The Australian exploration company American West Metals Limited (WKN A3DE4Y / ASX AW1) is increasingly coming into focus in the commodities world. The reason is the West Desert Project in Utah, located in the USA – a polymetallic deposit that, according to current information, hosts the largest known indium resource in the United States. The metal is considered strategically indispensable for defense and high-tech applications – and the current geopolitical situation is leading to rapidly growing interest in a domestic US supply.
Indium: Strategic Metal without US Production
Indium is on the U.S. Department of the Interior’s list of “critical minerals”. The metal is used in infrared and night vision systems, missile guidance, radar, and F-35 fighter jets, among other things – key technologies that are of central importance for U.S. national security.
Currently, the U.S. has no domestic indium production and is entirely dependent on imports. Approximately 70 percent of global production comes from China, which imposed export restrictions in early 2025. In response, the U.S. Department of Defense announced plans to acquire indium as one of twelve strategic metals, with a procurement budget of approximately one billion U.S. dollars.
This gives American West Metals’ Utah-based project a potentially significant role in the U.S. raw materials strategy. CEO Dave O’Neill stated that the company is already in contact with various U.S. government agencies, including the Department of Energy and the Pentagon.
West Desert: Largest Indium Resource in the USA
The fully permitted West Desert Project is located just 160 kilometers from Salt Lake City and is accessible via power and water connections. According to JORC estimates, the deposit comprises 33.7 million tonnes of ore with an average of 3.83% zinc, 0.15% copper, 9 g/t silver, 20 g/t indium, and 0.1 g/t gold.
This results in a metal inventory of approximately 1.3 million tonnes of zinc, 49,000 tonnes of copper, 10 million ounces of silver, 119,000 ounces of gold, and 23.8 million ounces of indium – which corresponds to more than 675 tonnes of indium metal. This makes American West the owner of the largest indium resource in the United States and one of the largest worldwide.
The deposit offers both open-pit potential (18.7 million tonnes at 2.8% zinc) and underground potential (15 million tonnes at 5.2% zinc). In addition, high-grade copper, gold, and molybdenum zones have been identified outside the known resource, indicating significant expansion potential.
Storm Copper Project: Economically Viable and ESG-Oriented
In addition to West Desert, American West Metals is advancing the Storm Copper Project in the Canadian territory of Nunavut – a project designed for rapid production startup, according to the Preliminary Economic Analysis (PEA) published in March 2025.
- Resource: 20.6 million tonnes at 1.1% copper and 3.3 g/t silver
- Capital Expenditure (CAPEX): US$47.4 million
- After-tax NPV: US$149 million
- IRR: 46%
- Payback: approximately 3 years
- Expected Revenue: US$839 million over 10 years
The project is based on a simple open-pit concept with environmentally friendly processing through mechanical sorting and wet separation – a process that does not use chemicals and requires no tailings dams. The planned production is expected to deliver approximately 14,000 tonnes of copper annually.
An agreement with metal trader Ocean Partners secures up to US$40 million in project financing and the off-take of copper and silver products.
Exploration: Significant Potential along the Copper Belt
American West controls a 2,200 square kilometer concession area in Nunavut, which extends over more than 110 kilometers of copper horizon. To date, only about five percent of it has been explored.
Drill results of up to 22.9 meters at 8.5% copper (Cyclone Zone) and 8 meters at 5.3% copper (The Gap) highlight the potential for further discoveries. New electromagnetic anomalies along the Midway-Storm-Tornado corridor indicate an extensive, multi-layered copper system.
Copper Warrior: Additional Copper Leverage in Utah
With the Copper Warrior Project, located just 15 kilometers from the Lisbon Valley Copper Mine, American West has another project in Utah. The area in the Paradox Basin exhibits similar geological structures to the neighboring producing mine. Initial drilling and IP measurements show extensive near-surface copper occurrences, which are to be integrated into the project pipeline in the future.
Corporate Structure and Management
According to the company presentation (as of September 2025), American West Metals has a market capitalization of approximately A$26 million and A$9.3 million in liquid assets. The company has 842.6 million shares outstanding, supplemented by approximately 103 million listed options.
Key shareholders include Ocean Partners (9%), HSBC Nominees (3%), BNP Paribas Nominees (9%), and management with approximately 7% ownership.
The Board is led by Chairman Dan Lougher, who, as former CEO of Western Areas, was responsible for the company’s US$1.3 billion sale to IGO. CEO Dave O’Neill brings over 20 years of industry experience, including with BHP and Western Areas. John Prineas, founder of St George Mining, and Tom Peregoodoff, CEO of Apollo Silver, complete the Board.
Conclusion: Growing Importance in the U.S. Critical Minerals Sector
With the largest indium resource in the U.S. and strong copper projects in Canada and Utah simultaneously, American West Metals is positioning itself as an emerging player in the global competition for strategic raw materials.
The West Desert and Storm Copper projects combine economic feasibility, environmentally friendly processes, and geopolitical relevance – precisely those factors that are currently at the heart of U.S. raw materials policy.
Should the company succeed in implementing the planned mining projects in line with U.S. initiatives for reindustrialization and raw material security, American West Metals could become a key partner for Western industry – at the intersection of energy, security, and technological change.
