NWM

Norwest has published a revised 191,000 oz gold resource at Bulgera, with 76% in higher-confidence Indicated category and exceptional metallurgical validation (86% recovery, rapid kinetics, low reagent use), positioning the heap leach scoping study for completion. Concurrent $1.89M capital raise and appointment of tier-one advisors (KCAA, Orelogy) indicator management conviction and de-risking momentum.

NWM is conducting a 1-for-4 non-renounceable entitlement offer at $0.007/share, representing a 22% discount to the 6 July close and raising ~$1.89m. The partly underwritten structure and booked placement suggest the company needs cash urgently, likely to fund operations or stabilize the balance sheet on a minimal $9m market cap.

NWM is raising $1.89m to advance the Bulgera heap-leach scoping study (metallurgy, engineering, environmental permitting, water), de-risking the 191koz MRE project with 86% bottle-roll recoveries. The raise is partly underwritten (~67%) with director/major shareholder support, primarily to satisfy solvency testing for FY2026 audit.

NWM is conducting a $1.89m equity raise at a significant 22.2% discount to recent close, diluting existing shareholders substantially (~21% dilution on 1-for-4 basis). The partly underwritten structure and non-renounceable terms suggest limited confidence in retail uptake.

NWM has defined a 191,000-ounce oxide gold resource at Bulgera with 76% in Indicated category and strong 86% metallurgical recoveries, providing technical de-risking for an ongoing heap-leach scoping study. The resource grade of 0.68 g/t Au is below bonanza levels but economically viable at A$5,000/oz gold price; project advancement depends on scoping study completion and permitting progress.