Ann: Resource and Exploration Activities Set for Storm, page-22

American West Metals Gears Up for Major Drilling Program at Storm Copper Project, Targeting Resource Growth and New Discoveries

Highlights:

• Large drilling program planned to commence in March 2024:
  • Focuses on expanding the existing copper resource and testing large-scale copper targets.
  • Approximately 22,000 meters of drilling planned, including:
    • Resource expansion drilling at Storm deposit.
    • Defining high-grade copper discoveries at Thunder, Lightning Ridge, and The Gap.
    • Testing new high-grade copper zones along strike and below existing deposits.
    • Exploring prospective copper belt with high-resolution geophysics and drilling.
• Significant resource expansion potential:
  • Maiden resource of 17.5Mt @ 1.2% Cu and 3.4g/t Ag.
  • Open mineralization and recent high-grade discoveries not included in the resource estimate.
  • Four immediate opportunities identified for resource expansion: Thunder, Lightning Ridge, Cyclone North, and The Gap prospects.
• Exploration program targeting new discoveries:
  • Focuses on underexplored areas along the 100km prospective copper belt.
  • Targets include Blizzard, Tornado, and Tempest prospects.
  • Utilizing geophysics (MLEM, gravity) and drilling to define drill targets.
• Tempest prospect shows strong potential:
  • Located 40km south of known copper discoveries.
  • Gossans traced over 4km, with assays up to 38.2% Cu and 30.8% Zn.
  • Conductive anomalies identified through geophysics, coincident with gossans.

Overall, the drilling program and exploration activities offer significant potential to expand the existing copper resource at Storm and discover new deposits along the prospective copper belt.