Ameriwest enters definitive deal to acquire Bornite

Mr. David Watkinson reports AMERIWEST CRITICAL METALS ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE THE BORNITE COPPER PROJECT Further to the news release dated April 5, 2025, Ameriwest Critical Metals Inc. has entered into a definitive purchase agreement with an arm's-length private company and that company's wholly owned subsidiary, to acquire 34 unpatented mineral claims located in Marion county, Oregon, together with certain related technical information. The claims are known as the Bornite project. The Bornite project hosts a copper, gold and silver deposit located about 50 miles east of Salem, Ore. The deposit is contained within a roughly cylindrical, vertically standing, cigar-shaped breccia pipe. The formation is 450 feet in diameter, extending from the surface down 1,000 feet and is open at depth. Copper minerals, principally bornite and chalcopyrite, were deposited as part of the breccia matrix, mainly along the pipe's margins. Higher-grade mineralization is found on the pipe's outer shell, with lower-grade mineralization within the pipe's interior. In the early 1990s, Plexus Resources Corp. advanced the Bornite project through exploration, identifying a resource of 3.2 million tons at a 2.2-per-cent-copper grade, 0.017-ounce-per-ton-gold grade and 0.54-ounce-per-ton-silver grade, containing 138.5 million pounds of copper, 54,000 ounces of gold and 1.7 million ounces of silver at a 0.5-per-cent-copper-cut-off grade. At that time, Plexus planned to construct a 1,400-ton-per-day underground mine with an eight-year mine life subject to permitting and financing (source: Plexus 1991 annual report). The resource estimate above was completed before the implementation of National Instrument 43-101 Standards of Disclosure for Mineral projects and Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and is being treated as a historical estimate by Ameriwest. The resources were not categorized as measured, indicated or inferred. No current resources have been defined on the Bornite project that meet NI 43-101 or CIM standards; however, the historical data acquired by Ameriwest as part of the transaction will be used to guide future exploration on the property. Pursuant to the definitive agreement but subject to the satisfaction of certain closing conditions, including the non-objection of the Canadian Securities Exchange, Ameriwest will acquire a 100-per-cent interest in the Bornite project by paying the vendors a total of $100,000 (U.S.) in cash, $35,000 (U.S.) of which was previously paid upon the execution of a binding letter of intent in respect of the transaction. Upon the closing of the transaction, which is expected to occur in the coming days, Ameriwest has agreed to grant one of the vendors an advance minimum royalty of $15,000 (U.S.) per year, payable on the first anniversary of the definitive agreement and annually thereafter. Upon the commencement of commercial production on the Bornite project, Ameriwest has also agreed to grant one of the vendors a 2-per-cent net smelter royalty, with credit to be given for any AMR payments previously made by the company. Ameriwest shall have the option of acquiring 1 per cent of the 2-per-cent net smelter royalty from the applicable vendor for $1-million (U.S.), payable at any time. The transaction remains subject to regulatory approval. David Watkinson, president and chief executive officer of Ameriwest, stated: "The Bornite project has the potential to become a small high-grade (greater than 2 per cent Cu) underground copper mine, subject to exploration success and other factors. Much is known about the property from historical technical work and environmental studies. 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 as the U.S. government places a high priority on critical metal projects." Qualified person statement David Watkinson, PEng, a non-independent qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release. Mr. Watkinson is the chief executive officer and a director of Ameriwest. About Ameriwest Critical Metals Inc. Ameriwest is an exploration company focused on identifying and acquiring strategic critical mineral projects for exploration and resource development. The company is advancing its Thompson Valley lithium clay property in Arizona, owns a lithium clay property in Clayton Valley, Nevada, and is in the process of optioning its Railroad Valley lithium brine property in Nevada to Pure Energy Minerals Ltd. It recently acquired an interest in the Xeno RAR rare earth property in British Columbia. We seek Safe Harbor.