Ameriwest enters definitive deal to acquire Bornite

Executive Summary

• Ameriwest Critical Metals Inc. entered into a definitive purchase agreement to acquire 100 % of the Bornite copper‑gold‑silver project in Marion County, Oregon for $100,000 cash.
• The transaction includes an annual royalty of $15,000 payable one year after closing and a 2 % net smelter royalty on commercial production, with an option to purchase 1 % of that royalty for $1 M.
• Historical resource data (3.2 Mt @ 2.2 % Cu, 0.017 oz/t Au, 0.54 oz/t Ag) will be used to guide future exploration; no NI‑43‑101 compliant resources have been defined yet.

Key Details

• Purchase Price: $100,000 U.S. cash total (including $35,000 already paid under a prior LOI).
• Royalty Structure:
• Annual minimum royalty of $15,000 U.S. per year, first payable on the first anniversary of the definitive agreement and annually thereafter.
• 2 % net smelter royalty on commercial production, with credit for any AMR payments previously made by Ameriwest.
• Option to acquire 1 % of the 2 % NSR for $1 M U.S., exercisable at any time.
• Closing Conditions: Subject to satisfaction of customary closing conditions, including non‑objection of the Canadian Securities Exchange; expected to close in the coming days.
• Project Description:
• Bornite project comprises a cylindrical breccia pipe ~450 ft diameter, extending from surface to ~1,000 ft depth, open at depth.
• Mineralization: copper (bornite, chalcopyrite) concentrated along pipe margins; higher‑grade zones on outer shell, lower grade in interior.
• Historical Resource Estimate (pre‑NI‑43‑101): 3.2 Mt @ 2.2 % Cu, 0.017 oz/t Au, 0.54 oz/t Ag → ~138.5 M lb Cu, 54 k oz Au, 1.7 M oz Ag at a 0.5 % Cu cut‑off.
• Future Plans: Historical data will inform exploration; no current NI‑43‑101 compliant resource estimate exists.
• Regulatory Approval: Transaction remains subject to regulatory approvals.

Notable Quotes

“The Bornite project has the potential to become a small high‑grade (greater than 2 % Cu) underground copper mine, subject to exploration success and other factors… With the designation of copper as a critical metal by the U.S. Department of Energy, the Bornite project has potential to be fast‑tracked through exploration, permitting and development.” – David Watkinson, President & CEO

Qualified Person Statement: David Watkinson, PEng (non‑independent qualified person under NI 43‑101), reviewed and approved the technical content.