Norwest Minerals : Arunta West soil chemistry results

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ASX ANNOUNCEMENT

ASX: NWM

21 January 2022

Significant gold and base metal zones

identified by Norwest Minerals at Arunta West

Highlights:

• 6,550 multi-element assay results received from 2021 Arunta West geochemical exploration programme
• Significant targets identified including three anomalous coincident Copper- Lead-Zinc zones and a large 12km x 1.5km gold-in-soil anomaly
• The Arunta West project covers 840km² of ground in Western Australia, surrounded by major resource companies Rio Tinto Exploration and IGO Limited

Norwest Minerals Limited ("Norwest" or "the Company") (ASX: NWM) is pleased to announce 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 including gold and base metals. A detailed study of the new soil data is being undertaken by consulting geochemist Dr Nigel Brand to further assess, rank and plan drill testing for all zones having potential economic mineralisation. The follow-up fieldwork, including drill testing, is proposed to commence in April-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 lithium outcomes from the assay results.

Norwest's CEO, Mr. Charles Schaus commented: "The results of our 2021 soil work are very exciting, with multiple drill-worthygold and base metal targets having already been identified. The detailed analytical work now being undertaken by consulting geochemist Dr Nigel Brand will further enhance our understanding of the Project's economic potential and confirm drill targets for the Company to pursue during the June quarter."

The ultra-low detection fine fraction soil geochemistry applied by Norwest was developed by major resource company IGO Limited (IGO) in concert with Genalysis/Intertek laboratories who have operated in the region for the past +5 years. Preliminary first-pass contouring of the new Arunta West multi-element assay results has highlighted significant targets which include at least three anomalous coincident 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 West

For personal use only

Figure 1 - Map showing where first pass contouring of the base metal elements highlight coincident copper- lead-zinc anomalism. On regional map - solid orange areas 50m x 100m grid, orange dots 700m x 700m grid.

Figure 2 - Geochemical colour map showing regional GSWA copper anomalism coincides with elevated copper- lead-zinc zones highlighted by Norwest's the 2021 soil geochemistry. Note Arunta West tenement boundaries in GSWA map have changed post 2018.

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Significant gold and base metal zones identified by Norwest Minerals at Arunta West

For personal use only

Examination 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 per million (ppm) are anomalous for the region. Figure 2 The GSWA copper assays highlight a zone of multi-point, coherent, robust samples located within Norwest's E80/5362 tenement. The 2021 soil sampling programme has confirmed significant copper-lead-zinc anomalism within this tenement as well 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 for approximately 12 kms and being roughly 1.5 kms in width. The zone is delineated by gold results having ppb values greater than 2 which has been confirmed as anomalous for the region. Norwest will 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.

Figure 3 - Map showing a large gold anomaly at Arunta West. Solid orange areas 50m x 100m sampling grid and orange dots 700m x 700m sampling grid.

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 with Agrimin Limited last year announcing a farm-in agreement with Rio Exploration (Rio)1. Rio now holds exploration ground along the Arunta belt extending over 140kms west from the WA-NT border. The new Rio ground shares a significant boundary with the Company's Arunta West tenements. Figure 4

1 ASX: AMN - Announcement 12 March 2021, 'Tali and Rio Tinto Farm-in Agreement for Metals Exploration'

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Significant gold and base metal zones identified by Norwest Minerals at Arunta West

For personal use only

Figure 4 - Tenement map showing where NWM tenements adjoin Rio Tinto's large ground holding. (Map taken from Agrimin 12 March 2021 announcement, modified by Norwest.)

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. Figure 5.

Figure 5 - Tenement map showing where NWM tenements adjoin the large IGO ground holding. (IGO JV partners Prodigy Gold map modified by Norwest.)

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Significant gold and base metal zones identified by Norwest Minerals at Arunta West

For personal use only

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.

This ASX announcement has been authorised for release by the Board of Norwest Minerals Limited.

For further information, visit www.norwestminerals.com.auor contact

Charles Schaus

Director and Chief Executive Officer

1. [e-mail]

FORWARD LOOKING STATEMENTS

This report includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like "will", "progress", "anticipate", "intend", "expect", "may", "seek", "towards", "enable" and similar words or expressions containing same.

The forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.

COMPETENT PERSON'S STATEMENTS

Exploration

The information in this report that relates to Exploration Results and Exploration Targets is based on and fairly represents information and supporting documentation prepared by Charles Schaus (CEO of Norwest Minerals Pty Ltd). Mr. Schaus is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to its activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Schaus consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

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