American West Metals (AW1) Corporate Presentation summary

Investment highlights and corporate overview

• Storm Copper Project features a 20.6Mt @ 1.1% Cu, 3.3g/t Ag resource, with a PEA confirming low-cost, high-margin open-pit mining and a 46% IRR, supported by a US$47.4m initial CAPEX and up to US$40m in development funding.

• West Desert Project holds a large JORC-compliant resource of 33Mt @ 3.83% Zn, 0.15% Cu, 9g/t Ag, 20g/t In, and is the only defined indium resource in the US, with significant exploration upside.

• Copper Warrior Project is strategically located near Utah’s second-largest copper mine, with compelling geology and fast-tracked exploration.

• Market cap stands at $21.44 million with 595.8 million shares on issue and $1.423 million in cash as of April 2025.

• Leadership team has a strong track record in mine development and exploration, with experience at major mining companies.

Storm Copper Project: resource, mining, and processing

• Near-surface, high-grade copper-silver mineralisation defined in six deposits, all open with growth potential; 229Kt Cu and 2.2Moz Ag defined.

• Initial mine plan targets 10.3Mt @ 1.3% Cu, 3.7g/t Ag, producing 454,000t copper-silver product at 18.3% Cu, 52g/t Ag over six years.

• Simple, ESG-sensitive processing uses ore sorting and wet jig, producing high-quality product with no chemicals or tailings.

• Initial 10-year mine life with ramp-up in first three years; resource extension and exploration planned to expand beyond initial schedule.

• Economic assumptions include US$4.60/lb Cu, US$25/oz Ag, 19.5% corporate tax, and low mining/processing costs.

Economic outcomes and sensitivities

• Post-tax NPV of US$149m, IRR of 46%, and post-tax net cash flow of US$191m; AISC of US$2.99/lb Cu and LOM CAPEX of US$80m.

• Project is robust to downside sensitivities, with breakeven copper price at US$3.26/lb; copper price and mining costs are key sensitivities.

• Significant upside potential from mine life extension and resource expansion, not included in current economics.