Mr. David Watkinson reports

AMERIWEST CLOSES $500,000 PRIVATE PLACEMENT WITH STRATEGIC INVESTOR IN CONNECTION WITH XENO TRANSACTION

Ameriwest Critical Metals Inc., further to its news release dated Sept. 30, 2026, has closed its previously announced non-brokered private placement through the issuance of 1,923,076 common shares of the company at a price of 26 cents 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 finders' fees were paid in connection with the private placement.

The private placement was contemplated in the mineral property purchase agreement pursuant to which the company agreed to sell its 100-per-cent interest in the Xeno rare earth property in British Columbia to a separate but related arm's-length individual. Xeno consists of two mineral claims totalling 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 26 cents 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 Sept. 30, 2026, Ameriwest entered into a definitive agreement to sell its 100-per-cent interest in Xeno, comprising two mineral claims totalling 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 in Nevada and has entered a non-binding letter of intent with Pure Energy Minerals Ltd. concerning the proposed sale of its Railroad Valley lithium brine property in Nevada.

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