Could AWCM Have Most Upside of All Copper Stocks?

In May 2026, Ameriwest Critical Metals (CSE: AWCM) sent 30 pallets of preserved historical drill core from its Bornite Copper Project in Oregon to APEX’s secure facility in Reno, Nevada, for re-logging, photography, and selective re-sampling. Following receipt and evaluation of these analytical results, AWCM will determine whether the available data are sufficient to prepare a maiden mineral resource estimate at Bornite. In parallel with this work, AWCM plans to design and permit an initial drill program at Bornite, which may be needed to complete an initial resource estimate.

The historical non-NI 43-101 estimate was about 3.2 million short tons (equal to ~2.90 Mt) averaging 2.2% copper, plus 0.017 oz/t gold and 0.54 oz/t silver. That represented roughly 138.5 million lb copper, 54,000 oz gold and 1.7 million oz silver.

NIA previously suggested Power Metallic Mines (TSXV: PNPN) at $0.225 per share shortly after their discovery hole at the Lion Zone, and PNPN gained by 775.56% to a high of $1.97 per share. Earlier this month, PNPN published its maiden resource estimate for the Lion Zone.

PNPN’s maiden NI 43-101 compliant resource estimate for the Lion Zone shows an indicated 4.145 Mt averaging 1.68% copper, 2.61 g/t palladium, 0.85 g/t platinum, 0.49 g/t gold, 12.21 g/t silver, 0.10% nickel, and 0.005% cobalt. This represents roughly 153.07 million lb copper, 348,000 oz palladium, 114,000 oz platinum, 64,000 oz gold, 1.627 million oz silver, 8.99 million lb nickel, and 430,000 lb cobalt. It also shows an inferred 0.601 Mt averaging 1.84% copper, 2.86 g/t palladium, 0.59 g/t platinum, 0.41 g/t gold, 12.47 g/t silver, 0.13% nickel, and 0.0065% cobalt. This represents roughly 24.43 million lb copper, 55,000 oz palladium, 11,000 oz platinum, 8,000 oz gold, 241,000 oz silver, 1.67 million lb nickel, and 90,000 lb cobalt.

PNPN’s Lion Zone has total contained maiden NI 43-101 compliant resources (indicated and inferred) of roughly 177.50 million lb copper, 403,000 oz palladium, 125,000 oz platinum, 72,000 oz gold, 1.868 million oz silver, 10.66 million lb nickel, and 520,000 lb cobalt.

PNPN has a market cap at $1.21 per share of US$228.12 million vs. AWCM’s current market cap at $0.215 per share of US$5.77 million.

The most important thing to research for understanding the upside potential of AWCM is all court documents related to Kinross Copper (a wholly owned subsidiary of multi-billion-dollar Kinross Gold that was set up in the early 1990s to develop what is now AWCM’s 100%-owned Bornite Copper Project) and the State of Oregon. Kinross spent a fortune fighting in state court for six years trying to obtain a water discharge permit to develop Bornite. Kinross wanted to develop Bornite because its copper grades are extremely high, and it held all other federal and state permits needed to develop the mine.

Oregon’s Three Basin Rule didn’t allow any new water discharge permits to be granted under any circumstances… even if the water from the mine would be as clean as, or cleaner than, the natural water in the river.

AWCM acquired 100% of Bornite in November 2025.

On December 2, 2025, the Three Basin Rule was quietly revised to allow DEQ to issue new water quality permits that allow facilities to discharge to these basins.

The rule is no longer as strict as it was in the 1990s, and there is now an opening that could allow Bornite to be developed, and the market hasn’t figured it out yet.

This is still years away from even being an issue for AWCM, as right now the company is focused on getting Bornite’s historical high-grade copper/gold/silver resource up to NI 43-101 standards.

By the time Bornite is being talked about daily in the mainstream media in the years ahead… AWCM’s market cap is unlikely to still be US$5.77 million.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA’s President has purchased 240,000 shares of AWCM in a private placement and owns 240,000 AWCM warrants to buy more shares. NIA is receiving compensation from AWCM of US$100,000 cash for a twelve-month marketing contract. NIA previously received compensation from PNPN of US$50,000 cash for a six-month marketing contract which has since expired. This message is for informational and educational purposes only and does not provide investment advice.