Nicholas Campanella

Aidan Kelly

Ross Fowler

Brian Russo

Christopher Ellinghaus

Alex Motel

Anthony Crowdell

Dylan Line

Jonathan Reeder

Matthew Davis

Shahriar Pourreza

- NorthWestern Energy reported strong **third-quarter 2025** financial results, with **revenue reaching $387 million** and adjusted earnings of **$0.79 per share**, exceeding analyst expectations.  **[1993004_5f35548ac85f4f0ca9a881b2a7632e54]** 
- The company reaffirmed its full-year earnings guidance and maintained a **4–6% EPS growth target**, supported by a **$2.7 billion investment plan through 2029**.  **[1993004_5f35548ac85f4f0ca9a881b2a7632e54]** 
- NorthWestern recently completed the acquisition of Energy West, adding **33,000 customers**, and announced plans to merge with Black Hills Corporation, with regulatory approvals expected by **late 2026**.  **[1993004_5f35548ac85f4f0ca9a881b2a7632e54]**

NorthWestern Energy Reports Strong Q3 Results, Advances Merger Plans

- NorthWestern Energy Group, Inc. reported **Third Quarter 2025 Diluted GAAP EPS of $0.62** and **Adjusted Diluted Non-GAAP EPS of $0.79**.  **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:0]** **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:3]** 
- The company **affirmed its 2025 earnings guidance range of $3.53 to $3.65** per diluted share, along with a **4% to 6% long-term EPS and rate base growth rate**.  **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:0]** **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:1]** 
- A **quarterly common stock dividend of $0.66 per share** was declared, payable on December 31, 2025.  **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:0]** **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:1]** 
- The **all-stock merger of equals with Black Hills Corporation** is anticipated to close in the **second half of 2026**, and the **acquisition of Energy West's natural gas operations** was completed on July 1, 2025, for approximately **$35.9 million**.  **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:0]** **[1993004_0001993004-25-000186_ex991pressreleaseq32025.htm:3]**

NorthWestern Energy Reports Q3 2025 Financial Results and Affirms 2025 Guidance

- NorthWest Copper Corp. reported assay results from the second hole (K-25-272) of its 2025 diamond drilling program at Kwanika, highlighted by an intersection of **16.9 metres grading 1.37% copper equivalent (CuEq)**.  **[1993004_819b58231a2e4be08bedc45f7a87630e_0]** 
- The drill hole K-25-272 extended the higher-grade mineralization down dip by **50 metres**, confirming continuity and potential for further expansion at depth in both the Central and Western Zones.  **[1993004_819b58231a2e4be08bedc45f7a87630e_0]** **[1993004_819b58231a2e4be08bedc45f7a87630e_1]** **[1993004_819b58231a2e4be08bedc45f7a87630e_3]** 
- Other significant intersections include **28.0 metres of 0.73% CuEq** in the Pit Zone, **20.3 metres of 1.12% CuEq** in the Central Zone, and **22.0 metres of 1.07% CuEq** in the Western Zone.  **[1993004_819b58231a2e4be08bedc45f7a87630e_0]** **[1993004_819b58231a2e4be08bedc45f7a87630e_3]** 
- These results, combined with the first hole's findings, validate the company's high-grade Target Model at Kwanika, aiming to enhance project economics beyond the 2023 Preliminary Economic Assessment (PEA).  **[1993004_819b58231a2e4be08bedc45f7a87630e_0]** **[1993004_819b58231a2e4be08bedc45f7a87630e_1]**

NorthWest Copper announces drill results from Kwanika project

- **NorthWest Copper** announced the first assay results from its **2025 Kwanika diamond drilling program**, with drill hole **K-25-269** intersecting higher-grade mineralization in the Central and Western Zones.  **[1993004_a6c6be52db304a18853525167b751c43_0]** 
- Key results from the Central Zone of hole K-25-269 include **44.0 metres of 0.66 % Cu and 2.81 g/t Au** from 198.0 metres downhole, and **12.0 metres of 1.01 % Cu and 0.41 g/t Au** from 246.0 metres downhole.  **[1993004_a6c6be52db304a18853525167b751c43_0]** 
- The **2025 Kwanika drill program** is planned to complete **5,135 metres across 17 drill holes** to confirm and expand the higher-grade target model, with the potential to enhance Kwanika project economics.  **[1993004_a6c6be52db304a18853525167b751c43_1]**

NorthWest Copper Announces First Drill Results from 2025 Program

- On **September 29, 2025**, NorthWestern Energy Group, Inc. (NWE) amended its Term Loan Credit Agreement, increasing the total commitment to **$150 million** from the previous $100 million, with the company having already borrowed the full amount.  **[1993004_0001993004-25-000174_nwe-20250929.htm:2]** 
- **Mizuho Bank, Ltd.** was added as a lender, joining U.S. Bank National Association, which remains the administrative agent.  **[1993004_0001993004-25-000174_nwe-20250929.htm:2]** **[1993004_0001993004-25-000174_exh101amendmentno3.htm:6]** 
- The unsecured Term Loan, which bears a variable annual interest rate based on SOFR, is due on **April 10, 2026**, and its proceeds are designated for **general corporate purposes**.  **[1993004_0001993004-25-000174_nwe-20250929.htm:2]** 
- A primary financial covenant for the Term Loan mandates that the consolidated debt to total capitalization ratio must not exceed **65 percent**.  **[1993004_0001993004-25-000174_nwe-20250929.htm:2]** 
- The document also notes the company's planned merger with River Merger Sub Inc., which will result in NWE becoming a wholly owned subsidiary of Black Hills Corporation, as per an agreement dated August 18, 2025.  **[1993004_0001993004-25-000174_exh101amendmentno3.htm:55]**

NorthWestern Energy Group Amends Term Loan, Increases Commitment to $150 Million

- NorthWestern Energy reaffirmed its **2025 Non-GAAP EPS guidance of $3.53 to $3.65 per diluted share** and its long-term **EPS growth rate of 4% to 6%** from a 2024 base.  **[1993004_0001993004-25-000166_nwe-20250903.htm:1]** **[1993004_0001993004-25-000166_exh991pres25.htm:4]** 
- The company forecasts **$2.74 billion in capital investment over the next five years** (2025-2029), expected to drive 4%-6% annualized earnings and rate base growth, with **no equity expected to fund this plan**.  **[1993004_0001993004-25-000166_exh991pres25.htm:1]** **[1993004_0001993004-25-000166_exh991pres25.htm:4]** **[1993004_0001993004-25-000166_exh991pres25.htm:9]**  S&P upgraded its outlook to **Positive** on August 19, 2025.  **[1993004_0001993004-25-000166_exh991pres25.htm:4]** 
- NorthWestern Energy will acquire **592 MW of additional Colstrip capacity at no cost** by January 2026, increasing its ownership to **55%**.  **[1993004_0001993004-25-000166_exh991pres25.htm:7]** **[1993004_0001993004-25-000166_exh991pres25.htm:8]**  The company also announced Letters of Intent with three large data center customers, projecting loads of **50 MW (growing to 250 MW), 75 MW (growing to 150 MW), and 175 MW (growing to 500 MW by 2030)**.  **[1993004_0001993004-25-000166_exh991pres25.htm:5]** 
- The company expects to pay **minimal cash taxes into 2028** due to NOLs and tax credits.  **[1993004_0001993004-25-000166_exh991pres25.htm:4]**  It targets a long-term **dividend payout ratio of 60%-70%** and a **debt to capitalization ratio of 50%-55%**.  **[1993004_0001993004-25-000166_exh991pres25.htm:1]**

NorthWestern Energy Reaffirms 2025 EPS Guidance and Outlines Strategic Growth Initiatives

- NorthWest Copper Corp. has **completed** its non-brokered critical mineral flow through private placement financing, raising an aggregate total of **$4.1 million** in gross proceeds.  **[1993004_0cdaa3b86bd84cffb0f378cfb67d8cab_0]** 
- The financing was upsized for a second time, with the final tranche contributing **$0.9 million** from the sale of **887,490 units** at **$0.225 per unit**.  **[1993004_0cdaa3b86bd84cffb0f378cfb67d8cab_0]** 
- The proceeds will fund the **2025 exploration drilling and metallurgical programs** at Kwanika Central and nearby targets, including a **5135 m drill program**.  **[1993004_0cdaa3b86bd84cffb0f378cfb67d8cab_0]** 
- Each unit includes one flow-through common share and one-half non-transferable common share purchase warrant, exercisable at **$0.34** until **August 22, 2027**.  **[1993004_0cdaa3b86bd84cffb0f378cfb67d8cab_0]**

NorthWestern Energy Group (NWE)