American West Metals (AW1) H2 2024 earnings summary

Executive summary

• Achieved significant milestones in advancing North American mineral projects, notably the Storm Copper Project (Nunavut), West Desert Project (Utah), and Copper Warrior Project (Utah).

• Delivered maiden JORC-compliant resources for Storm (copper) and West Desert (indium and gold), confirming large-scale, high-grade potential.

• Secured major funding through capital raisings and a US$12.5M royalty package for Storm, supporting ongoing exploration and development.

• Board changes included Dan Lougher becoming Non-Executive Chairman and Michael Anderson retiring.

Financial highlights

• Net loss after tax for FY2024 was $17.1M, compared to $12.5M in FY2023.

• Cash and cash equivalents at year-end were $5.1M, up from $3.5M in FY2023.

• Total equity increased to $2.2M from $1.2M year-over-year.

• Raised $17.8M through share issues and $2.99M from option exercises.

• Flow-through share premium recovery of $1.46M recognized as other income.

Outlook and guidance

• Ongoing exploration and resource expansion at Storm, with updated JORC MRE anticipated by year-end.

• Continued focus on advancing Storm to development, testing regional copper targets, and unlocking value at West Desert and Copper Warrior.

• Cash management plans and further funding initiatives in place to support operations.