Quarterly Activities Report for the Period Ended June 2023

American West Metals Ltd (“AW1” or “the Company”) is pleased to report on its quarterly activities for the period ending 30 June 2023.

Storm Copper Project, Canada

• Eighteen Reverse Circulation (RC) drill holes were completed at the 4100N Zone targeting near- surface mineralisation
• 100% success rate of RC drilling with all holes hitting copper sulphides, with results including:
  • 67.1m @ 1.1% Cu from 54.9m (SR23-03), including, 4.6m @ 2.6% Cu from 64m, and 9.1m @ 2.5% Cu from 79.3m, and 4.6m @ 2% Cu from 97.5m
  • 29m @ 1.1% Cu from 59.4m (SR23-02), including 9.2m @ 2.2% Cu from 71.6m, including, 1.5m @ 5.1% Cu from 79.3m
  • 29m @ 1.2% Cu from 62.5m (SR23-13), including 3m @ 5% Cu from 86.9m, including 1.5m @ 8.2% Cu from 86.9m
  • 25.9m @ 1.3% Cu from 61m (SR23-14), including 9.1m @ 2.1% Cu from 76.2m
• Near-surface copper mineralisation at the 4100N Zone remains open in all directions.
• Large-scale copper targets identified below the near-surface deposits by a high-resolution ground gravity survey, supporting the potential for a major sediment-hosted copper system at depth.
• American West granted funding by the Nunavut Government to support the diamond drilling of the large-scale copper targets at Storm, scheduled for Q3 2023.

West Desert Project, Utah

• Study work continued on the indium JORC compliant Mineral Resource Estimation.

Copper Warrior Project, Utah

• Exploration drilling is fully permitted and set to commence during Q3 2023.

Corporate

• The Company raised A$6.02m (before expenses) during the quarter with funds to be used to accelerate the diamond and RC drill programs at the Storm Copper Project in Canada.
• Subsequent to the quarter end the Company raised A$7.8m (before costs) via a combination of a Flow-Through Shares placement and a placement of ordinary shares to sophisticated investors.

“This has been an outstanding quarter for American West Metals with the focus on progressing the high-grade Storm Copper Project in Canada. Pleasingly, the drilling has significantly increased the volume of the near-surface mineralisation, and the scale of this alone is quickly shaping up to be what we believe will be a globally significant, low-cost copper project.

“Results from drilling of near-surface mineralisation returned thick intervals of copper mineralisation with grades of up to 8% Cu, underpinning a potential near-term Direct Shipping Ore (DSO) opportunity. Importantly, mineralisation at the 4100N Zone remains open in all directions.

“In addition, a high-resolution ground gravity survey has identified a series of large copper sulphide targets, supporting the potential for a major sediment-hosted copper system at depth. We are highly encouraged by strong gravity anomalies identified below and adjacent to the known near-surface copper mineralisation, which extends for several kilometres.

“We thank shareholders for their ongoing support of the capital raising which will allow the Company to expand the drilling program and to aggressively test new geophysical targets, and significantly increase the known copper endowment at Storm. We look forward to sharing strong news flow in the coming months.”

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