#1JANUARY 2024 Copper. Growth. STORM PROJECT, CANADA MAIDEN RESOURCE. AMERICAN WEST LIMITED FOUNDATIONS FOR A DISTRICT SCALE COPPER OPPORTUNITY. ASX: AW1 OTCQB: AWMLF | AMERICAN WEST METALS LIMITED | ACN 645 960 550#2COPPER. GROWTH 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. 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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. 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. This Presentation has been approved for release by the Board of American West Metals Limited. Photo Reference Page 1 - Chalcopyrite in drill core from diamond drill hole SM23-02, from 70.55-71.2m downhole, which assayed 3.96% Cu, 17g/t Ag. 2#3In The Eye of The Storm Setting the Scene Copper CONSENSUS FORECAST FOR A SIGNIFICANT COPPER DEFICIT IN COMING YEARS¹ UNDEVELOPED COPPER PROJECT GRADES DECLINING - GLOBAL AVERAGE 0.43% Cu² MINE COSTS, GEOPOLITICAL AND ESG ISSUES ARE INCREASING NEED FOR NEW DISCOVERIES IN FAVOURABLE JURISDICTIONS 1 - Very Independent Research, Tumazos, 2023 2- Processing of complex materials in the copper industry: challenges and opportunities ahead, Alvear & Pease, 2020 COPPER GROWTH. 3#4Denn Borek Air Storm Copper Project COPPER GROWTH. NUNAVUT, CANADA AMERICAN WEST METALS LIMITED Section 01 >#5COPPER. GROWTH Storm Maiden Resource Delivers with Exceptional Upside Maiden MRE Sets Foundation for Copper Mining Camp Over 205Kt of copper and 1.9Moz of silver defined in maiden JORC Code 2012 compliant resource: 17.5Mt @ 1.2% Cu and 3.4g/t Ag (0.35% Cu cut-off) 65% of the MRE is greater than 1.5% Cu - giving outstanding resource and development optionality 面 Immediate Resource Growth and Upside Mineralisation remains open - in all directions High-grade 2023 copper discoveries at Thunder, Lightning Ridge and Cyclone North have not yet been included in the MRE Only 5% of the 100km copper belt that hosts Storm has been explored with a major drilling program set to commence Investment Summary Outstanding Development Potential All Deposits commence at, or very close to surface, supporting potential development with open-pit mining 100% of the MRE is categorized as fresh copper sulphide - dominantly chalcocite and amenable to low-cost beneficiation processing techniques - STORM IS ONE OF FEW HIGH-GRADE COPPER, OPEN-PIT OPPORTUNITIES GLOBALLY 5 10#6205,000 Tonnes of High-Grade Copper Exploration Concept to Maiden Resource in 12 months highlights the rapid growth potential 462,000mE 8,174,000mN Deposit Cyclone (4100N Zone) Category Ore Type Inferred Sulphide Indicated Sulphide Tonnes Cu (%) Ag (g/t) 7,210,000 1.20 4.03 4,880,000 1.26 3.45 Cu(t) 86,800 61,600 Ag (Oz) 934,700 541,100 Chinook (2750N Zone) CIRRUS DEPOSIT Inferred Sulphide 2,190,000 1.47 4.00 32,300 282,300 (3750N Zone) Corona (2200N Zone) Inferred Sulphide 1,639,228 0.89 1.48 14,700 77,700 8,173,0bo Cirrus (3500N Zone) Inferred Sulphide 1,554,155 0.62 1.29 9,700 64,400 Total Total Total Inferred Indicated Ind + Inf Sulphide 12,600,000 1.14 3.35 Sulphide 4,880,000 1.26 Sulphide 17,480,000 1.17 3.45 3.38 143,400 61,600 205,000 1,359,200 541,100 1,900,200 Storm JORC CODE - 2012 MRE Table Total uncontstrained MRE using a 0.35% Cu cut-off. The MRE table is reported in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code - 2012). Some totals may not add up due to rounding. Full details can be found in our ASX Release dated 30 January, 2024. 8,172,000mN ⚫ Drill hole collar Resource Blocks 0.35-1.5% Cu Resource Blocks >1.5% Cu 463,000mE m CYCLONE DEPOSIT (4100N Zone) 12.1Mt @ 1.2% Cu, 3.8g/t Ag 465,000mE Storm MRE 466,000mE 1.6Mt @ 0.6% Cu, 1.3g/t Ag STORM PROJECT 17.5Mt @ 1.2% Cu, 3.4g/t Ag CHINOOK DEPOSIT (2750N Zone) 2.2Mt @ 1.5% Cu, 4g/t Ag 500 1000m 464,000mE CORONA DEPOSIT (2200N Zone) 1.6Mt @ 0.9% Cu, 1.5g/t Ag 466,000mE Storm Copper Deposits - Four robust, near-surface orebodies have been defined in the Storm area during 2023. 8,172,000mN 467,000mE 60 8,173,000mN 8,174,000mN 467,000mE GROWTH COPPER.#7Resource Highlights Quality and Scale Storm MRE Coherent higher grade core to the deposits with 65% of the MRE over 1.5% Cu Copper mineralisation at the Cyclone Deposit has been defined over 1,300m of strike, and 400m in width Exceptional resource expansion potential with all deposits remaining open Mineralisation consists of thick horizons of sediment hosted copper sulphides, 100% classified as fresh sulphide Cyclone Deposit orthographic view of the MRE blocks and conceptual pit shell-looking NE WSZY 8,174,500 CYCLONE DEPOSIT 1.2% Cu, 12.1 Mt 3.8g/t Ag 1,300m 400m 455 XX Resource Blocks 0.35 -1.5% Cu Resource Blocks >1.5% Cu 173037 173537 Drill hole collar 46550 COPPER. GROWTH 7#8Immediate Expansion Potential 8,175,000MN 2024 Drilling set to rapidly expand the MRE footprint New discoveries of high-grade mineralisation discovered during 2023 - NOT YET INCLUDED IN MRE Resource expansion drilling planned for Thunder, Lightning Ridge, Cyclone North and The Gap Prospects Numerous EM anomalies remain untested with 100% correlation between EM anomalies and high-grade copper sulphides Over 10km of prospective faults remain untested in the Storm area 8,174,000mN 8,173,000mN Multiple untested EM anomalies have been identified in FLEM (shown) and VTEM data - 500 1000m Drill hole collar Resource Blocks 0.35-1.5% Cu Resource Blocks >1.5% Cu Resource target areas Interpreted fault STORM PROJECT 17.5Mt @ 1.2% Cu, 3.4g/t Ag 464,000mE ,000mE THE GAP 1.5m @ 4.4% Cu, And, 2m @ 2.5% Cu DRILLHOLE: AB18-09 SOUTH GRABEN FAULT THUNDER 48.6m @ 3% Cu, DRILLHOLE: ST23-03 465,000mE 466,000mE 465,000mE Storm 66,000mE CYCLONE NORTH 7.6m @ 1% Cu DRILLHOLE: SR23-55 467,000mE NORTH GRABEN FAULT 8,174,000mN LIGHTNING RIDGE 15.2m @ 2.3% Cu, And, 15.2m @ 2.1% Cu DRILLHOLE: SR23-52 8,173,000mN 467,000mE 8,172,00PAN 8 00 8,175,000MN COPPER. GROWTH#9Regional Opportunity Emerging, regional scale copper and base metal system Copper Belt >100km long prospective copper horizon only 5% explored with drilling Seal Distance from Storm: ~25km Inferred resource of 1Mt @ 10.2% Zn, 46.5g/t Ag with exceptional mineralisation, which remains open at depth and along strike. Has belt scale exploration potential Typhoon Distance from Storm: ~70km 8,200,000m (175,000mN 425.000mE ASTON BAY SEAL (Zn, Ag) 50.000mN 450.000mE TEMPEST (Cu, Zn) Zinc target with extensive Zn geochemical anomalism hosted along the Seal equivalent horizon 8.125.000m TYPHOON (Zn) Cautionary Statement: The Seal Zinc Deposit MRE is historical and foreign in nature and is reported in accordance with Canadian NI 43-101 Standards and not in accordance with the 2012 JORC Code. For details on the Seal MRE see Appendix Project Claims Outline Prospective Copper Horizon Prospective Zinc Horizon 475.000ME 475,000mE SOMERSET ISLAND STORM (Cu) 8,200,000mN Storm Storm 17.5Mt @ 1.2% Cu, 3.4g/t Ag underpinning a potential low-cost, open-pit copper opportunity with exceptional exploration potential remaining TORNADO (Cu) 8.175.000mN BLIZZARD (Cu) 8.150.000mN Tornado / Blizzard Distance from Storm: ~10km Extensive geophysical and copper anomalies along the SE extension of the Storm Graben. Further drilling and exploration will be designed to scope the extent of the copper system 10Km 8.125,000mN 50.000mE 8,100,00mN Tempest Distance from Storm: ~40km EM and field mapping has now extended the strike of the Tempest gossan to over 4km. Rock sampling has returned >30% Cu with further, recent sampling results expected shortly 9 COPPER. GROWTH.#10Low Footprint DSO Potential Storm I Proposed low-cost, high-margin DSO development opportunity >53% copper product Beneficiation of Storm mineralisation has produced spectacular direct shipping ore results Potential for low capital, low footprint, mobile processing operation with strong ESG credentials Simple quarry style operation to produce two products - copper DSO ore and dolomite rock Broad range of beneficiation studies underway to refine process and optimise copper grades Copper concentrate (left) and waste products generated from Storm drill core (STOR1601D - 4m @ 4.16% Cu from 97m) COPPER. GROWTH 10 10#11Tier 1 Mining Jurisdiction Dominant regional land package of over 2,200km² in an existing base metals district Storm is located just 25km from deep water access - Aston Bay Located on designated sealift route to Canada, Europe and Asia до Long-lived mining district with 8 mines in current operation Established logistics network and supportive local government MONTREAL Nunavut Year-round mining and operations, with reliable shipping window Sealift is used to bring heavy equipment and supplies to Stormy Nunavut POLARIS MINE 22Mt @ 14.1% Zn, 4% Pb Mine life 21 years NANISIVIK MINE 18Mt @ 9% Zn, 0.7% Pb Mine life 26 years Polaris (Zn-Pb) RESOLUTE BAY STORM COPPER PROJECT CANADA Diavik (Dia) Hope Bay (Au) TALOYOAK ARCTIC BAY Back River (Au) Nanisivik (Zn-Pb) Mary River (Fe ore) IGLOOLIK 1000km Meadowbank (Au) Major Project BAKER LAKE Ekati (Dia) Snap Lake (Dia) Town Shipping Route Meliadine (Au) RANKIN INLET COPPER. GROWTH 11#122024 Accelerated Growth Strategy RESOURCE EXPANSION Immediate expansion potential with all known deposits open in every direction Resource drilling to commence at the Cyclone North, Chinook West, Thunder and Lightning Ridge discoveries COPPER. GROWTH EXPLORATION >100m depth around known deposits is not explored - expanding the exploration parameter space Drilling and geophysics will test the Blizzard, Tornado and Tempest Prospects area where copper is exposed at surface PROJECT DEVELOPMENT TRANSFORMATIONAL CHANGE • Low-cost, high-margin mining and processing studies underway Economic studies are underway Environmental monitoring, community liaison and permitting Accelerated growth through focused exploration and resource expansion Targeting copper resource multiples Creating catalysts for company re-rating 12#13Storm Copper Project Investment Summary Storm Maiden Resource Delivers 205Kt Contained Copper 1 Making Storm one of very few undeveloped high-grade, open-pit copper opportunities of significant scale globally 2 3 Demonstrable Growth and Development Potential Resource and exploration drilling has rapidly defined a large-scale copper mining camp with large drilling and exploration program planned for 2024 District-Scale Discovery Opportunity AW1 controls a >100km long, highly prospective belt with less than 5% explored to date, representing a potential district-scale opportunity COPPER. GROWTH 13#14Copper Warrior Project 331 COPPER GROWTH MAJOR Drilling MUSTER POINT ASSEMBLY MAJOR TO METALS AMERICAN WEST MMITED UTAH, USA MAJOR Drilling MAJOR Section 02 >#15Copper Warrior Project Strategic address in copper heartland Located in the world class Paradox Basin, SE Utah 4.235.000mN CW23-02 CW23-03 15km from Utah's 2nd largest copper mine - Lisbon Valley Copper Mine (37Mt @ 0.46% Cu) 4254.000MN BLUE JAY COPPER MINE BIG INDIAN COPPER MINE JIL JIL Direct road access to mine infrastructure and processing plant 4.233.000mN 1Km Project Claim Boundary Completed drill hole - Interpreted Fault 052,000mE CW23-09 6:53,000mE CW23-10 CW23-08 CW23-11 CW23-05 LISBON VALLEY FAULT CW23-04 CW23-15 COPPER WARRIOR PROJECT IP image (chargeability) and drill hole locations within the Copper Warrior Project area 4.235.000mN 4.234.000mN 40.00 32.00 mN 24.00 16.00 8.00 0.00 mVVV I Utah Compelling geology and fast tracked activities Lisbon Valley mine geology and mineralising structure mapped within Copper Warrior Project Large volumes of outcropping copper confirmed across the landholding Strong Induced Polarisation (IP) anomalies defined in recent survey Copper oxides replacing chalcocite in outcropping sandstone (this sample has not been assayed by a certified laboratory) 15 COPPER. GROWTH#16West Desert Project COPPER GROWTH UTAH USA METALS AMERICAN WEST MMITED Section 03#17West Desert 4.58m @ 5.21% Zn, 0.46% Cu, 88g/t In OPEN West Desert Deposit looking north Utah Large Zinc-Copper-Silver-Indium Skarn and carbonate replacement deposit (CRD) within the Seiver Orogenic Belt (host to the giant Bingham Canyon Copper Mine) OPEN 1.8m @ 9.1% Zn, 0.29% Cu, 14g/t In 100m 33.7Mt @ 3.83% Zn, 0.15% Cu, 9.1g/t Ag, 20g/t In, 0.1g/t Au (Indicated and Inferred) Which includes: • • • 18.7Mt @ 2.8% Zn, 0.12% Cu and 11g/t Ag contained within open-pit 15Mt @ 5.2% Zn, 0.18% Cu and 7g/t Ag contained within underground mine plan Containing 1.3Mt of zinc, 49Kt copper, 10Moz silver, 23.8Moz indium and 119Koz gold >0.7% Zn Ox OP >1.5% Zn Ox Op >1.5% Zn Sulph OP >3.5% Zn Sulph UG Strategically important The only source of Indium in the USA 100% ownership Fully permitted for open pit and exploration shaft construction Outstanding infrastructure in low cost jurisdiction Outstanding growth potential High-grade copper, zinc, gold and molybdenum intersected in drilling outside of resource- <10% of district explored STRATEGIC METALS 17#18CGS AMERICAN WEST LIMITED METALS COPPER. GROWTH. LA PROPORTE 8254 MAX BE-11 Appendix Section 04 >#19Corporate Overview AW1 Share Price 0.4 0.35 0.60 0.3 0.25 0.2 0.15 0.1 0.50 0.40 тими 0.30 0.20 0.05 0.10 0 February 2023 to January 2024 0.00 Daily Volume (millions) Key Metrics 436,859,655 Shares on Issue $0.185 Share Price² $4.0m Cash³ ASX Code AW1 OTCQB: AWMLF $80.82 million Market Capitalisation¹ 29,624,207 Listed Options5 68,572,754 Unlisted Options4 Other 61% O Board / Management 11% HSBC Nominees 7% Other Top 20 21% 1. Fully diluted market capitalisation as at 25 January 2024. 2. As at 29 January 2024. 3. As at 31 December 2023. 4. Unlisted Options with various exercise prices and dates. 5. Listed Options exercisable at $0.20 on or before 20 September 2024. 6. 11,600,010 Performance Rights on issue. COPPER. GROWTH 19#20COPPER. GROWTH DAN LOUGHER Non-Executive Chairman Daniel Lougher is a highly regarded mining executive with a distinguished career of over 40 years' experience. In his role as Managing Director of Western Areas Limited, Dan built the company into the leading independent nickel producer in Australia ahead of a $1.3 billion takeover by IGO Limited in 2022. DAVE O'NEILL Managing Director Founder of American West and a major shareholder. A geologist with over 20 years experience in the resources sector gained in Australia and internationally. Dave has expertise in base metals and gold exploration as well as business development gained in senior roles with Anglogold, WMC, BHP and Western Areas. JOHN PRINEAS Non-Executive Director Founder of American West and a major shareholder. John is also the founder and Executive Chairman of St George Mining Limited (ASX: SGQ). John holds a Bachelor of Economics and Bachelor of Laws from the University of Sydney and is a Fellow of Financial Services Institute of Australasia. John is also a director of BMG Resources Limited (ASX: BMG). Board and Management Team MICHAEL ANDERSON Non-Executive Director Dr Michael Anderson has extensive technical experience as well as substantial business development experience built up over a 30- year career. Previously Managing Director of ASX listed companies with development and producing assets. As a Director at Taurus Funds Management in Australia, he managed the fund's investment in precious and base metals projects in a number of continents. TOM PEREGOOD OFF Non-Executive Director More than 30 years of resource industry experience, much of it greenfield and brownfield exploration and resource development. Tom is currently President CEO and Director of Apollo Silver Corp. and an independent director of American Copper Development Corp. Formerly President of Peregrine Diamonds Ltd, Tom also spent 18 years in global leadership roles within BHP. VP OPERATIONS North America ROCKY PRAY Rocky is a senior mining professional with expertise in pre-feasibility and feasibility studies, Federal and State permitting, environmental management mine operations, project engineering and construction. More than 30 years of engineering and project development focused on mining projects across several jurisdictions in the USA and abroad. Rocky has a successful track record directing teams to safely build new mines, and expand existing mines on schedule and under budget. 20 20#21Investment Summary A Discovery Track Record MAIDEN RESOURCE IS JUST THE BEGINNING SUCCESSFUL DRILLING FAST-TRACKS DELIVERY OF INITIAL RESOURCE AT STORM COPPER PROJECT 12 Months from Exploration Concept to Maiden Resource VALUE CREATION Target Copper Resource Multiples Creating Catalysts for Company Re-Rating COPPER. GROWTH REGIONAL EXPLORATION MODELS CONFIMRED STORM First ever DEEP AND RESOURCE POTENTIAL CONFIRMED DSO POTENTIAL CONFIRMED AW1 GEOPHYSICS AW1 FIRST DRILLING LOGISTICS CONFIRMED Quality of IPO New targets defined mineralisation confirmed Operational window expanded Test work confirms ore- sorting and beneficiation potential Exploration confirms high- grade copper at depth and along regional copper belt resource drilling expands the mineralised envelope RESOURCE EXPANSION All deposits open in every direction Cyclone North, Thunder, Lightning Ridge and The Gap resouce drilling to commnce HIGH IMPACT EXPLORATION Expanding the exploration at Storm to >100m depth Drilling and geophysics will test the >100km copper horizon, including Blizzard, Tornado and Tempest PROJECT DEVELOPMENT Resource Upgrade Continued studies on Metallurgy and Mining Environmental monitoring, community liaison Mine Permit Applications DEC '21 2022 2023 2024 21#22COPPER GRWOTH Sediment hosted, stratabound zinc- silver deposit Category Mt Grade (Zn) Grade (Ag) Contained Metal Contained Metal (Tonnes) (Zn) (oz) (Ag) Inferred 1.0 Total 10.24% 1.0 10.24% 46.5g/t 46.5g/t 103,000 1,500,000 103,000 1,500,000 Geology and Resources Sediment hosted, stratabound copper sulphide Storm deposit West Desert Large Zinc-Copper-Silver-Indium skarn and carbonate replacement deposit (CRD) Deposit Category Mt Grade (Cu) Grade (Ag) Contained Metal Contained Metal (Tonnes) (Cu) (Ounces) (Ag) Category Indicated 27.4 Mt Grade (Zn) Grade (Cu) Contained Metal Contained Metal (Tonnes) (Zn) (Tonnes) (Cu) Cyclone 4.88 Inferred 7.21 Chinook Inferred 2.19 Corona Inferred 1.64 3.79% 0.14% Indicated 1.26% 3.45g/t 1,037,278 40,588 61,600 541,100 Inferred 6.3 4.01% 0.13% 253,626 8,465 1.20% 4.03g/t 86,800 934,700 Total 33.7 3.83% 0.15% 1,290,904 49,053 1.47% 4.00g/t 32,300 282,300 West Desert resource estimated using a 3.5% Zn equivalent cut-off grade (Mt = million tonnes) 0.89% 1.48g/t 14,700 77,700 Cirrus Inferred 1.55 0.62% 1.29g/t 9,700 64,400 Total 17.5 1.17% 3.38g/t 205,000 1,900,200 Storm Copper Project resource estimate at 0.35% Cu cut-off grade (Mt = million tonnes) Seal American West Metals total copper resource 254,053 tonnes In addition to large quantities of zinc, silver, indium, gold and lead Seal resource estimated using a 4.0% Zn equivalent cut-off grade (Mt = million tonnes) Cautionary Statement: 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. Resource figures are listed on a 100% basis. American West Minerals has an 80% ownership of the Storm and Seal deposits. A full copy of the Technical Reports can be viewed at: www.americanwestmetals.com 22 22#23Copper - Pricing, Supply and Demand Copper Price US$ 12,000.0 Supply and Demand 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 2017 2018 2019 2020 2021 2022 2023 2024f 2025f 2026f 2027f Kt Kt 25,000.0 Concentrate 300.0 Demand CAGR: 3% 200.0 20,000.0 100.0 15,000.0 10,000.0 COPPER. GROWTH (100.0) (200.0) (300.0) (400.0) (500.0) (600.0) 2017 2018 2019 2020 2021 2022 2023 2024f 2025f 2026f 2027f Copper Concentrate Demand (LHS) -Supply and Demand Surplus/ (Deficit) (RHS) 5,000.0 . • Historic Price Forecast Price Pricing: The price of copper increased significantly between 2017 - 2021 following a supply imbalance and increased global stimulus, before a strong sell off in 2022 amidst recessionary concerns despite the remaining supply chain issues and low global inventory levels Copper prices are forecast to continue rising following primary supply deficit impacted by both declining global copper grades and discoveries, and overcoming of global recession concerns leading to a stabilisation of interest rates Source: S&P Capital IQ. • Demand: Despite a slowing Chinese economy, ambitious copper-intensive initiatives such as decarbonisation remain supportive of copper prices over the long-term Supply: The copper market is anticipated to enter a deficit in 2024 which should have upward pressure on prices. Furthermore, recent (Dec 2023) suspension of the Cobre Panama Copper Mine will further reduce global supply by c. 1.3% based upon 2023 production Note: (1) 2009 to 2023 copper prices are actual LME Cash prices. 2024 to 2027 forecast prices are an average of LME Cash, Shanghai Futures Exchange and COMEX forecasts. 223#24Competent Persons Statement COPPER. GROWTH The information in this Presentation that relates to the estimate of Mineral Resources for the West Desert Deposit is based upon, and fairly represents, information and supporting documentation compiled by Mr Allan Schappert, a Competent Person, who is a Member of the American Institute of Professional Geologists (AIPG). Mr Schappert is a Principal Consultant at Stantec and an independent consultant engaged by American West Metals Limited for the Mineral Resource Estimate and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). The information in this Presentation that relates to the estimate of Mineral Resources for the Storm Project is based upon, and fairly represents, information and supporting documentation compiled and reviewed by Mr. Kevin Hon, P.Geo., Senior Geologist, Mr. Christopher Livingstone, P.Geo, Senior Geologist, Mr. Warren Black, P.Geo., Senior Geologist and Geostatistician, and Mr. Steve Nicholls, MAIG, Senior Resource Geologist, all employees of APEX Geoscience Ltd. and Competent Persons. Mr. Hon and Mr. Black are members of the Association of Professional Engineers and Geoscientists of Alberta (APEGA), Mr. Livingstone is a member of the Association of Professional Engineers and Geoscientist of British Columbia (EGBC), and Mr. Nicholls is a Member of the Australian Institute of Geologists (AIG). Mr. Hon, Mr. Livingstone, Mr. Black, and Mr. Nicolls (the "APEX CPS") are Senior Consultants at APEX Geoscience Ltd., an independent consultancy engaged by American West Metals Limited for the Mineral Resource Estimate. The APEX CPs have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". The APEX CPS consent to the inclusion in this Presentation of matters based on his information in the form and context in which it appears. The information in this Presentation that relates to Exploration Results is based on information compiled by Mr Dave O'Neill, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr O'Neill is employed by American West Metals Limited as Managing Director, and is a substantial shareholder in the Company. Mr O'Neill has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that it is not aware of any new information or data that materially affects the results included in the original market announcements referred to in this presentation and that no material change in the results has occurred. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. 24 24#25This Presentation contains information extracted from the following reports which are available on the Company's website at https://www.americanwestmetals.com/site/content/ Competent Persons Statement COPPER. GROWTH 30 January 2024 - Maiden JORC MRE for Storm 13 December 2023 - 23.8 Million Ounces of Indium Defined at West Desert 29 November 2023 - Exceptional Copper and Zinc confirmed at Tempest 6 November 2023 - Near-Surface Copper Expanded at Storm 11 October 2023 - Emerging Camp-Scale Copper Opportunity at Storm 26 September 2023 - More High-Grade Copper Discoveries at Storm 14 September 2023 - AW1 Locks in 80% of the Storm Project 4 September 2023 - Bonanza Copper Hits and New Discovery at Storm 7 August 2023 - Two Exceptional New Copper Discoveries at Storm 2 August 2023 - Major Copper Discovery Confirmed at Storm 1 5 July 2023 High Grade Copper Results Continue at Storm 22 June 2023 - 8% Copper Intersected in Drilling at Storm 13 June 2023 - Breakthrough Gravity Results at Storm 23 May 2023 - Assays Confirm Thick Intervals of Copper at Storm 1 May 2023 - Storm Copper Drilling Update 9 February 2023 - Maiden JORC MRE for West Desert 24 January 2023 - Storm Exploration Set to Accelerate 22 November 2022 - New Copper Targets at Copper Warrior 3 November 2022 - High-Grade Copper Hits Continue at Storm 19 October 2022 - Excellent Metallurgical Results at West Desert 8 September 2022 - Outstanding Drilling Results Continue at Storm 23 August 2022 - Major Copper Discovery at Storm 8 August 2022 - Extensive Shallow Copper Intersected in Canada 25 July 2022 - Thick Intervals of Copper in First Drill Holes at Storm 12 July 2022 - Further Strong Assay Results for West Desert 8 June 2022 - Exceptional Drill Hole Results at West Desert 25 May 2022 - New Mineralised Zone Discovered at West Desert 18 May 2022 - High Grades Confirmed Near Surface at West Desert 4 May 2022 - Drilling Continues to Deliver at West Desert 26 April 2022 - Assays Confirm High Grades at West Desert 11 April 2022 - Over 53% Cu Direct Shipping Ore Generated at Storm Copper 25 25#26AMERICAN WEST METALS LIMITED DAVE O'NEILL Managing Director +61 457 598 993 [email protected] DANNIKA WARBURTON Investor & Media Relations +61 401 094 261 [email protected] ASX: AW1 OTCQB: AWMLF | AMERICAN WEST METALS LIMITED | ACN 645 960 550