Nicholas Campanella

Aidan Kelly

Ross Fowler

Brian Russo

Christopher Ellinghaus

Alex Motel

Anthony Crowdell

Dylan Line

Jonathan Reeder

Matthew Davis

Shahriar Pourreza

- 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]**

NorthWest Copper Completes Upsized Flow Through Financing

NorthWestern Energy Group (NWE)