Norwest’s $4.85M Raise Puts Bulgera Gold Project Back in Spotlight
Norwest Minerals has successfully closed a $4.85 million entitlement offer, positioning itself to advance exploration and drilling at its Bulgera gold project. The capital raise aims to unlock the potential of a 218,000-ounce gold resource.
- Completed $4.85 million underwritten entitlement offer
- Issued 483 million new shares and options including shortfall
- Funds allocated to drilling and testing at Bulgera gold mining lease
- Targeting a 218,000-ounce gold resource within Bulgera
- Top 20 new option holders disclosed
Capital Raise Completion
Norwest Minerals Limited (ASX: NWM) has announced the successful completion of its underwritten non-renounceable entitlement offer, raising a total of $4.85 million. The offer, which closed on May 19, 2025, resulted in the issue of 483.2 million new shares and options, including a shortfall fully taken up by underwriters. This capital injection provides the company with the financial resources to advance its exploration ambitions at the Bulgera gold mining lease.
Strategic Focus on Bulgera Gold Project
The funds raised will be directed towards reviewing mining options and recommencing drilling and testing activities at Bulgera, a project with a current gold resource estimate of approximately 218,000 ounces. Norwest aims to explore multiple targets within the lease, including near-surface zones around historic mining areas and deeper lodes extending beyond shallow pits. This renewed focus on Bulgera underscores the company’s commitment to unlocking value from its gold assets.
Shareholder and Market Implications
The announcement also included a detailed list of the top 20 new option holders, highlighting significant participation from institutional and private investors. This broadening of the shareholder base may enhance liquidity and market interest in Norwest’s securities. CEO Charles Schaus expressed gratitude to shareholders and underwriters for their ongoing support, signalling confidence in the company’s exploration strategy and growth prospects.
Forward-Looking Exploration Plans
While the company’s forward-looking statements caution about the inherent uncertainties in mineral exploration, the planned drilling campaign at Bulgera is poised to test multiple gold targets identified through historical data and recent geochemical analysis. The results of this work could materially impact the resource base and future development plans. Norwest’s approach reflects a measured but optimistic stance on advancing its gold exploration portfolio.
Bottom Line?
Norwest’s fresh capital sets the stage for a pivotal drilling campaign that could redefine Bulgera’s gold potential.
Questions in the middle?
- What are the expected timelines for the upcoming drilling results at Bulgera?
- How might the new share issuance affect Norwest’s share price and investor sentiment?
- What are the key risks that could delay or impact the success of the exploration program?
