Northisle Provides Corporate and Exploration Update and 2026 Execution Plan 2025 Successes Include Newly Identified Copper-Gold Mineralization at Cougar, Expansion of West Goodspeed and Initiation of PFS Targeted for Completion during 2026
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
January 21, 2026
TSXV: NCX
OTCQX: NTCPF
Northisle Provides Corporate and Exploration Update and 2026 Execution Plan
2025 Successes Include Newly Identified Copper-Gold Mineralization at Cougar, Expansion of West
Goodspeed and Initiation of PFS Targeted for Completion during 2026
Highlights:
• In 2026, we are advancing the North Island Project towards PFS
• Building on our largest ever field program completed at the North Island Project in 2025
o Identified copper-gold mineralization at the Cougar target between the existing Northwest Expo and
Red Dog deposits
o 4 drills turning in Q4, with 20,297 meters of exploration and infill drilling across 58 holes completed
o Continue to extend mineralization at West Goodspeed over 1.2km strike
o Advance district-scale exploration program to delineate the potential of the 50-kilometre North Island
porphyry district
• Continued positive engagement with First Nations partners, municipal, provincial, and federal
governments, and local community stakeholders, underscores alignment towards the continued
development of the North Island Project
• Ongoing team expansion to support growth
o Addition of Alex Davidson and Jill Donaldson to the Board of Directors
o Appointment of Kevin O’Kane as Chief Operating Officer and the additions of Dr. Pablo Mejia
Herrera as VP Exploration and Brian Ferrey as VP Corporate Development & Investor Relations
Vancouver, B.C. – Northisle Copper and Gold Inc. (TSX-V: NCX, OTCQX: NTCPF) (“Northisle” or the “Company”) is
pleased to provide an update on its progress at the North Island Project during 2025 and to highlight the Company’s
execution plan for 2026.
Sam Lee, President & CEO commented “2025 was a transformational year for Northisle. We demonstrated the
robust economic and strategic merits of the North Island Project and are now advancing the project in a disciplined
and responsible manner. In parallel, we are pursuing what we believe to be a significant copper-gold opportunity
across our 40-kilometre, 100% -owned porphyry district , supported by a systematic, district -wide exploration
program designed to expand resource grade, project scale, and long-term optionality.
We continue to build a leading technical and operational team, strengthening our ability to execute our high-growth,
value-creation strategy . Our progress is underpinned by strong, respectful partnerships with First Nations and
ongoing engagement with Municipal, Provincial, and Federal governments , supporting responsible development,
environmental stewardship, and a clear permitting pathway in a stable, low-risk jurisdiction.
The objectives we have established for 2026 and beyond are ambitious, achievable, and transformative , and are
aligned with the growing demand for responsibly sourced copper – critical to electrification and decarbonization –
and gold – a growing critical currency . We believe these qualities position Northisle to deliver meaningful
shareholder value, resource growth, and district-scale upside in a premier copper-gold jurisdiction.”
As with prior years, the Company is providing a set of project milestones which set out its ambitious plans for the
year.
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
Exploration and Development Milestones
Key project milestones for 2025 and 2026 include the following:
• COMPLETED – Updated Preliminary Economic Assessment on North Island Project
• COMPLETED – C$39.5 million financing
• COMPLETED – BC Hydro Conceptual Review of Interconnection
• COMPLETED – Team additions and enhancements to support growth
• COMPLETED – Commencement of expanded baseline study program to support EA Readiness
• COMPLETED – Largest ever field program at North Island Project with 20,297 metres and 58 holes drilled
• COMPLETED – Confirmed mineralization at West Goodspeed over 1.2km strike
• COMPLETED – Identified copper-gold mineralization at the Cougar Target, between the Northwest Expo
and Red Dog deposits
• COMPLETED – Infill drilling at Northwest Expo (pending assay results)
• Q1 2026 – Assays from infill drilling at Northwest Expo
• Q1 2026 – Infill drilling ongoing at Red Dog (pending assay results)
• Q2 2026 – Initial Metallurgical test results for the North Island PFS
• Q2 2026 – Assays from Red Dog infill drilling
• Q2 2026 – Integrated resource update for the North Island Project
• Q2 2026 – Commence extension drilling in Northwest Corridor
• Q3 2026 – Target for initiation of early engagement on mine waste storage area
• Q3 2026 – Initiate drilling at regional exploration targets
• Q4 2026 – Results from drilling at regional exploration targets
• Q4 2026 – North Island PFS results announced
• H2 2026 – Commence BC Hydro System Impact Study
• H2 2026 – Initial Project Description filed
• Ongoing – Continued positive engagement with indigenous rightsholders and local stakeholders
• Ongoing – Additional team additions to support further growth
North Island Project Development Update
In February 2025, Northisle completed a Preliminary Economic Assessment (the “2025 PEA”) for the Company’s
100% owned North Island Project (see news release “Northisle 2025 PEA Indicates 29% After-tax IRR and $2 Billion
NPV for Staged Development of the North Island Project ”, dated February 19, 2025).1 The 2025 PEA demonstrated
robust economics with a $2.0 billion NPV (7%) and 29% IRR at base case prices and $3.8 billion NPV (7%) and 45%
IRR at February 2025 prices .2 The phased development approach considered in the 2025 PEA indicated a payback
period of less than 2 years, strong leverage to copper and gold prices, compelling capital intensity, and an attractive
return profile.
The Company subsequently commenced a comprehensive, multidisciplinary program to support the completion of
a Pre-Feasibility Study at the North Island Project (the “North Island PFS”), as well as advance the exploration thesis
across the 50-kilometre North Island porphyry district. In total, the Company completed 20,297 metres of drilling
across 58 holes in 2025, which included infill drilling at the Northwest Expo and Red Dog deposits with the objective
1 https://www.northisle.ca/news/northisle-2025-pea-indicates-29-after-tax-irr-and-2-billion-npv-for-staged-development-of-the-north-island-project/
2 Base Case: US$4.20/lb Cu, US$2,150/oz Au, US$21.00/lb Mo and US$1,950/kg Re with a 0.74 CAD:USD FX Rate. Spot prices as of Fe bruary 11, 2025:
US$4.67/lb Cu, US$2,908/oz Au, US$21/lb Mo and US$2,417/kg Re with a 0.70 CAD:USD FX Rate.
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
of upgrading Inferred Resources to the Indicated category in support of the North Island PFS. The Company also
continued environmental baseline work and is finalizing the selection of a lead consultant for further expansion of
the baseline program. Finally, the Company has commenced a geotechnical site investigation program to support
the North Island PFS, as further detailed in this press release.
Work on the North Island PFS is ongoing, and the Company is currently targeting completion of the North Island PFS
in Q4 2026.
Discussion of Drill Results
During 2025, the Company completed 20,297 metres of drilling across 58 holes, comprising 9,478 metres across 26
holes of infill drilling, 9,007 metres across 26 holes of exploration drilling, and 1,811 metres across 6 holes of
geotechnical drilling. 2025 drilling activity focused p rincipally on the Northwest Expo, Red Dog, and West
Goodspeed areas (Figure 1).
The 2025 exploration program was designed with two primary objectives:
1) Resource definition in support of the North Island PFS; and
2) Advance the understanding of property -wide geology and the exploration thesis across the North Island
porphyry belt
At Northwest Expo, 9,867 metres of drilling across 26 holes were completed in 2025 . The Company’s activities at
Northwest Expo focused on infill drilling with the objective of upgrading Inferred Resources to the Indicated category
in support the North Island PFS. Preliminary XRF data from Veracio TruScan scanning indicate continuity within the
core of the inferred resources intersected by infill drilling . Assay results for the final 9,867 metres of drilling at
Northwest Expo are targeted for release during Q1 2026.
1,761 metres across 7 holes were drilled at Red Dog during 2025, where infill drilling is ongoing. Similar to Northwest
Expo, the Company’s activity at Red Dog focused on infill drilling to upgrade resources in support of the North Island
PFS. Preliminary results from infill drilling at Red Dog, supported by XRF analysis using Veracio TruScan, have
confirmed mineralization within the Inferred Resource s and identified additional zones of copper mineralization.
These new zones will be further evaluated upon completion of the drilling campaign and receipt of assay results
from the approximately 3,000 metres of planned drilling . Assay results for the final 3,000 metres of drilling at Red
Dog are targeted for release in Q2 2026.
Drilling at West Goodspeed has outlined a broad zone of copper -gold mineralization extending from near surface
to depth across the central and northwestern portions of the system. 6,653 meters across 20 holes were drilled at
West Goodspeed in 2025. To date, mineralization has been outlined over more than 1.2 kilometres of strike and to a
vertical depth of approximately 280 metres below surface (see news release “ Northisle Announces Continued
Growth of West Goodspeed Target to over 1.2km Strike with Addition al High-Grade Intervals”, dated November 17,
2025).3 The 2025 results confirm the exten t of the system and copper and gold grades observed in previously
disclosed drilling, while also providing a better understanding of the lithological and structural controls that govern
mineralization in this part of the North Island Project. The Company is assessing the potential for a future drilling
campaign to test further extensions of mineralization to the east and at depth.
At the Cougar target, the Company identified copper-gold mineralization in three holes with a total of 1,275 metres
of drilling completed in 2025. This drilling intersected multiple zones of copper mineralization across several holes
(Table 1). Hole NW25-38 returned two mineralized intervals, including 18.0 metres grading 0.19% Cu Eq., followed
3 https://www.northisle.ca/news/northisle-announces-continued-growth-of-west-goodspeed-target-to-over-1-2km-strike-with-additional-high-grade-
intervals/
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
by a broader interval of 29.9 metres grading 0.36% Cu Eq. Hole NW25 -39 intersected three mineralized intervals,
comprising 14.0 metres grading 0.23% Cu Eq., 29.7 metres grading 0.37% Cu Eq., and a deeper interval of 29.7
metres grading 0.34% Cu Eq. Hole NW25 -40 returned a continuous mineralized interval of 42.0 metres grading
0.31% Cu Eq.
These results confirm the presence of copper mineralization at Cougar, a target initially outlined by a magnetic
anomaly located approximately 1.0 kilometres northeast of NW Expo and 2.3 kilometres northwest of Red Dog (see
news release “Northisle Provides Update on Largest Ever Field Program at North Island”, dated October 6, 2025). 4
The proximity of hole EC -242, which intersected 61.0 metres grading 0.30% Cu Eq. from 210.3 metres and 23.2
metres grading 0.46% Cu Eq. from 278.6 metres (see news release “Northisle Announces Positive Results of Surface
Exploration Program”, dated January 23, 2023)5, and which is located approximately 280 metres west of the Cougar
target, indicates a broad footprint of copper -gold mineralization in this sector. An assessment of the exploration
potential at Cougar is currently underway.
Table 1: Cougar 2025 Significant Intercepts
Hole ID From
(m)
To
(m)
Interval
(m)
Cu Grade
(%)
Au Grade
(g/t)
Mo Grade
(ppm)
Re Grade
(g/t)
Cu Eq.
Grade (%)
Au Eq.
Grade (g/t)
NW25-38 219.0 237.0 18.0 0.10 0.10 15.38 0.07 0.19 0.25
And 253.5 283.4 29.9 0.25 0.05 94.69 0.95 0.36 0.48
NW25-39 133.0 147.0 14.0 0.15 0.09 18.21 0.08 0.23 0.30
And 291.0 320.7 29.7 0.28 0.11 15.73 0.06 0.37 0.49
And 344.9 374.6 29.7 0.21 0.05 145.40 0.89 0.34 0.46
NW25-40 189.0 231.0 42.0 0.19 0.07 110.76 0.52 0.31 0.42
Note on equivalent calculation for Cougar:
Copper equivalent grade is determined by calculating total contained metal value per tonne, adjusted for recoveries, if known, dividing by
the copper price, and then dividing the resultant number of pounds of copper by 2204.6. Gold equivalent grade is determined by calculating
total contained metal value/tonne, adjusted for recoveries, if known, dividing by the gold price, and then multiplying the resultant number of
troy ounces of gold by 31.103. Analyzed metal equivalent calculations are reported for illustrative purposes only and assume 80%
recoveries as metallurgical testing has not yet been completed on material from the Cougar target.
Copper and gold equivalent calculations based on the following metal prices which were used in the Company’s 2025 Preliminary Economic
Assessment for North Island: Cu = US$4.20/lb, Au = US$2,150/oz, Mo = US$21/lb, Re = US$1,950/kg. Intervals were selected based on
continuous intercepts with a copper grade above 0.1% Cu or a gold grade above 0.1g/t Au. Totals may not add due to rounding.
Intervals are drill intersections and not necessarily true widths. True widths cannot be provided at this time due to the uncertainty in the
geometry of the mineralization. Drill intersections have been selected and composites calculated independently by Northisle. The locations
and distances highlighted on all maps in this news release are approximate.
Table 2: Cougar 2025 Drill Hole Collar Locations
Hole ID Length
(m)
UTM
East
UTM
North
UTM
Elevation
Azimuth
(deg)
Dip
(deg)
NW25-38 411 570857 5619699 204.7 200 -45.1
NW25-39 504 570857 5619699 204.7 160 -45.6
NW25-40 360 570857 5619699 204.7 160 -80.1
Coordinates are reported in UTM Zone 9 North (WGS 84 datum, EPSG:32609), with units in metres
4 https://www.northisle.ca/news/northisle-provides-update-on-largest-ever-field-program-at-north-island/
5 https://www.northisle.ca/news/northisle-announces-positive-results-of-surface-exploration-program/
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
Figure 1. North Island Property Showing Deposits and Targets
Figure 2: Exploration and Infilling Drilling in 2025 in the Northwest Corridor
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
Regional Exploration Program
Stream Sediment Program
Northisle plans to follow up on stream sediment anomalies identified during the 2025 regional sampling program.
This work will focus on evaluating anomalous signatures that may indicate the presence of previously unrecognized
porphyry-style mineralization and will be used to further refine the ranking of priority areas (see news release
“Northisle Provides Update on Largest Ever Field Program at North Island”, dated October 6, 2025 ).6 Results from
this follow-up stream sediment program are expected to support the advancement of the highest -priority areas to
drill-ready targets for evaluation in 2026.
District-Scale 3D Geological Modeling
Northisle continues to advance its district-scale 3D geological model through the integration of regional geophysical
surveys with an improved understanding of porphyry -style mineralization across its principal deposits (see news
release “Northisle Provides Update on Largest Ever Field Program at North Island”, dated October 6, 2025 ).6
Geophysical inversions are constrained using available geological information, including surface mapping and
drilling data from the 2025 campaign. The evolving district-scale models are being used to evaluate the potential for
extensions of known porphyry mineralization at depth at NW Expo, Red Dog, West Goodspeed, and Hushamu, as
well as to identify other areas within the district that exhibit geophysical signatures comparable to those associated
with known mineralization.
2026 Property-wide Exploration Plan
Northisle plans to continue the systematic exploration of its property in 2026, pursuing two primary objectives:
1) Improve the geological understanding and expand the mineral inventory of the North Island Project in
support of the North Island PFS
2) Further evaluate the regional potential of the 50-kilometre North Island porphyry district
To support the North Island PFS, the Company intends to evaluate potential of new t arget areas within and nearby
the Northwest Corridor , including Cougar and Hep , as well as the extension of existing deposits and targets . In
principle, the Company’s exploration activities will focus on identifying: (i) additional porphyry-style mineralization,
and (ii) higher grade material, which has the potential to be incorporated into the North Island Project PFS . (Figure
3)
The focus of the Company’s 2026 regional exploration program will be on identifying larger porphyry systems outside
the Northwest Corridor, with the objective of demonstrating the broader geological potential of the Company’s
extensive land package. Planned activities include continued compilation and integration of historical exploration
data, detailed surface sampling supported by the existing road and access network , geological mapping, and
targeted drilling within high-priority areas, including North Hushamu and the West Pemberton area. (Figure 3)
6 https://www.northisle.ca/news/northisle-provides-update-on-largest-ever-field-program-at-north-island/
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
Figure 3. North Island Property Showing Areas of Interest for the 2026 Exploration Program
Environmental Baseline and Geotechnical Site Investigation Program Details
Planning, First Nation engagement, and selection of consultants for environmental baseline work is ongoing. Field
work is expected to commence in Q1 2026. The geotechnical site investigation program for the PFS was initiated in
October 2025 and includes drilling, test pitting, and seismic testing. Work is ongoing and is planned for completion
during Q2 2026.
Government, First Nations, and Local Community Engagement
Central to the Company’s sustainable development strategy are strong, respectful partnerships with First Nations ,
local communities and governments.
In January 2026, the Company hosted the Honourable Jagrup Brar, Minister for Mining and Critical Minerals for the
Province of British Columbia at its 100% owned North Island Project near Port Hardy, BC.
As part of the visit, the Company was honoured to participate in an introductory discussion between Minister Brar ,
Council of the District of Port Hardy, and Chief James Nelson of Quatsino First Nation. This initial meeting confirmed
a shared interest in collaboratively evaluating the North Island Project and established a foundation for further
engagement among all parties.
Northisle Copper and Gold Inc. | 14th Floor – 1040 West Georgia St. | Vancouver, BC | V6E 4H1
www.northisle.ca | [email protected]
Figure 4. Photos from January 2026 Site Visit
Northisle team and Minister Jagrup Brar at the North Island Project
Chief James Nelson of Quatsino First Nation, Minister Jagrup Brar, members of the Council of the District of
Port Hardy and members of the Northisle executive team