
April 08, 2025
Major offtake and funding deal to advance development and exploration activities
American West Metals Limited (American West or the Company) (ASX: AW1) is pleased to announce that the Company has entered into a binding agreement with global metal trading and advisory group Ocean Partners Holding Ltd (OP or Ocean Partners) which will comprise an equity investment in American West as well as project development funding and copper-silver offtake to OP for the Storm Copper Project.
- Strategic Partnership. American West Metals Ltd (American West) and Ocean Partners Holdings Ltd (OP) – a global metal trading, technical advisory and financing company – have entered into a partnership and funding agreement for the development of the Storm Copper Project (Storm or the Project). The binding heads of agreement includes:
- US$2m Private Placement – OP will subscribe to fully paid ordinary shares of American West to the value of US$2m, subject to shareholder approval at a General Meeting of American West (Private Placement)
- Project Financing – OP will provide up to 80% of initial capital for the development of the Project via a senior secured loan facility, subject to a bankable feasibility study and formal documentation
- Offtake – OP’s subscription under the Private Placement is subject to American West and OP entering into a binding offtake agreement (Offtake Agreement) which secures OP 100% of the offtake of copper and silver products from the Project forecast under the Preliminary Economic Analysis (PEA)
- Technical and copper market advisory. The American West/OP strategic alliance will work together to optimise and advance the development activities to define the best outcomes for the Project
- US$3.5m Royalty funding brought forward. Taurus Mining Royalty has agreed to advance the US$3.5m second tranche of the Royalty payment based on the positive Storm PEA results, with payment of US$2.8m to be made to American West this month
- New funds to be used to progress the Storm Copper Project, including:
- An expansion of exploration activities, including drilling at near-mine and regional exploration targets
- Pre-Feasibility Study (PFS) and permitting activities to advance the development of the Storm Project
- Securing of key, long-lead processing, and mining equipment
Dave O’Neill, American West’s Managing Director, said:
“We are very pleased to announce a strategic partnership and funding package for the Storm Copper Project which secures the long-term future of the Project. This is another significant milestone for Storm and continues to position Storm as the next potential copper mine in Canada, joining other very successful base metal mines in the region such as Polaris (22Mt @ 14.1% Zn, 4% Pb) and Nanisivik (18Mt @ 9% Zn, 0.7% Pb)
“American West’s ability to attract and partner with global companies like Ocean Partners speaks volumes to the high-quality of the Project and the management team, and emphasises the low-risk pathway to potential development.
“Ocean Partners’ existing partnerships and experience with ore-sorting and direct shipping ore (DSO) copper products are a natural fit with Storm and will help strengthen and streamline the technical aspects of the processing work flow for the PFS and beyond.
“On the back of the recently released Storm PEA, Taurus has agreed to advance the second tranche of the royalty payment. This tranche of funding will now be available immediately and demonstrates Taurus’ strong belief in the development and growth potential of Storm.
“The funding package and strategic partnership will allow American West to execute the dual strategy of aggressive exploration and streamlined development during 2025. We look forward to updating investors as the work programs are finalised and get underway.”
Brent Omland, Ocean Partners CEO, also commented:
“We are delighted to be partnering with American West on the Storm Copper Project which is rapidly emerging as a long-life, district-scale copper opportunity. Our shared goal is the timely success of the Project and we look forward to working closely with the American West team as they continue to make significant advances through process innovation and resource growth. Ocean Partners has extensive experience in marketing and trading DSO into global markets and are confident in the marketability and attractiveness of the Storm copper-silver product.”
This article includes content from American West Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AW1:AU
The Conversation (0)
31 January 2022
American West Metals
Supplying Critical Minerals to Support the Global Energy Transition
13 December 2023
23.8Moz of Indium and 119koz of Gold in Updated JORC Mineral Resource for West Desert, USA
American West Metals Ltd (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) ) is pleased to provide a significant update to the JORC 2012 compliant Mineral Resource Estimate (MRE) for it’s 100% owned West Desert Project in Utah (West Desert or the Project) with the release of our maiden... Keep Reading...
27 November 2023
Aston Bay and American West Metals Confirm High Grade Copper and Zinc Mineralization at the Tempest Prospect, Storm Copper Project, Canada
Up to 38.2% Cu and 30.8% Zn in assays for select grab sampling of surface gossan rocks at the underexplored Tempest Prospect Prospective gossans have been mapped for more than 4km at Tempest, which is located 40km south of the Storm Copper targets drilled in 2023 A ground electromagnetic (EM)... Keep Reading...
01 November 2022
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,... Keep Reading...
19 September 2022
Assay Results Confirm Outstanding Growth Potential Of West Desert
American West Metals Limited (American West Metals or the Company) (ASX: AW1) is pleased to announce significant assay results from exploration drilling at the West Desert Project in Utah (West Desert or the Project). WD22-19 has intersected high-grade mineralisation 250m south-west of the West... Keep Reading...
12 July 2022
Further Strong Assay Results Highlight The Resource Growth Potential of The West Desert Deposit
American West Metals Limited (American West or the Company) (ASX: AW1), a low-footprint, North American- focused base metals explorer, is pleased to announce further strong assay results from the diamond drill program at the West Desert Project in Utah (West Desert or the Project).... Keep Reading...
08 October
BHP to Invest Over AU$840 Million in Olympic Dam Operation as Copper Demand Grows
Major miner BHP (ASX:BHP,NYSE:BHP,LSE:BHP) welcomed October with the news that it will invest over AU$840 million in its Olympic Dam copper operation in South Australia.In an October 1 release, the commodities giant said that the funding is for a series of “growth-enabling projects” at the site,... Keep Reading...
07 October
Trilogy Metals Shares Rocket as US Government Takes Stake in Alaska Project
The US government is making a rare direct investment in a Canadian mining company, taking a 10 percent stake in Vancouver-based Trilogy Metals (TSX:TMQ,ARCA:TMQ) as part of a US$35.6 million deal to accelerate the development of Alaska’s Upper Kobuk Mineral Projects (UKMP)In an announcement... Keep Reading...
06 October
AFDG - Embracing US strategy, acquisition of Butembo copper deposit in the DRC. Copper added to draft list of US strategic minerals
African Discovery Group (OTC:AFDG) ("AFDG" or the "Company") has signed a term sheet to acquire the Butembo Copper exploration license in the Democratic Republic of Congo (DRC) by acquiring 100% of the shares of SOCIETE GRABIN MINING SAS (the "Transaction"). With this proposed acquisition, AFDG... Keep Reading...
02 October
ACG Amends Terms of Gediktepe Royalty Agreement to Support Transition from Gold to Copper Production
ACG announces that the net smelter return royalty agreement dated 17 July 2019 (the "Royalty Agreement") originally entered into between Lidya Madencilik Sanayi ve Ticaret A.Ş. (which assigned its interest to ACG Holdco 1 Limited), Polimetal Madencilik Sanayi ve Ticaret A.Ş. ("Polimetal") and... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00