American Tungsten Advances of the IMA Mine Project: New Vein Discovery, Strong In-fill Drill results and Ongoing PEA Development

American Tungsten reports high-grade tungsten-silver intercepts and expands resources at Idaho’s IMA Mine.

What the company is saying

American Tungsten Corp. positions its IMA Mine Project in Idaho as a growing, strategically important domestic tungsten asset for North America. The company highlights ongoing surface and underground drilling, emphasizing new discoveries such as the 360 portal vein and significant infill results in the upper-Ima vein system. Management, led by CEO Ali Haji, frames these results as evidence of both resource growth and continuity, supporting a narrative of de-risking and advancing toward production. The company stresses the scale and grade confirmed by its recently announced Mineral Resource Estimate and details a phased development plan, with near-term focus on resource conversion and a Preliminary Economic Assessment expected before year-end 2026. The tone is confident, with technical detail provided to support claims, and the announcement underscores the criticality of tungsten for North American supply chains. The company also references robust QA/QC protocols and compliance with NI 43-101 standards, with technical oversight by Vice President, Exploration, Austin Zinsser.

What the data suggests

The release provides detailed assay results from both surface and underground drilling, including intercepts such as 18.9 ft at 0.54% WO3 and 1.29 oz/t Ag (AT26-58S), 5 ft at 0.47% WO3 and 1.46 oz/t Ag (AT26-52S), and 15 ft at 0.25% WO3 and 1.16 oz/t Ag (AT26-47S) in the newly discovered 360 portal vein. Infill drilling on the D level returned 18.4 ft at 0.804% WO3 and 11 ft at 0.894% WO3 (AT26-49), and 5 ft at 1.53% WO3 (AT26-53), with true widths estimated between 60% and 90%. The company completed approximately 9,300 feet of drilling in August and September 2026 and plans 24 more holes totaling 12,000 feet targeting resource conversion and expansion. The recently announced Mineral Resource Estimate, referenced to an NI 43-101 Technical Report, details 316,000 tonnes of Indicated Resources at 0.55% WO3 (1,747 tonnes WO3), 2,178,000 tonnes of Inferred Resources at 0.55% WO3 (11,933 tonnes WO3), and 267,000 tonnes of Indicated Resources in surface tailings at 0.15% WO3 (413 tonnes WO3). Historical production totaled 199,449 MTUs of WO3 between 1945 and 1957. The data demonstrates both the presence of high-grade mineralization and the expansion potential of the vein systems, but economic viability will depend on the forthcoming Preliminary Economic Assessment and future resource conversion.

Analysis

The announcement provides detailed and specific technical results from ongoing drilling at the IMA Mine Project, including assay grades, footage, and resource estimates referenced to a NI 43-101 Technical Report. These realised facts support the company's claims of operational progress and resource delineation. However, several forward-looking statements—such as advancing engineering studies, planning a Preliminary Economic Assessment, and assessing a potential mine restart—are aspirational and not yet supported by disclosed milestones or financial commitments. The tone is positive but proportionate to the evidence, with no exaggerated language or unsupported claims about imminent production or financial returns. The capital intensity flag is set because the company is advancing studies toward a potential mine restart, which would require significant future investment, but no immediate earnings impact is disclosed. Overall, the gap between narrative and evidence is minimal, with most claims grounded in disclosed technical data.

Risk flags

• ●The project remains at the exploration and study stage, with no current production or revenue, making future value contingent on successful completion of technical, economic, and permitting milestones. This exposes investors to typical exploration-stage risks, including potential for negative PEA outcomes or delays.
• ●Resource estimates, while NI 43-101 compliant, are subject to revision as further drilling and studies progress. The conversion of inferred resources to measured and indicated categories is not guaranteed, and resource expansion plans may not yield expected results.
• ●The capital intensity of restarting underground mining operations and processing surface tailings is significant, and no financing, offtake, or construction agreements have been disclosed. The company’s ability to fund and execute the next phases remains unproven.
• ●Assays for several drill holes are still pending, and future results could materially impact the perceived continuity and grade of mineralization. Negative or lower-than-expected results could reduce project attractiveness.
• ●Permitting, environmental, and community engagement processes are not discussed in detail, and these factors could introduce delays or additional costs before any production decision is made.

Bottom line

American Tungsten’s update shows tangible technical progress at the IMA Mine, with high-grade tungsten-silver intercepts and a substantial resource base now defined under NI 43-101. The company is moving toward a Preliminary Economic Assessment, expected before year-end, which will be the first real test of economic viability. While the technical data is robust and the phased development plan is credible, the project is still pre-production, and major execution risks remain, including funding, permitting, and successful resource conversion. Investors should watch for the PEA results and further assay updates as the next key catalysts. The most important takeaway is that while the resource and exploration results are promising, the path to production and cash flow is still several steps away and subject to material risk.

Announcement summary

(TSXV:TUNG) (OTCQX:TUNGF) (FSE:RK90) American Tungsten Corp. announced ongoing advancement of its wholly owned IMA Mine Project in Idaho, with continued surface and underground drilling supporting resource conversion, resource expansion, and engineering studies as the Company progresses development of a Preliminary Economic Assessment (PEA). Initial surface exploration holes at the base of the canyon intercepted a newly identified 360 portal vein, with significant assay results including 18.9 ft grading 0.54% WO3 and 1.29 oz/t Ag in hole AT26-58S, 5 ft grading 0.47% WO3 and 1.46 oz/t Ag in hole AT26-52S, and 15 ft grading 0.25% WO3 and 1.16 oz/t Ag in hole AT26-47S. The 360 portal vein extends over 200 feet at depth and is open at depth and along strike, with assays for additional holes AT26-56S and AT26-62S pending. Underground infill and step out drilling on the D level continues to expand and delineate the upper-Ima vein system, with results including 18.4 ft of 0.804% WO3 in the 5 vein and 11 ft grading 0.894% WO3 in the 7 vein in hole AT26-49, and 5 ft grading 1.53% WO3 in the 5 vein in AT26-53. Drillholes AT26-49 and AT26-53 were drilled from underground stations DS3 and DS1, designed to expand and step out from previous drilling. Hole AT26-46 intersected multiple minor veins with low-grade tungsten mineralization, while AT26-51 was lost short of target depth. Table 1 details new drillhole results, including grades and intercepts for WO3, MoS2, Ag, Cu, Pb, and Zn. True width estimates for reported holes range from 60% to 90%. In August and September, approximately 9,300 feet of drilling was completed in six surface holes and thirteen underground holes, with underground drilling from new crosscuts on the D level and surface drilling from mine roads and new pads. Drilling has intersected mineralized quartz veins over an area approximately 800 feet along strike and 300 feet up-dip of prior drilling. The next exploration phase will involve in-fill and resource delineation drilling in the down dip extension of the No.3-5-7-9 vein system, with approximately 24 holes totaling 12,000 feet currently planned. The IMA Mine is a past-producing underground tungsten mine on 22 patented claims in east-central Idaho, which produced approximately 199,449 MTUs of WO3 between 1945 and 1957. The recently announced Mineral Resource Estimate for the IMA Mine comprises 316,000 tonnes of Indicated Mineral Resources grading 0.55% WO3 (containing 1,747 tonnes WO3), 2,178,000 tonnes of Inferred Mineral Resources grading 0.55% WO3 (containing 11,933 tonnes WO3), and a surface tailings resource containing 267,000 tonnes of Indicated Mineral Resources grading 0.15% WO3 (containing 413 tonnes WO3). The Company is conducting an exploration drill program, advancing engineering and technical studies, and assessing the potential restart of underground tungsten mining operations. Ali Haji is CEO of American Tungsten Corp. Austin Zinsser, P.G., SME-RM, is Vice President, Exploration and Qualified Person for the Company. The Company is advancing the IMA Mine toward potential domestic tungsten production for North America, with a phased development approach including evaluation of surface tailings and potential restart of the historic underground mine. QA/QC protocols include chain of custody, secure sample transport, and use of certified reference, blank, and duplicate samples. Samples were prepared at ALS Global in Twin Falls, Idaho, and analyzed by ALS Minerals in Vancouver, BC, Canada. The current mineral resource estimate is disclosed in the NI 43-101 Technical Report for the IMA Mine filed on SEDAR+ on October 5, 2026.

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