Mr. Dan McConnell reports

THE NORTH WEST COMPANY INC. ANNOUNCES RENEWAL OF ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted notice of North West Company Inc.'s intention to make a normal course issuer bid (NCIB) for a portion of its common voting shares and variable voting shares as appropriate opportunities arise from time to time. The board of directors of the company believes that the purchase by the company of a portion of its outstanding shares may from time to time be an appropriate use of available resources and in the best interests of the company.

Pursuant to the NCIB notice filed with the TSX, the company may acquire up to a maximum of 4,752,020 of its shares, or approximately 10 per cent of its public float as of Nov. 13, 2025, for cancellation over the next 12 months. As of Nov. 13, 2025, the company had 47,736,757 issued and outstanding shares. The actual number of shares that may be purchased pursuant to the NCIB will be determined by management of the company, subject to applicable law and the rules of the TSX.

Purchases under the NCIB will be made through the facilities of the TSX or through Canadian alternative trading systems and in accordance with applicable regulatory requirements at a price per share equal to the market price at the time of acquisition. The number of shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 35,865 (which is equal to approximately 25 per cent of 143,460, being the average daily trading volume of the shares during the past six calendar months), subject to the company's ability to make one block purchase of shares per calendar week that exceeds such limits.

In connection with the NCIB, the company has established an automatic securities purchase plan with its designated broker to facilitate the purchase of shares under the NCIB at times when the company would ordinarily not be permitted to purchase its shares due to regulatory restrictions or self-imposed blackout periods. Under the plan, before entering a self-imposed blackout period, North West may, but is not required to, ask the designated broker to make purchases under the NCIB within specified parameters. Outside of the predetermined blackout periods, Shares may be purchased under the NCIB based on the discretion of the company's management, in compliance with TSX rules and applicable securities laws. The company may elect to suspend or discontinue its NCIB at any time. The automatic securities purchase plan will be effective as of Nov. 25, 2025.

All shares purchased under the NCIB will be cancelled upon their purchase. The company intends to finance the purchases out of its available resources. The company may begin to purchase shares on Nov. 25, 2025, and the NCIB will terminate on Nov. 24, 2026, or such earlier date as the company completes its purchases pursuant to the NCIB or provides notice of termination.

The NCIB follows the company's normal course issuer bid for the 12 months ending Nov. 20, 2025. Under the 2025 NCIB, the company had obtained approval to purchase up to 4,765,289 shares. The 2025 NCIB commenced on Nov. 21, 2024, and expired on Nov. 20, 2025. Within the past 12 months, under the 2025 NCIB, the company repurchased and cancelled 197,899 shares at an average price of $47.63 per share through the facilities of the TSX and alternative Canadian trading systems.

About North West Company Inc.

North West Company, through its subsidiaries, is a leading retailer of food and everyday products and services to rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean. North West operates 229 stores under the trading names Northern, NorthMart, Giant Tiger, Alaska Commercial Company, Cost-U-Less and RiteWay Food Markets and has annualized sales of approximately $2.6-billion.

The common shares of North West trade on the TSX under the symbol NWC.

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