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Investor Presentaiton

I 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
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