News Summary
On December 10, 2025, NorthWest Copper reported additional positive drill results from three holes of its 2025 program at the Kwanika copper-gold project in British Columbia. The results continue to define and expand near-surface, higher-grade zones within the project’s Pit Zone.
The highlight was from hole K-25-275, which intersected 58 metres of 0.96% copper and 1.04 g/t gold (1.92% CuEq) starting from a depth of 94 metres. Other significant intercepts included 50.5 metres of 0.92 g/t gold from 29.5 metres in the same hole, and 70 metres of 0.95 g/t gold from 52 metres in hole K-25-284.
Management stated that these results validate the 2025 drill program’s objective of improving the understanding of higher-grade mineralization. This work, combined with upcoming metallurgical results, is expected to support a higher-quality mineral resource estimate and a more capital-efficient development plan in an updated Preliminary Economic Assessment (PEA).
Material Impact
The news is materially positive as it successfully continues to execute on the company’s stated strategy and de-risks the Kwanika project.
– Strategic Execution: In early 2025, the company shifted its strategy to focus on defining higher-grade zones at Kwanika to improve the economics of the 2023 PEA. After raising approximately $4.6 million in mid-2025, the company commenced a drill program in September. The results since October 6 have been consistently strong, and this latest release is a continuation of that success. It demonstrates management’s ability to execute its plan.
– Confirms Geological Model: The results validate the “Higher-Grade Target Model” announced on April 10, 2025. Consistently hitting significant mineralization where predicted increases confidence in the geological interpretation and reduces exploration risk. The definition of multiple, discrete higher-grade zones at shallow depths (Pit Zone 5, Pit Zone 10) is a key step toward delineating a potential starter pit.
– Supports PEA Update: Each successful drill result provides a crucial data point for the planned updated Mineral Resource Estimate (MRE) and subsequent PEA, which are the primary catalysts for the company. The goal is to demonstrate a more robust, lower-capex, staged development plan than the one outlined in the 2023 PEA. These near-surface, high-grade results directly support that objective.
– Market Context: The stock price rallied significantly from September to early October (from ~$0.22 to a high of $0.58) on the back of the initial drill results. The price has since pulled back to the $0.37 level. This news should provide strong support for the share price and reinforces the positive exploration narrative, justifying the market’s earlier re-rating. While not a singular game-changing hole, it is part of a series of materially positive results that are fundamentally improving the project’s potential.
Catalysts
– Remaining 2025 Drill Results: The 2025 drill program was planned for 6,435 metres. Several batches of results have been released, but more are still pending. Continued success will further de-risk the project.
– Metallurgical Test Results: The company initiated a metallurgical program in September 2025 aiming to improve recoveries, particularly for gold (which was only ~66% in the 2023 PEA). Positive results here could have a significant impact on the project’s future economics.
– Updated Mineral Resource Estimate (MRE): The culmination of the 2025 drill program will be an updated MRE. This will be a key milestone and a prerequisite for the updated PEA.
– Cash Position and Financing: Based on the Q3 2025 financials (Sept 30), the company had $3.6M in cash. With a high burn rate due to the active drill program and G&A, another financing will be required in the first half of 2026 to fund the updated PEA and further work. The terms of this next financing will be critical.
Materiality Conclusion
The news is Material – Positive. It is not a standalone discovery but a crucial and successful step in a well-defined strategic plan. The results strengthen the investment thesis by consistently demonstrating high-grade mineralization, confirming the geological model, and providing essential data to support a potentially much-improved economic study for the Kwanika project.
