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NorthWest Closes First Tranche of Flow Through Financing and Upsizes Placement to Fund Work at Kwanika

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TORONTO, July 29, 2025 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. ("NorthWest" or "the Company") (TSXV:NWST) is pleased to announce the closing of the first tranche of its non-brokered critical mineral flow through private placement financing originally announced on July 16, 2025. As a result of excess demand, the Company upsized the non-brokered flow through placement up to a maximum of $3.5 million in gross proceeds, including the first tranche ("FT Offering"). In addition, with interest in the Company's strategic plans to advance Kwanika, the Company has re-opened its hard dollar non-brokered private placement that closed on July 4, 2025 and announces an additional tranche of hard dollar funding for gross proceeds of up to $0.4 million.

CEO Paul Olmsted stated, "The increased demand under the private placement reflects confidence in our new strategic approach at Kwanika. We are targeting higher-grade zones within the mineral resources to assess more selective bulk mining methods. The Company will immediately move to execute on the exploration drilling and metallurgical test work at Kwanika. Work is expected to confirm and expand our higher-grade target model, improve recoveries, particularly for gold. NorthWest will deliver an updated Preliminary Economic Assessment in the first half of 2026."

Geoff Chinn, VP Business Development and Exploration said, "We have an exciting 5135 metre drill program ahead. It is allocated between infill holes to confirm and enhance the confidence of the higher-grade target model and step-out holes to expand higher-grade zones. In addition, we have some probing holes to potentially identify new areas for future drilling, including deeper extensions of the Central Zone and shallow nearby targets with the potential for identifying new mineralized structures. The goal of the program is to inform an updated mineral resource estimate to support a revised mine design from surface to about 350 m depth. A future drill program would infill and expand the higher-grade zones below 350 m. In addition, this year's program will also collect metallurgical samples to support a program designed to fills gaps in our test work, specifically at finer grind sizes. With a large body of technical work already complete, and more favourable metal prices, Kwanika has the potential to advance quickly through technical studies once the right development scenario is identified."

The Company closed the first tranche of the FT Offering for subscriptions of 11,281,112 units (each a "FT Unit") at a price of $0.225 per FT Unit for gross proceeds of $2.5 million. Each FT Unit consists of one flow through common share of the Company (each a "FT Share") and one half of one non-transferable common share purchase warrant (each whole warrant being a "FT Warrant") with each FT Warrant exercisable to purchase one additional common share of the Company at an exercise price of $0.34 until July 29, 2027. Proceeds of the flow through placement will be used for exploration at Kwanika Central and the nearby Transfer Target.

With the excess demand, the Company is upsizing the FT Offering by $1 million and adding a hard dollar component of up to $0.4 million, for additional aggregate gross proceeds of up to $1.4 million. The upsized portion of the financing is to be comprised of: (1) up to an additional 4.3 million FT Units, and ...