NorthWest Intersects 73.9 Metres Of 1.39% CuEq, 0.51% Copper and 0.79 G/T Gold From 457 Metres, Expanding The Western Zone At Kwanika

Northwest Copper Corp. (NWST) has released the third batch of 2026 assays from its completed 43-hole, 12,291-meter Western Zone program. With 17 of the 43 holes now reported, the Western Zone is fully reported, leaving 26 holes outstanding in the North Pit Extension Zone.

Key intercepts from the latest release include:

• Hole K-26-260: 73.9 m @ 0.51% Cu, 0.79 g/t Au, 2.37 g/t Ag, 0.02 g/t Pd (1.39% CuEq) from 457.0 m, estimated true width 49.4 m.
• Within that interval: 48.0 m @ 0.53% Cu, 0.37 g/t Au (0.95% CuEq, TW 32.1 m) from 457.0 m, and 25.9 m @ 0.48% Cu, 1.58 g/t Au (2.19% CuEq, TW 17.3 m) from 505.0 m.
• K-26-260 deeper: 74.8 m @ 0.23% Cu, 0.49 g/t Au, 1.34 g/t Ag, 0.07 g/t Pd (0.78% CuEq) from 600.2 m, TW 50.1 m; including 16.3 m @ 1.00% CuEq (TW 10.9 m) and 39.0 m @ 0.29% Cu, 0.46 g/t Au (0.80% CuEq, TW 26.1 m) tagged as primary Porphyry Cu-Au Unit 16. Hole ended in mineralization at 675 m.
• K-26-258: 10.9 m @ 0.33% Cu, 0.62 g/t Au (1.01% CuEq, TW 8.9 m) from 406.2 m; 53.6 m @ 0.28% Cu, 0.13 g/t Au (0.43% CuEq, TW 51.8 m) from 417.0 m; 41.0 m @ 0.34% Cu, 0.23 g/t Au (0.60% CuEq, TW 33.6 m) from 604.2 m (deep structure).
• K-26-256: Abandoned at 513 m in difficult ground before reaching targeted mineralized depths; no assays reported.

Geological claims indicate that higher-grade mineralization extended approximately 50 meters up-dip, while a gap in Unit 2 has been filled, improving continuity. A broad low-grade structure was confirmed at depth, described by the company as typical of distal mineralized extensions. Additionally, a primary Cu-Au porphyry with elevated palladium was intersected below the resource, which the company says may warrant extending the historical pulp re-sampling programme.

Northwest Copper Corp. (NWST) remains an advanced explorer and pre-developer with no published reserves, preliminary economic assessment, or revenue. The company holds a March 2026 NI 43-101 mineral resource for the Kwanika Central deposit, comprising 16.22 million tonnes of indicated resources grading 0.63% copper and 0.74 grams per tonne gold, alongside 28.97 million tonnes of inferred resources grading 0.48% copper and 0.63 grams per tonne gold. Additional resources exist at the Stardust and Lorraine deposits.

Recent drilling activity has confirmed mineralization inside and immediately adjacent to the known Western Zone at approximately resource grade. This infill drilling is intended to support the conversion of some Western Zone inferred tonnes to indicated resources for the sub-level cave project, a parameter required for a future PEA rather than constituting a PEA itself. The release did not expand the resource envelope.

The stock closed at C$0.28 on October 8, 2026, following the publication of the program’s best hole, which returned 108.7 meters at 2.53% copper equivalent, and hole K-26-276, which returned 51.5 meters at 2.77%. The share price closed at C$0.27 on October 21, 2026, after results for 110.0 meters at 1.86% copper equivalent with an 84.3-meter true width were released, and at C$0.26 on October 28, 2026. The market has not assigned significant value to the Western Zone infill drilling, meaning there is no embedded price anchor to disappoint, nor does this third batch of results offer unpriced upside.

The primary value driver for the company is the updated Kwanika-Stardust PEA. A release on October 7 noted that the assessment has "taken longer than originally anticipated" without providing a replacement date. This delay, rather than the drill results, has been the factor eroding the equity value since late August.

Northwest Copper trades at approximately US$0.02 per pound of copper equivalent, compared to a company-cited peer average of US$0.10 per pound. This discount reflects the absence of a PEA, the 70% inferred composition of the 104 million tonne inferred base, the 24% host-rock dilution disclosed within the sub-level cave shape, and a history of equity funding, rather than drill grades. This release does not address the factors contributing to that valuation discount.

Northwest Copper Corp. (TSX-V: NWST; OTC: NWCCF) is developing the Cache Creek Complex in the Omineca Mining Division of British Columbia. The company holds 100% ownership of the over 170,000-hectare property, which features all-season forest road access and is located near regional power and rail infrastructure.

The flagship Kwanika-Stardust project, which is royalty and stream free, comprises several deposits. The Kwanika Central deposit contains an Indicated resource of 16.22 Mt @ 0.63% Cu, 0.74 g/t Au, 2.0 g/t Ag (1.27% CuEq) and an Inferred resource of 28.97 Mt @ 0.48% Cu, 0.63 g/t Au, 1.5 g/t Ag (1.05% CuEq). This is divided into open pit resources of 8.99 Mt Indicated @ 0.55% Cu and 9.18 Mt Inferred @ 0.33% Cu, and underground selective longhole caving (SLC) resources of 7.23 Mt Indicated @ 0.73% Cu, 1.01 g/t Au, 1.64% CuEq and 19.80 Mt Inferred @ 0.55% Cu, 0.76 g/t Au, 1.24% CuEq. The Kwanika South deposit holds an Inferred resource of 25.40 Mt @ 0.28% Cu. The Stardust underground deposit contains an Indicated resource of 1.60 Mt @ 1.49% Cu, 1.63 g/t Au, 30.1 g/t Ag and an Inferred resource of 4.10 Mt @ 1.00% Cu, 1.38 g/t Au.

The Lorraine-Top Cat project includes an Indicated resource of 13.00 Mt @ 0.55% Cu and an Inferred resource of 45.50 Mt @ 0.43% Cu, subject to a 2.25% NSR with a buyback to 1.25%. The East Niv discovery-stage porphyry saw 7,706 m drilled in 2021 and remains open in multiple directions.

The combined portfolio reports an Indicated resource of 30.80 Mt @ 0.64% Cu, 0.54 g/t Au and an Inferred resource of 104.00 Mt @ 0.43% Cu, 0.29 g/t Au. There are no reserves. This equates to roughly 435 Mlb Indicated and 981 Mlb Inferred copper plus gold credits against a ~C$78M equity value.

Metallurgical testing has shown that flotation plus tailings leach achieved 89.6% Cu, 95.5% Au, 96.3% Ag recovery. XRT ore sorting lifted sorted grade ~19% at ~90% metal recovery on 75% of the mass as of February 2026. Both methods feed the Preliminary Economic Assessment (PEA).

The company’s capital structure consists of 298.3M basic shares and 331.2M fully diluted shares. There are 30.5M warrants, including 2.6M @ C$0.30 and 9.1M @ C$0.34 expiring in 2027, and 18.8M @ C$0.45 expiring in 2028. There are also 2.4M options/RSUs. Management and directors hold ~2% and retail holds ~76%.

Management includes CEO Paul Olmsted, formerly CFO of Superior Gold and IAMGOLD; VP of Business Development & Exploration Geoff Chinn, P.Geo., formerly of IAMGOLD Cote Gold and Noranda/Falconbridge; and CFO Sapan Bedi, CPA, formerly of Li-Cycle, IAMGOLD, and Inmet.