American West Metals (AW1) investor relations material

Executive summary

• Advanced pre-feasibility study (PFS) at Storm Copper Project, focusing on process optimization, mine planning, and updated cost estimates.

• Significant progress in mine permitting and environmental baseline activities at Storm, with community engagement funding secured.

• West Desert Project drilling confirmed high-grade indium, zinc, gold, and silver mineralization, expanding the resource footprint.

• $10 million strategic placement completed, ensuring funding for ongoing exploration and development.

Financial highlights

• Net cash used in operating activities for the quarter was A$5.2 million; year-to-date outflows totaled A$16.1 million.

• Raised A$10 million via oversubscribed placement at $0.045 per share, with one free option for every two shares.

• Cash and cash equivalents at quarter-end were A$8.95 million.

• Estimated quarters of funding available: 1.72, with expectations of reduced outflows in the near term.

Outlook and guidance

• PFS for Storm Copper Project expected to be finalized in Q3 2026.

• Regulatory approval for Storm mine permit targeted for 2028.

• Continued drilling and exploration at West Desert to expand resources and test new targets.

• No immediate plans to raise additional capital; current funding deemed sufficient for planned activities.