Norwest Drills 11 Holes at Bulgera, Eyes Silver Surge at Dales Gossan

Bulgera Gold Project – Expanding Resources and Testing Heap Leach Potential

Norwest Minerals’ flagship Bulgera Gold Project remains the centrepiece of its exploration efforts. During the December quarter, the company completed an 11-hole reverse circulation (RC) drilling program targeting down-dip extensions of known mineralisation trends, alongside a 14-hole diamond core drilling campaign designed to collect near-surface samples for heap leach testwork. These programs aim to expand the existing 288,400-ounce gold resource and validate a low-cost heap leach operation, with assay results expected in early February 2026. The integration of these results will feed into an updated Mineral Resource Estimate (MRE) anticipated by the end of February.

Marymia East – Testing High-Grade Satellite Potential

Located just 10 kilometres southeast of Bulgera, Marymia East is being explored as a potential high-grade satellite feed source. Norwest completed a five-hole RC drilling program at the Shiraz prospect, targeting a historically significant gold intersection from 1996. Despite operational challenges requiring a diamond core tail to ensure target testing, the program was completed successfully. Assay results are pending, but this drilling could unlock new zones of high-grade gold mineralisation to supplement Bulgera’s resource base.

Arunta West – Silver Discovery Gains Strategic Importance

The Dales Gossan prospect at Arunta West has been elevated to a high-priority target following a remarkable doubling of silver prices to over US$60 per ounce. This surge significantly enhances the economic potential of the silver-base metals mineralisation discovered in late 2024. Norwest has also completed a government-funded airborne magnetic and radiometric survey over the 1,400 square kilometre Arunta West tenure, providing high-resolution data to map the 40-kilometre Sandman Fault and identify geological repeats of the mineralised structure. The final processed data is expected in the first quarter of 2026, which will guide further drilling and exploration targeting.

Other Projects and Financial Position

Additional exploration at the Bali Copper Project has identified promising hydrothermal alteration zones, with soil sampling planned to refine drill targets. The Marriott Nickel Project saw no activity this quarter but remains under review. Financially, Norwest ended the quarter with $1.64 million in cash, having spent approximately $1 million on exploration activities. No mining production occurred during the period, consistent with the company’s focus on advancing exploration and resource definition.

Outlook

Norwest Minerals is poised to deliver updated resource estimates and assay results in early 2026, which will be critical to validating the economic potential of its gold and silver assets. The company’s strategic response to rising silver prices and the integration of new geophysical data position it well to unlock value across its portfolio in the coming months.