American West Metals (AW1) investor relations material

Executive summary

• Reported a net loss after tax of $9.2 million for the half year ended 31 December 2025, an improvement from a $12.7 million loss in the prior year period.

• Exploration and evaluation expenditure totaled $7.0 million, down from $12.7 million year-over-year.

• Raised $7.0 million via a placement to institutional and sophisticated investors, issuing 155.6 million shares at $0.045 per share.

• Advanced key milestones at Storm Copper Project (Canada) and West Desert Project (Utah), including resource upgrades and expanded exploration.

Financial highlights

• Revenue for the half year was $555,486, primarily from interest and other income.

• Administration expenses were $1.77 million, finance expenses $991,391, and total comprehensive loss was $9.07 million, compared to $12.3 million in the prior year.

• Cash and cash equivalents at period end were $6.78 million, down from $9.27 million at 30 June 2025.

• Net liabilities increased to $5.74 million from $4.35 million at 30 June 2025.

Outlook and guidance

• Focus remains on advancing the Storm Copper Project to pre-feasibility and expanding resources at both Storm and West Desert.

• Ongoing engagement with US government agencies for potential funding support for critical metals supply chains.

• Planned 2026 drill campaign at West Desert targeting gallium, indium, and copper/gold/silver zones.