American West Metals (AW1) Status update summary

Project updates and operational progress

• Drilling at West Desert is progressing rapidly, with early success prompting a recent AUD 10 million placement to extend the program without capital constraints.

• West Desert is a large polymetallic deposit, notable for being the only indium deposit in continental USA, with significant zinc, copper, silver, and gold resources.

• Recent drilling at West Desert has intersected thick, high-grade mineralization, with assays pending and further step-out drilling planned to test the system's scale.

• Historic mine waste at West Desert presents an early-stage revenue opportunity, with potential government funding for rehabilitation and processing of critical metals.

• Infrastructure at West Desert is well established, with proximity to rail, power, and water, and much of the land is privately owned, streamlining permitting.

Storm Copper Project status and development

• The Storm PFS has been delayed due to new opportunities, including the option for a larger mine versus a smaller DSO operation, requiring further metallurgical work.

• Exploration and permitting at Storm are ongoing, with the mine application submitted and the process advancing through regulatory stages.

• Funding discussions for Storm include a facility with Ocean Partners, accessible after FID, potentially covering up to 80% of initial CapEx.

• Camp and exploration planning for Storm are ongoing, with flexibility to scale operations based on development scenarios.

• Shareholder updates on Storm's exploration plans will follow finalization of the development scenario.

Funding, government engagement, and catalysts

• Recent capital raises were timed to ensure operational runway and flexibility, with major funds like Tribeca participating.

• Ongoing confidential discussions with U.S. government agencies may lead to grant or loan funding, especially for critical metals and mine reclamation.

• The company is exploring multiple funding streams in both the U.S. and Canada, including critical metals and mine waste reclamation programs.

• Key share price catalysts in the next 6-12 months include drilling results, resource updates, and progress on government funding and development milestones.

• Management cites external market factors as the main risk, with strong stakeholder and government support for both projects.