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Saturday, November 14, 2026

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108.4m @ 25.2g/t indium from drill hole WD26-01 is still the best assayed result of 2026 at American West Metals’ $AWMLF West Desert zinc-indium deposit in Utah. At West Desert, $AWMLF has finished five more holes (WD26-04 to WD26-08) since my August write-up. WD26-07, the westernmost so far, hit a combined 140m of visual copper and zinc sulfides and 219m of visual molybdenite, while WD26-05 and WD26-06 hit visual zinc, molybdenite, and copper oxides. Those are geologists’ visual estimates, and the October 30 quarterly report expected assays for WD26-06 and WD26-07 within 1-2 weeks, and for WD26-08 within 4-6 weeks. I found no assays for WD26-03 in $AWMLF’s releases through November 9, even though the July 31 quarterly expected them within weeks. So the 2026 program’s assayed results are still the June and July ones. $AWMLF also hired GreenMet, a Washington advisory group led by former U.S. critical minerals official Drew Horn, to pursue U.S. government funding and offtake (the right to buy its output) for West Desert. GreenMet is $AWMLF’s second Washington advisor in 2026, after Ervin Graves Strategy Group in February, and the company still hasn’t disclosed any U.S. government funding. Meanwhile, the Defense Logistics Agency (DLA), which buys for the U.S. stockpile, cancelled its July request for 400+ tonnes of indium on September 30 without an award, since traders said the request was more than the market could supply. So the stockpile’s indium purchase is off for now, and the failed request showed how thin supply is outside China (~400 tonnes/year, by one trader’s estimate). Thin supply is still the argument for funding a U.S. source like West Desert, but no agency has funded one yet. Metallurgical samples from West Desert’s historical waste dumps, one of the two extra sources of metal I flagged in August, have been shipped for test work, with no results yet. So I still don’t attach any value to West Desert in my base case. Its value in my bull case depends on the WD26-06 and WD26-07 assays confirming what geologists logged in the core.

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