American West Metals (AW1) H2 2026 earnings summary

Executive summary

• Advanced core projects in North America, notably Storm Copper (Nunavut) and West Desert (Utah), with significant resource growth and new discoveries in FY2026.

• Storm Copper Project's Indicated and Inferred Mineral Resource Estimate (MRE) increased to 28.2Mt at 1.0% Cu and 3.3g/t Ag, with 65% of contained metal now Indicated.

• West Desert Project drilling discovered a 108m interval averaging 25g/t indium, with high-grade zinc, gold, and silver, confirming mineralisation potential beyond the current resource.

• Strengthened financial position with A$17.0 million raised, enabling accelerated project work and expanded US market presence.

Financial highlights

• Net loss after tax for FY2026 was $17.26 million, an improvement from $20.50 million in FY2025.

• Cash and cash equivalents at year-end were $8.91 million, down from $9.27 million in the prior year.

• Exploration expenditure totaled $12.22 million, down from $18.14 million year-over-year.

• Basic loss per share improved to 1.75 cents from 3.50 cents in FY2025.

• Share capital increased to $76.26 million following new placements.

Outlook and guidance

• Priorities for FY2027 include completing the Storm Pre-Feasibility Study, advancing permitting, and further drilling at West Desert to test extensions and support future resource work.

• Both projects are positioned to benefit from increased strategic focus on critical minerals in North America.