at the end. As always, this event is being recorded and will be available for viewing shortly after we conclude. With that said, Ali, the floor is yours.

0:33 Thank you, Kyle, and thank you to everybody that's taken the time to dial in today. The presentation will be around the company to remind new investors around what we're looking to achieve, as well as provide updates with respect to what we've done on site and what we plan to do over the course of the year. So American Tungsten solely focused on restarting a historic mine in Idaho by the name of IMA. We trade on the CSE, we're on the OTCQB as well as in Frankfurt. Next slide, please, Carl. We'll be making forward-looking statements. Next slide, please. So the investment highlights around American tungsten are solely focused on the IMA mine to start. So the IMA mine was the fourth largest producer of tungsten in the United States up until 1959.

1:19 For those of you that are unfamiliar with tungsten, it is the hardest metal on the periodic table, has the highest melting point of any metal on the periodic table as well. So it's the only thing harder than tungsten is diamond. It's used primarily in defense strategies and with the state of the world where it is today, you can expect the demand for tungsten continues to rise and that has been reflected in its price. The IMA mine that we're looking to restart has been de-risked significantly. About 440 million US has been spent on the project since inception. It's in the Idaho Porphyry Belt, up in northeast Idaho. It is on private patented land, which means permitting is readily available to us. We've got Tier 1 power, the lowest cost power in the United States, in fact, at 9 cents per kilowatt hour. We've got water rights and a mining-oriented labor force. So, our intention here is to bring this asset back online. We're able to do so, hopefully, quicker than anybody else in North America.

2:15 And the grade that we have at 0.63 is the second highest in North America, so extremely high grade on average. Projects around the world are around 0.2. We've also got about 2 oz per tonne silver and 0.15% moly. So, in addition to the very high-grade tungsten. Now we've got credits that amount to about $170 to $180 for the silver and moly alone. We are speaking with various government agencies to unlock non-dilutive capital, state of Idaho, as well as federal agencies. In fact, I will be in Boise next week and then DC for a couple of days thereafter. We've assembled a very strong team and we'll cover everybody's backgrounds here in a second, but we are very excited about the IMO mine and restarting production there. Next slide, please, Kyle.

3:04 Tungsten, much like anything else that's critical, mostly comes from China. We've made the mistake about 30 years ago of outsourcing and offshoring all of our critical requirements. Lithium is also another metal that China dominates. With China, they have now decided to restrict exports of tungsten. And so the price continues to rise and they are keeping everything internally. So as of, I believe, Last week, we were looking at prices in Rotterdam that were close to 1,100 and prices in China that are about 945. So they do continue to rise. The demand for tungsten is growing. It's about a $6.8 billion industry. In 2025, anticipated to be about 10.2 in 2030. I suspect that number to be larger than 10.2, as the next slide will illustrate.

3:56 We've got a couple of very strategic imperatives that are coming to the forefront here. 1, of course, being the defense spending. So NATO's push to spend about 5% of their GDP means they will require additional tungsten. We've got geopolitical tensions rising around the world. I don't think we have to wander too far from the news today to see what's happening there. And then from an emerging market perspective, I think that's where we're going to start to see a lot of demand come in as emerging markets look to increase their infrastructure as well as their defense capabilities. Next slide, please, Kyle. Despite The media and what we've seen in the news talking about rare earths, we saw Xi Jinping and Trump meet in Korea at the tail end of October last year. And out of that came a lot of noise, I should say, around rare earths, but tungsten was never mentioned.

4:49 And China, as I mentioned at the onset of this presentation, has now doubled down on restrictions, so much so that it's in fact cancelled all contracts to Japan, which it was providing without any issue. So I suspect we will see the price continue to rise. The news does not talk about tungsten but it is something that we should be looking at more closely as investors and miners. Next slide please.

5:15 So with the IMA mine, it's in northeast Idaho. It's about 200 miles from Montana. As I said, it was a past producer. You see some images around the underground infrastructure there, but we expect, as I said, to restart the mine here in short order. Next slide, please.

5:32 Where we're located, it is a fantastic jurisdiction in our view. Idaho, we've had conversations with the governor, with the various state agencies to assist us with permitting and infrastructure requirements. We are close to Sentara's Thompson Creek molly mine. Their grade is about 0.02, I believe, or about 0.15. Integra as well in the same sort of porphyry system. We've got a molly porphyry system that has silver and tungsten rich veins running through it. So our focus is around the tungsten and silver to start, but I do see this turning into a Mali behemoth in the future. Next slide, please. The asset has a long history. 1881 to 79, it was run by the Bradley Mining Company, where it was the fourth largest producer of tungsten in North America, 1979 to 1982.

6:22 Inspiration Development, which was a subsidiary of Anglo American, drilled about 12,000 feet on the project. At the end of 1982, the demand for tungsten sort of waned off following the Korean War. 2008 to 2010, a company named Gentor drilled an additional 25,000 feet on the project. They just so happened to start that work during the start of the financial crisis and so they went bankrupt in 2010. And 2 individuals that ultimately paid off Gentor's debt received the asset in exchange. In 2024, we optioned the asset for a sum of $5.8 million payable over 8 years with balloon payments in year 7 and 8. We're currently in year 3. They also have a 2% NSR and we can buy back 1% for $2 million before the fourth year anniversary, which of course we intend to do. So our intent, once again, is to be the first producer of tungsten or one of the first producers of tungsten in North America since we ceased production in 2015.

7:17 Next slide, please. We've got a significant land position, and that's important, not only for the dry stacking of tailings, which we can do given it's private patented land, but also to build our mill. So we have looked at a mill that we've communicated to market. And our intent is to put that mill on the valley floor. Next slide, please.

7:39 To get a sense of the actual infrastructure in place at this site, if you look at the blue lines here, there's about 15 miles of underground workings on the asset. So it is one that has had a significant amount of capital put into it. Our focus is around the D-level and the zero-level. We put out news today that we've dripped about 2,000 feet at the D-level. And we've talked about our expanded drilling program on the zero-level as well. So the drilling has commenced. We've been very encouraged by what we've seen. Of course, we're waiting for those assay results. The fact that we have rehabbed the D level down to about 1000 feet, the 0 level equally as far in as well. Our intent is to start to mine at the D level and then move the ore through manways, ore chutes, down to the 0 level and then out onto the valley floor where we will process it. And that's why you see D and 0 in dark blue on this slide here.

8:27 Next slide, please. Historical drilling is rather important. About 57,000 feet drilled in total on the asset. The sort of cartoon-looking factory that you see there is where we intend to put our mill. We have road access. The north side of the Valley, which is up here, if you can see my mouse, is where production was done in the past and where the vast majority of drilling was done as well. The south side of the valley, we think, is of interest to us because the mineralization does certainly continue. So the intent for us, once we've completed the drilling on the north side of the valley, put out an updated resource statement and are close to production, we will start to focus our exploration activity on the south side of the valley as well. Next slide, please. In terms of resources, There's about 350,000 tons at a grade of 0.5.

9:19 You've got 1.9 ounce silver. There's also 1.023 million tons of highly probable at 0.63. So this drilling program that we are undertaking today aims to include that as a measured and indicated or a resource that we can then put out to market to justify building the mill with the 25 million capex that we've shared with market already. Next slide, please. What you're seeing here is the historical sampling that was done by Inspiration and Liam will be addressing some of these in his slides so we can skip over this. And again we'll be touching on this when Liam speaks to us but just a good sort of way for you to envision what the asset looks like and where that mineralization is. Next slide, please. Once again, showing you where the intercepts are and why we are drilling where we are drilling. Next slide, please.

10:13 So in our view, Idaho is a very friendly mining jurisdiction, and that has been reflected by all of the government agencies and congressmen that we've had the pleasure of meeting. Given we are an underground mine, we're able to operate all year round. We are on private patented land, which means we don't require NEPA permitting. We are also above the water table, so we don't have to de-water or build a water treatment facility for our adits or the mining that we intend to do. The high-grade systems are accessible. The 0 and D levels have completely been rehabbed. We've also regraded the road. The limited underground drilling that we've started now, I think we'll do about 18,000 feet come the end of February. The communities are extremely excited about this asset coming back online and you know folks that did the rehab on our portal entryways have their grandfathers work on this asset when it was in production back in the 50s. So it's a feel-good story for the vicinity.

11:11 It'll certainly be an economic driver once it is in production. Next slide please. So we've been a rather busy bunch. We put out a updated resource study in June last year. In July, we closed a $7 million non-broker private placement at 50 cents. We then began making some updated or some announcements with respect to updating the leadership team, and we'll cover who's on the team in a second. We also formed an LOI with a prominent offtake partner, GTP, which is one of the largest APT processors in the world. In October, we closed an $18 million life offering at a price of $2.58. We also secured a $25.5 million letter of interest from Ex-Im.

11:59 The letter of interest, important to note, it is not converted yet. However, as you can imagine, if you were to receive $2 billion, you'd have a significantly longer laundry list of items to fulfil. In our case, the PEA, which comes out in Q2, this year will allow us to draw down on that capital.

12:17 We have started to look at the economics in terms of building our own mill as opposed to the DSO model that we looked at historically. And we have engaged WSB to work alongside us and progress that to a base level commissioning and of course initial mining and production. So our intent is certainly to have product sale before year-end this year with commercial production being in Q1 2027. Next slide, please. I'll hand it over to Liam to give us some operational highlights. Yeah, thanks Oli. Basically over the next couple of slides, I'm going to go into a little bit more detail around where we've come from over the last 6 months, where we are today as a team and where we're going to be going over the next 6 months. First and foremost For us, it always starts with the team. I know Ali will go through this more formally in the next slides, but we really do have a solid internal team in place.

13:08 These are individuals that have significant backgrounds in mine production development, operational expertise. This has been further complemented by a 3 person geological team that's ran by Austin Zinsser with deep tungsten knowledge. We've had members on this team that's worked on the asset from previous operators. So there's been some familiarity with the asset working with as well. So really interesting a combination of people. We're small, we're nimble, but more importantly we know how to execute efficiently. Additionally we're also supported by best in class supporting third-party consultancy groups. Most notably some of these companies include WSP, They're currently assisting with our metallurgical process, utilizing these reports for updated process flows. They'll also be assisting us with our permitting requirements as it relates to environmental as well as production.

14:00 We have Mindtech. Mindtech is a pre-engineering consulting firm that specializes basically in mine planning and development for underground mines. They will also be supporting us in an updated resource study. We have Sepro Systems. This is a certified lab in Vancouver. They're also a specialized equipment vendor for processing hard metals. And last but not least, we have Rocket Consulting, who is basically our underground miner. They have been engaged to take responsibility of our mine rehabilitation efforts, as well as our mine drill program as well. So overall, from a team perspective, really robust team, we have all the pieces in place, I would say from a human capital perspective, that allows us to basically execute on our objectives moving forward, and the deliverables that are required for 2026. Rehabilitation.

14:47 We've successfully rehabilitated all the requirements for the underground development that supports both the D-level and the 0 level. At the beginning, this was a monumental task. I can't stress how much work and development has been done here. Most of the infrastructure at the mine site or the mine level, the added level was either simply blocked or inaccessible or unsafe. And then additionally, the roads leading up to that were pretty scary. So the rehab work here has been quite significant. We started by regrading and widening the switchback roads, providing access to the portal entrances. You know, you have to keep in mind we have 1 entrance that's about 360 feet above ground level, another entrance that's about 300 feet above that. So quite a bit of road improvements that need to be done.

15:32 Once this was safe, we then focused on the safety of the portal entrances. This included removing existing timbers, old track lines, rebracing with new existing timbers. In certain situations, we're slashing the existing slide walls to ensure the drifts can accommodate future activity for drilling and production programs. But all in all, over 1,000ft of drift rehab has been completed, which allows the team to safely access the mine infrastructure, but more importantly, support our initiatives moving forward as well. We've also developed and secured some services at base camp to support the project. This includes things like water, power, internet, safety equipment, storage. We've repurposed existing buildings on site into maintenance sheds. We've even upgraded our core shack and revamped it with new equipment and new technology. And again, to make sure we have the resources in place to support the deliverables moving forward.

16:30 All the works that's been done today, commitment to safe and a safe working environment is paramount to us. So all the work that was just described, we wanna make sure that we executed in compliance with MSHA, which is the Mine Safety and Health Administration. All the team internally has received the necessary training that's required. And then more importantly, Rockhat is a certified MSHOP person always on site to ensure best practices and compliance with those best practices. We also commenced our phase 1 drill program at the beginning of December. Again, what we've done as a company, we've identified 5 priority exploration targets. These consists, if you look at our previous press releases, a little bit more better outlined, but consists of the 5 and 7 veins, the IMA West vein, Eastern vein, and the main IMA vein. Our objective is quite simple here. We're looking to delineate these historical identified targets and address compelling low-risk areas for expansion, basically to expand our known resource base.

17:31 Program definition has expanded since we began. We originally started with 10,000 feet. That's already been expanded to about 15,000 feet across 2 different levels, the 0 level and the D level. D level is about 7,000 feet. I think the 0 level is about 8,000 feet. We've already finished almost on the first drill station at the D-level. We've drilled to date roughly 24, or just over 2,000 feet. It will be 2,400 feet when completed on the final and sixth hole. We've cross-cut to the second drill station at the D-level. We're moving there momentarily. We've secured a second rig to complement the drill program at the D-level to the 0 level. We've added drill footage at the 0 level program with the addition of a new drill station where we believe we'll be mobilizing that rig and beginning drilling at the 0 level for the first time by the end of January.

18:20 So lots of activity of the drill program. We expect to expand that activity throughout the year. That's why we're calling it phase 1. And we expect lots of updates here as well throughout the year. Samples and assays sent for testing. The company, we're utilizing ALS Global for all lab samples and assays. But for the holidays, we're able to send rock chip channel tailing samples. We're all sent for analysis. We've also sent our first core samples as well out for analysis and we expect the results from these samples to be received imminently.

18:53 One of the more strategic things that we decided as a company was basically move our business model from more of a DSO model to a full scale on-site milling. What makes us unique as a company is our high grade. And that high grade basically gives us flexibility. And it's not just the high grade, it's the credits that we're going to receive from the Silver and the Moly as well. It's that flexibility that allows us to think about how we can bring production to this in a modular fashion, but still be cashflow positive. So we're assessing different ways that we can assess or address production over a period of time in a modular nature that makes this a very economical, viable project, but at the same time with low CapEx intensity. Next slide please, Kyle. So moving forward, just touching on where we're gonna be going over the next 6 months.

19:41 As mentioned, we expect to complete that phase 1 program of drilling at the D and 0 levels by the end of the quarter or close to. We'll have initial core results and historical validation to support what we're calling a maiden estimate that will support an updated economic resource model. We have initial MET testing that's going to be completed. That's being completed by Sepro. The report's to be done by WSP. This will support future process flows. We're not starting from scratch here. We're able to leverage previous process flows that were completed by previous operators. So we're definitely in a unique position as it relates to information intelligence here. This will just complement that further. Mindtech is already in the process of formulating initial mine trade-off studies as it relates to mine engineering models, again, looking to make sure that we have the most economical and production efficient model.

20:31 Environmental permitting, again, we're getting the assistance from WSP here and this is not just looking at requirements from a production perspective, it's all from environmental. We're very lucky here being underground and patented private land. I would argue that the requirements here are a little bit more minimalized than typical, than what you typically find on a surface mining project. We anticipate to expand upon our drill program as we move throughout the year to what we call phase 2. We'll be adding additional drill footage across different locations and additionally bringing further confidence that established resource over time. And then as already touched upon, we're looking to basically formalize and evaluate different process designs and the capital requirements to support modular capabilities and how that modular capability to, can be revamped to more commercial scale over time as well.

21:24 Ali. Thank you, Liam. So busy year ahead, certainly have the right team to do so and want to reflect on some of these individuals here that perhaps we have not highlighted historically. But Dennis Logan, our CFO, was at Almonte, the largest tungsten company by market cap in the world today. He's also been an investment banker in his past life. So a really important addition to the team that continues to support us quite tremendously. In terms of our directors, Carolyn Loder is an inductee in the National Mining Hall of Fame in the United States. She's also a director at Integra, which is a neighboring asset to us in Idaho. And she's had significant experience permitting projects, not only in Idaho, but across the United States.

22:10 Dan Nicholas, ex-Department of Energy, loan program officer, where he managed $40 billion, the largest in the history, a proprietor, investment banker as well. Jim Whitaker, a true operator, an individual that was the president of Escondida for BHP, has worked at Barrick, currently a true mind builder in every sense of the word, only allowed 1 board seat and opted to join us, very proud to have him. Duncan Blount, an individual that is very connected to various government agencies, the chief executive of Chilean Cobalt Corp, also a critical metal, and an advisor to Ocean Minerals, which is looking at pulling these critical metals from the sea beds around the world. Next slide, please. In terms of our operations, Dave Sabarin is our mining operations engineer.

22:59 He's 35 years in the industry, has built underground mines before, so this is not something new to him. Liam, who you've heard from here already, an individual that's built multiple advanced technology materials companies in North America.

23:15 Austin Zinsser, very proud of having him on the team. He was at Perpetua from Greenfield to the $2 billion EXIM agreement that they've just received. Very well-respected individual, lives in Boise, very close to site as well. Joanna Longo leads our investor relations. And then Michael Zare is our lobbyist in DC. I just want to highlight Finlay Baker here very quickly. He was at Canton up until they ceased production in 2015. So a true tungsten miner as an advisor as well. Next slide, please. From a capitalization perspective, 48.8 million shares out, a very tightly held company with a tight structure I think for where we are in our journey. We are of course looking at an uplist strategy which we've mentioned to our investors in the past. The intent is to look at an uplist on the United States exchange, either the New York Stock Exchange or the NASDAQ in May.

24:07 That will happen, I think, organically as we continue to execute and our share price starts to perform relative to our peers. We've got institutional support. About 15% of our shareholders are funds and institutions that have come into our equity placements over the last 6 months. About 15% family offices as well, so sticky money. And then about 84% retail That's primarily driven by 6,700 US retail shareholders. And that's, I think, a good reason as to why we have a very healthy liquidity market. We do about half 1 million shares a day on both sides of the border.

24:50 In terms of valuation, there are only a few tungsten companies, unlike gold companies. So doing a comp is a bit easier than perhaps doing it with gold companies. But I would just like to say that of the companies that you see on this list here, we will be the first to produce in North America. We are a past producer.

25:10 I expect our valuation to start to catch up to some of our peers here. In fact, We just had some research coverage released today from Hall, Garten & Co. Giving us a price target of $3.25, I believe it was. But there's certainly a bit of recovery to be done here, and I think the way we get there is through execution. Next slide, please.

25:32 This image here, we can pause on this, Kyle, for a second, and just to allow me to show you what the infrastructure looks like on site. So that road leads right up to our asset. And if you're looking at that mountain range there, there's a valley closer to the right side of the screen. The left side of that valley is the north side of the asset that was in production. The south side of the valley is to the right, and that's where we intend to increase

25:56 our tonnage. If you look at the tree line at the crack of that valley there, that's essentially covering tailings from past production, which is about probably 8 by 10 football fields wide. And we intend to put our mill just behind that tree line there. Next slide, please. In terms of the infrastructure on site, we've got a three-bedroom house, the core shack, as Liam mentioned, that contains most of the core from the historical drilling. The image on the bottom left just shows you the tailings from past production in the bottom of the valley, that white debris that you see at the bottom of the valley. The rehab work that Liam highlighted, couldn't be more proud of the work that they've done. If you look at the image there that shows pre-rehab, you can imagine just how unsafe those edits were. And then you have the post or after rehab images where they've been timbered into about 200 feet all the way into the 0 level and D level. Next slide please.

26:55 Here just a sense of the actual operations underground. So we have been drilling, we've been very busy, we're excited with what we're seeing but of course we do have to wait for assay results before we can share that with you. Next slide, please. MOLLE, for those that are interested, its uses and of course, our grade at 0.15 being rather significant. And then We talk about the Star Project, which is an asset that... Next slide, please, Kyle. ...That we're no longer focused on and will be falling off from our portfolio of assets. So with that, I will open it up for questions, Kyle. Excellent. Great presentation, gentlemen. If you came in a little late, we are taking questions, so please feel free to submit them in the chat. I do see there's already quite a few there.

27:42 Ali, what were the most significant milestones achieved by American's Tungsten in 2025, particularly in terms of rehab and exploration at the IMA mine? In terms of rehab, like we said, 1000 feet or so of each adit has been rehabilitated. We've made our entryways safe for our personnel that are on site. We've got about 30 people working around the clock, 24 hours a day, 7 days a week on site. So we've got a lot of activity there. So very proud of the rehab that we've done. And in terms of actually getting the infrastructure ready for us to go, the drill stations that had to be done. So we had to put drifts into the mountain to ensure that we have our drill stations and we're able to explore.

28:24 Really just gearing up for success. I think the team's done a phenomenal job of ensuring that we have the stations set up as well as the rehab completed. So the tungsten market has shown remarkable strength heading into 2026. What's your personal view on where tungsten prices are headed throughout 2026?

28:45 Nobody has that crystal ball, I'm afraid, but I think it's fairly evident that we'll start to see it continue to run. It's just the supply and demand around the metal are indicative of a higher price. If you look at what we're seeing in Rotterdam at about 1,100 per ton. And in China, about 950 or 955 a ton. Given the spread between the 2 is not very large, that would be indicative of a very tight supply. And so my expectation and my best guess would be that the price continues to rise. Great. Can you, and you mentioned it a bit in the presentation, but there's a question here. If you could reflect on the receipt of the LOI from the US Export-Import Bank and how it's positioned the company for future growth.

29:31 Sure. So that is, it's a debt package with a 15-year payback. So on very favorable terms, you're paying base rate in terms of interest and you don't have to pay back, begin paying back until year 10. So it is a very favorable debt arrangement that you get from Ex-Im.

29:48 It's 25.5 million US, and if you've heard us discuss this in the past, our CapEx is anticipated to be around that. So it would allow us to build our mill. The laundry list of requirements that have to be fulfilled in order for them to release that funding for 25.5 US, as opposed to, you know, let's say 2 billion that Perpetua received is a rather short list. So the intent for us is to provide them with a PEA in Q2 this year. And at that point, they would be in a position to release the funding to us.

30:19 Thank you for that. So the initial drill hole, AT25-1, completed in December of 2025, intersected multiple quartz veins with visual hub neurite and shia-lite mineralization. What early insights from these visual observations give you confidence in the vein system's continuity and potential expansion? You know, hubnerite is how it's pronounced, Kyle. That one tripped me up a few times as well, So I can see how that happened. But it's Hubnerite and we're excited what we're seeing. It is mineralization, which is indicative of the fact that Austin and his team have done a phenomenal job of identifying where to drill to intersect the veins. We like what we see, but of course, we've got to make sure that we've got our assay results. So I don't want to speculate as to just how excited we are or unexcited we are. We've got to wait for the assay results to come back to market. But in terms of striking the veins and ensuring that we did that the first time around, Hats off to Austin and his team.

31:18 Fair enough. Liam, as we shift into more operational discussion, you've been to the IMA site many times throughout 2025. What was the most exciting moment that made

31:30 you feel that American Tungsten is on the right path to an expedited development trajectory?

31:36 Yeah, what I would say to that is execution. This is a very tangible project. This is the sheer scope of this. It's not over a significant landmass. You can see it, you can touch it, you can actually walk in it. So it gives you confidence. So the fact the team was able to bring it to a stage where now all the Liberals moving forward theoretically are gonna add value to the company moving forward, that excites me. Because that means the money that we're spending now basically is going to create additional value to the company moving forward. And we've got some big plans. So again, we've created our first phase 1 drill program on specific targets. I would say those are more, I wouldn't say low-hanging fruit, but a little bit more confidence. We have other places we can go that we consider more exploratory.

32:21 That's going to increase our resource potential over time. But we have a lot more optionality than when we did maybe 6 months ago. So really exciting times where we stand today. Ali, do you have anything to add there? No, that's a great answer, Liam. Thank you. And sticking with you, Liam, with assays pending, what timeline do you expect for receiving and announcing them? And how might positive results influence phase 2 planning? Yeah, I can't speculate on timing. The turnaround for labs is generally 6 to 8 weeks. We submitted samples, initial core results at the beginning of December, so there are a minute. Sorry, Carl, what was the second part of the question?

33:04 Phase 2 planning. How might it affect phase 2 planning, which is already underway?

33:09 Phase 2 is just continuity. We'll bring more confidence to the resource over time, either through infill or extending the delineation of the known targets or the targets that we're really gonna go up dip or we're gonna chase the veins down. So it just brings more confidence to what we're drilling and then more importantly, where we need to go moving forward in order to increase that resource base over time. Ali, there's a couple questions here about if you could share the strategic investment in Viking mines announced in December 2025 and how does it fit American Tungster's broader expansion strategy? So The Viking investment was one that was made given, when we looked at our ability to mill as opposed to the DSO model, we started to look at additional assets to make sure that Patterson, Idaho, which is where our asset is, starts to become a processing hub for Tungsten. And as Liam highlighted, it would be a modular production profile that we're looking to build. So as we look to bring on more assets, this investment gave us exposure to 5 assets in Nevada, one of which was a past producer with very similar grades to what we have at IMA. And without using our resources, our human capital, to advance what Viking is doing, we've now got exposure in that organization.

34:24 So there is a cash investment there that ultimately has now more than doubled since we made that investment or have committed to the investment. And the intent here is, you know, it could end up being part of a roll-up strategy for us in the future, but it's nice to get in at the early, at this early entry point. During the presentation, you spent quite a bit of time talking about management. With key strategic appointments made in November 2025, how has the leadership team evolved and what expertise do the new members bring to advance the IMA project forward? Well I think you know having a National Mining Hall of Famer on the board is quite the accomplishment. This is an individual that's built other mines. We also brought on Duncan and I think I highlighted Jim already. But we've brought on a fully independent board And I think for a junior mining company of our size, that is rather impressive. Most boards are not fully independent. We've got all the makings and the workings to allow us to ensure that we can uplist on the US exchange.

35:27 So our charters, our committees are all in line with what the New York Stock Exchange or NASDAQ would require given we're still a CSE company. So I think the reason we've made those appointments and we've taken these steps is to set us up for that uplist strategy and set us up for success. What would you say are the primary goals for American Tungsten in 2026 regarding production timelines at the IMA mine and potential resource expansions? Resource expansion, I'll start there. The intent for us once we complete our drilling program is to put out an updated resource. As Liam highlighted, we are looking at not only WSP, but several systems as well to work based on our requirement to be in production this year. So the biggest goal hands down will be the first product sale that we make out of IMA. And the intent is to do so before you're in to be that first producer of tungsten in North America.

36:21 Liam, do you have anything to add to this before we move on? No, I think that's well said. For us, We're not going to keep stopping. We're going to make sure we put the drill bit in the ground, increasing value to the company, updating that resource, but to Ali's point, really focusing on what the next step is, getting production in line and then assessing that accordingly and how we get that in place. How about the company's leverage to advancements and rehab efforts from 2025 to accelerate towards commercial production in 2026? I can start with that and then Liam if you can weigh in as well. But you know, without the rehab work we would not be able to access the adits and if we didn't have access to the adits we would not be able to access the adits. And if we didn't have access to the adits, we would not be able to drill. So the rehab work was absolutely critical.

37:08 We commenced that in June and the team worked at breakneck speed to make sure that we were able to commence drilling last year. So the rebating of the roads, for instance, you wouldn't be able to get your drill rigs up there or your gen sets if we hadn't done any of that work. So the rehab was critical, but I will say that the actual adits, the 0 level was a bit hairy. The D level was in great shape. So the D level progressed very quickly. The 0 level required a bit more work but the team has done a phenomenal job and without that rehab we would not be able to do the work we're doing today. Yeah the only thing I would add is we have pretty aggressive deliverables so we're doing everything we can to expedite on you know things that we need to get done. So, multiple rigs, we've got a drill rig at each level, as well as the 0 level and the D level. We're also running 2 programs concurrently, as well as the full phase 1 program.

37:59 We're also double shifting. So we're working night and day to make sure that we expedite these programs in order to address our deliverables over this year. Great. So, before we open it up for questions from your investors, what do you hope that everyone will remember about what is in store for American Tungsten in 2026? I would hope that they remember that we have made a promise to market which is to sell product this year and so hopefully we're held to that and we deliver. Great, okay I'm going to go through the questions. We have about 20 minutes here. There are quite a few, which is great to see. I'm going to start with Phil at the top. When is the milling processing plan expected to be completed? By the end of the year, in order to satisfy production.

38:49 Scott here is wondering, can you please confirm how many drill rigs you have on site? And drilling at this time, do you expect to bring in additional rigs to accelerate the drilling program? I'll comment here, Kyle. As mentioned, we have 2 rigs currently. We just secured a second to support the drill activity at the 0 level, which should commence by the end of January. We already have 1 rig active at the D level that's being mobilized in the next few days from the first drill station to the second drill station to complete that program. We will look to acquire additional resources if it makes sense to do so as we expand upon our drill program. But right now, we have sufficient resources in place to get done what we need to get done. Great, thank you for that. An individual is wondering, Why is the insider ownership so low? The company was not founded by any of the individuals that you see here on the screen today or that you've seen in the board and management slides. It is a company that I took the helm of in April last year and brought on these various individuals onto the team. We have issued options to our insiders and management, and the intent of course is that those will start to get exercise. So we look to grow our insider ownership, but everybody that you are speaking to at the company or is listed as an employee of the company was not a founder.

40:03 Okay, thank you for that, Ali. If phase 1 confirms great continuity across number 5 and 7 and main IMA veins, how quickly could IMA realistically transition from delineation to a restart decision? And what would be the single biggest bottleneck left to becoming the first domestic tungsten producer in the US? I'll start with that and then Liam if you have anything to add feel free to do so but I think the single largest bottleneck for us would be any delays in equipment that would have to come into sight and any sort of new environmental permitting requirements. So the permitting piece I think we're fairly confident we will achieve. But delays in terms of receiving the equipment would be the one that I would suspect would put us off track.

40:50 No, those are the same 2 points I would highlight. Great. Robert Dixon's wondering, looking ahead, is there anything on the horizon legislatively, geopolitically, in the US or globally that you see that can impact the current tungsten price? Do you see the US government taking direct stakes in projects similar to the MP Materials deal? Yes, short answer Rob. I think if you look at geopolitics and where we are with tungsten, given the demand and the supply and demand and the scarcity of tungsten, and of course its hardness doesn't lend itself very well to being 1 that's recycled very often. So the supply and demand metrics are telling us that it is tightening. And as far as the government, the United States government investing in us, I wouldn't rule that out. It's not something that we've proposed to them, nor have they proposed it to us just yet, but I will be in DC next week, as I mentioned, and I wouldn't be surprised if that comes up as one of the talking points.

41:51 Thank you. Claude, I believe is wondering, do you anticipate a reverse split in order to attain NASDAQ listing and at what ratio? I do not. No. I think if you look at the 12-month target that Hall, Garten and company put out today at $3.25, that is, you know, we're not quite at the $4 mark, but I suspect as we execute and if you look at when we're able to share our PEA with you. There are some metrics around that that I think will satisfy the minimum price required for the NASDAQ or NYSE. I was wondering how recent is the cost estimate for building the proposed mill? October. Very recent.

42:39 Scott, back here with a question. Given the recent rise in price for silver, can you speak on how this impacts the operational cost of a mine at scale. Yeah, so our internal PEA study does not include silver or moly credits. And as silver and moly both continue to climb, those are credits in addition to the profit margin that we would make on our tungsten. So We are very excited to see Tungsten run, and we hope that, I beg your pardon, Silver run, and we hope that that continues. I'm going to read this one verbatim just because I have a little choco here. Let's get to the nitty-gritty here. Do you have any defense contracts in the works, and should we throw some extra money into this stock so we can all get rich. I will always suggest that you throw money into the stock, but I will not mention any nitty gritty with any defense contracts.

43:25 I'll be in DC next week. That's all I can share at this point. Throw more money at the stock. What do we need to get this thing to 1 billion market cap? That's a great question. If you have a resource of 3 million plus ton, then you would be at 1 billion. So we're working on it. Great. Chris Cheng here in the chat, what is the level of M&A activity in your space, and how has that changed in the last 6 months? It's been about a year ago, not many people were talking about tungsten. But come June last year, we've seen nothing but tungsten companies come out of the woodwork. In fact, I think there's one that just renamed to American Tungsten and Antimony, which we're not very pleased about.

44:15 But The activity in the space is certainly picking up. I think Viking, having acquired those 5 projects, is indicative of individuals looking to roll up assets. I think we will start to see larger organizations that are perhaps not entirely tungsten-focused start to take aim at tungsten assets. So I think the space is only just starting to heat up. There's some investors here asking great questions. Johan's wondering, and it's similar to the bottleneck question, but a little different. What do you consider as the main risk that could jeopardize your plans for 2026? You know, we can't control the pricing of the commodity, but I think the governments will set a floor much like they did with empty materials.

45:02 In terms of margins, I suspect that, yes, we have the lowest cost power in the United States, at 9 cents per kilowatt hour, but if our power requirements exceed what the grid can provide, then we would have a slightly depleted profit margin relative to what we could have done with electric power. So that's one thing that I would say keeps me up at night. With Almonte entering the USA market and not seeking help from government, What are the pros and cons seeking help from government? I wouldn't say Almonte is not seeking help from the government. I would suspect that they're probably trying to get some help from the government, given what they're building in Korea. They've now got that one project in the United States that they've recently acquired that was a past producer.

45:48 So I suspect they will be going to the government to seek assistance. And pros and cons to go to the government. I think the pros are it's non-dilutive capital and you've got a guaranteed off-taker at a price that is profitable because you would have a floor that's set in place that allows you to be profitable. The con, I would suspect, would be around federal permitting. So if you had federal agencies participate in your project, you would then be bound by federal permitting and red tape. That's the only con that I could think of. Gotcha. So you had some financing last year, the LOI. Will the treasury be increased this year?

46:36 At the right price for the right strategics, yes. Understood. What would you say to analysts that say the stock is currently overvalued in terms of the amount of extractable resources in the IMA mine? I would have them set up a meeting with me and explain. So you have my email address if Mr. Analyst. Scott back here with a question. In previous briefings you mentioned uplisting to the TSX-V. Where are we in this process? We are still on track to do so in February. Great. And last question here as we wrap it up. At this point would you say that American Tungsten is still an exploration company or a mining company? I think we're a development company. We are certainly exploring to grow our resource to a potential that gives us a larger PEA, but we are also a development company given we have rehabbed and we have started to put the infrastructure in place for us to produce before the end of the year. 100%.

47:39 One more here. Oh, Scotch is saying thank you, Ali and Liam. I'd like to also express thanks for the great presentation and the Q&A. I'll pass it back to you, Ali, though, for any closing remarks before we sign off here. Thanks, Kyle. And, you know, from my end, I'd just say that we're very excited about what 2026 will bring. We've got a very strong treasury and extremely capable team executing, as Liam said, double shifting on site. So I'm very excited to see what 2026 brings, not only us as a company, but our investors as well. Thank you, gentlemen. And thank you everyone that attended and asked questions. If you came in a little late, the replay will be available within a couple of hours here, so stay tuned for that. Ali, Liam, until next time, thank you for the update, but good luck in the new year.