American West Metals (AW1) Q3 2025 TU earnings summary

Executive summary

• Preliminary Economic Analysis (PEA) for Storm Copper Project outlines a 10-year, low-capex, high-margin operation with robust economics and significant expansion potential through ongoing exploration and resource growth.

• Strategic partnership and funding agreements secured with Ocean Partners and Taurus, providing project financing, offtake, and royalty payments to advance Storm toward production.

• West Desert and Copper Warrior projects in Utah continue to progress, with West Desert positioned as the only JORC-compliant indium resource in the US and Copper Warrior option extended for further exploration.

Financial highlights

• Storm Copper Project PEA base case: total revenue of approx. US$839m, post-tax NPV8 of US$149m, post-tax IRR of 46%, and initial CAPEX of US$47.4m.

• Life of mine CAPEX estimated at US$80.3m, C1 cost at US$2.63/lb, and capital payback period of 3 years from first production (equity scenario).

• 100% debt-funded scenario increases pre-tax IRR to 135% and reduces payback to 1.6 years.

• Net cash used in operating activities for the quarter was A$722k, with cash and cash equivalents at quarter end of A$701k.

• Financing activities during the quarter raised A$12.5m, including proceeds from borrowings and equity placements.

Outlook and guidance

• Mine permitting for Storm to commence, with pre-feasibility studies and resource definition drilling planned for 2025 to accelerate copper growth.

• Regional exploration and geophysical surveys to target large-scale copper potential along the 110km belt, with a focus on Midway, Tornado, and Blizzard prospects.

• West Desert project evaluation ongoing, with potential spin-out or commercial arrangements and pursuit of US government grants.

• Copper Warrior project option extended to October 2025, with further exploration and permitting underway.