American West Metals Presents Storm Copper Project PFS at Zurich, Targeting US$118 Million in Funding

Anjali Anand

10 November 2026 12:56 PM AEDT

American West Metals Presents Storm Copper Project PFS at Zurich, Targeting US$118 Million in Funding

Image Source: Krish Capital Pty Ltd

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American West Metals (ASX:AW1) has released a Zurich investor presentation disclosing details of the Pre-Feasibility Study (PFS) for its Storm Copper Project, with the study indicating that funding in the order of US$118 million will likely be required over the life of the mine, presented to an accuracy level of ±25%.

Key Points

The PFS for the Storm Copper Project was announced on 5 November 2026, presented in US dollars to an accuracy level of ±25%.
The Production Target is comprised 100% of Probable Ore Reserves, prepared by Competent Persons in accordance with the JORC Code 2012 Edition.
Funding in the order of US$118 million will likely be required over the life of the mine to achieve the range of outcomes indicated in the PFS.
American West holds an 80% interest in the Storm Copper Project; Aston Bay Holdings Ltd holds the remaining 20%, free carried until a decision to mine following completion of a bankable feasibility study.
The Storm project has disclosed mineral resources including 325,000 tonnes of copper, 1,290,000 tonnes of zinc, and 23,763,000 ounces of indium.

Storm Copper Project Pre-Feasibility Study Details

The PFS for the Storm Copper Project, full details of which were announced on 5 November 2026, comprises a Production Target and forecast financial information presented in US dollars to an accuracy level of ±25%. The study reflects the confidence range of the modifying factors and assumptions used. The Production Target is based on the company's current expectations of future results or events, and all material assumptions are disclosed in the PFS announcement. The company stated there is no certainty that the outcomes indicated by the PFS will be achieved, nor that the Production Target and forecast financial information will prove to be correct.

Funding Requirements and Project Ownership Structure

To achieve the range of outcomes indicated in the PFS, funding in the order of US$118 million will likely be required over the life of the mine. The company noted there is no certainty it will be able to raise that amount of funding when needed, and that funding may only be available on terms that are dilutive to or otherwise affect the value of existing shares. The filing also states that American West could pursue other value realisation strategies such as a sale or partial sale of its interest in the Storm Copper Project. The PFS outcomes are presented on a 100% project basis, with American West holding an 80% interest and Aston Bay Holdings Ltd holding the remaining 20%.

Mineral Resource Estimates and JORC Compliance

The Ore Reserve and Mineral Resource estimates underpinning the Production Target were prepared by Competent Persons in accordance with the JORC Code 2012 Edition. The Storm Mineral Resource Estimate was most recently reported in the company's filing dated 21 January 2026, titled 'Storm Copper MRE Continues to Grow'. The Ore Reserve was first reported in the PFS announcement. The presentation also references the 2016 Foreign Seal MRE at the Storm Project, with the company confirming that supporting information provided in its Initial Public Offer prospectus dated 29 October 2021 continues to apply and has not materially changed.

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