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.

Xeno Transaction

As previously announced on September 30, 2026, Ameriwest entered into a definitive agreement to sell its 100% interest in Xeno, comprising two mineral claims totaling approximately 784 hectares in the Laird Mining Division of British Columbia.

Concurrent with the closing of the Private Placement, the Company completed the Xeno Transaction and received the $100,000 cash payment contemplated under the definitive purchase agreement. The completed transaction structure has therefore provided Ameriwest with approximately $500,000 of new equity capital in addition to the $100,000 cash consideration received for Xeno, strengthening the Company's treasury as it concentrates its resources on its core exploration priorities.

About Ameriwest Critical Metals Inc.

Ameriwest is an exploration company focused on identifying and advancing strategic critical mineral projects in North America. The Company is currently advancing its Bornite copper-gold-silver project in Oregon and its Thompson Valley lithium clay property in Arizona. Ameriwest also owns a lithium clay property in Clayton Valley, Nevada, and has entered a non-binding letter of intent with Pure Energy Minerals Limited concerning the proposed sale of its Railroad Valley lithium brine property in Nevada.

For more information on the Company, investors should review the Company's filings available at www.sedarplus.ca.

On Behalf of the Board of Directors

David Watkinson
Chief Executive Officer and Director

For further information, please contact:

Ameriwest Critical Metals Inc.
Tel: (416) 918-6785
Email: info@ameriwestcriticalmetals.com

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the intended use of proceeds of the Private Placement, the Company's exploration plans and priorities, and the advancement of the Bornite Project.

Forward-looking information is based on management's current expectations and assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that applicable regulatory requirements will be satisfied, or that the Company's exploration and corporate objectives will be achieved.

The Company believes that the expectations and assumptions reflected in such forward-looking information are reasonable as of the date hereof; however, no assurance can be given that they will prove to be correct. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable securities laws.

SOURCE: Ameriwest Critical Metals