According to a recent study by analysts at MST Access, the West Desert project of American West Metals (ASX AW1 / WKN A3DE4Y) is increasingly developing into a strategically important component of the US supply of critical raw materials.
In October 2025, the company raised approximately A$7 million at A$0.045 per share (an 18% premium to the 30-day VWAP) to finance extensive re-sampling of historical drill cores and follow-up drilling for indium, gallium, copper, silver, and other critical metals on the property. West Desert currently hosts the only indium resource in the USA and, according to MST Access, is one of the largest undeveloped deposits worldwide – with additional gallium potential in a market where the USA imports 100% of both metals.
Significant Upside Potential for American West’s Copper Project
In parallel, analysts see the Storm Copper Project (80% AW1) as a developing copper project in a Tier-1 jurisdiction with a comparatively short, potential path to production. Thanks to good infrastructure, comparatively low capital expenditure, government support, and high customer interest, Storm could go into production within two to three years. Significant copper intercepts within and outside the current mine plan, according to MST Access, indicate resource upgrade potential as early as Q4 2025. Initial revenues from Storm are also expected to finance extensive exploration programs, production expansion, and life extension. West Desert, in turn, offers significant leverage in Utah on the growing US demand for critical metals.
Against the backdrop of structurally tightening copper supply and the metal’s key role in decarbonization and electrification, analysts at MST Access have raised their price target for AW1 from the previous A$0.11 to A$0.14 per share. The valuation is primarily based on a risk-adjusted NPV for Storm with growth beyond the current PEA and is further supported by the West Desert project. MST Access rates the stock as significantly undervalued and sees further upside potential through resource increases at Storm and West Desert, the submission of a pre-feasibility study, and progress towards production. As key risks, the analysts cite potentially disappointing PFS results, permitting delays, and a weaker copper price.
