American Tungsten Corp. Announces Upsize in Private Placement from $2.5 Million to $7.0 Million

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– NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES –

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Vancouver, BC, July 17, 2025 (GLOBE NEWSWIRE) — American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) (“American Tungsten” or the “Company”) is pleased to announce, further to its news release of June 30, 2025, due to added interest, it is increasing the maximum amount to be raised under its previously announced non-brokered private placement of common shares of the Company (the “Shares“) from 5,000,000 Shares to up to a maximum of 14,000,000 Shares at a price of $0.50 per Share, for aggregate gross proceeds up to $7.0 million (the “Offering”).

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‘This is a strong indication of the growing support for the IMA Project — a high-grade tungsten asset with the potential to become the first new tungsten producer in North America. It marks a key milestone in solidifying our path toward commercial production and advancing American Tungsten as a domestic supplier of critical minerals,” said Ali Haji, CEO of American Tungsten Corp.

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In connection with the Offering, the Company will pay finders’ fees of up to 7.0% of the gross proceeds raised by the Company from the sale of Shares to subscribers directly introduced to the Company by eligible finders.  In addition, the Company will issue to eligible finders non-transferable finders’ warrants of up to 7.0% of the number of Shares sold in the Offering.  Each finders’ warrant will entitle the holder to acquire one Share at a price of $0.50 per Share for a period up to 24 months from the date of issuance, all in accordance with the policies of the Canadian Securities Exchange (“CSE”). 

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The Company will use the net proceeds from the Offering to fund exploration work programs, option payments, mineral property acquisitions, marketing and for general working capital purposes.  Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the CSE.  The Offering is not subject to a minimum aggregate amount of subscriptions.  All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation and the CSE.

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This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.

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ABOUT AMERICAN TUNGSTEN CORP.

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American Tungsten Corp. is a Canadian exploration company focused on high-potential tungsten and magnetite portfolio in North America. The Company is advancing the Ima Mine Project in Idaho, a historic underground tungsten producer, where it holds an option to acquire full ownership (subject to a 2% royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres. The Company’s Star Project, spans over 4,600 hectares in British Columbia’s Skeena Mining Division, where the company holds an option to earn 100% ownership.