AW1 appoints US advisor for Utah indium project
Our US critical minerals Investment American West Metals (ASX: AW1) just appointed a US advisor to lead government engagement for its project in Utah.
AW1 owns 100% of the biggest indium deposit in the USA.
Indium is listed as a critical mineral in the US, used in infrared detectors, night vision systems, missile guidance systems, Radar systems and F-35 fighter jets.
The US is currently 100% import reliant for domestic indium use.
The Pentagon issued purchase orders last year for indium for its stockpiles amongst a US$1BN boost and then a few weeks ago 12x’ed the size of that stockpile to US$12BN.
We are Invested in AW1 because we think the indium asset could become of strategic importance inside US borders.
We already know that AW1 has had “unsolicited interest” from US investors to position the stock as a “US focused critical minerals company” on the NASDAQ or New York Stock Exchange:
(source)
And now AW1 will have Ervin Graves in its corner assisting with government engagement for the project.
Ervin Graves is a leading Washington DC firm, which supports engagement with US government agencies and potential downstream partners.
They have worked with the highest levels of government including the Chief of Staff to the Secretary of War, at a time when initiatives to support a local critical minerals supply chain were being announced.
The specific mandate with AW1 is to:
“strengthen American West’s engagement with government, investors, and downstream industry participants in the US including providing advice on potential for US government funding and support from US government agencies like the Critical Minerals Innovation Hub.” (source)
Fingers crossed they can use that experience to show AW1’s asset to the right groups of people in the US government.
AW1 has a drill program starting on the indium project in the coming weeks
AW1’s current resource is based on assay results from ~35% of the drilling done on its project.
Earlier in the week AW1 confirmed that it will be back drilling on the project soon. (source)
With the next round of drilling AW1 will be looking to expand the indium resource, but also test for gallium and copper.
We think the gallium could be the dark horse for AW1 because of the analogues between AW1’s project and the old APEX mine also in Utah.
IF AW1 can define a big gallium resource to go with its indium resource then we think the strategic value of the asset will multiply.
AW1 is executing the US critical minerals playbook
After today’s announcement here is everything AW1 has delivered relative to our “US critical minerals playbook”.
The playbook is a set of milestones we track for all of our US critical minerals Investments:
Here is the full list, along with updates on how AW1 is tracking with those milestones right now:
✅ own or acquire a US based critical minerals project
✅ appoint Washington lobbyist (Appointed today) (source)
🔄 Management spend time in USA or appoint US based operations person
✅ appoint experienced, big name advisors or board members
AW1 has John Prineas on the board - who is behind one of our best performing Investments for 2025 - St George Mining. St George is getting a lot of US traction and recently attracted Gina Rinehart to its register.
✅ list on the US OTC market
Late last year - AW1 upgraded its listing category on the OTC to an OTCQB listing - the second-highest OTC tier.
🔄 commence NASDAQ or NYSE listing process
AW1 is assessing this option - late last year, AW1 confirmed it was receiving “unsolicited interest” from US investors to promote AW1 as a “US critical minerals focused company” (source)
⬜ acquire, license or partner with downstream processing technology provider
✅ deliver early metwork and processing of bulk samples, ahead of drilling
AW1 has previously done testwork on recovering indium from its deposit - work is ongoing to optimise recoveries (source)
⬜ prove samples can be processed - deliver downstream product
🔄 secure US government funding
AW1’s MD has previously said “We have been approached by the Department of War, Department of Energy and local government to move this forward”. (source)
✅ attract interest from private US investors
Late last year- AW1 is receiving “unsolicited interest” from US investors. (source)
⬜ outline plan for small, cheap and fast mine
✅ deliver drilling success on project (doesn’t need to be huge), just commercial for a small mine
AW1’s already got the biggest indium deposit in the USA and is now testing the project for gallium too
⬜ use larger market cap to bolt on later stage/advanced projects in the USA
⬜ US investor roadshows
⬜ deliver domestic US critical minerals supply.
What’s next for AW1?
Drilling to start on US critical minerals project 🔄
Now that AW1 has fully permitted its 2026 drilling program we are looking forward to the program getting underway.
As mentioned earlier, there is still so much to find out about the project, given only 35% of the project has been assayed for indium, the copper/gold/silver potential and the gallium potential.
We think the gallium exploration could surprise the market to the upside…
Pre Feasibility Study (PFS) for Canadian copper project 🔄
We are looking forward to news from the company’s Canadian copper project.
Especially now with copper prices running.
We want to see AW1 deliver its Pre-Feasibility Study this quarter, and in time, the key permits related to developing the project. (source)
Here are the milestones we will be tracking:
🔄 Pre-Feasibility Study
🔄 Environmental Studies
🔄 Mining/development permits
Strategic & Government Engagement 🔄
The project is being positioned as a key domestic supplier for the US "Project Vault" initiative.
So we want to see discussions on 2 main fronts:
- Critical Metals Supply Chain: Engagement with US Government agencies to discuss production and supply, specifically indium (The West Desert Project is the largest undeveloped indium resource in the US).
- Federal Funding/Support: Continuing to align the project with Department of the Interior programs, specifically the "Effort to Unlock Critical Minerals from Mine Waste." (source)
AW1 now has Ervin Graves as its US advisor who will be helping to position the company to be able to receive funding and support from the initiatives being put in place (source)
