#1SEPTEMBER 2022 METALS FOR THE CLEAN ENERGY FUTURE INVESTOR PRESENTATION High-Grade Cu COPPER American West Metals Limited A Zn Ag In ZINC SILVER INDIUM ASX CODE: AW1 | AMERICAN WEST METALS LIMITED | ACN 645 960 550#2METALS FOR THE CLEAN ENERGY FUTURE 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. The Company, its directors, officers, employees, agents, affiliates and advisers have not verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. You should neither act nor refrain from acting in reliance on this presentation material. This overview of the Company does not purport to contain all information that its recipients may require in order to make an informed assessment of the Company's prospects. 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. To the extent permitted by law the Company, its directors, officers, employees, agents, affiliates and advisers exclude any and all liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising out of negligence) arising as a result of the use of anything contained in or omitted from this presentation. This presentation may include forward-looking statements. 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 West Desert Project and 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. 2 N#3Competent persons statement METALS FOR THE CLEAN ENERGY FUTURE The information in this Presentation that relates to Exploration Targets and Exploration Results for the West Desert Project 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 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'. Mr O'Neill consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This Presentation contains information extracted from the following reports which are available on the Company's website at https://www.americanwestmetals.com/site/content/ 19 September 2022 - Assays Confirm Growth Potential 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 ASX Listing Rule 5.12: 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 29 March 2022 - Massive Sulphides in Fourth Drill Hole at West Desert 14 February 2022 - Extensive Mineralisation Identified at West Desert 11 January 2022 - Strong Gravity Results as Drilling Begins at West Desert 16 December 2021 - West Desert Land Position Increased as Exploration Escalates 14 December 2021 - Outstanding Growth at Storm Copper The Company has previously addressed the requirements of Listing Rule 5.12 in its Initial Public Offer prospectus dated 29 October 2021 (released to ASX on 9 December 2021) (Prospectus) in relation to the West Desert Project. The Company is not in possession of any new information or data relating to the West Desert Project that materially impacts on the reliability of the estimates or the Company's ability to verify the estimates as mineral resources or ore reserves in accordance with the JORC Code. The Company confirms that the supporting information providedx in the Prospectus continues to apply and has not materially changed. This Presentation contains information extracted from the following reports which are available on the Company's website at https://www.americanwestmetals.com/site/content/ The Company confirms that it is not aware of any new information or data that materially affects the exploration results included in the Prospectus. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the Prospectus. 3#4Right assets, right timing 題 Tier 1 Future facing metals in Tier 1 mining jurisdictions. High-grade zinc and copper with world-class geology and outstanding growth potential. Robust existing resource base with near-term development potential.. High-value products from operations with world leading ESG credentials. Proven track record Driven by experienced management with proven track record Alaska U.S.A. CANADA STORM/SEAL (Cu/Zn) U.S.A. WEST DESERT (Zn/Cu/In/Ag/Au) COPPER WARRIOR Mexico (Cu) METALS FOR THE CLEAN ENERGY FUTURE 4#5METALS FOR THE CLEAN ENERGY FUTURE High quality board and management team JOHN PRINEAS Non-Executive Chairman 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). 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. Technical Advisory Team North America ROBERT SCHAFER 30+ years experience as a geologist exploring for mineral deposits across 70+ countries as an executive, manager and field geologist with BHP, Kinross and Hunter Dickinson. Led teams to the discovery of several deposits in the western USA (Briggs and Griffon gold mines. Robert is on the Board of Directors for the Canadian Mining Hall of Fame and National Mining Hall of Fame in the USA. 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 Pretivum Resources. Formerly President of Peregrine Diamonds Ltd, Tom also spent 18 years in global leadership roles within BHP GEORGE BEE Senior mining executive with deep experience across 8 countries for both major and junior mining companies. Currently CEO of US Gold Inc, and prior to that, a 16-year career with Barrick with positions that included developing projects from advanced exploration through permitting, feasibility and into production. THOMAS ULLRICH 25+ years experience in mineral exploration and geoscience. Former Chief Geologist North America for Antofagasta Minerals plc for five years, investigating copper potential throughout Alaska and Canada. Currently CEO of Aston Bay Holdings Ltd. Mr. Ullrich is an Elected Director on the Board of the Association for Mineral Exploration BC. 10 5#6Corporate overview AW1 Share Price AW1 Share Price AU$ 0.3 0.25 0.2 0.15 0.1 0.05 60.00 50.00 40.00 30.00 20.00 10.00 0.00 December 2021 to September 2022 Daile Volume (millions) Key Metrics ASX Code AW1 182,637,750 Shares on Issue¹ $0.16 Share Price² $2.08m Cash³ $30 million Market Capitalisation² 12,726,375 Listed Options5 5,790,550 Unlisted Options4 25 Performance Rights6 Other 66% O Board / Management 27% InZinc Mining Ltd 7% 1. 58,224,999 shares are escrowed for 24 months from the date of quotation and 13,385,000 are escrowed for 12 months from the date of quotation. 2. As at 22 September 2022. 3. As at 30 June 2022. On 5 August 2022 the Company raised $2.68 million via a placement to various institutional, sophisticated and professional investors. 4. Unlisted Options exercisable at $0.30 per share, various exercise dates. 5. Listed Options exercisable at $0.20 on or before 20 September 2024. 6. Issued under the Company's performance rights plan to the AW1's VP of Operations, see 9 December 2021 Prospectus for more details. 6 METALS FOR THE CLEAN ENERGY FUTURE#7West Desert Project UTAH, USA American West Metals Limited À IS FOR THE CLE METALS FOR THE CLEAN ENERGY FUTURE Section 01 >#8West Desert Project WEST DESERT U. S. A. Igneous Rocks Main roads Railways 20km Salt GOLD HILL Lake Great GREAT SALT LAKE Salt Lake City KENNECOTT Cu SMELTER BINGHAM COPPER UTAH LAKE Utah Large Zinc-Copper skarn and carbonate replacement deposit (CRD). Over 59Mt of resources with a higher grade core of 16.5Mt @ 6.3% Zn, 0.3% Cu, 33g/t In for 1.03Mt Zn, 45Kt Cu and 545t Indium. (NI 43-101, historical and foreign resource) Desert Callao WEST DESERT Eureka TINTIC MINING DISTRICT Located within the world class Sevier Orogenic Belt that hosts the Bingham Copper Deposit and Tintic District. Exploration has identified West Desert look alike targets within under-explored mineral system. 100% ownership and fully permitted for open pit and exploration shaft construction. 4 Power and water onsite, and close to rail and smelters. Cautionary Statement: The estimates of minerals resources referred to in this Presentation in regard to the West Desert Project and 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. METALS FOR THE CLEAN ENERGY FUTURE 8#9Existing resources with outstanding growth potential W Robust existing development case Large and coherent orebody supports a range of potential development scenarios. Simple and clean metallurgy Excellent metallurgical recoveries and 55% Zn and 32% Cu concentrates with traditional processing techniques. Scoping study new metallurgical and mining studies underway including the potential to include open-pit oxide resources with a high-grade underground development. 6.8m @ 16.5% Zn, 0.28% Cu, 60g/t In 15.4m @ 6.3% Zn, 0.42% Cu, 67g/t In Outstanding potential for further resource expansion OPEN WEST DESERT DEPOSIT Silver and gold not estimated in 2014 PEA despite significant historical drill intersections - immediate value add. Indium assayed in only 35% of resource drilling samples. 4.58m @ 5.21% Zn, 0.46% Cu, 88g/t In Deposit open along strike and at depth - Recent drilling identified new zones of mineralisation outside of resource. 200m OPEN OPEN 1,000mRL E 1.8m @ 9.1% Zn, 0.29% Cu, 14g/t In Long section (looking north) of the West Desert deposit showing global resource envelope (grey shading >59Mt) and the high grade >2.4% Zn core (red shading) 500mRL METALS FOR THE CLEAN ENERGY FUTURE 9#10Major drilling program | Completed N Thick intervals of zinc and copper mineralisation intersected in all drill holes. Resource extensions & new zones have been discovered, highlighting the strong growth potential. Surface WD22-03 Schematic section on WD22-03 with drill hole details with assays. S 3.36m @ 6.77% Zn, 0.18% Cu, 26.36g/t Ag, 27.59g/t In 47.4m @ 4.3% Zn, 0.08% Cu, 0.04g/t Au, 12g/t Ag, 34.75g/t In Incl, 10.36m @ 6.56% Zn, 0.05% Cu, 10.35g/t Ag, 36.06g/t In 1250mRL Continuity of historical high-grade zones has been confirmed. Drilling results will be used for a JORC resource estimate and metallurgical test work. 10.82m @ 1.41% Cu, 1.51% Zn, 0.23g/t Au, 59.41g/t Ag, 40.63g/t In, Incl. 6.09m @ 2.04% Cu, 1.09% Zn, 0.33g/t Au, 66.09g/t Ag, 47.98g/t In 100m Strong chalcopyrite in drill core from 418m downhole in WD22-01C. Recent drilling Geology Legend Overburden-gravel Monzonite porphyry Rhyolite porphyry Notch Peak Dolomite Orr Limestone >0.5% Cu <0.5% Cu >0.1% Mo >2% Zn <2% Zn Main Zone Juab Fault METALS FOR THE CLEAN ENERGY FUTURE 26.52m @ 8.46% Zn, 0.17% Cu, 0.11g/t Au, 10.61g/t Ag, 53.63g/t In Incl, 16.47m @ 10.22% Zn, 0.26% Cu, 0.17g/t Au, 16.24g/t Ag, 48.63g/t In 1000mRL 549.83m 18.59m @ 13.24% Zn, 140.96g/t In Incl, 9.75m @ 21.7% Zn, 192.75g/t In 750mRL 10#11Regional exploration potential 4415800mN 4415600mN 4415400mN 4415200mN 288200mE WEST DESERT DEPOSIT Porphyry contact 289400mE ■■>2% Zn resource shell • Planned drill hole collar O Recently completed hole Existing drill hole collar 4415600mN Porphyry contact 4415400mN 4415200mN Target Underexplored mineral system With similarities to Bingham Canyon and Tintic. Opportunistic expansion of project footprint AW1's landholding has increased significantly to take advantage of the mineral potential. 4415000mN 4414800mN 4414600mN 4414400mN Target 4.12m @ 3.5% Zn, 4.3g/t Ag, 53.94g/t In Incl, 0.92m @ 20.42% Zn, 0.74% Cu, 6.2g/t Ag, 59.13g/t In DRILL HOLE: WD22-19 JUAB FAULT 3m @ 7.65% Zn, 3.5% Cu, 28g/t Ag DRILL HOLE: CC-43 West Desert Deposit Plan view showing >2% Resource outline and drilling overlaying magnetic image (RTP 1VD). 4415000mN 4414800mN 4414600mN 0 200m 4414400mN Geophysics has identified anomalies in the near mine area that are West Desert lookalikes. New mineralised zones discovered Recent exploration drilling has intersected high-grade skarn mineralisation to the south-west of West Desert. METALS FOR THE CLEAN ENERGY FUTURE#12I Compelling valuation versus peers West Desert has scale and grade ASX:EM2 EAGLE MOUNTAIN MINING TSXV:OM OSISKO METALS TSXV:FOM FORAN MINING CORPORATION ASX:ADT ASX:AW1 Adriatic Metals American West Metals Limited -$581m -$30m Market Cap (A$m) Project Resource ~$67m Oracle Ridge (100%) 12.2Mt @ 1.51% Cu, 19g/t Ag, 0.2g/t Au (Indicated 6.6Mt @ 1.52% Cu, 16g/t Ag, 0.19g/t Au, Inferred 5.6Mt @ 1.5% Cu, 17g/t Ag, 0.18g/t Au) Classification JORC Development Stage Development Location Arizona, USA Detail Source Skarn-hosted copper in Arizona Resource extension drilling underway EM2 - Nov 2021 ~$83m Pine Point (100%) 63Mt @ 4.37% Zn, 1.64% Pb (Indicated 15.8Mt 4.17% Zn, 1.53% Pb, Inferred 47.2Mt 4.43% Zn, 1.68% Pb) NI 43-101 PEA NWT, Canada MVT style Zn-Pb deposit near Hay River Projected capital of C$653M, NPV C$602M, IRR 25% Pine Point PEA Update Jul 2022 -$629m Mcllvenna Lake (100%) 44.1 Mt @ 2.2% Zn, 1.17% Cu, 0.14% Pb, 0.39g/t Au, 14.56g/t Ag (Indicated 39.06Mt @ 1.2% Cu, 2.16% Zn, 0.14% Pb, 14.39g/t Ag & 0.41g/t Au, Inferred 5.04Mt @ 0.94% Cu, 2.56% Zn, 0.17% Pb, 15.85g/t Ag & 0.17g/t Au) NI 43-101 PFS Saskatchewan, Canada VMS deposit in Flin Flon Projected Capital of C$368M >18 year mine life - Foran Aug 2022 Rupice (100%) 12Mt @ 4.1% Zn, 0.5% Cu, 2.6% Pb, 149g/t Ag & 1.4g/t Au (Indicated 9.5Mt @ 4.9% Zn, 0.5% Cu, 3.1% Pb, 176g/t Ag, 1.6g/t Au, Inferred 2.5Mt @ 0.9% Zn, 0.2% Cu, 0.7% Pb, 49g/t Ag, 0.3gt Au) JORC DFS Bosnia & Herzegovina Hydrothermal mineral system with polymetallic deposit DFS Study completed ADT Oct 2021 West Desert (100%) 16.5Mt @ 6.3% Zn, 0.3% Cu & 33g/t In (Indicated 4.1 Mt @ 6.3% Zn, 0.3% Cu Ag, 33g/t In, Inferred 12.4Mt @ 6.31% Zn, 0.3% Cu, 30g/t In) NI 43-101 PEA Utah, USA Porphyry related skarn and CRD Global resource of 59Mt West Desert PEA 2014 Market Capitalisation for peers based on closing share price on 22 Sep 2022. Source ASX/TSX. METALS FOR THE CLEAN ENERGY FUTURE 12#13Storm Copper Project and Seal Zinc deposit METALS FOR THE CLEAN ENERGY FUTURE NUNAVUT, CANADA American West Metals Limited A Section 02 >#14Nunavut Storm and Seal Projects POLARIS ZINC LEAD MINE Storm Copper Project Widespread high-grade copper mineralisation at surface. Significant new discovery of stratabound copper at depth Seal Zinc Project Stratabound zinc deposit adjacent to Storm copper. Existing resources of 1Mt @ 10.24% Zn, 46.5g/t Ag for 103kt Zn, 1.5Moz Ag (NI 43-101, historical and foreign). RESOLUTE 4,145 km² land package Dominant regional project with extensive land package. Highly accessible location with turn-key exploration Historical mining district, experienced in-country exploration and logistics team. Cautionary Statement: The estimates of minerals resources referred to in this Presentation in regard to the West Desert Project and 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. Devon Island Northwest Passage SEAL (Zn) STORM (Cu) CANADA STORM/SEAL (Cu/Zn) Tenements Somerset Island 50km METALS FOR THE CLEAN ENERGY FUTURE 14#15Widespread copper mineralisation | Two distinct copper sulphide systems 460,000mE Multiple shallow high-grade copper zones identified across 15km² Immediate resource and DSO potential. New discovery at depth is evidence of a major sedimentary copper system >100m of carbonate hosted chalcopyrite and sphalerite. 8,175,000mN Outstanding growth potential numerous surface gossans and geophysical anomalies remain untested. 8,172,500mN 35.4m @ 1.73% Cu DRILLHOLE: ST99-43 3500N Zone 1Km Drill hole collar Deep EM conductors Shallow EM conductors Outcropping Copper Mineralisation Interpreted Graben Fault Storm STORM COPPER PROSPECT 15m @ 3.88% Cu DRILLHOLE: ST99-47 4100N Zone 2200N Zone 465,000mE 4.8m @ 3.7% Cu and 5.8m @ 3.6% Cu DRILLHOLE: ST99-53 2750N Zone 6.84m @ 8.98% Cu DRILLHOLE: ST97-02 467,500mE 41m @ 4.18% Cu DRILLHOLE: ST22-05 Storm Project Recent FLEM anomalies (blue and red rectangles), drilling and gossans overlaying aerial photography 470,000mE 8,175,000mN 8,172,500mN 8,170,000mN 15 METALS FOR THE CLEAN ENERGY FUTURE#162750N Zone | Advancing to a resource Drilling has confirmed continuity and extensions to high-grade historical intersections. Anomalous copper at surface over 1km in strike. All drill holes to date have intersected thick zones of copper mineralisation, including; 41m @ 4.18% Cu from 38m (ST22-05) 57m @ 2.5% Cu from 8m (ST22-02) A APEX Geoscience Ltd. 7cm 8,173,000mN 8,172,750mN 465,750mE COPPER GOSSAN Previous drill collars Recent drill collars 2750N mineralised footprint Interpreted surficial copper 2750N Zone 000mE Storm 110m @2.45% Cu DRILLHOLE: ST97-08 57m @ 2.5% Cu from 8m DRILLHOLE: ST22-02 DRILL HOLE: ST22-06 GULLY (FAULT) 62% Cu Gossan float DRILL HOLE: ST22-07 466,000mE 56.3m @ 3.07% Cu DRILLHOLE: ST99-19 6m @ 2.3% Cu from 65m DRILLHOLE: ST22-01 466,250mE Fault 466,250m DRILL HOLE: ST22-04 73,000mN 41m @ 4.18% Cu from 38m DRILLHOLE: ST22-05 DRILL HOLE: ST22-08 8,172,750mN DRILL HOLE: ST22-03 100M 8,172,500mN Massive/breccia bornite hosted within dolomite (light grey) in drill hole ST22-05. 2750N Zone Known mineralisation (red), interpreted copper gossans and drilling overlaying aerial photography. 16 METALS FOR THE CLEAN ENERGY FUTURE#17DSO potential confirmed | Low footprint, sustainable DSO potential 000 VE FOR ALL HATRED FOR MON >53% copper product Ore sorting on Storm mineralisation has produce spectacular DSO results Copper extraction from DSO product highly amenable to conventional floatation processing. Potential for low capital, low footprint, mobile mining operation with world leading ESG credentials. High-value product will ship to global markets. Steinert full-scale ore sorter used for test work in Perth, Western Australia Storm Copper Project Three ore-sorting products generated from Storm drill core (STOR1601D - 4m @ 4.16% Cu from 97m) Storm METALS FOR THE CLEAN ENERGY FUTURE 17#18Major new discovery | New style of mineralisation discovered Exploration drill hole ST22-10 intersected over 100m of sedimentary copper and zinc sulphide mineralisation The mineralisation is associated with an 800m x 300m EM plate. Six other similar plates are yet to be tested. New style of mineralisation at Storm evidence of major copper system. ⚫462,500mE 465,000mE 8,175,000mN DRILL HOLE: ST22-10 4100N Zone 8,172,500mN 3500N Zone 1Km • Drill hole collar Deep EM conductors IP chargeability anomaly >14Mv Interpreted Graben Fault 465,000mE 2200N Zone 2750N Zone 467,500mE Storm 467,500mE STORM COPPER PROSPECT Fourier Domain GDD eotvos -38.1 -9.7 -6.2 -3.6 -1.5 0.4 1.9 3.4 5.0 7.0 10.1 8,172,500mN 8,175,000mN Large scale potential Plan showing EM and IP anomalies overlaying Falcon gravity image Breccia/vein style chalcopyrite hosted within vuggy and fractured carbonate unit from 313m in drill hole ST22-10. 18 METALS FOR THE CLEAN ENERGY FUTURE#19High grade zinc and silver deposit | High-grade deposit with strong expansion potential: Deposit is open along strike and down dip Confirmed as being related to the Polaris Zn-Pb mineralisation event - regional scale potential Widespread Zn soil anomalies associated with prospective stratigraphy SEAL DEPOSIT | Mineral resource estimate (4.0% ZnEq Cut-Off) NW Block model >5% Zn Classification Tonnage (Kt) Zn % Contained Zn (t) Ag g/t Contained Ag (Oz) Block model >10% Zn Drill hole trace Inferred 1,006 10.24 103,000 46.5 1,505,0000 Cautionary Statement: The estimates of minerals resources referred to in this Presentation in regard to the West Desert Project and 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. Seal A 100m OmRL SE -100mRL METALS FOR THE CLEAN ENERGY FUTURE 19#20Copper Warrior Project METALS FOR THE CLEAN ENERGY FUTURE UTAH USA American West Metals Limited A Section 03 >#21Copper Warrior Project Strategic address in copper heartland Located in the world class Paradox Basin, SE Utah. 15km from Utah's 2nd largest copper mine - Lisbon Valley Copper Mine (37Mt @ 0.46% Cu). JIL Direct road access to mine infrastructure and processing plant. Project location and regional infrastructure. Hanksville San Rafael Desert Green River Copper Ridge Project Colorado River Book Cliffs Moab Utah U. S. A. COPPER WARRIOR Gove Paradox Cu Beds Main roads Railways 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. Shallow, drill ready targets. 20km Big Indian Copper Mine COPPER WARRIOR (Cu) Lisbon Valley Copper Mine COLORADO Copper oxides replacing chalcocite in outcropping sandstone. METALS FOR THE CLEAN ENERGY FUTURE 21#22Low risk, low cost exploration SW NE Lisbon Valley fault Kbc Kbc15. Kd13 Kd. Kd13 Kd Kbc14 Kbc kbcis Kbc15 Jm Jm Jm Pc IPh Outcropping Copper Mineralization Exploration Targets Inversion Model Resistivity (ohm-m) 225 100 700 700 006 1000 1100 1200 1300 1400 1500 1600 Kd Upper Dakota Fm Kd13 Lower Dakota Fm Kbc14 Upper Burro Canyon Fm Kbc15 Lower Burro Canyon Fm Jm Morrison Fm Pc Cutler Fm IPh Hermosa Group Road-side Pipe-line 1700 1800 1900 4234000m 47.360GOWN 1.4% Cu, 11g/t Ag SAMPLE: 650518 500m 4233000m 582 45 413 307 238 196 2200 164 140 2150 122 107 2100 2050 2000 1950 1900 Elevation (m) 71 63 57 47 41 25 1850 Project Claim Boundary Completed IP Line O Planned drill collar Geochem Sampling >1% Cu • >0.46% Cu 1800 • >0.25% Cu 1750 Resistivity ohm-m • <0.25% Cu Copper Warrior schematic geological section (top) and IP resistivity data along Section 6 (bottom). NO Section 10 Utah COPPER WARRIOR PROJECT LISBON VALLEY COPPER MINE 15km Completed IP lines and sampling locations within the Copper Warrior Project area. Section 4234000m 3.3% Cu, 55g/t Ag SAMPLE: 650486 4232000m 4233000 222 4235000m METALS FOR THE CLEAN ENERGY FUTURE#23Sarvin CGS METALS FOR THE CLEAN ENERGY FUTURE WA PROYE PROFERTO 8758 American West Metals Limited M ri 스 Investment BE11 Summary Section 04 >#24Strategy for accelerated growth Drilling has confirmed continuity of high grades at West Desert. Exploration identifies new extensions of West Desert. Continuity of 275ON zone and major new discovery confirmed at Storm. Geophysics defined new copper targets at Copper Warrior. لام کرد METALS FOR THE CLEAN ENERGY FUTURE 24#25Value drivers and key milestones WEST DESERT DRILLING Program commenced COPPER WARRIOR GPX First IP survey completed WEST DESERT ASSAYS Final results expected WEST DESERT FEASIBILITY Drilling recommences COPPER WARRIOR DRILLING Resource drilling commences WEST DESERT RESOURCE Maiden JORC Resource Mining studies commence 2021 2022 2023 NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV SUCCESSFUL IPO West Desert Acquisition Land expansion STORM DSO Test work confirms ore sorting process COPPER WARRIOR DRILLING RC drilling to commence STORM DRILLING Drilling commenced Resource & Exploration STORM METALLURGY Bulk DSO test work STORM RESOURCE Maiden JORC Resource STORM & SEAL Drilling recommences Resource expansion & Exploration DEC METALS FOR THE CLEAN ENERGY FUTURE 25 25#26Existing resources West Desert Resource NI-43-101 & 43-101F1 Technical Report with effective date of 17 March 2017 prepared by Mine Development Associates and titled: "Technical Report on the West Desert Zinc-Copper-Indium- Magnetite Project Preliminary Economic Assessment, Juab County, Utah”. Resource estimate: 59Mt @ 5.78% Zn Eq. for 1Mt Zn, 131Kt Cu, 1,534t Indium and 28Mt Iron. Seal Zinc Resource NI-43-101 & 43-101F1 Technical Report with effective date of 6 October 2018 prepared by P&E Mining Consultants Inc. and titled: "Initial Mineral Resource Estimate and Technical Report for the Seal Zinc Deposit, Aston Bay Property, Somerset Island, Nunavut for Aston Bay Holdings Ltd". Resource estimate: 1Mt @ 10.24% Zn, 46.5g/t Ag for 103kt Zn, 1.5Moz Ag. A full copy of the Technical Reports can be viewed on the American West website at www.americanwestmetals.com Cautionary Statement: The estimates of minerals resources referred to in this Presentation in regard to the West Desert Project and 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. |1= METALS FOR THE CLEAN ENERGY FUTURE 26#27American West Metals Limited A Contact DAVE O'NEILL Managing Director +61 457 598 993 [email protected] DANNIKA WARBURTON Investor & Media Relations +61 401 094 261 [email protected] ASX CODE: AW1 | AMERICAN WEST METALS LIMITEDACN 645 960 550