Ameriwest Critical Metals Inc. has restructured its asset portfolio through a non-binding letter of intent to sell its Railroad Valley lithium property in Nevada while simultaneously advancing technical work at its 100%-owned Bornite copper-gold-silver project in Oregon.

Under the proposed transaction announced on August 24, 2026, Pure Energy Minerals Limited would acquire the property in exchange for 8,000,000 common shares and a 2.0% net smelter returns royalty covering the claims and a one-mile area of influence. The proposed sale replaces an earlier multi-stage option structure and remains subject to a definitive agreement and regulatory approval.

In parallel, Ameriwest is awaiting modern multi-element assay results from selected historical drill core intervals at Bornite. APEX Geoscience Ltd. completed detailed re-logging of approximately 41,702 feet of preserved historical core in August 2026, following its relocation to a secure facility in Reno, Nevada. The re-assay program broadens historical testing beyond copper, gold, and silver to include rare earths, supporting ongoing efforts to verify the historical database for potential initial mineral resource estimation under National Instrument 43-101 and Canadian Institute of Mining, Metallurgy, and Petroleum standards.

“When Ameriwest acquired Bornite, one of the most attractive aspects of the Project was the availability of the historic core that could be re-logged and re-assayed to support verification of the historical assay database so it could be used for resource modelling. In addition, we acquired a substantial quantity of other historical technical work that guides our current exploration efforts. While historic assaying principally focused on copper, gold, and silver, the re-assaying will evaluate multiple metals, including rare earths. The program will improve our understanding of the broader geochemical characteristics of the Bornite mineralized system.”

— David Watkinson, President and CEO of Ameriwest

Since closing the acquisition of Bornite in late 2025, Ameriwest has compiled historical data, constructed a preliminary three-dimensional geological model, and initiated local stakeholder engagement. The resource evaluation remains dependent on the outcome of the current laboratory analysis, data verification, and planned permitting for an initial drill program.

Read the full announcement: Ameriwest Awaits Bornite Core Assay Results and Provides Q3 2026 Corporate Update