American Tungsten Corp. (CSE:TUNG) (OTCQB: DEMRF) (FSE: RK9) is pleased to announce that, further to its news releases dated February 18, 2025 and February 21, 2025, it has closed its previously announced upsized and oversubscribed non-brokered private placement under the Listed Issuer Financing Exemption (as defined herein).

Pursuant to the LIFE Offering, the Company issued 1,475,875 common shares of the Company at a price of $1.60 per Common Share for gross proceeds of $2,361,400.

In connection with the LIFE Offering, the Company paid finder’s fees to eligible finders consisting of $116,158 in cash and 72,598 common share purchase warrants. Each Finder’s Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.60 per share for a period of 12-months.

The LIFE Offering was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the Common Shares issued pursuant to the LIFE Offering are not subject to a hold period in accordance with applicable Canadian securities laws. There is an amended and restated offering document  related to the LIFE Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.americantungstencorp.com. Prospective investors should read this Offering Document before making an investment decision.

The Company intends to use the net proceeds from the LIFE Offering for property payments, property exploration, marketing and for general working capital.

The securities issued pursuant to the LIFE Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT AMERICAN TUNGSTEN CORP.

American Tungsten Corp. (previously Demesne Resources Inc.) is a Canadian-based company involved in the acquisition and exploration of mineral properties. The Company’s magnetite Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. American Tungsten has also entered into an option agreement, pursuant to which it can acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho, United States. In addition, the Company has acquired surrounding mining rights at its IMA Mine Project through the staking of 113 WMO federal lode mining claims covering an area of 1,988.6 acres (804.75ha).