NorthWest Copper Provides Business Update on Financial, Geological And ESG Programs
NorthWest Copper Provides Business Update on Financial, Geological And
ESG Programs
VANCOUVER, British Columbia, Nov. 16, 2023 -- NorthWest Copper Corp. (TSX.V NWST) (“NorthWest” or the “Company”) is
pleased to provide an update on its financial, geological and ESG programs and position.
Grant Sawiak, Executive Chair of NorthWest commented: "The newly elected Board of Directors of NorthWest (“Board”) is
committed to not only align its interests with shareholders but in doing so to promote transparency in all aspects of the
Company's operations. With these principles in mind, we wish to report on the status of NorthWest as it existed when we
were elected on September 26, 2023 following the 5 month proxy contest and the changes we have implemented or are
implementing to the operations and financial position of NorthWest.”
FINANCIAL UPDATE
Cash in the bank as at September 30, 2023 was approximately $200,000. Amounts paid during the past two financial quarters
and accounts payable at September 30, 2023 include in aggregate professional fees incurred by the previous Board of
Directors of approximately $1,000,000 in relation to their unsuccessful proxy contest with the current Board of Directors.
These fees were incurred primarily from Norton Rose Fulbright Canada LLP law firm, Kingsdale Advisors and Longview
Communications (“Professional Advisors”). This amount compares to the approximately $300,000 charged by certain current
Board members for their expenses incurred as part of the proxy contest.
The Board is in the process of reviewing the fees of the Professional Advisors as well as amounts outstanding to former
executives. Creditors and accruals as at September 30, 2023 also includes unpaid directors' remuneration of approximately
$150,000.
During February 2023 the Company raised $5,059,330 in a private placement to be used for exploration at the Company’s
portfolio of projects and general working capital. Since February 2023, only approximately $1,500,000 was spent on
exploration.
In order to address the Company’s financial needs, the Company is considering a combination of debt financing; a rights
offering with concurrent private placement of shares to Accredited Investors resident outside the qualifying jurisdictions; and
flow-through funding for the exploration work targeted by the Company.
GEOLOGY STRATEGY
The Company’s strategy is to focus on exploration rather than development for the short to medium term. The Company
already has resource estimates for the Lorraine, Kwanika and Stardust projects and a PEA on a combined Kwanika-Stardust
option. The focus for 2024 will be to identify priority targets across its portfolio of projects for its upcoming exploration season,
as set out in our press release of November 7, 2023.
Exploration targets have mainly been prioritized in accordance with their biggest potential value impact for shareholders and
will be tailored according to the availability of exploration funding.
The Company has also received some interest in the past from parties that were potentially interested in investing at a
property level rather than a corporate level. The Company is in the process of re-assessing these expressions of interest.
Finally, the Board of Directors is committed to transparent reporting to shareholders and will set out an objective and
measurable exploration program that will allow reporting on: (1) how and where money was spent: (2) results obtained; and (3)
next steps to build on prior success. We expect that a detailed exploration planning press release will be released in the early
spring of 2024.
ESG UPDATE
ESG is a key focus area for the Board and to this extent it has determined that the reports currently provided to First Nations
should also be shared with all NorthWest stakeholders. These reports will be made available through press releases over the
coming months covering such items as the Annual ESG Report; Collaborating with First Nations; and Updating Wildlife
Management Plans. The Board believes that the current efforts from management will provide NorthWest with a strong platform
of mutual good faith and trust for future consulting with First Nations.
OTHER MATTERS
The Board believes in proactive investor communication and is in the process of revising its investor engagement program.
The Board has also reviewed the internal reporting structures and have implemented certain changes to ensure increased
efficiency by management and seamless and regular reporting by management to respective disciplines on the Board.
Finally, in order to avoid unnecessary dilution at these depressed share prices, the Board has resolved not to compensate
board members with equity-based compensation until further notice.
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 the Board of Directors of NorthWest Copper Corp.
“Grant Sawiak”
Director, Executive Chair
Tel: 416.917.2816
Email: [email protected]
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 Statements
All statements in this press release about anticipated future events or results constitute forward-looking statements. Forward-
looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”,
“estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-
looking statements. Although NorthWest believes that the expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on forward-looking statements since NorthWest can give no
assurance that such expectations will prove to be correct. These statements involve 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
statements, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian
securities regulators. Forward-looking statements 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
statements. 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 governmental approvals including TSXV approval of the Transaction;
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.ca). Forward-looking statements are based on
estimates and opinions of management at the date the statements are made. NorthWest does not undertake any obligation to
update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance
on forward-looking statements.