NorthWest Intersects 41.7 Metres of 0.40% Copper and 0.67 g/t Gold (1.13% CuEq) at Kwanika North Pit Extension from 72.6 Metres

NorthWest Copper Corp. (NWST) has released the first four assay results from its 2026 Kwanika drill program. The data comes from a single east-west fence of holes on cross-section 6156400 N at the southern end of the North Pit Extension Zone within the Kwanika Central deposit in British Columbia. The primary interval reported is from hole K-26-303.

The company provided estimated true widths for the following intercepts:

• K-26-303: 41.7 m @ 0.40% Cu, 0.67 g/t Au, 1.65 g/t Ag, 0.02 g/t Pd (1.13% CuEq) from 72.6 m; true width est. 40.2 m, Unit "Higher-Grade Au 10"
• K-26-303: 14.8 m @ 0.24% Cu, 0.70 g/t Au (1.01% CuEq) from 49.0 m; true width 14.3 m
• K-26-303: 4.7 m @ 0.63% Cu, 0.42 g/t Au (1.11% CuEq) from 120.3 m; true width 4.5 m
• K-26-304: 16.0 m @ 0.31% Cu, 0.17 g/t Au (0.50% CuEq) from 82.0 m; true width 15.0 m
• K-26-304: 4.3 m @ 0.34% Cu, 0.11 g/t Au (0.46% CuEq) from 65.2 m
• K-26-312: 27.2 m @ 0.20% Cu, 0.64 g/t Au (0.90% CuEq) from 122.9 m; true width 26.2 m
• K-26-312: 3.8 m @ 0.19% Cu, 0.67 g/t Au (0.93% CuEq) from 110.4 m
• K-26-340: 47.4 m @ 0.30% Cu, 0.44 g/t Au (0.78% CuEq) from 169.6 m; true width est. 45.8 m
• K-26-340: 16.0 m @ 0.14% Cu, 0.38 g/t Au (0.56% CuEq) from 242.0 m
• K-26-340: 6.0 m @ 0.29% Cu, 0.30 g/t Au (0.62% CuEq) from 318.0 m

The current program scope involves approximately 40 holes totaling around 12,000 meters at Kwanika Central. One drill rig is currently active, a reduction from the three rigs operating in July 2026. The stated purpose of the drilling is to provide pit-extension infill at approximately 50-meter spacing and to conduct up-dip and down-dip extension tests.

The release also noted that the Kwanika-Stardust Preliminary Economic Assessment (PEA) has taken longer than originally anticipated, with no replacement date provided. Geological observations included in the report indicate that hole K-26-340 did not intersect Unit 10, suggesting a fault termination immediately to the west. Additionally, hole K-26-312 deviated immediately to -37°, a deviation that is under review, and resulted in downgraded mineralization above this unit. The zone generally exhibits a gold-to-copper metal ratio above one.

Northwest Copper Corp. (NWST) remains an advanced explorer and developer, holding a 45.2 Mt combined Indicated and Inferred resource at Kwanika Central but lacking disclosed reserves, a Preliminary Economic Assessment, or public NPV, IRR, capex, or mine life data. In this stage of development, drilling results typically influence the stock only when they alter the perceived scale, grade, or de-risking of the resource.

The recent release confirms that the North Pit Extension continues, with grades around or modestly above open-pit resource grade and gold dominating the metal value in the zone. There is no new zone, no step-change in scale, no quantified resource addition, and no economic milestone. Four low-grade infill and extension holes are insufficient to alter the 45 Mt resource thesis on their own.

The primary impact is negative regarding timing. The Kwanika-Stardust PEA, the key catalyst targeted for mid-2026 and described on 11 August as "nearing completion... in the coming weeks," is now delayed with no new date provided. This represents a disappointment for holders.

The market anchor remains the November 2025-January 2026 high-grade holes, which returned 2.09-3.67% CuEq over 36-123 m and drove the stock from approximately $0.26 to $0.45. That anchor is not embedded in the current price; the stock has round-tripped to $0.28, near the low end of its 52-week range and roughly at book value. Consequently, the infill-confirmation protection applies, but because the results are materially weaker than those demonstrated in the 2025 programme, the "unpriced positive" rule does not apply.

NorthWest Copper Corp. (TSX-V: NWST) is a British Columbia-focused copper-gold exploration and development company listed on the TSX Venture Exchange. The company holds a 100%-owned land package exceeding 175,000 hectares in the Omineca region, which is largely royalty- and stream-free, with the exception of the Lorraine property that carries a 2.25% net smelter return (NSR) with a buyback option to 1.25%.

The company’s flagship asset is the Kwanika-Stardust project, encompassing over 37,500 hectares. As of February 27, 2026, the Kwanika Central resource comprises an Indicated category of 16.22 million tonnes grading 0.63% copper, 0.74 g/t gold, and 2.0 g/t silver, equating to 1.27% copper equivalent (CuEq). The Inferred category totals 28.97 million tonnes at 0.48% copper and 0.63 g/t gold, or 1.05% CuEq. Combined, these resources total 45.19 million tonnes containing 534 million pounds of copper, 972,000 ounces of gold, and 2,428,000 ounces of silver. The deposit is split between open pit and sub-level cave mining methods; the open pit contains Indicated resources at 0.98% CuEq and Inferred resources at 0.63% CuEq, while the sub-level cave holds Indicated resources at 1.64% CuEq and Inferred resources at 1.24% CuEq. The adjacent Stardust property adds an underground resource of 1.6 million tonnes grading 1.49% copper, 1.63 g/t gold, and 30.1 g/t silver.

The Lorraine-Top Cat property covers over 65,800 hectares, located approximately 45 kilometers from Kwanika-Stardust. It features an open pit with an Indicated resource of 13.0 million tonnes at 0.55% copper and an Inferred resource of 45.5 million tonnes at 0.43% copper. The East Niv property, spanning over 43,000 hectares, is in the discovery stage with 7,706 meters drilled to date and is under evaluation for joint venture, earn-in, or spin-out opportunities. Additional early-stage porphyry properties in the Omineca region include Arjay, Croy-Bloom, UDS, and Milligan West.

All resource figures are classified as mineral resources, not reserves. The company currently has no reserves, no preliminary economic assessment (PEA) economics, and no production. Metallurgical testing to date reports copper recovery of 89.9-90.2%, gold recovery of 94.6-96.3% via flotation plus tails leach, and silver recovery of approximately 96.3%. XRT ore sorting tests on a single 312 kg composite showed approximately 19% grade uplift at roughly 90% metal recovery.

NorthWest Copper Corp. has approximately 294 million shares outstanding, comprising 260.3 million shares as of September 30, 2025, plus 34.1 million units issued in May 2026, along with approximately 17 million half-warrants at $0.45. The company reported $3.6 million in cash as of September 30, 2025. The May 2026 financing generated approximately $13.8 million gross, with the investor deck citing approximately $13.0 million in net cash.