American Tungsten Receives LOI from U.S. Export-Import Bank (EXIM) for US $25.5 Million to Fund Mining Development and Production

Rhea-AI Summary

American Tungsten (OTCQB: TUNGF) received a letter of interest (LOI) from the US Export-Import Bank for a loan of up to US$25.5 million to potentially fund development and milling at the IMA Tungsten Mine in Patterson, Idaho.

The company met initial requirements in a letter dated October 17, 2025. If approved, the loan would carry a 15-year repayment term and aim to support a domestic tungsten source used in defense and aerospace. The release highlights U.S. reliance on imports 80% of global supply from China) and cites recent Chinese export restrictions as a rationale for onshore production.

Positive

• US$25.5M LOI from EXIM for mine development
• October 17, 2025 letter confirms initial requirements met
• 15-year repayment term if loan is approved
• Supports domestic tungsten supply for defense applications

Negative

• EXIM loan is conditional — not yet approved
• Restart of production depends on securing financing

News Market Reaction

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On the day this news was published, TUNGF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - November 6, 2025) - American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK90) ("American Tungsten" or the "Company) is pleased to announce that it has received a letter of interest from the US Export-Import Bank (EXIM) for a loan worth up to US$25.5 million, to potentially fund the mining development and milling facilities associated with the Company's IMA Tungsten Mine in Patterson, Idaho. 

The loan, if approved, will help provide access to a domestic source of tungsten in the United States.

Tungsten is a vital material for defense applications, with unparalleled hardness and high-temperature resistance, making it indispensable for armor-piercing ammunition, missile components, and aerospace manufacturing. The U.S. Department of Defense and the Defense Industrial Base Consortium, of which the Company is an active member of, classifies tungsten as a critical mineral. Currently, the United States remains heavily reliant on imports – primarily from China, which dominates over 80% of the global supply. The recent ban on tungsten exports by China underscores the need to establish a stable, US domiciled supply chain to safeguard national security interests. If approved, this loan initiative would help offset the capital needed to restart production at the Company's IMA Tungsten Mine and help alleviate these domestic supply challenges.

In a letter dated October 17^th, 2025, American Tungsten has met initial requirements to apply for the US$25.5 million EXIM loan and, if approved, would have a 15-year repayment term, longer than the Company would expect with public debt financing.

ABOUT EXIM

The Export-Import Bank of the United States (EXIM) is the official export credit agency of the United States. EXIM is an independent Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services.

ABOUT AMERICAN TUNGSTEN CORP.

American Tungsten Corp. 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% royalty) and has expanded its land position with 113 additional federal claims covering nearly 2,000 acres.

For further updates, visit www.americantungstencorp.com or investor relations, Joanna Longo at ir@americantungstencorp.com.

Social media links:
LinkedIn: https://www.linkedin.com/company/americantungstencorp/ 
X: https://x.com/amtungsten
Facebook: https://www.facebook.com/americantungstencorp/ 
Instagram: https://www.instagram.com/americantungstencorp/ 
YouTube: https://www.youtube.com/@americantungstencorp

For further information, please contact:

Ali Haji
Chief Executive Officer
Email: ahaji@americantungstencorp.com 
Phone: +1 647 871 4571

CSE: TUNG
OTCQB: TUNGF
FSE: RK90

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.

This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the completion of the Offering on the terms described herein or at all, and the use of proceeds and available funds following the completion of the Offering and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertake no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273395

FAQ

What did American Tungsten (TUNGF) announce on November 6, 2025 about EXIM financing?

American Tungsten said it received an EXIM letter of interest for up to US$25.5 million to potentially fund IMA mine development.

Is the US$25.5 million EXIM loan for TUNGF approved and guaranteed?

No — the announcement states the loan is a letter of interest and is conditional; approval is required.

What repayment terms did American Tungsten report for the potential EXIM loan (TUNGF)?

If approved, the loan would have a 15-year repayment term according to the company.

How could the EXIM loan affect American Tungsten's (TUNGF) IMA Tungsten Mine operations?

The financing would help offset capital needs to restart production and fund milling and development at IMA mine.

Why does American Tungsten (TUNGF) say domestic tungsten supply is important?

The company cites tungsten’s role in defense and aerospace and notes U.S. reliance on imports, primarily from China (>80%).

When did American Tungsten meet initial EXIM requirements for the LOI (TUNGF)?

The company says it met initial requirements in a letter dated October 17, 2025.