Mr. Ali Haji reports

AMERICAN TUNGSTEN: INVESTOR UPDATE

American Tungsten Corp. has rescheduled this morning's investor update, due to the major issues affecting Cloudflare's global network.

The company is committed to being as open and accessible to its investors, and has decided to reschedule the event to Monday, Nov. 24, 2025, at 10 a.m. EST/7 a.m. PST, to ensure that these widespread Internet outages do not impact this event. Please note if you had already registered for this morning's event, you will automatically be registered for Monday's update.

Today's investor update was intended to provide timely updates to the market, including clarity regarding the coming expiration of trading restrictions on a portion of the company's common shares. On July 24, 2025, the company issued 14 million common shares as part of a private placement to advance development of the Ima tungsten project. These shares become unrestricted and freely tradable on or about Nov. 25, 2025: This is a mechanical unlock and not new dilution.

The proceeds from this financing have been deployed directly into value-creating work programs, including continuing rehabilitation of key site infrastructure, engineering and design for restart, advancement of permitting and environmental work, and preparation for project-level financing. The company also recently received a letter of interest from Export-Import Bank of the United States for up to $25.5-million (U.S.) to support development of the Ima project: an important validation of the strategic importance of domestic tungsten supply.

American Tungsten remains focused on building North America's next primary tungsten producer and delivering long-term value for all shareholders. Management will continue to communicate progress on a regular cadence, including a dedicated investor webinar that has been rescheduled for Monday, Nov. 24, 2025.

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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