NorthWest’s primary asset is the 100% owned, ~35,700 ha, Kwanika-Stardust Project (Figure 1), which combines higher-grade Cu-Au-Ag resources in the Kwanika Central and Stardust deposits with lower-grade Cu-Au-Mo-Ag resources in the Kwanika South deposit. The combined deposits present potential development opportunities and efficiencies which are currently under evaluation.

Highlights of the Project include:

• Kwanika zones of higher-grade Cu-Au-Ag mineralization with strong lateral grade continuity
• Central Kwanika deposit comes to within 24 metres of surface.
• Drill-ready exploration targets with high potential to augment current mineral resources, including the Andesite Breccia Targets at Kwanika.
• Easy access via major logging roads and proximity to infrastructure including rail and power.
• An opportunity to study an alternative phased development approach targeting higher grade sub-domains within the current mineralization at Kwanika.
• PEA completed in 2023 (See: February 17, 2023 Kwanika PEA NI 43-101 Report), with the Company focused on delivering a new PEA targeting the higher-grade sub-domains.

Figure 1. Location of the Kwanika-Stardust Project

The ~35,700 ha Kwanka-Stardust project is 100% owned and is located 150 km north of Fort St. James in the Omineca Mining Division of north-central British Columbia (Figures 1, 2a, and 2b).

The property is accessible by road from Highway 16 at Fort St. James followed by well-maintained all-weather forest service roads.  Fort St. James, and Prince George are the closest populations centres to provide support and resources on the Kwanika-Stardust property. Prince George is a major commercial centre with major road, rail, and air links, as well as significant infrastructure and is a five-hour drive from the Kwanika Property.

Figure 2a. Kwanika claim map

Figure 2b. Stardust claim map

The Kwanika deposits are located along the western margin of the Quesnel Terrane, a Late Paleozoic to Early Jurassic island arc that hosts numerous calc-alkalic to alkalic Cu-Au porphyry deposits including the Copper Mountain, Mount Milligan and New Afton Cu-Au mines, the giant Highland Valley Cu-Mo mine, and NorthWest’s Lorraine – Top Cat Cu-Au-Ag±PGE porphyry project (Figure 3).

Figure 3. Location of the Kwanika-Stardust Project on the geological terrane map of British Columbia

Kwanika geology is dominated by Jurassic intrusions that are part of the Hogem batholith, to which Kwanika mineralization is related, emplaced into favourable Triassic Takla Group volcanic rocks. The Kwanika hydrothermal system and the Hogem intrusions are truncated on their west side by the Pinchi fault, a regional-scale dextral strike-slip structure. Mineral resources at Kwanika are hosted by the Central Zone, and the South Zone is located just 1.5 km to the southeast (Figure 4).

Figure 4. Map of the Kwanika-Stardust Project showing claim boundaries, geology, exploration targets, and location of Mineral Resources.

Kwanika Central: Mineralization in the Central deposit is hosted by Early Jurassic monzodiorite porphyry to diorite intrusions emplaced into Triassic-aged Takla Group volcanic rocks, which are cut by late-mineral diorite porphyry dykes. The deposit has a structurally controlled core of very high-grade Cu-Au-Ag mineralization characterized by disseminated and vein-hosted chalcopyrite ± bornite within intense K-feldspar alteration related to abundant quartz-sulphide veins (Figure 5). High-grade Cu-Au-Ag mineralization begins at top of bedrock in an open pit resource that extends continuously to depth to the west where bulk underground mining may be feasible. An extensive zone of Cu-Au-Ag mineralization of more moderate grade occurs in diorite intrusions and Takla Group volcanic rocks that surround the high-grade core.  The western part of the Central Zone is overlain nonconformably by Cretaceous-aged sedimentary rocks, which preserved a small tonnage of paleo-supergene copper mineralization at the top of the deposit.

Figure 5. Example of High-Grade Mineralization with Chalcopyrite and Bornite from the Kwanika Central Zone. KW-180 388.4 metres depth

Kwanika South: The South Zone deposit is a discrete Cu-Au-Mo-Ag porphyry deposit that is located approximately 1.5 km southeast of the Central Deposit open pit resource. In comparison to the Central deposit, the South Zone deposit is slightly younger, has a more polymetallic metal signature that includes significant molybdenum, and is hosted by a distinct, equigranular quartz monzonite intrusion. The South Zone deposit has an open pit resource that adds tonnage to the Kwanika-Stardust Project and remains open to expansion.

Stardust: The road-accessible Stardust deposit is located only 7 km northwest of the Kwanika Central deposit. It is hosted by the Late Paleozoic Cache Creek Terrane, which occurs west of the Pinchi Fault. Mineralization at Stardust deposit is related to the Eocene Glover Stock, a multiphase felsic intrusion emplaced into Cache Creek limestones and clastic sedimentary rocks.

Stardust is a high-grade Cu-Au carbonate replacement deposit (CRD) with significant opportunity for growth. Stardust occurs in one part of a 2.2 km long corridor that exhibits classic CRD zoning progressing from the northwest to the southeast through:

• Proximal Cu-Mo porphyry mineralization in the Glover Stock.
• High-grade Cu-Au resources in the 421 Zone and overlying Canyon Creek Zone skarns that replaced limestone and calcareous sedimentary rocks along the eastern margin of the Glover stock.
• Zn-Pb-Ag mantos and chimneys in the 4b, No. 3 and No. 2 Manto Zones.
• Peripheral Ag-Au epithermal mineralization in the No.1 Ag-Au ±Zn±Cu Vein Zone.

The current Mineral Resource for the Kwanika-Stardust project is from Jan 4, 2023 and represents an estimate based on large low-grade mineralized domains. We expect future Mineral Resource estimates will focus on a higher-grade mineralized domains with reasonable prospects of supporting additional mining methods representing a higher-grade sub-set of the current Mineral Resources.

Table 1: Kwanika-Stardust Mineral Resources – Jan 4, 2023.

Note 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.sedar.com .

In 2025, the exploration strategy changed to deliver value by focusing on higher grade zones withing the Kwanika mineralization. To reflect this new approach, we implemented a clear, and disciplined plan to advance the project. That plan was built around three priorities: (i) focusing on defining higher-grade domains within the existing mineralized system, (ii) advancing metallurgical work to improve metal recoveries, particularly for gold, and (iii) testing drill-ready targets near Kwanika.  Results from this strategy have met or exceeded expectations.

In April 2025, a new three-dimensional higher-grade target model for Kwanika was announced. The model utilized more than 95,000 metres of historical drilling, including about 12,000 metres excluded from the previous mineral resource. This model helped define the geometry, continuity, and geological controls of higher-grade targets. It also provided the foundation for what was a highly successful drill and metallurgical program in 2025, where two drill rigs completed 6,435 metres of drilling in 18 holes, including 15 holes at the Kwanika main deposit. The program successfully intersected higher-grade mineralization over significant widths.  Selected drill highlights include:

• 44 metres of 0.66% Cu and 2.81 g/t Au (3.18% CuEq )2 from 198 metres in K-25-269
• 34.8 metres of 1.03% Cu and 1.26 g/t Au (2.18% CuEq) from 191.1 metres in K-25-271
• 60 metres of 0.67% Cu and 2.12 g/t Au (2.57% CuEq) from 269 metres in K-25-280, and 
• 43 metres of 1.83% Cu and 1.28 g/t Au (3.01% CuEq) from 260 metres in K-25-283

Note 2: Copper equivalent or CuEq assumes metal prices of $2646/oz gold, $4.34/lbs copper, $29.73/oz silver and 90% recovery for all metals, calculated as follows: [Cu+100*((Au/31.1035*Au Price*90%)/(Cu Price*2204.62*90%)+(Ag/31.1035*Ag Price*90%)/(Cu Price*2204.62*90%))]. Recoveries were based on recent metallurgical results announced by the Company and adjusted lower to 90% for all metals to reflect potential variabilities.

2025 drill results confirmed the continuity of higher-grade mineralization over significant widths in both near-surface and underground zones. The outcome demonstrates growing understanding of the deposit.

Exploration remains an important part of the Kwanika story. In 2025, follow-up drilling on the Andesite Breccia target, a near-surface exploration target located close to the Kwanika main deposit. Drilling confirmed the presence of a mineralized system that remains open to the northwest and at depth that warrants follow-up. In addition, growing understanding of the broader Kwanika area has led to the identification of multiple additional new targets near Kwanika that, with exploration success, could complement future development scenarios.

In 2025, additional metallurgical testing was completed on higher-grade material to evaluate the benefits of fine grinding, flotation and tails leaching. The test work was encouraging with gold results achieving gold recoveries of ~94.6%-96.3% and silver recoveries of ~96.3%, while maintaining excellent copper recoveries at ~88.9% to 90.2%.