Northwest Copper Corp. · TSXV:NWST
Northwest Copper — Investor Presentation (January 2026)
40 slides from Northwest Copper's investor presentation, January 2026
Slide 1: Critical Minerals and Precious Metals in a Top Mining Jurisdiction
Critical Minerals and Precious Metals in a Top Mining Jurisdiction Exploration and Development in British Columbia January 2026 TSXV - NWST
Slide 2: Forward-Looking Statements
Forward-Looking Statements This Presentation has been prepared by NorthWest Copper Corp. (“NorthWest Copper” or the “Company”) solely for the use in the document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as Presentation be
Slide 3: Multiple Copper-Gold Projects in British Columbia
Multiple Copper-Gold Projects in British Columbia Core Projects (100% Owned) TSX-V: NWST • Kwanika-Stardust • Advanced Cu-Au Exploration project • 2026 Exploration program planned • 2023 PEA - being updated (expected mid-2026) December 2025 • Lorraine-Top Cat • 2022 Open Pit Mineral Resource Estimat
Slide 4: Investment Highlights
Investment Highlights • Critical and precious mineral resources1,2 in British Columbia, a top mining jurisdiction: TSX-V: NWST Copper Gold Silver 1.0 B lbs Measured & Indicated 1.4 M ozs Measured & Indicated 5.4 M ozs Measured & Indicated 0.7 B lbs Inferred 0.4 M oz Inferred 4.6 M ozs Inferred Decem
Slide 5: Value Proposition
Value Proposition MULTIPLE PATHS TO VALUE TSX-V: NWST • Kwanika: 100% owned copper-gold flagship asset: Re-rate potential • Targeting significantly improved economics in new PEA through higher-grade1, higher-margin and lower capital project in a strong commodity market December 2025 • Lorraine: 100%
Slide 6: Kwanika-Stardust: Our Flagship Asset
Kwanika – Our Flagship Asset Accessibility & Infrastructure • All-season forest road access TSX-V: NWST • 75 km to hydroelectric power (~100 km routing) • Rail at Mackenzie and Fort St. James Large Land Position • 35,000+ ha • 100% owned and royalty free December 2025 Regional Geology • Pinchi Fault
Slide 7: Kwanika-Stardust Project: Current Mineral Resources
Kwanika-Stardust Project: Current Mineral Resources Goal: Define geologically controlled higher-grade zones within the Mineral Resource that can TSX-V: NWST support alternative top-down, bulk, underground mining method and an updated PEA December 2025 We are focused on a higher-grade sub-set of the
Slide 8: Kwanika-Stardust Objective: Improve on 2023 PEA
Kwanika-Stardust Objective: Improve on 2023 PEA (1) 2023 PEA Metric(1,2) Issue What are we doing about it? TSX-V: NWST IRR: 12.7% Too Low Pursuing higher-grade, higher margin, lower capital project December 2025 Payback: 6.4 yrs Too Long Move away from capital intensive UG block cave mining method R
Slide 9: Management Vision at Kwanika
Management Vision at Kwanika TSX-V: NWST Focusing on higher-grade zones within the existing mineralization Delivering a high-quality mineral resource Assessing high-grade starter pit to provide boost to near-term cash flow and quicker capital payback December 2025 Move to top-down underground mining
Slide 10: Comparable to New Afton
Kwanika Comparable to New Afton • Geology: New Afton is similar in setting, age, deposit type, and minerals TSX-V: NWST • Mining: New Afton was an open pit followed by bulk underground mining method • Processing: New Afton utilizes three-stage fine grinding to optimize gold-copper recovery New Afton
Slide 11: Higher-Grade Target Model Opportunity
Kwanika Higher-Grade Target Model Opportunity Target Model1,2,3 Created (Apr 2025, excluding Stardust): TSX-V: NWST • Model guided by >1 g/t gold intercepts • Tonnages ranging from 15 to 30 million tonnes: • High-grade parallel zones 1.5% to 2.5% CuEq(1) (~50%) • December 2025 Near-surface low grade
Slide 12: 2025-2026 Drilling Objectives
Kwanika 2025-2026 Drilling Objectives Confirm, define, and expand, geologically structurally controlled, higher-grade TSX-V: NWST zones within the current mineral resource • Higher-grade zones1,2,3 divide the Kwanika Deposit into three Schematic Long Section December 2025 zones, which are believed t
Slide 13: 2025 Program
Kwanika 2025 Program TSX-V: NWST • Raised $4.1 million in flow through financing to fund work plan • 6,435 m drilling program completed: December 2025 • 15 holes in Kwanika to confirm and enhance confidence of new model to a 350m depth • 3 holes at Transfer and Andesite Breccia targets to test explo
Slide 14: Reported Drill Results – Pit Zone: October–December 2025
Reported Drill Results – Pit Zone: October–December 2025 Kwanika higher-grade target model - Drilling highlights (Pit Zone): TSX-V: NWST Zone 8 – Lower Grade Halo Zone 5 – Higher Grade Zone 10 – Higher Grade Interval CuEq True Width Interval CuEq True Width Interval CuEq True Width Hole Hole Zone Ho
Slide 15: Reported Drill Results – Central Zone: October–December 2025
Reported Drill Results – Central Zone: October–December 2025 Kwanika Central UG Higher Grade Zones 4 & 6 - Drilling Summary TSX-V: NWST Interval CuEq Hole Zone True Width (m) (2) (m) (%)(1) K-25-269 44.0 4,6 3.18 25.2 • Average estimated true width per zone of 12.0 6 1.41 6.9 21.5 metres or two zone
Slide 16: 2025 Drilling To-Date
Kwanika 2025 Drilling To-Date Drill results to date continue to meet or exceed expectations: TSX-V: NWST • Intersecting higher-grades in Central Zone: • Grades meeting target of 1.5%-2.5% CuEq • Significant widths supporting vision of top-down underground mining method December 2025 • Pit Zone inter
Slide 17: Metallurgy Opportunity
Metallurgy Opportunity Finer grinding should substantially enhance metal recoveries at Kwanika TSX-V: NWST • Previous work indicate that a significant amount of copper and gold minerals at Kwanika are smaller December 2025 than 100-micron (0.1mm), the primary grind size assumed for the 2023 PEA1,2.
Slide 18: Timeline to advance to a Pre-Feasibility Study
Kwanika timeline to advance to a Pre-Feasibility Study Targeting higher grades at Kwanika to support a higher-quality mineral resource TSX-V: NWST focused on higher-grade, higher-margin, lower up-front capex to advance to a PFS December 2025 Dec 2025 - Jan2026 January-February March 2026 Assays from
Slide 19: Stardust – Value Add to Kwanika
Stardust – Value Add to Kwanika New Approach Stardust to form part of updated Kwanika-Stardust PEA TSX-V: NWST • 7 km from Kwanika - smaller but higher-grade contribution (was included in 2023 PEA) • Mineralized material contribution to 2023 PEA mill feed1,2 : December 2025 • 3.11 Mt grading 1.33% C
Slide 20: Exploration Potential Near Kwanika – Andesite Breccia
Exploration Potential Near Kwanika – Andesite Breccia TSX-V: NWST • Andesite Breccia – Step out down dip of an intersection Proposed Hole in drill hole K-08-1221. 76.2m @ 0.42% Cu, 0.06 g/t Au Completed Hole December 2025 • Possibly located along the Central Fault • Explore for the source of the min
Slide 21: Lorraine-Top Cat as Hub and Spoke Development
Lorraine-Top Cat as Hub and Spoke Development Mineral Resource Stage Project: TSX-V: NWST • 100% owned • 2.25% NSR royalty with buyback to 1.25% NSR Large & Prospective Land Position December 2025 • 65,000+ ha in size • 10 near-resource prospects & 22 regional targets • 5 drill-ready targets Accessi
Slide 22: Discovery Stage Project: East Niv
Discovery Stage Project East Niv: Cu-Au Discovery with High Exploration Potential TSX-V: NWST Recent Cu-Au Porphyry Discovery, Early Stage • First holes drilled in 2021 • Only 7,706 m drilled along northeast edge of one system Classic Cu-Au Porphyry System • Open to southeast, southwest, west & to d
Slide 23: Uses of Current Cash on Hand
Uses of Current Cash on Hand Current cash on hand as at Sept 30 was C$3.6 m TSX-V: NWST • The upsize to the last financing allowed for flexibility to bring forward some of the drilling originally planned for 2026 December 2025 • The Company has sufficient funds on hand to complete the 2025 explorati
Slide 24: Capital Structure
Capital Structure Major Shareholder 12% Basic Shares O/S 261.2 M TSX-V: NWST TSX-V: NWST Institutions Warrants 16.8 M Market Cap (as at 5/1/26) $112.3 M 5% Teck Options/RSUs 4.2 M 3% Fully Diluted Shares O/S 282.2 M 52-week High $0.58 Retail Insiders 52-week Low $0.14 79% 1% Cash available as at Sep
Slide 25: TSX-V: NWST
info@northwestcopper.ca +1 416 457 3333 northwestcopper.ca 25 TSX-V: NWST
Slide 26: Appendix
NorthWestce APPENDIX TSX-V: NWST
Slide 27: Experienced Team
Experienced Team Paul Olmsted- CEO TSX-V: NWST Mr. Olmsted has been an executive in the gold mining industry for close to 25 years and has been active in the mining industry for 35 years. Most recently he served as Chief Financial Officer of Superior Gold Inc., leading the company from its initial I
Slide 28: Proven Board of Directors & Advisors
Proven Board of Directors & Advisors Maryantonett Flumian – Chair TSX-V: NWST Maryantonett has a career spent in the Canadian federal and provincial public service. A former Deputy Minister in the Canadian federal government as well as the President of the Institute on Governance for 10 years, she e
Slide 29: NorthWest Copper Mineral Resources
NorthWest Copper Mineral Resources Kwanika Central1 Classification Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (Mlbs) Au (koz) Ag (koz) Open Pit Measured 30.7 0.31 0.31 1.05 211 311 1,042 TSX-V: NWST (8.21 USD cut-off) Indicated 35.9 0.22 0.19 0.8 175 222 924 M&I 66.6 0.26 0.25 0.92 386 533 1,966 Inferr
Slide 30: NorthWest Copper Mineral Resource Notes
NorthWest Copper Mineral Resource Notes Stardust (Underground) Notes Kwanika Central (Open Pit and Underground) Notes • The Mineral Resources have been compiled by Mr. B Ronald G. Simpson of GeoSim Services Inc. Mr. Simpson has sufficient • The Mineral Resources have been compiled by Mr. Brian S. Ha
Slide 31: 2025 Drilling – Hole K-25-280
Kwanika 2025 Drilling Hole K-25-280 TSX-V: NWST December 2025 Corporate Presentation Note 1: See press release dated November 12, 2025, filed under the Company’s SEDAR+ profile at www.sedarplus.com Note 2: CuEq assumes consensus metal prices of $2646/oz gold, $4.34/lbs copper, $29.73/oz silver and 8
Slide 32: 2025 Drilling – Hole K-25-271
Kwanika 2025 Drilliing Hole K-25-271 & 278 TSX-V: NWST December 2025 Corporate Presentation Note 1: See press releases dated November 6, 2025, and November 19, 2025, filed under the Company’s SEDAR+ profile at www.sedarplus.com Note 2: CuEq assumes consensus metal prices of $2646/oz gold, $4.34/lbs
Slide 33: 2025 Drilling – Hole K-25-269
Kwanika 2025 Drilling Hole K-25-269 & 272 TSX-V: NWST December 2025 Corporate Presentation Note 1: See press releases dated October 6, 2025 and October 15, 2025, filed under the Company’s SEDAR+ profile at www.sedarplus.com Note 2: CuEq assumes consensus metal prices of $2646/oz gold, $4.34/lbs copp
Slide 34: Kwanika 2025 Drilling – Hole K-25-281
Corporate Presentation December 2025 TSX-V: NWST 34 Hole K-25-281 & 282 Kwanika 2025 Drilling
Slide 35: 2025 Drilling – Holes K-25-275 and K-25-277
Kwanika 2025 Drilling Hole K-25-275 & 277 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-277 33.0 73.5 40.5 Pit 0.27 1.02 1.13 1.19 26.6 Lower-Grade Pit Zone 5 K-25-277 90.7 100.0 9.3 Pit 0.61 1.17 2
Slide 36: 2025 Drilling – Hole K-25-284
Kwanika 2025 Drilling Hole K-25-284 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-284 34.7 52.0 17.3 Pit 1.03 0.83 3.02 1.80 14.2 Higher-Grade Cu Pit Zone K-25-284 52.0 122.0 70.0 Pit 0.72 0.95 2.31
Slide 37: 2025 Drilling – Holes K-25-265 and 266
Kwanika 2025 Drilling Hole K-25-265-266 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-266 25.0 40.8 15.8 Pit 0.69 0.29 1.54 0.96 14.3 Higher-Grade Cu Pit Zone (11) K-25-266 40.8 100.6 59.8 Pit 0.70
Slide 38: 2025 Drilling – Hole K-25-273
Kwanika 2025 Drilling Hole K-25-273 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-273 28.0 151.0 123.0 Pit 1.31 0.83 4.33 2.09 65.2 Higher-Grade Cu Pit Zone (11) K-25-273 149.0 231.2 82.2 Central 1.
Slide 39: 2025 Drilling – Hole K-25-283
Kwanika 2025 Drilling Hole K-25-283 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-283 87.0 123.0 36.0 Pit 0.75 0.36 2.19 1.09 23.1 Higher-Grade Pit Zone 9 K-25-283 123.0 169.0 46.0 Pit 0.49 0.17 1.8
Slide 40: 2025 Drilling – Hole K-25-287
Kwanika 2025 Drilling Hole K-25-287 TSX-V: NWST Hole From To Length Zone Cu Au Ag CuEq True Width Description (m) (m) (m) (%) (g/t) (g/t) (%) Est. (m) Target Model Zone Reference K-25-287 26.0 91.0 65.0 Pit 0.65 1.12 3.10 1.67 16.8 Higher-Grade Pit Zone 5 K-25-287 96.5 144.0 47.5 Pit 1.22 0.82 3.00
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