Quarterly Activities Report for the Period Ended March 2024, Storm Copper Project, Canada

29 April 2024

(30 April 2024) American West Metals Limited (ASX: AW1) (“American West” or “the Company”) is pleased to report on its quarterly activities for the period ending 31 March 2024.

Storm Copper Project, Canada

  • Maiden independent JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) defines 17.5Mt @ 1.2% Cu and 3.4g/t Ag (0.35% Cu cut-off), comprising:
    • A total metal content of 205Kt of copper and 1.9Moz of silver
    • 30% of metal is classified in the high-confidence indicated category
  • The MRE contains a higher-grade core of 11.2Mt @ 1.5% Cu, 4.3g/t Ag (0.7% Cu cut-off) with 173Kt of copper and 1.5Moz of silver
  • Near-surface resource indicates potential for low-cost development:
    • Mineralisation commences at, or very close to surface, and can potentially be accessed with open- pit mining
    • 100% of the MRE is categorised as fresh, chalcocite dominant copper sulphide with preliminary studies showing amenability to low-cost beneficiation processing, including ore sorting
  • Exploration has commenced with track-mounted Reverse-Circulation (RC) drilling initially focused on:
    • Testing new, high-priority exploration targets proximal to the known Storm deposits with the aim of discovering new zones of near-surface high-grade copper mineralisation
    • Resource definition of the 2023 high-grade copper discovery at Thunder where discovery hole ST23-03 delivered 48.6m @ 3% Cu from 32.4m within a broader interval of 76m @ 2% Cu from 32.4m
    • Drilling electromagnetic (EM) targets adjacent to the Cyclone Deposit – including an EM target with a very high modelled conductivity of 17,000 Seimens – with the aim of expanding the resource
  • Additional drill rigs will join the program early in the coming quarter and will focus on:
    • Expansion and infill drilling of the Cyclone (12Mt @ 1.2% Cu, 3.8g/t Ag) and Chinook (2.2Mt @ 1.5% Cu, 4g/t Ag) copper deposits
    • Exploration below the known copper deposits within the Storm area
    • Drilling of large-scale copper targets at the underexplored Tornado, Blizzard, and Tempest Prospects
  • High powered Moving Loop Electromagnetics (MLEM) began during the quarter to define new exploration targets and high-grade copper resource expansion areas

Corporate

  • The Company raised A$10 million (before costs) via a combination of a Flow-Through Shares placement and a placement of ordinary shares to sophisticated investors

Dave O’Neill, Managing Director of American West Metals commented:

“This period has seen American West Metals complete significant milestones including the delivery of the Storm maiden MRE, and the commencement of the 2024 exploration and resource expansion activities.

“The maiden MRE for the Storm Project has exceeded our expectations and delivered the foundations to what we believe will be a globally significant copper district.

“Within only a single season of resource drilling we have rapidly defined four robust copper deposits very close to surface: Cyclone, Chinook, Corona, and Cirrus. The setting and scale of the mineralisation gives us the opportunity to potentially mine 100% of the resource with a low-cost, high-margin open-pit mining operation

“We are also very pleased to report that the drilling and exploration program for 2024 is now in full swing at Storm.

“This initial phase of drilling will use the tracked RC drill rig to move quickly through the initial exploration and resource expansion areas. We believe these targets will give us strong potential for the discovery of new zones of copper mineralisation and confirmation of additional copper resources.

“We have also commenced the high-powered Moving Loop Electromagnetic (MLEM) survey at Storm. This survey has the potential to generate new targets in higher resolution and at deeper levels than previous surveys, opening the area for further copper discoveries. EM surveys have proven to be a reliable targeting tool with all of the EM anomalies tested to date correlating with high-grade copper sulphides.

“We look forward to strong news flow over the coming months as the drilling and geophysical programs continue.”

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