Ann: Investor Webinar, page-2

Dave O’Neill, Managing Director of American West Metals, provides an update on the company’s 2024 progress, including the updated Storm Copper Project Mineral Resource Estimate (MRE), mining and economic study developments, exploration plans and future growth strategies.

In 2024, AW1 adopted a measured strategy focused on enhancing the quality of its resource, rather than prioritising rapid expansion in the lower-confidence “inferred” category. While this approach contrasts with some investor expectations for accelerated resource growth and new discoveries across the largely unexplored 100 km copper-bearing horizon, it reflects a deliberate step towards preparing for a Direct Shipping Ore (DSO) mining scenario at Storm.

The company has made significant progress, including detailed mining and economic studies – a key milestone for future mining permit applications – and ongoing metallurgical work confirming the ores’ suitability for low-cost sorting and processing techniques.

American West remains well-positioned among copper explorers, with the unique opportunity to develop a high-grade DSO operation through open-pit mining at average grades of 1.3% copper – a significant opportunity for investors.

Key Topics Covered:00:00 Introduction 00:41 Presentation by AW1's MD Dave O'Neill1:26 Investment Highlights2:27 Nunavut - Tier 1 Jurisdiction 7:26 Storm Copper Project Updated MRE13:30 Rapidly Expanding Copper Footprint18:41 Multiple Horizons Discovered19:10 District Scale Opportunity20:40 Direct Shipping Ore (DSO)25:55 Catalysts for Re-Rating and Growth 30:56 West Desert Project 32:47 Q&A 32:55 Mining and Economic Study Progress34:41 Leadership and Oversight of Mining and Economic Studie36:06 Indicative Timeline for Publishing Study 37:08 Royalty Funding Clarification: Resource classifications required to trigger the US$4M Taurus funding tranche38:00 2025 Drilling Plans: Tornado, Blizzard targets and recent high grade discoveries 39:55 Exploration Techniques41:48 Seal Zinc Resource: Planned work, including drilling and metallurgical testing42:25 Ore Sorting Opportunities: Potential to grow the Storm resource with low cut-off material.43:14 Community Engagement: Updates on collaboration with Nunavut stakeholders.44:50 Triggers of Taurus Funding 46:40 West Desert Indium Resource: The significance of America’s only JORC-compliant indium resource48:25 Share Price Movement: Addressing investor concerns about recent price activity52:50 General market commentary 54:35 Market Dynamics: Storm’s positioning amid growing global copper demand56:44 Closing remarks About American West Metals:American West Metals Limited (ASX: AW1) is an Australian clean energy mining company dedicated to advancing the global energy transition through the discovery and development of major base metal deposits in Tier 1 jurisdictions across North America. The Company is committed to delivering low-footprint mining solutions that align with sustainable practices. Spanning 2,200 sq km in Nunavut, Canada, American West’s flagship Storm Copper Project is a globally significant high-grade, open-pit copper opportunity. As at December 2024, the JORC 2012 Mineral Resource Estimate (MRE) stands at 20.6Mt @ 1.1% Cu and 3.3g/t Ag (0.35% Cu cut-off), equating to 229Kt of copper and 2.2Moz of silver, with over 61% of the contained metal now classified as Indicated Resources. The resource highlights the project’s open-pit potential, shallow mineralisation, and strong growth opportunities through ongoing exploration. American West Metals wholly owns two additional projects in Utah, USA. The West Desert Project is a JORC-compliant resource of 33.7Mt of open-pit and underground zinc, copper, indium, silver, and gold, offering exceptional growth potential with only 10% of the mineral system explored. The West Desert Project is of strategic significance given it contains the only JORC-compliant indium resource in the United States. The Copper Warrior Project represents a low-risk, low-cost copper opportunity located just 15km from Utah’s second-largest copper mine. Disclaimer: Please view the disclaimer contained within the presentation available on the Company's website here: https://americanwestmetals.com/invest...You should neither act nor refrain from acting in reliance on this presentation material. 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.