What you need to know: • NWST is focused on optimizing its flagship Kwanika-Stardust Project in BC to outline improved capital efficiency and economics. • After updating the Central Kwanika resource in March, targeting higher-grade zones, among additional plan improvements, the mid-2026 updated PEA will be a key catalyst. • The Company holds a strong portfolio of proximal copper-focused projects in an established region of BC, offering significant synergies. • NWST trades at US$0.02/lb CuEq versus peers at US$0.04/lb. NorthWest Copper Corp. (NWST:TSXV) is a Canadian exploration and development company with an extensive portfolio of copper-focused assets in a prolific region within a top mining jurisdiction in British Columbia. The Company is focused on optimizing development plans at its flagship Kwanika-Stardust Project, where it is targeting an updated PEA mid-year following recent initiatives. The PEA will be a critical catalyst for NWST in the coming months, which is anticipated to outline stronger economics versus the 2023 study. NorthWest’s portfolio also includes the Lorraine Project with a 2023 MRE, and several exploration-stage assets, including the recently discovered East Niv Project. We are initiating coverage on NorthWest Copper with a BUY rating and target price of $0.60/share. Investment Thesis Summary Re-Envisioning Kwanika-Stardust. NWST is focused on a higher-grade, higher-margin, and more capital-efficient development of its flagship Kwanika-Stardust asset. The 2023 PEA outlined an NPV7% of $215M and an IRR of 12.7% - now largely obsolete following NWST’s recent initiatives. NWST updated the Kwanika Central MRE in March, defining a smaller, higher-grade mineral resource that uses materially improved recoveries and a top-down sub-level caving mining method, which is anticipated to improve economics. Recent positive sorting test work will be considered in the updated PEA to provide potential further economic benefits. Mid-2026 PEA Update will be Pivotal. Given the success to date in optimizing Kwanika, we anticipate the updated PEA could mark an inflection. The 2023 PEA included initial capex of ~$568M and an 8.0Mtpa processing facility with average LOM production of ~90Mlbpa CuEq. NWST is targeting a downsized, more capital efficient, 2.5Mtpa processing facility, with potential to yield higher margins with higher grades and recoveries. This is expected to include a starter pit to accelerate early cash flows, while minimizing upfront capex with the change in mining method. With few Cu-Au development projects offering a sub-billion-dollar capex, we expect the PEA to highlight strong margins and manageable capital.