Investment Highlights
- Clear Focus Portfolio: American West Metals focuses on the discovery and development of copper and zinc projects in North America – central raw materials for the energy transition.
- Flagship Project Storm Copper: 20.6 million tonnes @ 1.1% Cu and 3.3 g/t Ag, robust PEA with NPV of USD 149 million and IRR of 46%.
- Growth through Exploration: Less than 5% of the 110 km long copper zone on Somerset Island explored to date – significant expansion potential.
- Second US Asset: West Desert (Utah) with 33.7 million tonnes @ 3.83% Zn, 0.15% Cu, 9.1 g/t Ag, as well as significant indium and gold content.
- ESG-Oriented Development: Focus on ethical mining, low environmental impact, and positive contributions to local communities.
- Experienced Management: Leadership team with decades of experience in exploration, project development, and financing of global raw material projects.
Company & Strategy
American West Metals Ltd. is an Australian exploration and development company focused on copper and other critical metals in North America. The company’s goal is to contribute to the global energy transformation through the development of projects with low environmental impact, while simultaneously creating sustainable shareholder value.
The company holds a diversified portfolio of copper and zinc projects in Canada and the USA. Through a combination of high-grade deposits, proven infrastructure, and experienced management, American West pursues a clear growth strategy: from exploration and resource definition to potential production.
The company philosophy is based on responsible mining, which combines ethical extraction, environmentally sound processes, and close cooperation with local communities.
Market Environment
Copper as a Key Raw Material for the Energy Transition
Copper is an essential metal for electrification, renewable energies, and electromobility. Analysts expect a persistent supply shortage in the coming years, driven by increasing demand from the energy sector and declining ore grades worldwide. Projects like Storm position American West to benefit from this structural deficit.
Regional Advantages in North America
Both Canada and the USA are considered stable, resource-friendly jurisdictions with established infrastructure and transparent regulations. The Storm project is located in the proven Polaris region of Nunavut, while West Desert in Utah benefits from excellent accessibility, power connection, and approved water rights.
This combination offers American West a clear geopolitical and logistical advantage compared to many global competitors.
Project Portfolio
Storm Copper Project (Nunavut, Canada)
The Storm Copper Project is the core project of American West Metals and is located on Somerset Island, Nunavut, within a 2,200 km² license area. It is situated near established transport routes and has its own airstrip and a 50-person camp, enabling year-round operation.
Ownership and Partnerships
American West Metals holds 80% of Storm through a joint venture with Aston Bay Holdings (TSX: BAY). Additionally, there is a strategic partnership with Ocean Partners, a global metals trader and financier. This includes an equity stake in AW1, project financing, and an off-take agreement for copper and silver – a crucial step to secure development and marketing.
Economics
The key figures presented in the PEA show an economically viable project:
- Capital Expenditure: USD 47.4 million
- Net Present Value (NPV): ~USD 149 million
- Post-tax IRR: ~46%
- With 100% debt financing: up to 135% pre-tax IRR
The combination of low capital costs, high profitability, and a short payback period underscores Storm’s attractiveness as a potential future copper producer.
Resource Base and Exploration Potential
The project currently has a mineral resource of 20.6 million tonnes @ 1.1% Cu and 3.8 g/t Ag, of which 61% of the metals are in the “Indicated” category. The copper mineralization is shallow-dipping and open in all directions.
New discoveries – including Cyclone Deeps, The Gap, and Squall – confirm the high expansion potential. With less than 5% of the 110 km long mineralized horizon explored to date, Storm has enormous exploration potential.
Recent Progress and 2025 Outlook
The 2024 exploration season yielded over 23,000 m of drilling and new high-grade discoveries. A successful sealift program significantly reduced logistical costs. A comprehensive drilling program is planned for 2025 to expand the resource and accelerate the transition to production readiness.
Fig. 1: Location of the Storm Projects on Somerset Island
Seal Project (Nunavut, Canada)
The Seal Project is located within the Storm concessions and approximately 25 km north of the main deposit. It hosts stratiform Mississippi Valley-type zinc and silver mineralization, which is associated with the formation of the nearby Polaris zinc mine.
Geology and Resource
Historical drilling yielded outstanding zinc and silver grades:
- 22.3 m @ 23% Zn, 5.1 g/t Ag
- 16 m @ 6.62% Zn, 27.1 g/t Ag
- 2.4 m @ 15.13% Zn, 91.9 g/t Ag
Aston Bay published a resource estimate in 2018 of 1 million tonnes @ 10.24% Zn and 46.5 g/t Ag. Less than 5% of the 120 km long mineralized trend has been drilled to date – a clear indication of further growth potential.
Fig. 2: Regional Overview Storm–Seal Copper-Zinc Trend
West Desert Project (Utah, USA)
The West Desert Project is located 160 km southwest of Salt Lake City in a mining-friendly region with excellent infrastructure, power connection, and approved water rights. It is a large-scale, polymetallic skarn and carbonate replacement system with significant amounts of zinc, copper, indium, silver, and gold.
Resource Base
The current JORC-compliant resource includes:
- 33.7 million tonnes @ 3.83% Zn, 0.15% Cu, 9.1 g/t Ag
- of which 18.7 million tonnes are open-pittable
- 15 million tonnes underground, higher grade
- of which 18.7 million tonnes are open-pittable
A 2023 update expanded the resource by 23.8 million oz Indium and 119,000 oz Gold, making West Desert the only JORC-compliant indium resource in the USA.
Strategic Significance
Indium is considered a critical metal for semiconductors, batteries, and displays. The USA is 100% reliant on imports – a geopolitically significant advantage for American West.
Furthermore, drilling in the Copper Zone (17.22 m @ 1.04% Cu, 0.58 g/t Au, 12.46 g/t Ag) shows further potential for resource expansion.
The mineralization remains open in all directions; less than 10% of the system has been explored to date.
Fig. 3: Geological Overview of the West Desert Project in Utah
Development Outlook
Excellent metallurgical results with high recovery rates (up to 55% Zn, 32% Cu) enable diverse development options – from short-term, low-cost mining scenarios to large-scale projects with multi-metal production.
Copper Warrior Project (Utah, USA)
The Copper Warrior Project is located 45 km south of Moab in the Paradox Basin, an area with known vanadium, uranium, and copper mineralization. It lies along the Lisbon Valley Fault, in close proximity to the copper mine of the same name (37 million tonnes @ 0.46% Cu).
Potential and Development
Large-scale copper outcrops and IP anomalies indicate a mineralized structure at shallow depth. Previous drilling confirmed copper and silver grades within the relevant stratigraphic horizons.
As the ore types match those of the Lisbon Valley Mine, there is the possibility of low-cost heap leaching processing – a decisive advantage for the economics of future developments.
Outlook
American West Metals is facing a crucial development cycle.
The 2025 exploration campaign on Somerset Island aims to significantly expand the resource base and enable new discoveries along the 110 km long copper trend. In parallel, West Desert is being further developed as a strategic indium and zinc source in the USA.
With the support of Ocean Partners and a diversified metal mix, American West is financially and operationally well-positioned to complete the transition from explorer to developer.
Management
The company is led by an experienced team with a proven track record in building mining projects.
- Daniel Lougher (Non-Executive Chairman): Over 40 years of experience; former CEO of Western Areas Ltd., which was acquired by IGO Ltd. for AUD 1.3 billion in 2022.
- Dave O’Neill (Managing Director): Geologist and founder of American West; over 20 years of international experience with BHP, WMC Resources, and Western Areas.
- John Prineas (Non-Executive Director): Founder of St George Mining Ltd.; formerly Country Head Australia at Dresdner Bank AG with a focus on project financing.
- Tom Peregoodoff (Non-Executive Director): 30 years of industry experience, currently CEO of Apollo Silver Corp. and Director at MAG Silver Corp.; formerly held senior positions at BHP.
The Board is supported by a North American Advisory Group led by Rocky Pray (VP Operations), an experienced engineer with over 30 years of project experience, as well as Thomas Ullrich, CEO of Aston Bay Holdings and former Chief Geologist North America at Antofagasta Minerals.
Conclusion
American West Metals positions itself as an emerging exploration and development company with a strong focus on securing and sustainably developing copper, zinc, and indium deposits in North America.
The flagship Storm project in Nunavut impresses with attractive economic indicators and a clear growth strategy, while West Desert in Utah offers a rare, strategically significant indium deposit. With experienced management, a solid financial partnership, and a focus on ESG-compliant development, American West Metals has the potential to develop into a significant North American supplier of critical metals – a company that can benefit from the global structural trend of decarbonization.
