American Tungsten Advances Rehabilitation Efforts at IMA And Enters into LOI for U.S-based Offtake

Vancouver, BC, Sept. 24, 2025 (GLOBE NEWSWIRE) -- American Tungsten Corp. (CSE:TUNG) (OTCQB:TUNGF) (FSE:RK9) (“American Tungsten” or the “Company”) is pleased to report continued progress on the Zero Level rehabilitation project at the IMA Mine, with significant milestones achieved during the week ending September 20, 2025.

Strategic Developments:

• Entered into a Letter of Intent (“LOI”) with a prominent U.S-based offtake partner, Global Tungsten & Powders (“GTP”);

• GTP is one of the largest tungsten processors in the world.

IMA Mine Rehabilitation Progress:

• A total of 115 feet of the Zero Level access tunnel has now been successfully rehabilitated, measured from the portal entrance;

• Rehabilitation efforts are now within the heart of the main collapsed zone, currently estimated to span approximately 50 feet;

• A site visit was conducted on Monday and Tuesday, September 15–16, attended by American Tungsten management. The team reviewed the Zero Level rehab work, the D Level underground workings, the historic tailings area across the road from the canyon, and the broader site area; and

• The MSHA inspector expressed confidence in the site’s progress and praised the quality of work completed. A Radon measurement taken within the tunnel yielded a zero reading, affirming a safe working environment.

"Our strategic agreement with Global Tungsten & Powders marks a pivotal milestone in our emergence as a leading domestic supplier of high-grade tungsten. This LOI not only affirms robust market demand but also reflects the deep confidence our partners place in our technical capabilities and long-term vision. With this partnership in place, American Tungsten remains firmly on track for near-term production and a full-scale restart of the IMA Mine—delivering on our promise to build a resilient, future-ready supply chain for this critical mineral,” said Ali Haji, CEO of American Tungsten. “With anticipated work on the zero level tunnel approximately 80% complete, we are rapidly advancing toward a secure, modern, and highly efficient underground mining operation. The Company is fully funded for our updated resource definition drilling and technical study, we are well positioned to unlock significant value from the IMA Mine. Simultaneously, we continue to work closely with government agencies to build partnerships seeking to secure non-dilutive capital that brings our vision of production to reality.”