New Risk • Mar 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Revenue is less than US$1m (AU$49k revenue, or US$34k). Market cap is less than US$10m (AU$14.1m market cap, or US$9.91m). Announcement • Jan 20
Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.4m market cap, or US$8.74m). Announcement • Oct 18
Norwest Minerals Limited, Annual General Meeting, Nov 17, 2025 Norwest Minerals Limited, Annual General Meeting, Nov 17, 2025. Recent Insider Transactions • Aug 08
Non-Executive Director recently bought AU$429k worth of stock On the 5th of August, Yew Fei Chee bought around 25m shares on-market at roughly AU$0.017 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$728k more in shares than they have sold in the last 12 months. Announcement • Aug 06
Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.049723 million. Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.049723 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 61,748,389
Price\Range: AUD 0.017 Recent Insider Transactions • Jun 03
Non-Executive Director recently bought AU$299k worth of stock On the 26th of May, Yew Fei Chee bought around 30m shares on-market at roughly AU$0.01 per share. This transaction increased Yew Fei's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 114% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (114% increase in shares outstanding). Revenue is less than US$1m (AU$564 revenue, or US$363). Market cap is less than US$10m (AU$7.46m market cap, or US$4.81m). Announcement • Apr 30
Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 4.851195 million. Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 4.851195 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 300,000,000
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 185,119,510
Price\Range: AUD 0.01
Transaction Features: Rights Offering New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.0m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m (AU$564 revenue, or US$357). Market cap is less than US$10m (AU$5.82m market cap, or US$3.68m). New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.73m market cap, or US$5.68m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Oct 21
Norwest Minerals Limited, Annual General Meeting, Nov 19, 2024 Norwest Minerals Limited, Annual General Meeting, Nov 19, 2024. Announcement • Jul 27
Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.522 million. Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 2.522 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 97,000,000
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Jul 16
Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 2.522 million. Norwest Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 2.522 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 97,000,000
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Apr 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m (AU$536 revenue, or US$355). Minor Risk Market cap is less than US$100m (AU$17.1m market cap, or US$11.3m). New Risk • Apr 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 57% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m (AU$536 revenue, or US$355). Market cap is less than US$10m (AU$12.4m market cap, or US$8.23m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Feb 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 10.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$10.3m market cap, or US$6.73m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Feb 15
Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.076 million. Norwest Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1.076 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,800,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Feb 14
Norwest Minerals Limited (ASX:NWM) agreed to acquire Four West Aruna tenements from Amery Holdings Pty Ltd. Norwest Minerals Limited (ASX:NWM) agreed to acquire Four West Aruna tenements from Amery Holdings Pty Ltd on February 14, 2024. Norwest Minerals Limited (ASX:NWM) will issue 1 million shares on or before February 15, 2024 and 17 million shares within 2 days of capital raising. Norwest Minerals Limited (ASX:NWM) will pay AUD0.25 million in cash by February 29, 2024. Norwest Minerals Limited will issue 9 million options within 2 days of shareholder approval. If shareholder approval not given, there is no obligation on NWM to issue options. Norwest Minerals Limited (ASX:NWM) will raise AUD 1.076 million for the acquisition. Announcement • Oct 24
Norwest Minerals Limited, Annual General Meeting, Nov 24, 2023 Norwest Minerals Limited, Annual General Meeting, Nov 24, 2023, at 10:30 W. Australia Standard Time. Location: The Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To receive and consider the Annual Financial Statements, the Directors' Report and Audit Report of the Company and its Controlled Entities for the financial period ended 30 June 2023; to consider adoption of Remuneration Report; to consider retirement of director by operation of the constitution and election; and to consider approval of additional 10% placement Capacity. New Risk • Aug 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.4m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$10.6m market cap, or US$6.95m). New Risk • Jun 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 54% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.4m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 14% per year over the past 5 years. Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.88m market cap, or US$5.99m). Announcement • Nov 23
Norwest Minerals Limited Commences Drilling Arunta West High Priority Rare Earth Element Target Norwest Minerals Limited announced that RC drilling has commenced to test its Arunta West high priority rare earth element (REE), copper-gold and base metal targets at its 840km² Arunta West Project (100% owned). The 20-hole, 2,000 metre drill program is targeting a rare earth element (REE) anomaly and associated copper-gold & base metals identified in February 2022 from geochemical sampling. The REE anomaly is defined by coincident, Cerium (Ce), Lanthanum (La) and Yttrium (Y) extending along a 3km section of the geological contact between the Mount Webb granite and Bitter Springs Group sediments. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Chairman Michael Tilley was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 12
Norwest Minerals Limited Drill Rig Mobilising to Test Arunta West High Priority Rare Earth Element Targets Norwest Minerals Limited announced an RC drill rig is now mobilising to test its Arunta West high priority rare earth element (REE), copper-gold and base metal targets at its 840km² Arunta West Project (100% owned). The strong REE anomaly is similar to the high-grade Dazzler and Iceman REE deposits at Browns Range located outside of Halls Creek in WA. The presence of elevated copper-gold & base metals at the margin of the "REE lows" show potential for an IOCG and/or base metals system. Both targets are located at the western end of the 80km long tenement package, being approximately 70kms south of the recently announced REE discovery by WA1 Resources Limited. Norwest expects the drilling to commence in circa one week. The Rare Earth Element (REE) Anomaly: The Company's independent consulting geochemist has identified an area having highly elevated, coincident, rare earth elements Cerium (Ce), Lanthanum (La) and Yttrium (Y) concentrated in zones along a 3km section of the contact between the Mount Webb granites and Bitter Springs sediments. The new rare earth anomaly, which remains open to the west, is located on tenement E80/5031 being 100% held by Norwest. The geological contact location between the Bitter Springs sediments and Mount Webb granite is supported by geophysical evidence including radiometric and magnetic surveys. The geophysics also defines a major NE-SW trending structure crossing and disrupting the geological contact. The structural offsets appear to be a focus for the rare earth elements Ce, La and Y. An REE Discovery Benchmark: Aspects of the Browns Range Rare Earths Project, owned by Northern Minerals, were reviewed by Norwest due to its proximity to the new Arunta West rare earth anomaly. The Browns Range operation is located 160kms southeast Halls Creek and in 2019 began producing Heavy Rare Earth Elements from hard rock through its pilot plant. Northern Minerals open file WAMEX report (a109438) from 2013-14 includes Ce, La and Y data from initial soil sampling programmes at Browns Range which led to the identification of the high-grade Dazzler and Iceman REE prospects. Recent follow-up RC drilling at Dazzler has delineated an Inferred Mineral Resource of 0.21Mt @ 2.33 Total Rare Earth Oxides (TREO). Comparing the Dazzler & Iceman REE prospects to the new Arunta West rare earth anomaly reveals noteworthy similarities including a lookalike geological setting where the higher-grade Ce, La & Y elements are concentrated at disruptions along a major granite-sediment contact. Of interest, is the tenor of the coincident Ce and La surface samples over the Arunta West anomaly being more than double that of the same `high-grade' elements used to identify the Dazzler and Iceman prospects in 2013-14. Possible IOCG and Base-metals system: Elevated copper is present around the margins of the REE Lows (figure 4) within the Mount Webb Granite and its distribution controlled by the NE-SW structure offsetting the REE anomalies. Gold anomalism appears to be associated with the copper and REE Lows; with the gold showing a possible regional NW-SE structural trend. Elevated lead (Pb) with coincident Cadmium (Cd) also falls on the margins of the REE lows and appear to follow a regional trend similar to the gold and may be related to a distal base metal system. Of interest is a strong spherical Sodium (Na) anomaly lying between the REE lows and adjacent to the NE-SW structure, controlling the copper distribution, which is possibly reflecting a zone of weathered Na-rich (albite) granite. Announcement • Oct 28
Norwest Minerals Limited Announces Maiden Down Hole EM Program Underway at Bali Copper Project Norwest Minerals Limited announced the commencement of downhole electromagnetic (DHEM) acquisition in 5 recently completed reverse circulation (RC) drillholes at its 100% owned, Bali Copper Project in Western Australia. The DHEM work compliments the 33-hole 3,900 metres of new RC drill data targeting four high priority prospects located along the Bali shear. The first pass RC drill program returned pXRF readings of wide intercepts of copper mineralisation. The DHEM results will be analysed alongside the geology and mineralisation acquired from the RC drilling to target the zones showing potential to host economic copper and other base metal mineralisation. Norwest has cased RC holes BRC004, BRC016, BRC018, BRC022, and BRC025 for downhole DHEM data collection and modelling by Southern Geoscience Consultants (SGC). The information is expected to provide a better understanding of the location, extent, and orientation of the conductors which may be host to base metal mineralisation. The results will be studied alongside the geology and mineralisation to drill test target zones along the Bali shear which show potential to host economic copper and other base metal mineralisation. The new one-metre drill samples from these 5 holes have been prioritized for lab assaying with results to be reported close to the completion of the DHEM analysis work by SGC. DHEM surveys are used to detect `electrical conductors', which in a geological context tend to be stringer, semi-massive to massive textured (that is electrically connected) sulfide mineralisation or carbonaceous, graphitic or sulfidic schists. The primary field generated by the transmitter (TX) loop will penetrate the ground, inducing eddy currents in subsurface conductors. Eddy currents will then generate secondary electromagnetic fields, which can be recorded by EM sensors lowered down drillholes with wireline. The direction, wavelength, and amplitude of the secondary field measurements can be modelled to predict the location, extent, and orientation of the conductive body. As announced 2 September 2022, surface mapping and rock chip sampling across Bali's Deep South area has identified five copper-gold bearing quartz veins (V1 to V5) exposed over a total distance of 2.25 kilometres4. Lab assays from the wide-spaced rock chip sampling along the individual veins reported consistently high-grade copper, with many containing associated gold. Norwest's geologists have continued surface exploration across the Deep South area and located two additional veins (V6 & V7) reporting high copper values from the pXRF analyser. Vein V6 is exposed for approximately 200m on surface where 6 widely spaced samples were collected. These rock chips were analysed using the pXRF and reported copper grade ranging from 4% to 44%. Vein V7 has limited exposure however its lone rock chip registered 56% copper. The copper-gold quartz veins are associated with near vertical dipping, laterally extensive, narrow shears zones striking NW-SE parallel to the main Bali Shear. The high-grade core of the shear zones comprises a chalcocite dense quartz vein breccia within intensely silicified and kaolinized host siltstones of the Ashburton Formation. Norwest is evaluating geophysical techniques to determine which will best suit detecting and analyzing the subsurface characteristics of the narrow Deep South structures. For example, if the DHEM along the Bali shear is effective the Company may undertake a shallow MLTEM which is suited to Bali's difficult topography. Or IP may be the better choice depending on the results of recent work using this technique on a neighboring tenement. Also being considered is sub audio magnetics to investigate the Deep South area. Once the appropriate geophysical methodology is determined for the Deep South area, Norwest will mobilize a crew for data collection. The results will be used along with the surface exploration data to plan a comprehensive drill program. Norwest holds 100% of the Bali Copper Project located in Western Australia, 75 kilometres west of Paraburdoo. The project covers 41km² with four prospects identified along the 8-kilometre northwest trending Bali shear zone. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear. Small-scale mining occurred in the project area during the 1950s and 1960s. The Bali Lo and Bali High prospects have had minimal drill testing in the 1980's with most holes being less than 30 metres deep. This year Norwest drilled 33 RC holes for 3,900 metres between August and October being the first drilling since 1989. The company reported the preliminary pXRF results. The assays are currently pending due to 7-9 week assay turnaround times. Announcement • Oct 22
Norwest Minerals Limited, Annual General Meeting, Nov 23, 2022 Norwest Minerals Limited, Annual General Meeting, Nov 23, 2022, at 14:00 W. Australia Standard Time. Location: The Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To receive and consider the Annual Financial Statements, the Directors' Report and Audit Report of the Company and its Controlled Entities for the financial period ended 30 June 2022; to adopt remuneration report; to consider the retirement of director by operation of the constitution and election; to approve additional 10% placement capacity; to ratify issue of securities and to approve issue of securities. Announcement • Oct 11
Norwest Minerals Limited Announces Drilling Update for Bali Copper Project Norwest Minerals Limited announced that it has completed 33 reverse circulation (RC) drillholes for 3,886m at its 100% owned, Bali Copper Project in Western Australia. The Bali Copper Project comprises approximately 8 kilometres of the Bali shear zone; a major structure extending through the region and hosting numerous copper and other base metal prospects. The RC drilling targeted four high priority prospects where previous exploration returned significant copper results in historical drilling and rock chip samples. The latest RC drill samples are in the lab for analysis of precious and base metals with results expected late November. First pass analysis by portable X-Ray Fluorescence (pXRF) was completed on all 1 metre RC drill samples. Many of the holes returned wide intercepts2 of Copper grading 0.2% with 10 individual metres reading 3% Copper and the high being 7.6% Copper. See maps and tables below for all significant pXRF results. Maiden RC drilling intersects wide zones of copper mineralisation: Norwest Minerals has completed drilling 33 RC holes totaling 3,886 metres targeting the four high- priority prospects along the Bali Shear structure. These included the Bali Lo and Bali High copper prospect which saw small-scale mining in the 1960s followed by shallow RAB, percussion, and RC drilling in the 1980s. The historical drilling intersected copper mineralisation including 12m @ 3.6% Cu from surface and 6m @ 7.2% Cu from 17m. There has been no drill testing at the Bali East or Bali South prospects. The latest RC drill samples are currently awaiting lab analysis for base and precious metals with the assay results due next month. On site, a portable X-Ray Fluorescence (pXRF) analyser was used to detect the presence of copper and other base metals in each 1m RC sample collected. (Note cautionary statement on page 8 regarding the reliability of pXRF results) The pXRF readings indicates broad intervals of significant copper mineralisation at Bali Lo, Bali East and Bali South with Bali High pXRF readings indicating the presence of significant copper-lead and copper-lead-zinc. Announcement • Sep 02
Norwest Minerals Limited Announces High Grade Copper-Gold Quartz Veins Identified at Bali Norwest Minerals Limited announced the discovery of very high-grade copper-gold-quartz veins extending across multiple target areas at the Company's 100% owned Bali Copper Project in Western Australia. Recent earthworks to clear drill sites along the Bali Shear has opened access to the Deep South area where no records of past exploration exist, but recent Norwest exploration work has now identified high grade copper-gold quartz veins with wide-spaced rock chips reporting consistently high grade assays of up to 46.2% copper and 6.74g/t gold. Norwest recently undertook earthworks to prepare drill pads for the 4,000m RC drill program currently testing for copper mineralisation at the Bali Lo, Bali High, Bali East, and Bali South copper prospects. The ground clearing created access southeast along the Bali Shear and into the previously unexplored Deep South area. Near the eastern tenement boundary where the new access track crosses the Bali Shear, rock chips returned copper assays up to 27.7% copper. The overall exploration target area along the Bali Shear now covers 5.5 kms from the Bali Lo prospect to the eastern tenement boundary. In the Deep South area, exploration mapping identified five new copper-gold bearing quartz veins extending a total of 2.25 kilometres. Lab assays from the wide-spaced rock chip sampling along the individual veins reported consistently high grade copper with associated gold. The copper-gold quartz veins are associated with near vertical dipping, laterally extensive, narrow shears zones striking NW-SE parallel to the main Bali Shear. The high-grade core of the shear zones comprises a chalcocite dense quartz vein breccia within intensely silicified and kaolinized host siltstones of the Ashburton Formation. This week Norwest has mobilized a geologist to site to continue the surface exploration work at the Deep South area. The information will be used to develop a drilling program to test the down dip extent of the high grade copper-gold quartz veins discovered at this new exploration target. The five mineralised veins shown on Map 2 below, returned assays as follows: V1 - 700m long, 7 x rock chip assays averaging 21.2% copper and 1.17g/t gold V2 - 500m long, 5 x rock chip assays averaging 27.2% copper and 2.93g/t gold V3 - 350m long, 3 x rock chip assays averaging 24.5% copper and 0.83g/t gold V4 - 100m long, 2 x rock chip assays averaging 11.1% copper and 0.13g/t gold V5 - 600m long, 6 x rock chip assays averaging 13.4% copper and 0.17g/t gold ALL - 2,250m, 23 rock chip assays averaging 21.0% copper and 1.17g/t gold Whilst undertaking the current 4,000m x 30-hole RC drilling program along the Bali Shear, Norwest is continuing ongoing exploration activities in the Deep South area including infill rock chip sampling along veins V1 to V5 and exploring for additional copper-gold bearing structures. Geophysical and drill hole planning to test the depth extensions of the new high-grade Deep South copper-gold veins is now underway. The aim is to apply geophysical techniques to determine if veins V1 to V5 extend further along strike below the ground cover, extend down dip, and to identify additional copper-gold veins from geophysical signatures produced by V1 to V5. The Bali Copper Project shares its eastern tenement boundary with the Station Creek Project TG1 has recently reported rock chip results exceeding 50% copper from the Bali Shear which bisects the tenements of both projects. Importantly, Norwest's database shows very little exploration has been undertaken along the Bali Shear between the Bali East prospect and where the latest Station Creek high-grade copper bearing rock chip results were reported approximately 8km to the southeast. The total distance from the Bali Lo copper prospect to Station Creek's TA2 (7.32% Cu) rock chip sample is approximately 14km. The Company understands that drilling at Station Creek will commence in September 2022. Norwest's 30-hole, 4,000 metre RC drilling program along the Bali Shear recently commenced. The targets include the Bali Lo and Bali High copper prospect which saw small-scale mining in the 1960s followed by shallow RAB, percussion, and RC drilling in the 1980s which intersected copper mineralisation including 12m @ 3.6% Cu from surface and 6m @ 7.2% Cu from 17m. There has been no drilling at the Bali Copper Project since 1989. The current RC program will also test below the Bali East and Bali South prospects where very high-grade copper in rock chips were reported by Norwest in 2018. The Bali East prospect is located along the Main Bali shear zone southeast of the Bali Lo and Bali High prospects. The Bali South copper prospect appears related to a separate mineralised structure. Norwest is casing a number of the new RC holes for follow-up downhole geophysical analysis. Norwest holds 100% of the Bali Copper Project located in Western Australia, 75 kilometres west of Paraburdoo. The project covers 41km² with four prospects identified along the 8-kilometre northwest trending Bali Shear. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear6. Small-scale mining occurred in the project area during the 1950s and 1960s. Announcement • Aug 25
Norwest Minerals Limited Announces Commencement of Its 30-Hole X 4,000M Maiden RC Drilling Program at its 100% Owned, Bali Copper Project in Western Australia Norwest Minerals Limited announced the commencement of its 30-hole x 4,000m maiden RC drilling program at its 100% owned, Bali Copper Project in Western Australia. Norwest's Bali Copper Project comprises approximately 8 kilometres of the Main Bali shear zone; a major structure extending through the region and hosting numerous copper and other base metal prospects. The 4,000m drilling program is expected to take 3 to 4 weeks to complete. Norwest holds 100% of the Bali Copper Project located in Western Australia, 75 kilometres west of Paraburdoo. The project covers 41km² with four prospects identified along the 8-kilometre northwest trending Bali shear zone. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear4. Small-scale mining occurred in the project area during the 1950s and 1960s. The highly anticipated 30-hole, 4,000 metre RC drilling program along the Main Bali shear zone commenced this week. The targets include the Bali Lo and Bali High copper prospect which saw small-scale mining in the 1960s followed by shallow RAB, percussion, and RC drilling in the 1980s which intersected copper mineralisation including 12m @ 3.6% Cu from surface and 6m @ 7.2% Cu from 17m. There has been no drilling at the Bali Copper Project since 1989 due to low copper prices and the significant cost to establish access in the rugged terrain southeast from Bali High to Bali East and Bali South. The current RC program will also test below the Bali East and Bali South prospects where very high-grade copper in rock chips were reported by Norwest in 2018. Over the past 3 weeks, Norwest has completed the clearing of access tracks and drill sites along the Bali Lo, Bali High, Bail East, and Bali South copper drill targets. The new track has also opened access to the `Deep South' tenement area where no records of past exploration exist. The Norwest geological team spent last week mapping and sampling the virgin Deep South ground. Their work has already identified several narrow copper bearing structures trending parallel to the Main Bali shear zone and a structure trending due west from the Bali South prospect. Rock chip samples collected from these structures have been submitted for lab analysis with results expected early next month. Announcement • Jul 25
Norwest Minerals Limited Commenced RC Drilling Activities at Bali Copper Project in Western Australia Norwest Minerals Limited announced the commencement of preparation of access tracks and drill pads for its 30-hole x 4,000m maiden RC drilling program at its 100% owned, Bali Copper Project in Western Australia. Norwest's Bali Copper Project comprises approximately 8 kilometres of the Bali shear zone; a major structure extending through the region and hosting numerous copper and other base metal prospects. Norwest holds 100% of the Bali Copper Project located in Western Australia, 75 kilometres west of Paraburdoo. The project covers 41km² with four prospects identified along the 8-kilometre northwest trending Bali shear zone. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear . Small-scale mining occurred in the project area during the 1950s and 1960s. The Bali Lo and Bali High prospects have had minimal drill testing with most holes being less than 30 metres deep and returning intersections up to 6m @ 7.2% copper. Drilling was last undertaken by Barrick in 1989. In 2018, exploration included mapping along the Bali Shear Zone and the collection of 87 rock chip samples from the Bali Hi, Bali Lo and Bali East prospects. At surface, the potential for high-grade copper mineralisation is evidenced by visual copper associated with gossans. Assaying of the rock chips resulted in 33 samples reporting above 5% copper, 17 samples returning an impressive 10% copper or greater and a best recorded sample assaying at 36.8% copper. The copper grades of all 87 rock chip samples averaged 6.3%. Historic drilling along the Bali Shear Zone targeted copper, lead, zinc and silver mineralisation at Bali Lo and Bali High. The drilling was undertaken by groups including PMI (2 diamond holes in 1968), Esso (20 percussion holes in 1977) and Barrick (16 RC holes in 1984 and 21 RAB holes in 1989); a total of 59 holes for just 2,379m. Drill intercepts include: 9 metres @ 1.8% Copper and 9 g/t silver from 8 metres downhole (Drill hole CL4), 12 metres @ 3.6% Copper and 16 g/t silver from 0 metres downhole (Drill hole CL1B), 6 metres @ 7.2% Copper and 27 g/t silver from 17 metres downhole (Drill hole CL1A). No drilling has been carried out at Bali East or Bali South. Historic channel sampling of the Bali East prospect returned encouraging results, with assays ranging up to 20.6% copper. Sampling of the Bali South prospect similarly returned promising assays that ranged from 0.98% up to 11.3% copper. The majority of holes from past drilling on the Bali shear only tested for mineralisation down to 30metres. Additional structures mapped in the project area trending adjacent to the mineralised Bali Shear Zone have not yet been tested by historic exploration work. In May 2021, the Bali surface sampling and drill dataset was analysed by an independent geochemist. The analysis confirmed the strong prospectivity for copper mineralisation to be hosted within the main Bali fault zone and along structures crossing or running parallel to the main Bali shear. The 302 rock chip samples (87 Norwest & 215 historical) collected over the entire Bali Project tenement have a mean value is 2.9% Cu and of the 106 (top 33% of population) the mean value is 8.7% Cu. Analysis also shows that Copper is dominant with only a minor association with Lead orZinc. The geochemistry work has also shown that stream sediment sampling serves as an effective low- cost exploration tool. The historical sediment samples clearly identify: · the Bali shear zone copper mineralisation; the historical Stockyard Creek copper prospect located south of the Bali tenement; the mineralisation associated with the D2 to D3 shears and; a significant anomalous zinc region in the northern Bali project area (not shown). The Bali Copper Project shares its eastern tenement boundary with the Station Creek Project. The operators, Techgen Metals Limited, have recently reported rock chip results exceeding 50% copper from the Bali shear zone which bisects both Projects. Importantly, Norwest's database shows that no surface sampling or drilling has been undertaken along the 2km Bali fault line between the Bali East prospect and the eastern tenement boundary. Surface sampling and mapping of the untested zone will commence next month. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Chairman Michael Tilley was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Norwest Minerals Limited Commences Updating Studies Previously Undertaken on Its 100% Owned Marriott Nickel Project Norwest Minerals Limited announced the company has commenced updating studies previously undertaken on its 100% owned Marriott nickel project, which is located on a granted mining lease in the centre of Western Australia's Leinster-Laverton nickel region. A block model and mineral resource estimate was previously undertaken for Norwest by resource experts HGMC in 2019, which reported 584,000 tonnes at 1.18% Ni for 6,900 tonnes of contained Nickel (including 463kt at 1.2% Ni for 5,600 tonnes of contained Nickel in the indicated category). The company has recently undertaken preliminary economic studies for the mining, trucking, and processing of the near-surface Marriott nickel resource through a plant located within 70 km of the Marriott mining lease. Norwest expects to commence discussions during the June quarter with prospective partners or purchasers to explore near-term opportunities to exploit the Marriott nickel deposit. Announcement • Feb 03
Norwest Minerals Limited Announces High Grade Gold Intersections At Bulgera Gold Project Norwest Minerals Limited announce that strong gold mineralisation has been intersected in the first three diamond drill holes at Company's 100% owned Bulgera Gold Project. The drilling program tested the new high-grade gold lode from 200m to 400m extending downdip ofthe shallow Bulgera open-cut where high-grade gold was intersected by Norwest's March 2021 RC drilling program. Importantly, all 7 diamond holes have intersected the target shear zone with the drill core displaying widths and geological features consistent with the high-grade RC gold zones intercepts. Bulgera Diamond Drilling: The 7-hole Phase 1 drilling programme required 953 metres of RC pre-collars and 1,406 metres ofHQ diamond core tails. The main broad mineralised zone was intersected by holes BDD21001 to BDD21007 where expected in relation to the surrounding mineralisation and corresponds with the interpreted shear seen in the geology logged up dip in the RC holes. Holes BDD21001 to BDD21003 intersected two mineralised zones returning wide intercepts of moderate gold grades from within the main shear zone and high gold grades from a deeper, relatively narrow zone hosted by white quartz vein with low-moderate sulphides (0.5 % py+po). The wide shear and white quartz zones logged in these holes likely correspond to the two high-grade intercepts reported in hole BRC210153 being 16m @ 7.3 g/t Au from 194m (main shear zone) and 3m @ 30g/t at end of the hole (white quartz zone with minor sulphides). Announcement • Jan 22
Norwest Minerals Limited Announces Arunta West Soil Chemistry Results Norwest Minerals Limited announced it has received all 6,550 multi-element soil sample results covering its 840km² Arunta West Project ("Arunta West"). A preliminary review has confirmed the presence of large geochemical anomalies includinggold and base metals. A detailed study of the new soil data is being undertaken by consultinggeochemist Dr. Nigel Brand to further assess, rank and plan drill testing for all zones having potentialeconomic mineralisation. The follow-up fieldwork, including drill testing, is proposed to commence inApril-May 2022.Several elevated lithium zones were also identified within previously modelled Lithium-Cesium-Tantalum (LCT) pegmatites, with further work being undertaken by Dr. Brand to assess the lithiumoutcomes from the assay results.The ultra-low detection fine fraction soil geochemistry applied by Norwest was developed by majorresource company IGO Limited (IGO) in concert with Genalysis/Intertek laboratories who haveoperated in the region for the past +5 years. Preliminary first-pass contouring of the new Arunta Westmulti-element assay results has highlighted significant targets which include at least three anomalouscoincident copper-lead-zinc zones and a large 12km x 1.5km gold anomaly. See figures below.Significant gold and base metal zones identified by Norwest Minerals at Arunta WestExamination of open file 3.5 x 3.5 km spaced Geological Survey of Western Australia (GSWA)geochemical samples by Dr. Brand in 2020 showed copper-in-soil assays grading above 6 parts permillion (ppm) are anomalous for the region. Figure 2 The GSWA copper assays highlight a zone ofmulti-point, coherent, robust samples located within Norwest's E80/5362 tenement. The 2021 soilsampling programme has confirmed significant copper-lead-zinc anomalism within this tenement aswell as areas where several other anomalous GSWA copper samples were highlighted.The 2021 soil programme has also identified a significant gold anomaly striking east-west forapproximately 12 kms and being roughly 1.5 kms in width. The zone is delineated by gold resultshaving ppb values greater than 2 which has been confirmed as anomalous for the region. Norwestwill undertake further soil geochemistry sampling to infill the currently wide spaced (700 x 700m) gold-in-soil points prior to drilling gold targets in the area. Major resource companies Rio Exploration and IGO recognize Arunta region's potential: Interest in the mineral resource potential of the Arunta belt-scale region appears to be increasing withAgrimin Limited last year announcing a farm-in agreement with Rio Exploration (Rio)1. Rio now holdsexploration ground along the Arunta belt extending over 140kms west from the WA-NT border. Thenew Rio ground shares a significant boundary with the Company's Arunta West tenements. Adjoining the easternmost Arunta West tenements is IGO ground covering 15,600km². This under-explored belt scale region extends over 300kms from the WA border far into the Northern Territory. IGO's systematic ultra-low detection fine-fraction soil sampling programs have defined targets leading to the discovery of multiple base and precious metals prospects within their project tenure. Significant gold and base metal zones identified by Norwest Minerals at Arunta West. Land Access: Importantly, all Arunta West project tenements are covered by fully executed Land Access Agreements with the Tjamu Tjamu people and supported by a Mining Entry Permit issued to Norwest last year by the Minister for Aboriginal Affairs. Announcement • Sep 24
Norwest Minerals Limited Announces the Commencement of Diamond Drilling At Bulgera Gold Project Norwest Minerals Limited announced the commencement of diamond drilling at its 100% owned Bulgera Gold Project. The drilling will test the new high-grade gold lode at approximately 400m and 700m downdip from the shallow Bulgera open-cut. The 10-hole drilling programme includes 2,500 metres of RC pre-collars (completed this week), and 1,400 metres of diamond core tails designed to penetrate well below the high-grade RC drill intercepts reported last May 1. Norwest has also conducted preliminary metallurgical tests on three gold bearing composite samples collected from RC holes drilled through the new gold zone. The results show very high gravity and leach recoveries, fast leach kinetics and low cyanide & lime consumption. Bulgera Diamond Drilling: RC pre-collar drilling for 10 HQ diamond core tails was completed this week. Most of the RC pre-collar holes extended to within 100 metres of the gold zone target. The diamond drill rig is now on site and will soon commenced drilling from the base of the RC pre-collared holes down through the interpreted extension of the Bulgera high-grade gold zone. Phase 1 (P1) diamond drilling consists of 7 holes. The first two holes will test the new gold zone close to where RC holes BRC21001, BRC21013 and BRC21015 reported wide high-grade gold intercepts. The RC chips hosting the gold mineralisation in these holes display minimal alteration & shearing and little sulphides mineralisation, with hole BRC21015 finishing in 19g/t gold mineralisation due to its uninteresting visual appearance. The diamond core from this area is expected to reveal much about controls on the Bulgera gold mineralisation via close inspection of the geology and structure within the solid HQ core lengths taken from within the new gold zone. The other five P1 holes will test for gold mineralisation ~400m down dip of the Bulgera open pit being well below any previous drilling undertaken across on the Bulgera Project. A strong gold intersection from one or more of these five diamond holes will have significant implications regarding the continuity and the magnitude of any future Bulgera gold resource estimation. Phase 2 (P2) diamond drilling is designed to test the continuation of the gold zone a further 330m down dip from the P1 holes being 730m down dip from the Bulgera open pit. The decision to drill the P2 holes will ultimately depend on the geological information gathered from the core and gold intersections returned from the P1 drilling. Metallurgical Test Work Results: Preliminary metallurgical testing was undertaken by ALS Global Metallurgical Services on three Bulgera gold RC samples. The average gold grades for the three samples were 1.74g/t, 4.43g/t and 8.66g/t respectively. All 3 gold samples returned excellent flow sheet and processing characteristics including: High gravity separation and mercury amalgamation of the gravity concentrate to yield significant free liberated gravity recoverable gold (GRG) of 28.80%, 39.08% and 47.46% for composites 1 to 3 respectively. High total extractable gold (via gravity plus standard leach) for composite 1 to 3 with overall gold recoveries of 95.6%, 92.6% and 98.3% respectively.Fast gold leach kinetics for all gravity leach tests with the majority of the gold leaching in the first 2-4 hours. Low sodium cyanide and lime consumption rates with Perth tap water for all leach tests. Low levels of organic carbon decreasing the likelihood of preg-robbing of gold in solution during cyanidation. Low concentrations of base metals decreasing the possibility of excess cyanide consumption through preferential complexing with these metals. Low levels of arsenic, decreasing the likelihood of refractory gold deportment. Low levels of antimony, thus avoiding high pH which may form passivating oxide layers on the gold surfaces, which can have a detrimental effect on gold cyanidation. Announcement • Jun 10
Bulgera Gold Zone Diamond Drilling Program Norwest Minerals Limited announced the commencement of RC pre-collar drilling for the upcoming diamond drilling programme targeting the down-dip extension of the new high-grade Bulgera gold zone. Norwest has planned ten diamond drill holes to test the potential down-dip extension of the new high-grade gold lode below the Bulgera open-cut, including 2,500 metres of RC pre-collars and 1,400 metres of HQ diamond core. RC pre-collars are currently being drilled to within 50 metres of the projected high-grade gold zone for the first 5 of the 7 Phase 1 diamond holes. The remaining 2 x Phase 1 and 3 x Phase 2 diamond drill holes pads are awaiting Heritage clearance which has been scheduled for late July. The diamond drill rig, scheduled to arrive early August, will drill from the base of the pre-collars through the high- grade gold mineralisation targets. Announcement • Jun 02
Norwest Minerals Limited Announces the Commencement of Drill Planning At Its Highly Prospective, 100% Owned, Bali Copper Project Norwest Minerals Limited announced the commencement of drill planning at its highly prospective, 100% owned, Bali Copper Project located 75 kilometres west of Paraburdoo in Western Australia. The Bali Project hosts the 8km long Bali shear being a major faulted zone proven to host copper, lead, zinc and silver mineralisation. Norwest holds 100% of the Bali Copper Project located in Western Australia, 250 kilometres west of Newman. The project covers 41km² with five prospects identified along the 8-kilometre northwest trending Bali shear zone. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear 5. Small-scale mining occurred in the 1950s and 1960s. The prospects have been lightly drill tested with most holes being less than 30 metres deep and returning intersections up to 6m @ 7.2% copper. Drilling was last undertaken by Barrack in 1989. The potential for the shear zone to host copper and/or other base metals at depth has not been tested. Announcement • Feb 18
Norwest Minerals Limited Appoints Charles Schaus as a Director Norwest Minerals Limited announce that it has appointed Charles Schaus as a director. Charles remains as Chief Executive Officer and his terms and conditions of employment have not changed. Announcement • Feb 16
Norwest Minerals Limited Announces Drilling At Bulgera Intersects High-Grade Gold Norwest Minerals Limited announced that assay results have been received from its RC drilling programme designed to test for gold mineralisation extending below the shallow Bulgera and Mercuri open pits. Gold assay results received from reverse circulation (RC) drilling completed below the Bulgera Gold deposit; Hole BRC21001 intersects 5m @ 15g/t Au (inc. 1m @ 72g/t Au) from 194m; Norwest has commenced planning additional RC holes to test areas up and down dip and along strike of the new gold intercept with the RC rig to return to the Bulgera Gold deposit in late February; RC drilling below the Mercuri Gold deposit now underway. Recent Insider Transactions • Feb 03
Non-Executive Director recently bought AU$300k worth of stock On the 29th of January, Yew Fei Chee bought around 3m shares on-market at roughly AU$0.10 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$800k more in shares than they have sold in the last 12 months. Announcement • Jan 20
Norwest Minerals Limited Announces RC Drilling Re-Starts at Bulgera Gold Project Norwest Minerals Limited announced that Reverse Circulation ("RC") drilling has recommenced at its 100% owned Bulgera Gold Project, with West Drill engaged to complete 13 deep RC holes. West Drill are very familiar with the local ground conditions having spent the past few years drilling for Vango Mining Limited on tenements neighboring Norwest's Bulgera Gold Project. Drilling of the deepest of the planned 13 RC holes (BRC21001), was completed on 18 January 2021 at 276m with alteration typical of hosting Bulgera gold mineralisation intersected from 235m to 255m. The tenor of gold mineralisation within the alteration zone will be confirmed by laboratory assay work being undertaken by SGS laboratories in Perth, with assay results expected in approximately 3 weeks. Drilling prior to the Christmas period, intersected multiple gold zones of moderate tenor and widths in all 9 completed RC holes. The multiple lodes of gold mineralisation intersected between 50 and 100 vertical metres support the continuation of gold mineralisation at depth. The holes being drilled this month are designed to test for deeper extensions to known mineralisation by drilling 150 vertical metres below the Bulgera and Mercuri open pits. Announcement • Jan 04
Norwest Minerals Limited Provides Bulgera Project Drilling Update Norwest Minerals Limited announces that assays have been received from the first 9 holes (1,392 metres) of its reverse circulation (RC) drilling programme designed to test for gold mineralization extending below the shallow Bulgera open pits. Assay results reveal multiple gold intersections of moderate tenor and widths encountered in all 9 RC holes completed. The multiple lodes of gold mineralisation intersected between 50 and 100 vertical
metres supports the continuation of gold mineralisation at depth. The remaining holes are designed to test for extensions to known near surface gold mineralisation by drilling ~150 vertical metres below the three-existing Bulgera open pits. After the completion of these initial 9 holes, the drill rig suffered severe mechanical problems and was unable to continue with the planned programme. Norwest's Bulgera RC drilling programme will
recommence on 14 January 2021 employing West Drill Drilling Company who own and operate the rigs used to undertake exploration drilling at Vango Mining's Marymia gold project, which is along
strike from Norwest's Bulgera Gold Project. The shorter holes (<150m) were drilled first as their drill pads had previous Heritage approval. The
drill rig was shifted immediately to the first deep hole (~250m) once additional required Heritage approvals were obtained however the rig was only able to complete a single hole (BRD20036) prior to breakdown. Announcement • Nov 13
Norwest Minerals Limited Commences Bulgera Gold Extension R Drilling Norwest Minerals Limited announced that RC drilling designed to test for gold mineralization extending well below the shallow Bulgera open pits will commence Saturday 14 November. The Bulgera project includes a near-surface gold resource of 2.9Mt @ 1.0 g/t for 93,880oz 1 Au, with minimal historical drilling below 100 vertical metres. Norwest's 5,000m reverse circulation (RC) drilling program (through targeted ~250m deep RC holes) will test for extensions to known gold mineralisation by drilling +150 vertical metres below the three-existing shallow Bulgera open pits. The Bulgera gold trend is the extension of the Plutonic (+5.5moz) 2 and Vango (+1moz) 3 mafic- ultramafic mine sequence where drilling has shown that gold tenor increases with depth. Nearby, Vango's drilling within the mine sequence has consistently shown that the highest gold grades are located below 100m which is evidenced by their many ASX announcements; the most recent being released on 21 October 2020. Norwest's Bulgera tenements include a near-surface gold resource of 2.9Mt @ 1.0 g/t for 93,880oz Au, with minimal historical drilling below 100m. Norwest's planned RC drilling program (through targeted ~250m deep RC holes) will test for extensions to known gold mineralisation by drilling +150m below the three existing shallow open pits as depicted. Announcement • Sep 26
Norwest Minerals Limited announced that it expects to receive AUD 2.5 million in funding Norwest Minerals Limited (ASX:NWM) announced a private placement of 25,000,000 common shares at an issue price of AUD 0.10 per share for the gross proceeds of AUD 2,500,000 on September 25, 2020. The company will raise funding in tranches, in first tranche it will issue 20,960,000 for the proceeds of AUD 2,096,000, is anticipated to occur on October 2, 2020 with the shares issued on October 5, 2020. The second tranche will consist of 4,040,000 shares for the proceeds of AUD 404,000, subject to approval of shareholders at the 2020 Annual General Meeting expected to be held on November 13, 2020. The company will also issue one free attaching option for every one placement share issued, subject to shareholder approval at the Annual General Meeting. The options will be exercisable at AUD0.15 with an expiry date being two years from issue. The transaction is expected to close on or about November 16, 2020. 