American Tungsten Provides Operation and Development Update

-Commences Development for Underground Drilling and Begins Flowsheet Consultation for Onsite Milling Strategy-

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2025) - American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK9) ("American Tungsten" or the "Company") is pleased to announce the successful completion of rehabilitation work on the D level adit at its flagship project, the IMA Mine, alongside the commencement of underground development in preparation for diamond drilling. In parallel with underground rehabilitation and drill station preparation at the Ima Mine, American Tungsten has initiated preliminary discussions and technical evaluations to assess the potential transition from a Direct Shipping Ore (DSO) model to full-scale onsite milling.

Following consultation with WSP, the Company has received a metallurgical testwork proposal and summary report outlining a conceptual processing system to support the establishment of a mill onsite. This marks the beginning of a structured process design initiative aimed at unlocking long-term geological and economic value from the Company's high-grade tungsten asset.

Flowsheet Development Program SummaryIn collaboration with WSP, American Tungsten has initiated a metallurgical testwork and process design program to support design of a mill onsite to process mineralized materials from the Ima Mine. The program includes:

• Metallurgical testwork which may include:
  • Comminution testwork,
  • Recovery of tungsten by gravity methods (knelson concentrators, jigging, spirals, HMS, etc),
  • Sulfide and tungsten flotation,
  • Application of X-Ray sorting technology.
• Initial engineering which may entail:
  • Preliminary mass balance calculations,
  • Development of a preliminary Process Flow Diagram (PFD),
  • Compilation of a preliminary equipment list,
  • Estimation of preliminary process related capital expenditures (CAPEX),
  • Technical reporting.
• These deliverables will guide the next phase of development, which may include additional testing and piloting to validate recovery and grade assumptions, followed by detailed engineering for the proposed onsite processing facility.

Underground Rehabilitation and Drilling PreparationRockhead Consulting LLC has been awarded the underground drilling contract, which will include an initial 5,000 feet of diamond drilling on the D level. In preparation for the drill program:

• Approximately 1,000 feet of the D level have been rehabilitated, including portal stabilization, track removal, scaling, and installation of water and air lines;
• Excavation of crosscuts to establish underground drill stations is underway;
• Mobilization of the diamond drill rig is in progress, with drilling expected to commence in mid-November;
• Preparatory work is advancing on schedule, including infrastructure upgrades, procurement of materials, and logistical planning to support diamond drilling.

Historical Data Validation and SamplingThe company is also working to validate historical information, including:

• Inventory and re-packaging of analytical pulps and rejects from the 2008 Gentor Resources drill program has been completed,
• Select samples will be submitted for check assays to validate historical results,
• An underground channel sampling program has been initiated to confirm historical results from the No. 5 and No. 7 vein systems.

Ali Haji, CEO of American Tungsten, stated, "We remain on track to commence diamond drilling in November 2025. This program is designed to validate and expand upon historical high-grade intercepts through systematic underground drilling. The shift in our development plan—from a DSO model to establishing our own mill onsite—reflects our commitment to unlocking greater long-term value. The flowsheet program outlined by WSP will be a critical step in that journey, laying the technical foundation for engineering, economic modeling, and full-scale production."

D Level Portal – Prior to rehabilitation (top) and October 2025 (bottom)

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Figure 3

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Geologist sampling the No.5 vein on the D Level

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Coarse crystalline quartz horizon in No.5 vein with 1-2cm prismatic hubnerite (MnWO4) crystals.

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ABOUT AMERICAN TUNGSTEN CORP.

American Tungsten Corp. is a Canadian exploration company focused on high-potential tungsten and magnetite assets in North America. The Company is advancing the Ima Mine Project in Idaho to commercial production, addressing critical metal scarcity in North America. The Company's Ima Mine Project is a historic and high-quality underground tungsten past-producing property on private-patented land well above the water table with significant infrastructure. The Company holds an exclusive option to acquire full ownership (subject to a 2% royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.

CSE:TUNG OTCQB:TUNGF FSE:RK9

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.

This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the completion of the Offering on the terms described herein or at all, and the use of proceeds and available funds following the completion of the Offering and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertake no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. Images in this press release are for illustrative purposes only and do not represent the grade or quantity of mineralization which may be present. Visual estimates of mineralization quantity are not a substitute for laboratory analyses. Laboratory analyses from samples have not been received and there is no guarantee that results will demonstrate presence of mineralization at economically significant quantities. Laboratory analyses are expected in 6-8 weeks.

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