Mr. Ali Haji reports

AMERICAN TUNGSTEN ANNOUNCES $10 MILLION NON-BROKERED LIFE PRIVATE PLACEMENT

American Tungsten Corp. intends to complete a non-brokered listed issuer financing exemption private placement offering for gross proceeds of up to $10-million by issuing up to 2,857,142.86 common shares of the company at a price of $3.50 per share.

Subject to compliance with applicable regulatory requirements, the LIFE private placement is being conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) and in reliance on the Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The securities issued to purchasers in the LIFE private placement will not be subject to a hold period under applicable Canadian securities laws. There will be an offering document related to the LIFE private placement under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

"This financing reflects the strong institutional demand for exposure to critical metals and American Tungsten's unique position in the domestic supply chain," stated Ali Haji, chief executive officer of American Tungsten. "The proceeds will allow us to accelerate development and advance toward production, reinforcing our commitment to becoming the leading U.S. supplier of tungsten."

The company intends to use the net proceeds of the offering toward expanding the coming exploration program at the Ima mine, fast-tracking technical studies and additional working capital.

The offering is subject to approval of the Canadian Securities Exchange.

American Tungsten is pleased to be presenting at the GCFF Annual Wealth Conference taking place on Saturday, Oct. 18, 2025, at Sheraton Parkway Toronto North Hotel & Suites, 600 Highway 7, Richmond Hill, Ont.

About American Tungsten Corp.

American Tungsten 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-per-cent royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.

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