NorthWest Reports Significant Improved Recoveries for Gold at Kwanika Ranging from 94.6%-96.3%
TORONTO, Jan. 21, 2026 - Northwest Copper Corp. ("NorthWest" or the "Company") (TSX-V: NWST) is pleased to report successful results from its 2025 metallurgical program at its Kwanika project, adding to the positive results from the 2025 drilling. The program tested higher-grade1 zones and demonstrated material improvements in recoveries of 34% for gold and 37% for silver. These results will be reflected in an updated mineral resource at Kwanika in the first quarter followed by a new Preliminary Economic Assessment ("PEA") targeted for mid 2026.
The positive results confirm that a refined flow sheet, including leaching, can deliver substantially improved precious metal recoveries compared to recoveries of higher-grade material used in the 2023 PEA2. Gold recoveries ranging from ~94.6% to 96.3% and silver recoveries of ~96.3% can be achieved, while maintaining strong copper recovery ranging from ~88.9% to 90.2%.
Compared to higher-grade zones tested in the 2023 PEA3, flotation recoveries are similar for copper, 7% higher for gold, and 14% higher for silver. However, when combined with flotation tails leaching, overall recoveries increase materially by 34% for gold and 37 % for silver. These results highlight the potential to meaningfully enhance overall project performance.
Paul Olmsted, CEO of NorthWest commented: "We are extremely pleased with the results from the metallurgical test work, which demonstrate the opportunity to materially improve recoveries at Kwanika. In early 2025, we refined our strategy at Kwanika to prioritize higher-grade zones within the existing mineral resource and executed exploration and metallurgical programs to test potential benefits. Drill results from the 2025 program have consistently demonstrated higher grades over significant widths. When combined with these recovery results, the work exceeded our expectations and aligns with our objective of supporting a more economically compelling open pit and underground development plan than that presented in the 2023 PEA. We look forward to reflecting the successful outcomes in an updated PEA, targeted for mid 2026."
Test Work Result Highlights
- Significantly higher recoveries from higher-grade material compared to previous test work:
| Metal | Concentrate Recovery4 | Leaching Recovery | Total Recovery | |||
| Copper | 88.9%-90.2% | - | 88.9%-90.2% | |||
| Gold | 75.4%-77.1% | 19.2% | 94.6%-96.3% | |||
| Silver | 79.9% | 16.4% | 96.3% | |||
- Attractive concentrate grades ranging from 22.7%-26.2% copper containing gold at 37.9-42.6 g/t, silver at 71.6 g/t and palladium at 1.1 g/t.
- Demonstrated that conventional processing methods, including ball mill grinding, flotation and tails leaching can be used to materially improve overall metal recoveries.
Geoff Chinn, VP Business Development and Exploration added: "This year's metallurgical program focused on higher-grade underground mineralized zones and successfully demonstrated improved gold and silver recoveries using conventional flotation and leach processing. These improvements were achieved through finer grinding than previously tested and by modifying the flowsheet to address the mineralization more appropriately. The metallurgical program was also expanded to include additional variability testing, reflecting our improved understanding of metal zonation from copper-dominant to gold-dominant zones within the mineralization, as informed by our 2025 drill program. These results support our objective of evaluating a more selective bulk underground mining method at Kwanika and will also inform our planned drilling program for 2026. Importantly, test work reported in the 2023 PEA indicated that concentrates were not anticipated to incur smelter penalties."
Metallurgical Program
On September 22, 2025, the Company announced that it had engaged Canenco Consulting Corp. ("Canenco") to design and manage a follow-up metallurgical testing program at Kwanika. Canenco identified gaps in previous metallurgical test work and designed a program to evaluate copper and gold recoveries at grind sizes finer than those used in the 2023 PEA, but at levels still achievable with conventional ball milling. The program also included leach testing of flotation tailings to assess opportunities to further improve gold recovery, as well as an evaluation of ore sorting as a potential pre-treatment option to provide further additive benefits.
During the summer of 2025, a total of 312 kg of NQ and HQ sized half core material was collected from 2021 and 2022 drill core, representing low-angle intersections in the Central and Western zones at Kwanika. Five holes from different areas of the deposit were sampled to produce a representative composite of higher-grade zones at depths greater than 300 meters down hole. The drill holes sampled were K-21-206, K-21-216, K-21-222, K-22-242, and K-22-255.
The samples were shipped to Intertek Base Met Labs in Kamloops, where testing was conducted under the supervision of Canenco. Following completion of the initial flotation testing and optimization of the process flowsheet, the program was expanded to include additional variability testing of additional metallurgical zones, sourced from historical samples, through the same processing circuit.
Results from the testing of this material from Kwanika, presented in this press release, demonstrate the merits of the program and indicate that meaningful improvements in both copper, gold and silver recoveries can be achieved through conventional processing methods.
Process Flowsheet Schematic
The composited sample was ground to a primary grind P80 of approximately 53 microns, which is achievable with conventional ball mills. After some initial tests, it was determined that the majority of the copper mineralisation floated quickly, and that other mineralisation would be better dealt with in its own bulk circuit. With a better understanding of the mineralogy and additional tests, it was observed that treating the two different mineralogy's separately significantly improved overall recoveries. With the majority of the copper mineralization being removed to concentrates, the next logical step was leaching of tailings as potential reagent consumption would likely be minimized given lower copper content.
Figure 1: Optimized Process Flowsheet Schematic
Flotation and Leach Test Results
Metallurgical test results are summarized in Table 1 at each of the key processing stages, where two separate circuits of flotation produce a copper concentrate and a bulk concentrate followed by leaching two separate tailings streams, referred to as the cleaner and rougher tail streams. Additional processing and test results are provided in Table 2 for completeness.
Table 1: 2025 Metallurgical Test Results Summary5 6 7
| Mass Pull (%) | Cu (%) | Au (g/t) | Ag (g/t) | Cu Rec. (%) | Au Rec. (%) | Ag Rec. (%) | CN (kg/t) | |
| Metallurgical Sample | ||||||||
| Head Grade | - | 0.88 - 0.91 | 1.72-1.78 | 3.0-3.6 | - | - | - | |
| Flotation Concentrate | ||||||||
| Cu Concentrate | 2.8 - 3.3 | 28.1 - 24.0 | 39.8 - 45.4 | 75.9 | 88.1-88.4 | 74.3-75.0 | 78.3 | |
| Bulk Concentrate | 0.2 - 0.3 | 3.1 - 5.9 | 8.1 - 13.7 | 18.4 | 0.8 - 1.7 | 1.1 - 2.1 | 1.6 | |
| Cu + Bulk Concentrate | 3.0 - 3.6 | 22.7-26.2 | 37.9 - 42.6 | 71.6 | 88.9 - 90.2 | 75.4 - 77.1 | 79.9 | |
| Leaching Tails | ||||||||
| Cleaner Tails | 11.9 - 12.9 | - | 1.06 - 2.15 | 0.54 | - | 7.0 | 1.9 | 0.92 |
| Rougher Tails | 83.5 - 85.1 | - | 0.34 - 0.36 | 0.61 | - | 12.2 | 14.5 | 0.86 |
| Cleaner + Rougher Tails | 96.4 - 97.0 | 19.2 | 16.4 | 1.78 | ||||
| Flotation + Leach | ||||||||
| Combined Total | 88.9 - 90.2 | 94.6 - 96.3 | 96.3 |
Table 2: Additional Metallurgical Processing Parameters and Test Results
| Parameter | Unit | Value |
| Grind - Primary ~P80 - Rougher | micron | 53 |
| Grind - Regrind ~P80 - Cleaner | micron | 11-18 |
| Cu Rougher Mass Pull | % | 8.2 - 12.8 |
| Bulk Rougher Mass Pull | % | 4.9 - 5.4 |
| Pd in Cu + Bulk Concentrate | g/t | 1.1 |
| Au Rec. - Cleaner Tails Leach | % | 90.2 |
| Au Rec. - Rougher Tails Leach | % | 80.7 - 85.3 |
| Ag Rec. - Cleaner Tails Leach | % | 90.2 |
| Ag Rec. - Rougher Tails Leach | % | 80.7 |
Technical aspects of this news release have been reviewed, verified, and approved by Geoff Chinn, P.Geo., VP Business Development and Exploration for NorthWest, and Stacy Freudigmann P.Eng., F.Aus.IMM, CEO of Canenco who are qualified persons as defined by National Instrument 43-101 - Standards of Disclosure for Minerals Projects.
About NorthWest:
NorthWest is a copper-gold exploration and development company with a pipeline of advanced and early-stage projects in British Columbia, including Kwanika-Stardust, Lorraine-Top Cat and East Niv. With a robust portfolio in an established mining jurisdiction, NorthWest is well positioned to participate fully in strengthening global copper and gold markets. The Company is committed to responsible mineral exploration, working collaboratively with First Nations to help ensure future development incorporates stewardship best practices and respects traditional land use. Additional information can be found on the Company's website at www.northwestcopper.ca.
On Behalf of NorthWest
"Paul Olmsted"
CEO, NorthWest Copper
For further information, please contact:
416-457-3333
info@northwestcopper.ca
Neither the TSXV 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 Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to statements with respect to; plans and intentions of the Company; proposed exploration and development of NorthWest's exploration property interests; the Company's ability to finance future operations; mine plans; magnitude or quality of mineral deposits; the development, operational and economic results of current and future potential economic studies; adding the Lorraine resource to the Kwanika-Stardust Project; the Company's goals for 2025; geological interpretations; the estimation of Mineral Resources; anticipated advancement of mineral properties or programs; future exploration prospects; the completion and timing of technical reports; future growth potential of NorthWest; and future development plans.
All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest can give no assurance that such expectations will prove to be correct. Forward-looking information involves 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 information, including the risks, uncertainties and other factors identified in NorthWest's periodic filings with Canadian securities regulators. Forward-looking information 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 information. 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; 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.com).
Forward-looking information is based on estimates and opinions of management at the date the information is made. NorthWest does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.
1 "High-grade" or "higher-grade" in this news release means intervals or grades greater than 1.0% CuEq.
2 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.sedarplus.com.
3 Comparison uses average underground mill recoveries in Table 22-1 of the 2023 PEA as a reasonable comparison: Cu 89.7%, Au 71.4% and Ag 70.3%.
4 Weighted average of a combined copper and bulk concentrate.
5 Sample mass of 312 kg harvested from half core in five drill holes (K-222, 216, 255, 242, 206)
6 CN consumption expressed as kg/t mill feed
7 Metal recoveries for leaching are reported on an incremental basis
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62b07357-0f09-4e1c-9028-2264c6ae6ca0
