American West Metals (AW1) Q4 2025 TU earnings summary

Executive summary

• Achieved significant exploration milestones at the Storm Copper Project, with new copper targets identified and extensive mineralisation intersected in drilling programs, supporting the potential for resource growth and upgrade.

• Advanced the Pre-Feasibility Study (PFS) and permitting at Storm, with government funding secured to support 2025 drilling activities.

• Strategic partnership with Ocean Partners completed, securing a US$2 million private placement and a binding offtake agreement for 100% of Storm's copper, silver, and gold production.

• Progressed business development and permitting at West Desert and Copper Warrior projects, with policy shifts in the US supporting critical mineral development.

Financial highlights

• Net cash used in operating activities for the quarter was A$5.3 million, primarily for exploration and evaluation.

• Net cash from financing activities was A$13.9 million, including proceeds from equity issues and a private placement.

• Cash and cash equivalents at quarter end totaled A$9.3 million.

• Payments to directors for the quarter amounted to A$257,000.

Outlook and guidance

• Ongoing drilling and exploration at Storm, with laboratory assay results expected in the next 4-8 weeks.

• Continued advancement of the PFS and permitting at Storm, supported by government funding.

• Further exploration and potential resource expansion at West Desert, with a focus on critical minerals including indium, molybdenum, and gallium.

• Copper Warrior Project ready for follow-up exploration and drilling, with permitting completed.