Norhwest Copper names Omsted as CEO, shares rise
Northwest Copper Corp. [NWST-TSXV] has announced the appointment of Paul Olmsted as CEO. He is also joining the company’s board of directors, effective immediately.
The shares advanced on the news, rising 3.3% or $0.005 to 15.5 cents, and trade in a 52-week range of 29 cents and 10.5 cents.
Northwest Copper is a copper-gold explorer with a pipeline of advanced and early-stage projects in British Columbia, including Kwanika-Stardust, Lorraine-Top Cat, and East Niv.
The company said Olmsted brings over 30 years of experience in the mining industry, with a proven track record of project evaluation, development, financing and strategic leadership. Prior to joining Northwest Copper, from 2016 to 2023, he was the chief financial officer of Superior Gold Inc., and was actively involved in the acquisition of an intermediate gold producer, followed by an initial public offering, and ultimately leading the company through a business combination sale in 2023. In an earlier role, he was the senior vice-president, corporate development at Iamgold Corp. [IMG-TSX, IAG-NYSE] from 2002 to 2014, leading the company’s business development activities with total transactions valued at $10 billion.
“His extensive background in project evaluation and development aligns perfectly with Northwest Copper’s commitment to advancing its high-quality copper and gold assets in British Columbia,’’ the company said in a press release.
“The Kwanika-Stardust and Lorraine-Top Cat projects represent some of the most promising opportunities in British Columbia and globally,’’ Olmsted said.
The Lorraine-Top Cat Project covers 65,000 hectares and is located in north-central British Columbia, 280 kilometres northwest of Prince George, and approximately 45 kilometres north of Northwest’s Kwanika-Stardust Project. The project consists of the contiguous Lorraine and Top Cat properties.
The company recently acquired 100% ownership of the Top Cat claims, subject toa 3.0% net smelter royalty. The company has the option to purchase 2.0% of the NSR for $2.0 million at any time prior to the first anniversary of commercial production on the Top Cat property.
Approximately 800 metres of drilling was completed in July 2024 at the regional Nova and Road IP Targets. The objective of the program was to expand known mineralization to areas outside of the Lorraine mineral resource estimate which currently stands at 12.9 million tonnes of grade 0.55% copper and 0.16 g/t gold (indicated) and 45.2 million tonnes of grade 0.43% copper and 0.10 g/t gold (inferred) at 0.20% copper grade cut-off. The program was successful in its objective as it discovered mineralization in two previously un-drilled target areas.
Northwest Copper is the product of the merger of Serengeti Resources and Sun Metals Corp. and is led by Peter Ball, a geologist who previously spend 13 years with Newmont Corp., [NGT-TSX, NEM-NYSE], the world’s leading gold producer,
The transaction was designed to consolidate the contiguous copper-gold exploration and development assets that included Serengeti’s Kwanika project and Sun Metals’ Stardust project.