ASX RELEASE

(ASX: AW1)

26 April 2022

ASX Limited

Level 40 Central Park 152-158 St Georges Terrace PERTH WA 6000

AMERICAN WEST METALS LIMITED: PRICE QUERY RESPONSE

American West Metals Limited (ASX: AW1) (American West or the Company) refers to ASX's price query letter dated 22 April 2022 and provide the following responses.

(1)Is AW1 aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

On Friday 22 April 2022, American West was not aware of any information concerning the Company that had not been announced and which, if known, may reasonably be regarded as an explanation for recent trading in the Company's securities.

On Saturday 23 April 2022, final assays for the first drill hole (WD22-01) completed by the Company in the drill program underway at the West Desert Project, were received by American West in Perth from American Assay Laboratories in Reno, Nevada.

The collation of the assay results and final analysis for the first drill hole was then completed by the Company.

A report on these assay results has now been prepared by American West for release to the market on Tuesday, 26 April 2022. American West commenced its inaugural diamond drilling program at the West Desert Project during Q1 2022 with four diamond drill holes completed to date. Drill hole details and visual observations of the drill core were announced to the market in the following ASX Releases by the Company:

  • • 14 February 2022 Extensive Mineralisation Identified at West Desert

  • • 3 March 2022 Strong Copper Intersected in Second Drill Hole - West Desert

  • • 15 March 2022 Shallow Mineralisation Intersected at West Desert

  • • 11 April 2022 Massive Sulphides in Fourth Drill Hole at West Desert.

Each ASX Release contained a detailed explanation of the zinc, copper and other mineralisation identified by visual geological logging and indicated that assays were pending.

A summary of the visual observations for the first three drill holes was also contained in the Company's Quarterly Activities and Cashflow Report released on 4 April 2022.

In that Quarterly Report, the Company advised that laboratory assays were pending and expected early in the June quarter.

The samples for the drill holes completed by American West are being processed by American Assay Laboratories in Reno, Nevada. Final assays for WD22-01, the first drill hole completed by the Company, were received by American West in Perth on Saturday, 23 April 2022.

Assays for the other completed drill holes are still pending.

As at 22 April 2022, the Company did not have information that could have been announced to the market.

  • (2) If the answer to question 1 is "yes".

    • (a) Is AW1 relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in AW1's securities would suggest to ASX that such information may have ceased to be confidential and therefore AW1 may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.

      Not Applicable.

    • (b) Can an announcement be made immediately? Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).

      Not Applicable.

    • (c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?

      Not Applicable.

  • (3) If the answer to question 1 is "no", is there any other explanation that AW1 may have for the recent trading in its securities?

    See comments in paragraph (1).

  • (4) Please confirm that AW1 is complying with the Listing Rules and, in particular, Listing Rule 3.1.

    The Company confirms that it is in compliance with ASX Listing Rules and, in particular, Listing Rule 3.1 (when read in conjunction with Listing Rule 3.1A).

  • (5) Please confirm that AW1's responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of AW1 with delegated authority from the Board to respond to ASX on disclosure matters.

    The Company confirms that the responses have been authorised and approved in accordance with the Company's continuous disclosure policy.

Yours sincerely

Sarah Shipway Company Secretary

American West Metals Limited

.

ABOUT AMERICAN WEST METALS

AMERICAN WEST METALS LIMITED (ASX: AW1) is a new Australian company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. We are a progressive mining company focused on developing mines that have a low-footprint and support the global energy transformation.

Our portfolio of copper and zinc projects include significant existing resource inventories and high-grade mineralisation that can generate robust mining proposals. Core to our approach is our commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.

Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.

22 April 2022

Reference: 50969

Ms Sarah Shipway Company Secretary

American West Metals Limited

By email:sshipway@aw1group.com

Dear Ms Shipway

American West Metals Limited ('AW1'): Price - Query

ASX refers to the following:

  • A. The change in the price of AW1's securities from a closing price of $0.205 on 21 April 2022 to an intraday high today, 22 April 2022 of $0.265 at the time of writing.

  • B. The significant increase in the volume of AW1's securities traded from 21 April 2022 to 22 April 2022.

Request for information

In light of this, ASX asks AW1 to respond separately to each of the following questions and requests for information:

  • 1. Is AW1 aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

  • 2. If the answer to question 1 is "yes".

    • (a) Is AW1 relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in AW1's securities would suggest to ASX that such information may have ceased to be confidential and therefore AW1 may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.

    • (b) Can an announcement be made immediately? Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).

    • (c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?

  • 3. If the answer to question 1 is "no", is there any other explanation that AW1 may have for the recent trading in its securities?

  • 4. Please confirm that AW1 is complying with the Listing Rules and, in particular, Listing Rule 3.1.

  • 5. Please confirm that AW1's responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of AW1 with delegated authority from the board to respond to ASX on disclosure matters.

ASX Limited [[Listings]]

ASX Customer Service Centre 131 279 | asx.com.au

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

American West Metals Ltd. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 01:29:06 UTC.