Quarterly Activities Report for the Period Ended December 2022

American West Metals Limited (American West Metals or the Company) (ASX: AW1) is pleased to report on its Quarterly activities for the period ending 31 December 2022. During the December 2022 quarter.

West Desert Project, Utah

• Excellent recoveries of zinc and copper produced by metallurgical test work on the oxide and sulphide ores at West Desert further support the potential for a combined open pit and underground development at West Desert
• The Utah Geological Survey has been awarded a federal grant to study critical metals at the West Desert Deposit, in recognition of the large volumes of zinc and copper defined at West Desert, as well as the only resource of indium in the US
• Detailed work has continued on the maiden JORC compliant mineral resource estimate for the West Desert Deposit

Storm Copper Project, Canada

• Final assays for American West’s inaugural drilling campaign at Storm were received during the quarter and confirmed additional thick, near-surface high-grade copper mineralization
• Strong drilling results at the 2750N Zone with latest assays including:
  • 19m @ 2.08% Cu from 58m downhole, including;
    • 2m @ 15.98% Cu from 70m downhole (ST22-06)
  • 10m @ 2.36% Cu from 53m downhole, and;
  • 7m @ 1.08% Cu from 79m downhole (ST22-04)
  • 2m @ 1.81% Cu from 36m downhole, and;
  • 7m @ 1.00% Cu from 40m downhole, and;
  • 1m @ 5.75% Cu from 13m downhole (ST22-07)
• A significant volume of near-surface high-grade copper at the 2750N Zone has now been confirmed with mineralisation open to the west along a 1km prospective strike length
• Potential to further define near-surface high-grade copper deposits with the drilling of the extensive 2200N and 4100N Zones where multiple intersections of massive copper sulphides have been discovered by historical drilling

• 3D inversion work on data from American West’s recent Induced Polarization (IP) survey has identified several large targets that are interpreted to be consistent with copper mineralisation
• The largest of the IP anomalies - which has a strike of more than 3.5km - surrounds the historical Big Indian and Blue Jay copper mines, indicating potential for extensions to known sedimentary copper mineralisation

Corporate

• Mr Dan Lougher has joined the board of American West as a Non-Executive Director from 9 November 2022 and will become Non-Executive Chairman from 1 April 2023
• The Company raised approximately $3.4 million during the quarter to progress its advanced copper and zinc projects

Dave O’Neill, Managing Director of American West Metals commented;

“This quarter has seen the return of final assays for the drilling at Storm, and the continuation of intensive study work on the West Desert and Copper Warrior Projects.

“The drilling program at the Storm Project continued to exceed our expectations, and our maiden drill program has been a huge success. The program has expanded the volume of mineralisation at the 2750N Zone, and discovered a new, potentially large, sedimentary copper system below the near- surface mineralisation.

“Planning for the follow-up exploration has been completed and will include a significant expansion of activities with the addition of an RC drill rig and an extensive ground geophysical program. Exploration will also expand into new areas with an aim to highlight the belt scale opportunity at Storm.

“Detailed work has significantly progressed the West Desert JORC compliant mineral resource estimation. An important part of our modelling process has been to apply rigorous economic and development overlays, to confirm our robust mining proposals for the project.

“Work has also continued on the Copper Warrior Project with the reinterpretation of recent IP data revealing a number of high-priority anomalies. These exciting copper exploration targets will be drill tested once permitting for the program has been approved.

“We have a big 2023 planned and we look forward generating strong news flow in the coming months.”

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