Shaw and Partners congratulates Dan Lougher, John Prineas, Tom Peregoodoff, Dave O'Neill and the whole American West Metals Ltd (ASX: AW1) team on the successful completion of their A$7.0 million capital raising to advance activities at the Storm Copper Project, Canada, including an upgrade of the Mineral Resource Estimate, PEA/PFS level studies, and the 2025 project development and exploration program.
Shaw and Partners was pleased to act as Joint Lead Manager and Bookrunner to the placement which received strong support from local and international investors. The offer was prices at $0.09 per share, representing an 18.2% discount to the last closing price.
About Storm Copper Project, Canada:
- Tier-1 Mining Jurisdiction - Dominant regional land package of over 2,200km2 in an existing base metals district with Established logistics network and supportive local government
- Large-scale JORC Resource - defined as 17.5MT @ 1.2% Cu, 3.4%/t Ag of near surface, open pit copper mineralisation - Total metal content of 205Kt of copper and 1.9Moz of silver (30% indicated)
- Outstanding recent high-grade drilling results - Drill hole 75m south of the current resource delivered the best copper intersections at the project to date, including 53.3m @ 3.9% Cu and 12.6g/t Ag, with 22.9m @ 8.5% Cu, 17.8g/t Ag
- District-Scale Discovery Opportunity - controls a >100km long, highly prospective belt with less than 5% explored to date
- Further Exploration Potential - All deposits remain open, additional drilling currently underway (further results expected this CY), and resource upgrade expected in Q4 2024
- Sealift Logistics Works - Recent sealift works completed at the Storm Project have resulted in expected saving of approximately $4m on the 2025 exploration program.
Shaw and Partners looks forward to the upcoming news flow including further drilling assay results from the 2024 program, the updated MRE expected in late CY24 and the PEA/PFS expected in early 2025.
