Storm’s copper upside expands with a 2.2Mt conceptual target

Storm target points to a much larger copper system

American West Metals Limited (ASX:AW1) has put a substantial number around the exploration upside at its 80%-owned Storm Copper Project, defining a JORC Code 2012 Exploration Target of 109.7 million tonnes to 214.0Mt grading between 0.59% and 1.02% copper. That equates to approximately 646,000 tonnes to 2.2 million tonnes of contained copper outside the existing Mineral Resource Estimate.

“SE Stratabound Exploration Target (black outline) overlaying geochemistry, FLEM Ch16 and satellite imagery. Note the localised EM anomalies within target area (hotter colours).”

“2025 MRE resource models (indicated and inferred (red) at a cut-ff of 0.25% copper) and blue Resource Extension Targets.”

Caption and image © American West Metals Limited. From “Storm Copper Project Exploration Target”, 9 Nov 2026.

The scale is notable beside Storm’s current 28.2Mt MRE grading 0.98% copper and 3.27g/t silver, as well as its 12.58Mt Probable Ore Reserve grading 1.20% copper and 3.71g/t silver. The reserve and the project’s development case were set out in the Storm pre-feasibility study, which outlined an 11-year mine based on part of the existing resource.

Seven areas provide the exploration framework

The target is spread across seven areas: Resource Extension, Deeps Zone, Central Graben, South-East Stratabound, South-East Structure Related, Tornado and Chevron. The Central Graben and Tornado Graben domains are the main focus of the modelling, while Chevron sits roughly 30 kilometres to the south and represents a more regional target along Storm’s 110km prospective copper belt.

“SE Structure Related Target search area (green) within the graben fault models, Intersecting drill holes and silhouettes of current MRE outlines (red).”

“Exploration target areas”

Caption and image © American West Metals Limited. From “Storm Copper Project Exploration Target”, 9 Nov 2026.

American West used 80 drill holes, comprising 38 diamond holes and 42 reverse-circulation holes, from a project database of 393 holes. Geological interpretation was combined with electromagnetic, magnetotelluric and gravity surveys, surface geochemistry and resource wireframes. The company says the targets reflect two mineralisation styles at Storm: broad, laterally extensive stratabound deposits and narrower, higher-grade structures associated with faults.

Central Graben carries the largest defined target

The Central Graben accounts for 27.1Mt to 40.7Mt at 0.85% to 1.27% copper, or up to about 518,000 tonnes of contained copper. Eleven widely spaced holes have intersected the interpreted target horizon, including a reported 10-metre interval at 1.2% copper from 311 metres in hole ST24-01, with a 0.5-metre section at 3.7% copper.

“Drilling intercepting the Central Graben Target area within the graben fault models and silhouettes of current MRE outlines (red).”

“Schematic geological section at 464730E looking east showing the interpreted Deeps Zone and Central Graben Exploration Targets.”

Caption and image © American West Metals Limited. From “Storm Copper Project Exploration Target”, 9 Nov 2026.

The Deeps Zone, modelled using the Cyclone deposit as an analogue, adds a further 13.6Mt to 20.4Mt at 0.85% to 1.27% copper. Its interpretation is based on three existing holes spaced about 450 metres apart, including an interval of 10 metres at 0.39% copper from 350.5 metres in ST23-02. The company notes that the Deeps Zone is too deep for electromagnetic surveys to provide a reliable test, leaving follow-up diamond drilling as the more direct method.

The estimate remains conceptual by design

The headline copper figure is not a resource, reserve or measure of economic inventory. American West explicitly says there has been insufficient exploration to estimate a Mineral Resource in the target areas, and that it remains uncertain whether further work will produce one. The ranges are approximate and were generated partly from analogues to known Storm deposits, geological models and assumed continuity.

“Orthographic view of the Central Graben and Tornado Grabem areas showing the extent of the Exploration Targets based on characterisation, major interpreted fault networks,…”

“Prospect location map of the Storm Project highlighting the main prospective copper and zinc stratigraphic horizons.”

Caption and image © American West Metals Limited. From “Storm Copper Project Exploration Target”, 9 Nov 2026.

That distinction matters particularly at Chevron, where no drilling has been completed. The target there is based on a 2.4km-long copper-in-soil anomaly, geophysical and structural interpretation, and a peak soil result of 934 parts per million copper. Tornado also contains relatively low-grade reported intercepts, although the company says they confirm copper enrichment in the prospective Allen Bay Formation.

Drilling and geophysics planned for 2027

“Chevron Target (green), geochemical soil survey with copper soil contours overlaying the geological interpretation and aerial imagery.”

American West plans to advance the targets with drilling and surface geophysics from 2027. Close-spaced reverse-circulation drilling is planned for the Resource Extension area, while follow-up work at Central Graben will combine electromagnetic, magnetotelluric and gravity surveys to refine drill locations. Chevron is due to receive ground EM coverage before any follow-up drilling.

The next meaningful test is therefore not the upper end of the exploration range, but the rate at which individual targets can be converted into drilled mineralisation and, eventually, a compliant resource. Until that happens, Storm has a larger geological opportunity on paper, but not yet a larger mine plan.