Ann: Half Yearly Report, page-2

Top 10 Points about Storm Copper Project based on the Half Year Report

1. Significant Milestones Achieved: American West Metals completed the earn-in by acquiring an 80% interest in the Storm Copper Project through successful exploration activities.
2. Maiden JORC MRE Exceeds Expectations: The maiden JORC compliant resource estimate identified a promising resource of 17.5Mt @ 1.2% Cu and 3.4g/t Ag, with 30% classified as high-confidence indicated.
3. High-Grade Copper Discoveries: Exploration drilling identified exceptional near-surface, high-grade zones with intercepts like 48.6m @ 3% Cu and 15.2m @ 2.3% Cu.
4. Open-Pit Potential: The shallow nature and favorable geometry of the copper mineralisation suggest the project could be mined using traditional open-pit methods, potentially leading to lower development costs.
5. Resource Expansion Potential: Untested areas and recent discoveries like the Thunder and Lightning Ridge zones point to significant potential for resource expansion.
6. Exploration Success with EM Anomalies: All high-grade discoveries were located near or along conductors identified by electromagnetic geophysical surveys, demonstrating their effectiveness as exploration tools.
7. Stacked Mineral System Identified: Deep drilling confirmed the presence of a stacked mineral system with high-grade chalcocite near surface transitioning to chalcopyrite at depth, similar to world-class deposits.
8. Large-Scale Copper Potential: Geological similarities to major sediment-hosted copper belts suggest the potential for kilometer-scale strikes of copper mineralisation.
9. 2024 Exploration Focus: Further drilling will target resource expansion at known zones, test high-priority EM anomalies, and expand exploration regionally.
10. JV Established for Project Development: An unincorporated joint venture with Aston Bay (80% American West, 20% Aston Bay) paves the way for project advancement.

Overall, the Storm Copper Project shows significant promise for becoming a large-scale, open-pit copper mine with substantial resource upside.