NorthWest Announces Updated Mineral Resource at Kwanika Reflecting Strategic Shift to Higher-Grade Copper-Gold Focus

2026-03-02

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Palladium · Platinum · Canada · Resource Estimate

TORONTO, March 02, 2026 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (“NorthWest” or the “Company”) (TSX-V: NWST) is pleased to announce an updated mineral resource estimate for the Kwanika Central deposit at its 100% owned Kwanika-Stardust Project, (the “Project”), comprising the Kwanika Central, Kwanika South, and Stardust deposits. NorthWest plans to use the updated Mineral Resource estimate to support an updated Preliminary Economic Assessment (“PEA”) targeted for completion in mid 2026.

Paul Olmsted, CEO of NorthWest, commented: “This updated Mineral Resource Estimate represents a significant milestone for the Company and reinforces our strategy of prioritizing higher-grade copper and gold mineralization at Kwanika. The update is an excellent result, demonstrating a substantial Mineral Resource base from which to develop preliminary open pit and underground mine plans that can support a long mine life. Importantly, the results mark a major step toward our goal of a more capital-efficient, top-down underground mining approach, including sub-level caving and sub-level retreat mining methods. In addition, the significant open pit component should help de-risk the early years of a mine schedule, particularly with the potential for a higher-grade starter pit. With this milestone achieved, our immediate focus shifts to advancing the Project toward completion of a PEA in mid-2026. We believe this next phase of work will further demonstrate the opportunity to deliver a more economically compelling Project relative to the 2023 PEA as we continue to advance Kwanika toward development.”

Highlights Kwanika Central Deposit:

Indicated Mineral Resource: 16.22 million tonnes (“Mt”) grading 0.63 % Cu, 0.74 g/t Au, 2.0 g/t Ag or 1.27 % CuEq1, for 226.6 million lbs (“Mlbs”) of Cu, 383 thousand ounces of gold and 1,035 thousand ounces of silver.

Inferred Mineral Resource: 28.97 Mt grading 0.48 % Cu, 0.63 g/t Au, 1.5 g/t Ag or 1.05 % CuEq, for 307.6 Mlbs of Cu, 589 thousand ounces of gold and 1,393 thousand ounces of silver.

Open Pit Mineral Resources: Indicated Mineral Resource: 8.99 Mt grading 0.55 % Cu, 0.51 g/t Au, 1.8 g/t Ag or 0.98 % CuEq, for 109.5 Mlbs of Cu, 148 thousand ounces of gold and 512 thousand ounces of silver.

Inferred Mineral Resource: 9.18 Mt grading 0.33 % Cu, 0.35 g/t Au, 1.0 g/t Ag or 0.63 % CuEq, for 66.1 Mlbs of Cu, 104 thousand ounces of gold and 300 thousand ounces of silver.

Underground Sub-Level Cave (“SLC”) Mineral Resources: Indicated Mineral Resource: 7.23 Mt grading 0.73 % Cu, 1.01 g/t Au, 2.3 g/t Ag or 1.64 % CuEq, for 117.0 Mlbs of Cu, 235 thousand ounces of gold and 523 thousand ounces of silver.

Inferred Mineral Resource: 19.8 Mt grading 0.55 % Cu, 0.76 g/t Au, 1.7 g/t Ag or 1.24 % CuEq, for 241.5 Mlbs of Cu, 485 thousand ounces of gold and 1,093 thousand ounces of silver.

The Mineral Resource estimate for Kwanika Central was supported by verified data, robust geological models, well-defined mineralized zones, constrained by informed open pit shells and underground sub-level cave mining shapes and optimized to support mid-size bulk mining open pit and sub-level cave mining studies.

Technical sub-studies on metallurgical variability testing and power are now underway to support an updated PEA targeted for completion by mid 2026.

Geoff Chinn, VP Business Development and Exploration added: “The updated Kwanika Central Mineral Resource differs in several important ways from previous estimates. Mineralized zones have been more clearly defined and separated into higher-grade and lower-grade zones, as well as into gold and copper dominant zones, fundamentally re-mapping our understanding of the deposit. We have also recognized that sub-parallel, wide mineralized zones are separated by zones of host rock. Notably, this is the first time Mineral Resources has been disclosed with a top-down sub-level cave mining method in mind. A key feature of sub-level cave Mineral Resources is that all material within the preliminary caving shape is considered without a cut-off grade. To illustrate this, we note that approximately 24% of the sub-level cave volume comprises host rock within the mining envelope. As the Project advances to the PEA stage, a goal will be to manage dilution. Two key initiatives aimed at achieving this goal include advancing higher resolution mine designs and processing technologies like ore sorting, as disclosed in our February 23, 2026, News Release.”

Mineral Resource Overview:

The updated Mineral Resource Estimate for Kwanika Central was prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with the Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI 43-101”). SLR is independent of NorthWest.

The Mineral Resource Estimates for the Stardust and Kwanika South deposits remain unchanged from those disclosed in the Technical Report entitled “Kwanika-Stardust Project, NI 43-101 Technical Report” with an effective date of January 4, 2023, filed on SEDAR+ on February 17, 2023.

The following is the current Mineral Resource estimate as at February 27, 2026 (the “Effective Date”).

Table 1 Kwanika Central Mineral Resource Summary (as at the Effective Date)

Category

Tonnes (Mt)

Average GradeContained Metal

Cu % Au (g/t)Ag (g/t)CuEq (%)Cu (Mlbs)Au (koz)Ag (koz)

Indicated7.230.731.012.31.64117.0235523

Inferred19.800.550.761.71.24241.54851,093

Notes:

Mineral Resources are reported in accordance with CIM Definition Standards (2014) incorporated by reference into NI 43-101.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Reasonable prospects for eventual economic extraction (“RPEEE”) were demonstrated by constraining the underground resource within sub-level cave reporting shapes.

Underground Mineral Resources are constrained within sub level cave reporting shapes generated at a C$56.75/t NSR cut-off and reported at a C$0/t cut-off within those shapes.

Metal prices used for the estimate are: US$4.50/lb Cu, US$3,100/oz Au, and US$36.00/oz Ag.

Metallurgical recoveries applied to sulphide material at Kwanika Central are: 89.6% Cu, 95.5% total Au, and 96.3% total Ag.

Underground reporting shapes were generated assuming a processing throughput rate of 7,000 tonnes per day and operating costs including mining, processing, sorting, and G&A, totalling approximately C$56.76/t for sub-level cave mining.

There are 8.62 Mt of unclassified host rock within the constraining sub level cave shape excluded from this tabulation, which represents potential dilution.

All prices are in Canadian dollars ($CAD) unless otherwise stated.

Numbers may not add due to rounding.

Dilution in the Mineral Resources

For underground sub-level caving methods, Mineral Resources are constrained within conceptual mining shapes developed using an NSR cut-off of C$56.76/t to demonstrate reasonable prospects for eventual economic extraction. At Kwanika Central, all Indicated and Inferred material contained within the resulting sub-level cave reporting shapes is included in the Mineral Resource, with no additional cut-off applied within the shapes. This reporting approach reflects the inherent inclusion of internal dilution (“must take” material) within the mineralized zones associated with the mining method.

Additional host rock located within the conceptual sub-level cave mining envelope but outside the mineralized zones is also noted for transparency and represents potential additional dilution inherent to the mining method.

More detailed mine design and processing studies will be required to quantify dilution and to assess the potential impact of ore sorting work recently reported by the Company. To provide additional transparency, Table 2b notes the tonnage of poorly mineralized host rock contained within the SLC reporting shapes.

Property

The 35,700 ha Kwanka-Stardust project is 100% owned and is located 150 km north of Fort St. James in the Omineca Mining Division of north-central British Columbia.

Geology

The Kwanika Central and South deposits are located along the western margin of the Quesnel Terrane, a Late Paleozoic to Early Jurassic island arc that hosts numerous calc-alkalic to alkalic Cu-Au porphyry deposits including the Copper Mountain mine, Mount Milligan mine and New Afton Cu-Au mines, the giant Highland Valley Cu-Mo mine, and NorthWest Copper’s Lorraine – Top Cat Cu-Au-Ag±PGE porphyry project.

Kwanika geology is dominated by Jurassic intrusions that are part of the Hogem batholith, to which Kwanika mineralization is related, emplaced into favourable Triassic Takla Group volcanic rocks. The Kwanika hydrothermal system and the Hogem intrusions are truncated on their west side by the Pinchi fault, a regional-scale dextral strike-slip structure. Mineral resources at Kwanika are hosted at the Central deposit with additional mineral potential in and around the Central and South deposit areas.

The Stardust deposit is located only 7 km northwest of the Kwanika Central deposit. It is hosted by the Late Paleozoic Cache Creek Terrane, which occurs west of the Pinchi Fault. Mineralization at Stardust deposit is related to the Eocene Glover Stock, a multiphase felsic intrusion emplaced into Cache Creek limestones and clastic sedimentary rocks. Stardust is a high-grade Cu-Au carbonate replacement deposit (CRD, including skarn).

Stardust occurs in one part of a 2.2 km long corridor that exhibits classic CRD zoning progressing from the northwest to the southeast through:

Proximal Cu-Mo porphyry mineralization in the Glover Stock

High-grade Cu-Au resources in the 421 Zone and overlying Canyon Creek Zone skarns that replaced limestone and calcareous sedimentary rocks along the eastern margin of the Glover stock

Zn-Pb-Ag mantos and chimneys in the 4b, No. 3 and No. 2 Manto Zones

Peripheral Ag-Au epithermal mineralization in the No.1 Ag-Au ±Zn±Cu Vein Zone

The Kwanika Central, Kwanika South and Stardust deposits together comprise the Kwanika-Stardust project.

Data Verification

The data used in the Kwanika Mineral Resource estimate is supported by Quality Assurance and Quality Control (“QA/QC”) procedures, such as the insertion of certified standards and blanks into the sample stream and the utilization of certified independent analytical laboratories for all assays. The QA/QC data and methodology on the project were reviewed and will be summarized in the NI 43-101 technical report.

Daniel Grabiec, P.Geo. of Explore Geosolutions, an independent Qualified Person in accordance with the requirements of NI 43-101 reviewed the adequacy of sample preparation, security, QA/QC programs and analytical procedures conducted by NorthWest from the start of the 2022 Kwanika drill programs through to the Effective Date. They also actively monitored the QA/QC program in 2025. This review found no material issues or inconsistencies that could adversely affect the quality or reliability of the data. The Explore Geosolutions QP is of the opinion that:

NorthWest’s sample preparation procedures are appropriate for the deposit type and mineralization style.

Analytical methods used, including fire assay, and screen fire assay, are suitable for determining gold grades in the Project.

The QA/QC program, which includes CRMs, blanks, and duplicates, is well-structured, meets industry standards, and provides confidence in the assay data.

Sample security measures and chain of custody protocols are sufficient to ensure the integrity of the data.

April Barrios, P.Geo. of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, is of the opinion that NorthWest’s sampling, analytical methods, and QA/QC program meet industry standards and are suitable for use in the Mineral Resource estimate.

Data verification for the drill hole database included comparing gold assay values used to support the Mineral Resource estimate against the original analytical certificates from Acme, ActLabs, AGAT, ALS, Bureau Veritas, and Teck’s Global Discovery Lab, the primary laboratories used by NorthWest between 2006 and 2025. The review covered a variety of assay methods, including multi-element ICP, fire assay with AAS, ICP or gravimetric finish.

SLR found no material discrepancies that would impact the validity of the Mineral Resource estimate. SLR’s QP is of the opinion that the verification process confirms the reliability of the assay database, ensuring its suitability for use for Mineral Resource estimation.

In accordance with NI 43-101, April Barrios, P.Geo., of SLR, conducted a site visit to the Project and related facilities on October 15 and 16, 2025. During this visit, she inspected the Kwanika Central deposit drill sites, the core shack, and reviewed the logging environment and procedures for data collection and sampling. She also examined core samples from Kwanika Central deposit. In addition, she interviewed NorthWest’s personnel and consultants and gathered information necessary for completing the Mineral Resource estimate and accompanying Technical Report.

Ms. Barrios also inspected drill collars and drill hole cores relevant to the Mineral Resource estimation, verifying collar locations using a handheld GPS and visually comparing mineralization with interpreted drilling sections. NorthWest provided full access to all facilities and personnel during the visit. Ms. Barrios was accompanied by Geoff Chinn, VP Business Development and Exploration of NorthWest.

Mineral Resource Estimation Methodology

At the Kwanika Central deposit, sixteen mineralized zones were defined by NWST as follows:

Continuous gold zones were correlated based on values above 0.7g/t Au only.

Continuous copper-gold zones were correlated based on values above 0.7% CuEq based on straight metal price conversions.

Low-grade zones were correlated based on values above 0.4% CuEq

Late cross-cutting dykes within the mineralized were correlated based on gold values below 0.125g/t Au.

Assay caps were applied on a zone-by-zone basis prior to compositing. Two metre fixed length-weighted composites were used for the interpolation of grades into the block model using inverse distance squared (ID2) interpolation and compared against nearest neighbor (NN) via swath plots and tables for consistency. High-grade search restrictions were implemented within certain zones. A sub-blocked model was created using a 5 m parent cell size with 2.5 m sub block increments to accurately reproduce the wireframe volumes. Block model bulk density values were assigned on a zone-by-zone basis using the arithmetic mean of validated density measurements from samples collected within each mineralized zone. Fixed average bulk density values were assigned to blocks outside the mineralized zones.

MRE classification was based primarily on closest three-hole spacings of up to approximately 35 m (nominal 50 m regular drill spacing) for Indicated Mineral Resources and up to approximately 70 m (nominal 100 m regular drill spacing) for Inferred Mineral Resources, which were applied to create continuous classification categories.

Figure 1: Oblique view of the Mineral Resource pit and sublevel-cave shapes

Figure 2: Kwanika Central Deposit Looking Northwest

Metallurgy

For processing, material was ground to a primary grind P80 of approximately 53 microns using conventional ball mills. The majority of the copper mineralization floated quickly, while mineralization with slower kinetics was treated separately in a dedicated bulk flotation circuit. Treating the two different mineralogy’s separately, significantly improved the metallurgical response, while allowing flexibility in the flowsheet. Approximately 89.6% of the copper mineralization was recovered to concentrates. The downstream process included leaching of the float tailings, which increased overall gold extraction in the central zone to over 95%. Reagent consumption during the leach was decreased relative to the previous work as the residual copper content was low. This in turn, allowed the process to use standard tailings treatment processes.

Earlier from Northwest Copper Corp.

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