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Copper. Growth. A p r i l 2025 | A M E R I C A N W E S T M E T A L S L I M I T E D | A C N 6 4 5 9 6 0 5 5 0A S X : A W 1
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2 Important Notice and Disclaimer This presentation has been prepared and issued by American West Metals Limited (the Company or American West) to inform interested parties about the Company and its progress. The material contained in this presentation sets out general background information on the Company and its activities. It does not constitute or contain an offer or invitation to subscribe for or purchase any securities in the Company nor does it constitute an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for or purchase securities in the Company will be entered into on the basis of this presentation. The information supplied is in summary form and does not purport to be complete. The Company, its directors, officers, employees, agents, affiliates and advisers have not verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. You should neither act nor refrain from acting in reliance on this presentation material. This overview of the Company does not purport to contain all information that its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy, and completeness of the information, statements and opinions contained in this presentation and when making any decision in relation to this presentation or the Company. The information in this presentation does not take into account the objectives, financial situations or needs of any particular individual. you should consider seeking independent professional advice based on your own objectives. To the extent permitted by law the Company, its directors, officers, employees, agents, affiliates and advisers exclude any and all liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising out of negligence) arising as a result of the use of anything contained in or omitted from this presentation. This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole of in part, for any purpose without prior written approval from the Company. The distribution of the presentation in jurisdictions outside of Australia may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, all such restrictions. This presentation may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning American West’s planned exploration program and other statements that are not historical facts. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond American West’s control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. American West makes no representation or warrant as to the accuracy of any forward-looking statements in this Presentation and undue reliance should not be placed on such statements. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward looking statements in this document in the future. ASX Listing Rule 5.12 The Company has previously addressed the requirements of Listing Rule 5.12 in its Initial Public Offer prospectus dated 29 October 2021 (released to ASX on 9 December 2021) (Prospectus) in relation to the 2016 Foreign Seal MRE at the Storm Project. The Company is not in possession of any new information or data relating to the Seal Deposit that materially impacts on the reliability of the estimates or the Company’s ability to verify the estimates as mineral resources or ore reserves in accordance with the JORC Code. The Company confirms that the supporting information provided in the Prospectus continues to apply and has not materially changed. This ASX announcement contains information extracted from the following reports which are available on the Company’s website at https://www.americanwestmetals.com/site/content/: • 29 October 2021 Prospectus The Company confirms that it is not aware of any new information or data that materially affects the exploration results included in the Prospectus. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Prospectus.
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3 Cautionary Statement The Preliminary Economic Analysis (PEA), or Scoping Study, referred to in this ASX release, full details of which were announced on 3 March 2025 has been undertaken for the purpose of initial valuation of the potential for development of a series of open-pit mines and a mineral processing facility at the Storm Copper Project (‘Storm Project,’ ‘The Project’ or ‘Storm’). It is a preliminary technical and economic study of the potential viability of the Storm Copper Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further exploration, evaluation and study work is required to define ore reserves and to provide any assurance of an economic development case. The PEA is based on the material assumptions outlined below, including assumptions about the availability of funding. While American West considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. To achieve the range of outcomes indicated in the PEA, funding in the order of $80 million will likely be required over the life of the mine. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of American West’s existing shares. It is also possible that American West could pursue other ‘value realisation’ strategies such as a sale, partial sale, or joint venture of the project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resources. There is a lower level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred and Indicated Mineral Resources comprise approximately 22% and 78% of the processed material over the operating life respectively. The viability of the development scenario envisaged in the PEA does not depend on the inclusion of Inferred Mineral Resources. The Mineral Resources underpinning the production target in the PEA have been prepared by a Competent Person in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code 2012). The Competent Persons Statements are found in the Geology and Resources section of this Study. For full details of the Mineral Resource Estimate for the Storm Copper Project, including JORC Table 1, please refer to ASX announcement dated 16 December 2025: Significant Growth for Storm MRE. American West confirms that it is not aware of any new information or data that materially affects the information included within those announcements. All material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed. The Study has been completed to a level of accuracy of +30% / -20%. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PEA. This Presentation has been approved for release by the Board of American West Metals Limited. Foreign and historical resources: The estimates of minerals resources referred to in this presentation in regard to the Seal Zinc Project are historical and foreign in nature and are reported in accordance with Canadian NI 43-101 Standards and not in accordance with the 2012 JORC Code. A competent person has not done sufficient work to classify these estimates as mineral resources or ore reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical and foreign resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the 2012 JORC Code. Further details of the historical and foreign estimates are contained in the Appendix to this Presentation.
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Investment Highlights 4 C O P P E R . G R O W T H .
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C O P P E R . G R O W T H . Board and Management Team 5
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Corporate Overview 6 Key Metrics ASX Code : AW1 595,752,252 Shares on Issue $0.041 Share Price2 $1.423M (see below) Cash3 $21.44 million Market Capitalisation1 94,988,904 Unlisted Options4 AW1 Share Price and Volume
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C O P P E R . G R O W T H . Storm Copper Project Section 01
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C O P P E R . G R O W T H . Storm PEA Highlights 8
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Strategic Alliance Offtake and Funding Agreement Secures up to US$40m Development Finance 9 C O P P E R . G R O W T H .
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C O P P E R . G R O W T H . Jurisdiction and Infrastructure Advantage 10 10
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C O P P E R . G R O W T H . Storm Copper-Silver Resource Near-surface, high-grade mineralisation 11
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Storm Resource to Open Pit Mine High-quality resources underpin development 12 C O P P E R . G R O W T H .
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Simple and Efficient Processing 13 Ore sorting and wet jig process plan for the upgrade of Storm copper-silver mineralisation C O P P E R . G R O W T H .
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C O P P E R . G R O W T H . Storm Mine Plan Initial 10 year life with outstanding extension potential 14 MINE LIFE EXPANSION OPPORTUNITY Processed ROM Feed Mined ROM Feed
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C O P P E R . G R O W T H . Economic Assumptions Storm Base Case 15
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C O P P E R . G R O W T H . Economic Outcomes 16
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C O P P E R . G R O W T H . Key Sensitivities and Upside 17 Base Case NPV: ~US$149m 42 276 123 175 137 161 145 152 144 153
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C O P P E R . G R O W T H . Resource Expansion Potential 18 • • •
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C O P P E R . G R O W T H . Multiple Copper Horizons Discovered 19
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C O P P E R . G R O W T H . District Scale Opportunity 20
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C O P P E R . G R O W T H .Next Steps 21 • • • • • • • • • • • •
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West Desert Project Section 03 C O P P E R . G R O W T H .
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S T R A T E G I C M E T A L S . 23 • • • >0.7% Zn Ox OP >1.5% Zn Ox Op >1.5% Zn Sulph OP >3.5% Zn Sulph UG West Desert Deposit looking north OPEN OPEN 1.8m @ 9.1% Zn, 0.29% Cu, 14g/t In 4.58m @ 5.21% Zn, 0.46% Cu, 88g/t In 100 m Strategic Indium and Zinc Asset
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S T R A T E G I C M E T A L S . West Desert Project 24 Indium metal (file photo)
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Copper Warrior Project Section 02 C O P P E R . G R O W T H .
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C O P P E R . G R O W T H . Copper Warrior Project 26 Copper oxides in outcropping sandstone
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C O P P E R . G R O W T H . 27 Why Invest in American West Metals
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C O P P E R . G R O W T H . Appendix Section 04
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C O P P E R . G R O W T H . Geology and Resources
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M E T A L S F O R T H E C L E A N E N E R G Y F U T U R EM E T A L S F O R T H E C L E A N E N E R G Y F U T U R E Geological Model 30 Storm
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31 Competent Persons Statement C O P P E R . G R O W T H .
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32 Competent Persons Statement C O P P E R . G R O W T H .
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| A M E R I C A N W E S T M E T A L S L I M I T E D | A C N 6 4 5 9 6 0 5 5 0A S X : A W 1