American West Metals (AW1) Investor presentation summary

Investment highlights

• Storm controls a 2,200+ km² sediment-hosted copper belt; its maiden reserve is 151kt Cu within a 276kt Cu resource.

• West Desert is presented as a strategic US critical-metals asset, with indium, zinc, copper, silver and gold mineralisation and 2026 drilling intersecting indium, zinc, copper and molybdenum.

Storm PFS and mine plan

• PFS outlines an 11-year mine life, US$81M initial capital, 32.8% post-tax IRR, US$179M post-tax free cash flow and 3.6-year payback from first production; figures are 100% project basis.

• Production plan processes 12.58Mt of ore, with peak capacity of 1.3Mtpa, up to 14,000tpa copper and ~10,000tpa average; first copper is targeted for 2030.

• The 151,351t Cu reserve is 12.58Mt at 1.20% Cu and 3.71g/t Ag across four deposits; all 11 years are classified as Probable Ore Reserves.

• Mining starts at high-grade, outcropping Chinook and Corona, with Cyclone scheduled from Year 3; inferred Lightning Ridge, Cirrus and Gap offer potential mine-life upside.

• Storm outcomes are on a 100% project basis; ownership is 80%, with US$118M funding likely required over mine life and no certainty it can be raised on acceptable terms.

Storm growth pipeline

• Cash flow from the foundation mine is intended to fund exploration; more than 110km of prospective copper horizon is less than 5% drill tested.

• The conceptual Exploration Target is 108.7–214.0Mt at 0.59–1.02% Cu, containing 0.646–2.19Mt Cu; further exploration may not establish a Mineral Resource.

• Near-mine targets include inferred deposits to drill, Cyclone Deeps with up to 2.7% Cu, and Central Graben; regional targets include Tornado, Chevron and Tempest.