Ameriwest closes $500,000 private placement with strategic investor

Ameriwest Closes $500,000 Private Placement with Strategic Investor in Connection with Xeno Transaction

VANCOUVER, BC / ACCESS Newswire / October 7, 2026 / Ameriwest Critical Metals Inc. (CSE:AWCM)(OTCQB:AWLIF)(FSE:5HV) ("Ameriwest" or the "Company") is pleased to announce that, further to its news release dated September 30, 2026, the Company has closed its previously announced non-brokered private placement (the "Private Placement") through the issuance of 1,923,076 common shares of the Company (each, a "Share") at a price of $0.26 per Share for aggregate gross proceeds of $499,999.76.

The Private Placement was completed with an arm's-length strategic mining investor. No warrants were issued and no finder's fees were paid in connection with the Private Placement.

The Private Placement was contemplated in the mineral property purchase agreement (the "Purchase Agreement") pursuant to which the Company agreed to sell its 100% interest in the Xeno Rare Earth Property in British Columbia ("Xeno") to a separate but related arm's-length individual (the "Xeno Transaction"). Xeno consists of two mineral claims totaling approximately 784 hectares in the Laird Mining Division of British Columbia.

Under the Purchase Agreement, the arm's length individual paid $100,000 in cash to the Company for Xeno and agreed to complete an equity investment of approximately $500,000 in Ameriwest at $0.26 per Share, which represented a significant premium to the market price of the Shares as of the date of the Purchase Agreement.

David Watkinson, Chief Executive Officer of Ameriwest, commented:

"The closing of this strategic investment is an important component of the broader Xeno transaction structure and strengthens Ameriwest's treasury as we continue to focus our capital and management resources on our core exploration priorities. The completion of the Xeno Transaction allows the Company to realize cash value from Xeno while also adding approximately $500,000 of new equity capital. We believe this is a disciplined approach to portfolio and capital management as we continue advancing the Bornite copper-gold-silver project in Oregon."

The Company intends to use the net proceeds of the Private Placement to advance exploration and permitting activities at its Bornite Project and for general working capital and corporate purposes.

All Shares issued pursuant to the Private Placement are subject to a statutory resale restriction of four months plus one day from the date of issuance in accordance with applicable securities laws.

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