Norwest Minerals Limited ('Norwest' or 'the Company') (ASX: NWM) is pleased to announce it has accepted firm commitments for a capital raising of $2,522,000 through the placement of 97,000,000 new fully paid ordinary shares (New Shares) at an offer price of $0.026 per New Share.
Also included, subject to shareholder approval, is 1 free attaching unlisted $0.07, 3-year option for every 2 New Shares subscribed for (Placement). Norwest expects to issue New Shares on 25 July 2024. The funds will be used to: 1) undertake a 120-hole aircore drilling program designed to test multiple geochemical / geophysical anomalies across the large Malibu, Duck and Tamba prospects, 2) advance the company's Bulgera Gold and Bali Copper projects, and 3) general working capita
Norwest's CEO, Mr. Charles Schaus commented: 'The high demand from investors to participate in Norwest's recent capital raising attests to the quality and prospectivity of the Malibu, Duck and Tamba critical mineral drill targets1 . These exciting geophysical and structural features, underpinned by 2022 soil geochem anomalies, will soon be tested by a 120-hole drilling program. We have secured funding to cover the entire drilling program in the exciting West Arunta district on ground nearby other REE prospectors such as WA1 Limited (ASX: WA1), Encounter Resources Limited (ASX: ENR) and Rincon Resources Limited (ASX: RCR).'
Malibu and Duck target anomalies - E80/5031 In March 2024 Southern Geoscience Consultants (SGC) completed an open file magnetic study across Norwest's 1550km-2 West Arunta tenements package2 identifying 31 new critical mineral targets encompassing various deposit styles. The ranking of these targets was determined by factors such as size, structural setting, and geophysical responses. A ground gravity acquisition program was completed in April 2024 by Atlas Geophysics over western tenement E80/5031 which extends 30kms and encompasses many of the 31 prospective critical mineral magnetic targets3 .
Tamba copper-gold anomaly - E80/4820 The Tamba copper-gold anomaly wasidentified from 200m x 100m spaced soil samples collected by Norwest's in early 2022. The 3km x 1.5km copper-in-soil footprint has an internal 2.5km x 0.5km gold-in-soil anomaly and is associated with a suite of elevated elements related to ironoxide-copper-gold (IOCG) systems including U, Co, Ce, La, Ba, Bi, & K. Tamba is located along geophysical structures which extends through the 'Arcee' gold prospect6 located on the WA-NT boarder approximately 7 kms to the southeast. In 2019 Norwest completed a first pass 3000-point regional soil program across the bulk of its Arunta West project area. The results were followed up with fine-fraction collection of a further 6,550 soil samples which infilled areas of geochemical interest. These samples were analysed for 48 elements including ultra-low detection (0.01 ppb) for gold with the final lab assay results reported in early 20227 . Detailed analysis was undertaken independently by a consulting geochemist who identified the Tamba anomaly as one of several high priority drill targets along with areas at Malibu and Duck. The Arcee gold prospect is currently held by Prodigy Gold (ASX: PRX) and located 7 km southeast of Tamba. RC drilling at Arcee in 2019 returned 12m @ 3.5g/t gold from 113m. Arcee was originally identified using =2ppb gold in soil results8 . Subsequent exploration work has extended the Arcee gold anomaly to 2.3km with the anomaly crossing onto Tali Exploration ground. This tenement surrounds Norwest tenement E80/4820 where the Tamba copper-gold anomaly is located.
Capital Raising
Norwest Minerals Limited has accepted firm commitments for a capital raising of $2,522,000 through the placement of 97,000,000 new fully paid ordinary shares (New Shares) at an offer price of $0.026 per New Share, with a 1 free attaching unlisted $0.07, 3-year option for every 2 New Shares subscribed for (Placement) subject to shareholder approval. Norwest expects to issue New Shares on 25 July 2024 and will call a shareholder meeting to approve the options in due course. Demand for the placement exceeded the amount sought to be raised. The funds will be used to: 1) undertake a 120-hole aircore drilling program designed to test multiple geochemical / geophysical anomalies across the large Malibu, Duck and Tamba prospects, 2) maintain the company's Bulgera gold and Bali copper projects, and 3) general working capital. The Placement was carried out by Sanlam Wealth Management as Lead Manager (Sanlam). Sanlam will receive a fee of 6% of the gross amount raised under the capital raising. 25m Promoter Options per will also be allotted to Ashburton Finance Pty Ltd on the same terms as the Placement Options for their work and advice to complete the transaction subject to shareholder approval. 58,188,049 New Shares will be issued from the existing capacity under LR 7.1 and 38,811,951 will be issued under 7.1A. The Issue Price of $0.026 per New Share represents a 27.7% discount to the last trading price of $0.036 and a 13.3% discount to the 15-day trading day VWAP.
Contact:
Charles Schaus
Chief Executive Officer
Email: infor@norwestminerals.com.au
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 forwardlooking statements, whether as a result of new information, future events or otherwise. 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.
NORWEST MINERALS LIMITED 
