NWST.V · 2023-11-21 12:00:00

Northwest Board Plans to Proceed BY Equity Financing IN Order That All Shareholders May Determine the Future of the Company

Financings

News Release

NORTHWEST BOARD PLANS TO PROCEED BY EQUITY FINANCING IN ORDER THAT ALL

SHAREHOLDERS MAY DETERMINE THE FUTURE OF THE COMPANY

Vancouver, BC – November 21, 202 3 – NorthWest Copper (“NorthWest” or “the Company”) (TSX -V: NWST) –

Following an extensive review of available financing options, t he Board of Directors of NorthWest has determined

that it is in the best interest of all shareholders to fund the Company via an equity financing that will comprise a

rights offering and a concurrent private placement on the same terms . Discussions around any potential form of

debt financing have been discontinued.

Grant Sawiak, Director and Executive Chair of NorthWest said "I and the rest of the Board appreciate the value of

NorthWest’s properties. The current NI 43-101 compliant mineral resource estimates at Kwanika- Stardust and

Lorraine (Table 1 & 2), as well as the exciting exploration potential at East Niv, underpin the Company’s value and

have attracted interest from potential strategic partners . Additionally, the m anagement team has identified

compelling exploration targets at several of the Company’s properties which we intend to drill and conduct surveys

on in 2024. We now must afford all shareholders the opportunity to determine the future of NorthWest, and we

believe the best path to do so i ncludes a rights offering financing, which provides all shareholders the ability to

participate in proportion to their existing holdings''.

Table 1: Combined Kwanika-Stardust Summary of Mineral Resource Estimates1

Kwanika Central    

Open Pit 

Economic

Cut-Off

US$/t1

Resource

Classification2 

Tonnes

(Mt)  Cu (%)  Au

(g/t) 

(Mlbs)

(koz) 

8.21 

Measured  30.7  0.31  0.31  1.05  210.8  310.5  1,041.7 

Indicated  35.9  0.22  0.19  0.80  174.9  222.0  923.9 

M&I  66.6  0.26  0.25  0.92  385.7  532.5  1,965.6 

Inferred  4.1  0.15  0.15  0.58  13.8  20.1  77.3 

Underground

Economic

Cut-Off

US$/t

Classification  Tonnes

(Mt)  Cu (%)  Au

(g/t) 

(Mlbs) 

(koz) 

16.41 

Measured  25.6  0.50  0.61  1.62  284.4  501.3  1,332.6 

Indicated  11.3  0.51  0.65  1.56  126.2  236.7  565.1 

M&I  36.8  0.51  0.62  1.60  410.6  738.0  1,897.8 

Inferred  -  -  -  -  -  -  - 

1 See NI 43-101 technical report titled “Kwanika-Stardust Project NI 43-101 Technical Report on Preliminary Economic Assessment” dated February 17, 2023 with an

effective date of January 4, 2023, filed under the Company’s SEDAR+ profile at www.sedarplus.com .

2 Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources

estimated will be converted into Mineral Reserves in future. There has been insufficient exploration to define the inferred resources tabulated above as an indicated

or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral

Resources with continued expl oration. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxa tion,

sociopolitical, marketing or other relevant issues. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be

mined economically.

Kwanika South  

Open Pit

Economic

Cut-Off

US$/t

Classification  Tonnes

(Mt)  Cu (%)  Au

(g/t) 

(Mlbs) 

(koz) 

8.21 Inferred 25.4 0.28 0.06 1.68 155.0 52.4 1,373.9

Stardust  

Underground

Economic

Cut-Off

US$/t

Class Tonnes (Mt) Cu (%) Au

(g/t)

(Mlbs)

(koz)

88.00 Indicated 1.6 1.49 1.63 30.1 52.2  83.1 1,536.4 

Inferred 4.1 1.00 1.38 22.8  90.0 181.1  3,004.3 

Differences may occur in totals due to rounding.

Table 2: Lorraine Project Mineral Resource Estimate at 0.20% copper cut-off grade3

Domain Resource

Classification 2

Tonnes

(Mt) Cu (%) Au

(g/t)

(Mlbs)

(koz)

Bishop

Indicated 2.5 0.58 0.12 32.3 10

Inferred 9.1 0.51 0.1 101.7 29

Lower

Main

Indicated 3.8 0.45 0.15 38.3 18

Inferred 21.3 0.38 0.07 179.0 49

Upper

Main

Indicated 6.6 0.59 0.19 85.5 40

Inferred 15.1 0.44 0.14 147.2 67

Total

Indicated 13.0 0.55 0.16 156.1 68

Inferred 45.5 0.43 0.1 427.9 145

Differences may occur in totals due to rounding.

Technical aspects of this news release have been reviewed, verified, and approved by Tyler Caswell, P.Geo., Vice

President Exploration of NorthWest, who is a qualified person as defined by National Instrument 43-101 – Standards

of Disclosure for Minerals Projects.

About NorthWest Copper:

NorthWest Copper is a copper-gold explorer and developer with an exciting pipeline of projects in British Columbia.

With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a

strengthening global copper market. We are committed to responsible mineral exploration which involves working

collaboratively with First Nations to ensure future development incorporates stewardship best practices and

traditional land use. Additional information can be found on the Company’s website at www.northwestcopper.ca.

On Behalf of NorthWest Copper Corp.

“Grant Sawiak”

Director, Executive Chair

Tel: 416-917-2816

Email: [email protected]

3 See NI 43 -101 technical report titled “Lorraine Copper -Gold Project NI 43 -101 Report & Mineral Resource Estimate Omineca Mining Division, B.C” authored by

Michael Dufresne, M.Sc., P. Geol., P.Geo. and Alfonso Rodriguez, M.Sc., P.Geo. both of APEX Geoscience Ltd., dated September 12, 2022 with an effective date of June

30, 2022, filed under the Company’s SEDAR+ profile at www.sedarplus.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward -looking information” within the meaning of applicable securities laws. All

statements, other than statements of historical fact, are forward-looking statements and are based on expectations,

estimates and projections as at the date of this news release. Any statement that involves discussion with respect

to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance

(often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,

“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and

phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or

be achieved) are not statements of historical fact and may be forward -looking statements. In this news release,

forward-looking statements relate, among other things, to statements with respect to; a future equity financing;

plans and intentions of the Company; proposed exploration and development of NorthWest’s exploration property

interests including type of exploration being conducted; the Company’s ability to finance future operations; the

potential size of a mineralized zone or potential expansion of mineralization; geological interpretations; the

estimation of Mineral Resources; future operations; mine plans, and magnitude or quality of mineral deposits.

All statements, other than statements of historical fact, included herein, constitutes forward -looking information.

Although NorthWest believes that the expectations reflected in such forward -looking information and/or

information are reasonable, undue reliance should not be placed on forward- looking information since NorthWest

can give no assurance that such expectations will prove to be correct. Forward-looking information involves known

and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from

those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified

in NorthWest’s periodic filings with Canadian securities regulators. Forward -looking information are subject to

business and economic risks and uncertainties and other factors that could cause actual results of operations to

differ materially from those contained in the forward-looking information. Important factors that could cause actual

results to differ materially from NorthWest’s expectations include risks associated with the business of NorthWest;

risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential

development of the Company’s mineral properties; business and economic conditions in the mining industry

generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of

drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government

agencies and First Nation groups in the exploration and development of properties and the issuance of required

permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and

terms of future financing; the possibility of delay in exploration or development programs and uncertainty of

meeting anticipated program milestones; uncertainty as to timely availability of permits and other gove rnmental

approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest’s filings

with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.com).

Forward-looking information is based on estimates and opinions of management at the date the information are

made. NorthWest does not undertake any obligation to update forward -looking information except as required by

applicable securities laws. Investors should not place undue reliance on forward-looking information.

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