American West Metals (ASX:AW1) funding announcement

American West Metals Ltd (ASX:AW1) has successfully secured firm commitments to raise A$7.0 million through an institutional placement. The funds will primarily be used to advance activities at the Storm Copper Project in Canada, including an upgrade of the Mineral Resource Estimate (MRE), PEA/PFS level studies, and the 2025 project development and exploration program. The placement provides the company with sufficient capital to boost the development and exploration activities at the Storm Copper Project, Canada.

Executive commentary on funding and project progress

We are very pleased to successfully execute this capital raising for AW1 on the back of a highly successful 2024 program to date. The proceeds from the capital raising will further project development and exploration work in parallel at the Storm Project. The capital raise received strong support from local and international investors - in recognition of the high quality and significant progress of the Storm Project to date and the tremendous valuation upside it offers. The 2024 program to date has achieved major milestones including the completion of more than 23,000m of drilling, the discovery of new zones of high-grade copper mineralisation, and the demonstration of breakthrough results on the proposed DSO operation at Storm. Another significant milestone and cost saving initiative at Storm this year was the completion of the sealift. The sealift has provided crucial supplies and front-end loaded the 2025 drilling season, which is expected to provide very significant savings on next year's logistical budget. With further catalysts to come, including drilling assay results expected in the coming weeks, the updated MRE expected in late CY24 and the PEA/PFS expected in early 2025, we are looking forward to providing shareholders with regular news flow.

Summary of funding and growth strategy

American West Metals Ltd (ASX:AW1) has successfully raised A$7.0 million through an institutional placement to advance activities at the Storm Copper Project in Canada. The funds will be primarily used for an upgrade of the Mineral Resource Estimate (MRE), PEA/PFS level studies, and the 2025 project development and exploration program. The company aims to continue its exploration and resource definition activities to grow the mineralised footprint of copper mineralisation within, and outside, of the Storm area. With strong support from investors and significant progress achieved, the company is poised to deliver organic resource growth and define new discoveries of high-grade copper, demonstrating the global significance of the Storm Project.