American West Metals Ltd Secures AU$7.0 Million in Capital Raise

Highlights:

• Successful Capital Raise: American West Metals Ltd (ASX: AW1) has successfully raised AU$7.0 million via an institutional placement aimed at progressing its Storm Copper Project in Canada.
• Strong Investor Support: The capital raise received significant backing from institutional and sophisticated investors, reflecting confidence in the project's growth potential and recent milestones.
• Focused Exploration Strategy: The funding will be used for upgrading the Mineral Resource Estimate, conducting feasibility studies, and expanding exploration efforts in a prospective copper belt that has only seen 5% of its area explored to date.

Funding Details
American West Metals Ltd (ASX: AW1) has successfully raised AU$7.0 million via an institutional placement, which will be directed towards advancing its operations at the Storm Copper Project in Canada. This capital raise will primarily fund the upgrade of the Mineral Resource Estimate (MRE), and feasibility studies, as well as support the project development and exploration programs for 2025. At the time of writing, the funding marks a significant step in boosting development initiatives at Storm, which is emerging as a potentially globally significant copper project.

Strong Investor Support
The placement received strong support from both new and existing institutional and sophisticated investors. This response reflects the positive milestones achieved at the Storm Project throughout the year and highlights its promising potential in the copper sector. Managing Director Dave O’Neill expressed satisfaction with the successful capital raise, noting it underscores the confidence in the project's trajectory and valuation upside.

Utilization of Funds
The funds from this placement will be allocated to a comprehensive exploration program, overhead costs, and the completion of a Prefeasibility Study (PFS) and resource upgrade. Additionally, the company has planned for a significant exploration campaign from October 2024 to April 2025, with funds also earmarked for general working capital.

Exploration Strategy
American West Metals aims to expand its copper mineralization footprint within the 100 km long prospective belt of the Storm area. Only 5% of this area has been explored so far, indicating substantial growth potential. The company’s strategy focuses on expanding existing resources and exploring new high-grade copper discoveries, reinforcing Storm's significance in the global copper landscape.

Future Outlook
With several key catalysts on the horizon, including drilling assay results and the updated MRE expected in late 2024, American West Metals is positioned for continued growth. The proactive funding and exploration strategies underscore the company's commitment to unlocking the full potential of the Storm Copper Project. Regular updates will keep shareholders informed as developments unfold.

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