Northway and Kenorland File Information Circular and Confirm Meeting Date for Proposed Transaction

Meeting Details

The Transaction and matters associated with the Transaction, including the adoption of a long term incentive plan and certain amendments to Northway's stock option plan, will be submitted to shareholders for approval at a special general meeting to be held virtually on December 29, 2020 (the "Meeting").

In light of the ongoing public health concerns related to COVID-19, and based on government recommendations to avoid large gatherings, neither Northway nor Kenorland will be permitting attendance in person at the Meeting. Shareholders are urged to vote on the matters before the Meeting by proxy and to listen to the Meeting online. Registered shareholders or proxyholders representing registered shareholders participating in the Meeting virtually will be considered to be present in person at the Meeting for the purposes of determining quorum. Non-registered shareholders who have not duly appointed themselves as a proxyholder will be able to attend the Meeting as a guest, but will not be able to vote at the Meeting.

In order to dial into the Meeting, shareholders will phone 1-778-907-2071 and enter the Meeting ID and Password noted below. In order to access the Meeting through Zoom, shareholders will need to download the application onto their computer or smartphone and then once the application is loaded, enter the Meeting ID and Password below or open the following link:

https://us02web.zoom.us/j/89745568058?pwd=c3J5WlJtTHFsbkRySmFOMmhTbjcyZz09

Shareholders will have the option through the application to join the video and audio or simply view and listen.

Meeting ID: 897 4556 8058

Password: 448075

Time for Closing

The Transaction is expected to close shortly following the Meeting and before December 31, 2020, with Northway changing its name to "Kenorland Minerals Ltd." in connection therewith (the "Resulting Issuer") with trading in the Resulting Issuer's common shares re-commencing in January 2021 under a new trading symbol.

The TSX Venture Exchange (the "Exchange") has NOT yet conditionally approved the Transaction or the listing of the Resulting Issuer Shares resulting therefrom. Acceptance of the Transaction by the Exchange will be subject to Northway fulfilling all of the requirements of the Exchange. There can be no assurances that the Exchange will approve the Transaction or the listing of the Resulting Issuer.

Trading Halt

The common shares of Northway continue to be halted from trading, and the trading of the Northway shares is expected to remain halted pending completion of the Transaction.

Information Concerning Kenorland

Kenorland is a private mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland's business model is project generation focused on early to advanced stage exploration assets and advancing those projects through joint ventures with other mining companies. The company currently holds three properties where work is being completed under an earn-in agreement from third parties. The Frotet and Chicobi Projects, which are both located in Quebec, Canada, are optioned to Sumitomo Metal Mining Canada Ltd. and the Chebistuan Project, also located in Quebec, is optioned to Newmont Mining. The company also owns 100% of the advanced stage Tanacross porphyry Cu, Au, Mo project in Alaska, USA. Additional information concerning Kenorland is available at www.kenorlandminerals.com.

Forward-Looking Statements

This news release contains certain "forward looking statements" including, for example, statements relating to the completion of the Transaction and the receipt of all necessary approvals therefore. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the ability of Northway and Kenorland to complete the Transaction, the state of the capital markets, the impact of the COVID-19 pandemic, the ability of the Resulting Issuer to successfully manage the risks inherent in pursuing business opportunities in the mining industry, and the ability of the Resulting Issuer to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business. Any forward-looking statement reflects information available to Northway and Kenorland as of the date of this news release and, except as may be required by applicable securities laws, Northway and Kenorland disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

For more information visit our website www.northwayresources.com

On behalf of the Board of Directors

Zachary Flood
President and Chief Executive Officer

Telephone: (604) 363-1779

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable pursuant to TSX-V requirements, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Northway should be considered highly speculative.

The TSX-V has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.