American Tungsten Corp. Announces Changes to Board of Directors

Vancouver, BC, May 05, 2025 (GLOBE NEWSWIRE) -- American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) (“American Tungsten” or the “Company”) announces today the appointment of Dan Nicholas to the Board of Directors of the Company (the “Board”), and the resignation of Dhanbir Jaswal from the Board. The Board extends its sincere appreciation to Mr. Jaswal for his dedicated services and valuable contributions during his tenure with the Company and wishes him well in his future endeavours.

Mr. Nicholas is currently a Senior Advisor to Ernst & Young (“EY”). He joined EY in early 2021 to assist EY and its clients in obtaining funding from US federal government sources. Mr. Nicholas advises EY clients in navigating the numerous sources of capital that are available through federal government programs and grant funding opportunities. Prior to joining EY, he was responsible for the USD$40 billion investment portfolio of the United States Department of Energy’s (the “DOE”) Loan Program Office (“LPO”) – including both the Advanced Technology Vehicles Manufacturing Loan program (“ATVM”) and the Title XVll program. At LPO, Mr. Nicholas oversaw and structured investments in energy, infrastructure, and transportation sectors.

Before accepting his appointment to the DOE, Mr. Nicholas had an over 30-year career in finance, at several firms including Morgan Stanley, Pali Capital, and Salomon Brothers, Inc. At Morgan Stanley, he launched several flagship funds for Morgan Stanley’s Investment Management’s Private Equity and Credit group. He has also worked as a public company Chief Financial Officer for several portfolio companies. Mr. Nicholas is a graduate of Cornell University, and he and his family split their time between New York City and Washington, DC.

“We are very pleased to welcome Dan to the Board. He holds a strong track-record and possesses extensive knowledge and experience in capital markets and government policy, and his expertise will be invaluable to the Company as we seek to advance our tungsten project, the IMA Mine in Idaho,” said Ali Haji, CEO of American Tungsten.

The Company is also pleased to announce in accordance with CSE policies, that it has entered into a marketing agreement with an arm’s length firm, Alpha Collective Inc. (“Alpha”) to provide, among other things, digital marketing services. In consideration for these services, Alpha will be paid a cash fee of $30,000 for a three-month term commencing May 1, 2025.