Quarterly Activities Report for the Period Ended September 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 30 September 2022. During the September 2022 quarter, the Company’s focus was on the maiden diamond drilling program at the Storm Copper Project, and advancing key activities at the West Desert and Copper Warrior Projects.

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West Desert Project, Utah

• Exceptional zinc, copper and molybdenum results were confirmed by laboratory assays for drill holes WD22-01C, WD22-04, WD22-05 and WD22-19 – including:6.34m @ 10.71% Zn, 4.3g/t Ag, 53.94/t In from 561.87m in WD22-05, including:
  
  • 3.44m @ 14.06% Zn, 0.14% Cu, 6.2g/t Ag, 59.13g/t In from 564.77m
• 17.22m @ 1.04% Cu, 0.58g/t Au, 12.46g/t In from 325.21m in WD22-05
• 417.55m @ 0.019% Mo, 2.49g/t Ag from 360.87 in WD22-01C, including,
  • 42.37m @ 0.5% Cu, 0.13g/t Au, 12.88g/t Ag, 5.23g/t In from 398.35m, including;
  • 4.12m @ 3.4% Cu, 0.74g/t Au, 91.22g/t Ag, 17.06g/t from 421.21m
• 194.14m @ 0.05% Mo, 2g/t Ag, 7.29g/t In from 557.76 in WD22-04, including,
  • 19.66m @ 0.2% Mo, 0.03g/t Au, 5.87g/t Ag, 1.41g/t In from 713.5m
• Exploration drill hole WD22-19 has discovered potential extensions to the high-grade zinc and copper mineralisation 250m to the west of the existing deposit – including:
  • 4.58m @ 5.21% Zn, 0.46% Cu, 0.6g/t Au, 18.68g/t Ag, 88.05g/t In from 455.65m in WD22-19, including,
    • 0.92m @ 20.42% Zn, 0.76% Cu, 1.04g/t Au, 33.13g/t Ag, 54.47g/t In from 459.31m
• Metallurgical test work results on the oxide and sulphide ores at West Desert show excellent recoveries of zinc and copper, and support the continued study for a combined open pit and underground development opportunity at West Desert
• A JORC compliant Mineral Resource Estimation for the West Desert Deposit commenced incorporating the results from the latest drilling and metallurgical programs

Storm and Seal Projects, Canada

• American West’s inaugural diamond drill program was successfully completed during the September quarter
• Outstanding near-surface copper intersections confirmed by the first batch of laboratory assays received for the 2022 drill program – including:
  • 41m @ 4.18% Cu from 38m downhole in ST22-05, including;
    • 15m @ 10.05% Cu from 47m downhole, and including;
    • 5m @ 24.28% Cu from 48m downhole
  • 57m @ 2.5% Cu from 8m downhole in ST22-02, including;
    • 1m @ 21.9% Cu from 14m downhole, and;
    • 8m @ 7.86% Cu from 29m downhole, including;
    • 3m @ 12.12% Cu from 34m downhole, and;
    • 2m @ 10.24% Cu from 48m downhole
• Exploration drill hole ST22-10 has discovered evidence of a major sedimentary copper system at depth below the near-surface high-grade copper mineralisation

Copper Warrior Project, Utah

• Processing and 3D inversion work has continued on the project wide Induced Polarization (IP) survey data
• The permitting process for the maiden Reverse Circulation drilling program has commenced

Corporate

• Mr Dan Lougher will join the board of American West as a Non-Executive Director from 9 November 2022 and Non-Executive Chairman from 1 February 2023
• The Company raised approximately $2.7 million during the quarter to progress its advanced copper and zinc projects
• American West has successfully listed on the OTCQB Venture Exchange in the US and trades under code AWMLF

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