Ameriwest closes Bornite project acquisition

Executive Summary

• Ameriwest Critical Metals Inc. completed the acquisition of the Bornite copper‑gold‑silver project in Oregon for $100,000 cash plus royalty arrangements.
• The historic resource estimate (3.2 Mt @ 2.2% Cu) will be used to guide future exploration, though no NI 43‑101 compliant resources have been defined yet.
• Bryson Goodwin was appointed as an independent director of the company.

Key Details

• Acquisition price: $100,000 U.S. paid in two cash tranches.
• Royalty terms:
• Minimum advance royalty of $15,000 per year payable on the first anniversary of the definitive agreement and annually thereafter.
• Upon commercial production, a 2 % net smelter royalty (NSR) will be owed to one vendor, with credit for any prior AMR payments.
• Ameriwest may acquire half of the 2 % NSR for $1 million at any time.
• Project description: Bornite project consists of a ~450‑ft diameter, vertically oriented breccia pipe extending ~1,000 ft deep; copper mineralization (bornite, chalcopyrite) is concentrated along the pipe margins with higher grades on the outer shell.
• Historical resource (pre‑NI 43‑101): 3.2 Mt @ 2.2% Cu, 0.017 oz/t Au, 0.54 opt/t Ag → ~138.5 M lb Cu, 54 k oz Au, 1.7 M oz Ag at a 0.5 % Cu cut‑off.
• Current resource status: Treated as historical; no NI 43‑101 or CIM‑compliant resources have been defined to date.
• Transfer of ownership: Claims are being transferred to Ameriwest’s U.S. subsidiary; the process may be delayed by the recent federal government shutdown.
• Director appointment: Bryson Goodwin, with 25+ years in operations, finance, and capital markets, appointed as an independent director.

Notable Quotes

(No direct quotes were provided in the release.)