Quarterly Activities and Cashflow Report

American West Metals Limited (“American West” or the “Company”) (ASX: AW1) is pleased to report on its Quarterly activities for the period ending 31 March 2023.

Storm Copper Project, Canada

• Expansion and resource drilling has commenced at the high-grade 4100N Zone where historical drilling has intersected large volumes of high-grade copper including:
  
  • 15m @ 3.88% Cu from 72.4m (ST99-47)
  • 27.2m @ 1.9% Cu from 78.8m (ST00-62)
  • 5.8m @ 3.6% Cu from 38.6m (ST99-53)
• Resource drilling at the 2750N and 2200N Zones will follow the 4100N program and is designed to support a maiden mineral resource estimate of previously identified near- surface high-grade copper mineralisation
• Moving Loop Electromagnetics (MLEM) is underway to assist targeting for the resource definition drilling and identify new copper targets
• A ground gravity survey has commenced to follow-up the major 2022 discovery of stratabound sedimentary copper sulphides at depth
• Direct ship ore (DSO) process optimisation work on Storm copper mineralisation is continuing in Perth, WA

West Desert Project, Utah

• Maiden independent JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) defines 33.7Mt @ 3.83% Zn, 0.15% Cu and 9g/t Ag, which includes:
  
  • 18.7Mt @ 2.8% Zn, 0.12% Cu and 11g/t Ag contained within an open-pit opportunity
  • 15Mt @ 5.2% Zn, 0.18% Cu and 7g/t Ag contained within higher-grade underground opportunity in close proximity with the open-pit
• The MRE contains 1.3Mt of zinc, 49Kt of copper and 10Moz of silver, which represents a 44% increase over the Foreign 2014 resource

Copper Warrior Project, Utah

• Environmental and permitting approval has been received for exploration drilling
• 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

• The Company launched a capital raising during the quarter to raise a total of $5.2 million. $2.6 million raised through a private placement completed during the quarter and $2.6 million raised under a fully underwritten rights issue to be completed in the June quarter
• The exploration expenditure during the quarter was incurred for DSO study work, program logistics, drilling and exploration pre-payments on the Storm Copper Project, and to complete the maiden JORC MRE for West Desert
• Shares of American West commenced trading on the Frankfurt Stock Exchange under the code R84

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