Ameriwest Completes 3D Geological Model Defining High-Grade Copper Shell Along with Two Additional Zones at the Bornite Project

Executive Summary of Latest Release

• Date: 2026-04-20
• Event: Completion of preliminary 3D geological model for Bornite Project (Oregon).
• Key Finding: Identified a high-grade copper shell averaging approximately 2.4% Cu, distinct from sheeted vein (0.9%), interior pipe (0.6%), and breccia types (0.3%).
• Work Program: Model guides 2026 technical program including historical core relogging, confirmatory drilling, and multi-element geochemical analysis for by-products (Mo, W).
• Context: This follows the February 2026 financing announcement where building this internal model was explicitly listed as a Q1-Q2 objective.

Historical Progression of Projects

• Bornite Acquisition (Nov 2025): Acquired for $100k cash + royalties. Historical resource estimate cited: 3.2Mt @ 2.2% Cu, but treated as historical data only, not NI 43-101 compliant.
• Financing (Feb 2026): Raised ~$3M via private placement ($0.25/unit) specifically to fund exploration and the "non-NI 43-101 internal 3-D geological model."
• Xeno Acquisition (Mar 2026): Completed acquisition of Xeno Rare Earth Project in BC, diversifying portfolio beyond copper/lithium.
• Current Status: The April news confirms the execution of the February financing mandate but stops short of defining a new mineral resource estimate.

Evaluation of News Significance

• Expectation vs. Reality: This announcement is largely in line with previous expectations set during the February 2026 financing round. The company explicitly stated it would build an internal model to guide drilling; completing this is a routine milestone, not a surprise discovery.
• Resource Definition Gap: While the shell grade (2.4% Cu) matches historical estimates (~2.2% Cu), no new NI 43-101 compliant resource has been defined. The data remains "historical" in nature until drilling confirms it. This limits immediate valuation upside compared to a resource update.
• Stock Price Context: The stock rallied significantly from $0.25 (financing price) to $0.72 (March 2026 highs) on the financing and acquisition news. The current price ($0.48) reflects a correction from those highs. This news is unlikely to drive a sustained breakout as it validates rather than expands the thesis significantly beyond what was priced in during the financing phase.
• Dilution Risk: The company recently issued warrants at $0.40 (Feb 2026). With current trading around $0.48, these warrants are close to being in-the-money, creating potential future dilution pressure if exercised or sold by holders.

Corporate Profile

• Focus: Critical metals exploration with a pivot from lithium-only to diversified copper/rare earths.
• Flagship Project: Bornite Copper-Gold-Silver Project (Oregon).
  • Location: ~50 miles east of Salem, Oregon.
  • Type: Breccia pipe mineralization.
  • Status: Historical data only; 3D modeling complete; drilling pending.
• Secondary Assets: Thompson Valley Lithium (AZ), Clayton Valley Lithium (NV), Xeno Rare Earths (BC).

Development Status

• Bornite: Transitioning from historical data review to modern exploration framework. Goal is an NI 43-101 compliant resource estimate.
• Xeno: Early stage exploration (soil sampling/geophysics) following acquisition completion in March 2026.