EXPLORATION CONFIRMS EXTENSIVE TUNGSTEN SYSTEM AT DUTCH MOUNTAIN; INFRASTRUCTURE HUB PROVIDES ACCELERATED DEVELOPMENT PATHWAY

About this update from American Tungsten & Antimony Ltd

American Tungsten & Antimony Ltd (ASX: AT4) ('AT4' or 'the Company') is pleased to announce completion of a first-pass soil and rock chip sampling program at its 100%-owned Dutch Mountain Tungsten Project in Tooele County, Utah , USA, following the recent acquisition of the project and its associated strategic processing infrastructure. Grid-controlled sampling was conducted across key target areas. The Dutch Mountain Project includes the highly prospective Fraction Lode tungsten system, which was the last operating tungsten mine in the United States before ceasing production in 2017. The broader system also includes the Star Dust and E.H.B. Lode mines, where historical mining reported grades of up to 1.3% WO31. These historical grades are based on publicly available information and have not been verified by the Company in accordance with the JORC Code. Nevertheless, they indicate the system's historical grade tenor and suitability for a processing-infrastructure-led development approach Release is a historical estimate and is not reported in accordance with the JORC Code. The Company previously disclosed the historical estimate in its market announcement dated 28 January 2026 , titled 'AT4 acquires fully permitted U.S. tungsten mill', including the supporting information required under Listing Rule 5.12. The Company confirms that it is not aware of any new information or data that materially impacts the reliability of the historical estimate and that the supporting information in that announcement continues to apply and has not materially changed. The Clifton District hosts numerous significant historical mines (e.g., the Cane Springs Gold Mine , Alvarado Mine , and Reaper Mine ), which are largely privately owned, and widespread mineralisation. Despite their proven high-grade endowment, development of these assets has been constrained for decades by the absence of a local, compliant processing facility. The Dutch Mountain Project is a cornerstone of AT4's strategy to consolidate high-grade tungsten assets in the Great Basin . The acquisition is an infrastructure-led solution for 'stranded' assets, providing a central processing hub for numerous private historical mines in the district that currently lack a viable route to market. Strategic Engagement and Regional Support As part of the Company's commitment to rapid development, Managing Director Andre Booyzen recently conducted a successful regional tour, holding several key meetings with stakeholders and government officials. Notable among these was a meeting with American Senator John Curtis , who represents the State of Utah in the United States Senate . Senator Curtis , a Republican, has a distinguished record of public service, having previously served as the U.S. Representative for Utah's 3rd congressional district before his election to the Senate . His focus on energy independence, public land management, and fostering local innovation aligns with AT4's vision for the Dutch Mountain Project as a revitalised American producer of critical minerals. Geological Framework The district's prospectivity reflects multiple superimposed tungsten-fertile mineralising events during the Late Jurassic and Late Eocene, forming a long-lived hydrothermal system capable of producing multiple, potentially large mineralised bodies. The Late Jurassic granodiorite intrusions produced copper-gold-tungsten veins and breccia pipes (e.g., the Reaper Mine ). In contrast, Late Eocene quartz monzonite intrusions formed the high-grade tungsten skarns at Fraction Lode. Together, these events indicate a sustained crustal plumbing system in which earlier Jurassic intrusions fractured and prepared the host rocks, thereby allowing later Eocene fluids to focus mineralisation and enhance the potential for large-scale, high-grade tungsten deposits. Fraction Lode ( Timm Mine ) - A contact-metasomatic skarn formed at the Eocene intrusive contact with the Ochre Mountain Limestone. Historical mining (2017) targeted head grades of 1.7% WO3.1 The primary ore mineral is coarse-grained scheelite (CaWO4). Star Dust Mine - Located nearby, mineralisation occurs in the basal layers of a limestone 'roof pendant' suspended within the intrusive stock. This geometry suggests that significant mineralisation may occur in similar pendants or 'blind' skarn bodies preserved at depth. E.H.B. Lode - The nearby E.H.B. Lode serves as a proof of concept for the district's high-grade potential. Sharing the same geological controls as Fraction Lode, it historically produced 2,374 tons of ore at an average grade of 1.3% WO33, confirming the exceptional potential of the Eocene contact zone. Current Exploration: Surface Sampling Program The Company has completed a systematic surface sampling program to map the surface expression of Jurassic- and Eocene-age tungsten-fertile events across the property. Soil Sampling: Grid-controlled sampling was conducted to identify 'blind' mineralised bodies and extensions to known lodes. Cautionary Statement on Visual Estimates: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates may also provide no information about impurities or deleterious physical properties relevant to valuations. Contact: Andre Booyzen Kristin Rowe American Tungsten & Antimony Ltd NWR Communications Managing Director Investor Relations Email: [email protected] Tel: +61 (08) 6256 4403 ABOUT AMERICAN TUNGSTEN AND ANTIMONY LIMITED American Tungsten and Antimony Limited (ASX: AT4, OTCQB: ATALF) is advancing critical mineral development in Tier-1 US jurisdictions, with a strategic vision to become a vertically integrated, conflict-free supplier to Western economies. Its flagship Antimony Canyon Project in Utah, USA , is one of the country's largest and highest-grade undeveloped antimony systems-historically mined but never subjected to modern exploration. The recently secured Dutch Mountain Tungsten Project in Utah further strengthens AT4's position in critical minerals, adding scale and diversification within a Tier-1 jurisdiction. With a proven leadership team, active government engagement, and smelter development underway, AT4 is strategically positioned to lead the resurgence of antimony and tungsten supply from reliable Western sources. (C) 2026 Electronic News Publishing, source ENP Newswire

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