NorthWest Copper Corp. announced the results of the preliminary economic assessment, conducted by Ausenco Engineering Canada Inc. and Mining Plus Canada Consulting Ltd, on its 100% owned Kwanika-Stardust Project comprising the Kwanika and Stardust deposits. This represents the first technical and economic evaluation of the combined deposits outlining a robust project with manageable initial capital cost and multiple opportunities for project growth.

NorthWest plans to continue to evaluate the possibility of further synergies with nearby deposits and the proposed Project infrastructure, with a particular focus on the nearby 100% owned Lorraine Project. The 2023 PEA outlines a project that proposes mining approximately 96 million tonnes of material in a combination of open pit and underground operations from the Company's 100% owned Kwanika and Stardust deposits. The 2023 PEA contemplates a 22,000 tonnes per day process plant, producing high-quality copper concentrate with significant gold and silver by-product credits.

Mineral Resources: Mineral Resources for Kwanika have been updated with parameters from the 2023 PEA. Stardust is also updated to reflect refined operating and capital costs. Mineral Resources at Kwanika Central are 95% in the Measured and Indicated categories, reflecting the amount of drilling and geological data that have been completed in this area.

Kwanika South and Stardust represent areas for both further growth of Mineral Resources as well as conversion of Inferred Resources to Measured and Indicated Resources. The quantity of mineralized material was estimated and included in the mine plan using a Net Smelter Return threshold approach, alternately called economic cut off, rather than a copper cut-off grade. Sustainability: Advancement of the Kwanika-Stardust Project is aligned with supplying critical mineral production, especially copper, in Canada.

Collaboration with First Nations is a key part of its effort. The Project would be designed to have meaningful metal production while minimizing the Project's environmental footprint. The Project is in an area of British Columbia with existing infrastructure, hydroelectric power and a local workforce supporting its programs. Environmental, social and governance (ESG) performance is core to NorthWest's longer-term goal to contribute to sustainable economies and encourage and promote cultural and environmental stewardship.

The Company has taken a step towards its goals by completing a comprehensive 2021 ESG report in 2022, which gives NorthWest a strong baseline to track and demonstrate ESG progress. Development of the Project may create many opportunities to bring needed resources to meet the demands of society and the changing economy. However, development of the Project will also impact the environment, First Nations and local communities.

There are opportunities to build on traditional and local knowledge to manage these potential impacts and to put systems in place that support a better understanding of the land, and to encourage and support stewardship. In addition, by working collaboratively with First Nation communities and leadership see opportunities to build and support the development of stronger local economies. NorthWest envisions a future of shared values, where partnerships with local communities drive a new kind of mining where the rights of First Nations are recognized and stewardship of the environment and cultural heritage form the foundation of future development.

As a Company it will strive to pursue best practices as it advance the Project beyond the 2023 PEA. Next Steps: With completion of the 2023 PEA, NorthWest intends to continue to advance its portfolio of projects. Key next steps are expected to include: Conducting the necessary studies at both Kwanika-Stardust and Lorraine to ascertain whether the projects could potentially be combined.

This will require further work, including metallurgical test work, transportation studies, general engineering and geological modeling before the Lorraine Project could be considered for combination with the Project. The Company anticipates completing metallurgical test work on both the Kwanika-Stardust and Lorraine projects, including: Work at Kwanika-Stardust to optimize recovery with a focus on improving recovery of gold and silver; and Work at the nearby Lorraine Project will focus on determining recovery and exploring the possibility of processing mineralized material from Lorraine at the proposed Kwanika-Stardust process facility; Exploration with a focus on Lorraine, including areas around the current resource area and on the larger property; Exploration at Kwanika-Stardust to test high-grade drill targets; NorthWest will continue to proactively engage with First Nations in its geographic area in support of the responsible development of the Project; Develop plans: For baseline environmental testing and scoping work in advance of a potential future environmental assessment (EA) submission; and To conduct an energy audit to ensure that the Project is employing current available technologies and best practices to drive lower carbon emissions. Items studied are expected to include electrification of the mine fleet and equipment, alternative methods of haulage and more energy efficient process plant operation.

Opportunities: In addition, to the next steps noted above, the Company is actively exploring several additional opportunities which the Company hopes will enhance Project value. These include: Potentially adding additional mineralized material to the mine plan at Kwanika-Stardust through additional exploration and drilling; Further metallurgical test work on mineralized material from Kwanika-Stardust to optimize metallurgical recoveries; Further engineering and trade-off studies on Kwanika-Stardust to reduce capital and operating costs and improve operating efficiency; Further analysis with respect to optimizing shipping and transportation costs; The Company anticipates relying, to the extent feasible, on clean electricity. Further studies exploring the potential for a ‘net-zero' emissions mine at Kwanika-Stardust, resulting in a differentiated project with regulators, investors and local stakeholders; Molybdenum is present at Kwanika South at elevated concentrations.

Further study is required to determine if the addition of a molybdenum circuit could add value to the Project.