Norwest Minerals (ASX: $NWM) to commence drilling program with A$2.5 million capital raising

Norwest Minerals Limited (ASX: $NWM) has secured firm commitments for a capital raising of $2,522,000 through the placement of 97,000,000 new fully paid ordinary shares at an offer price of $0.026 per share. The funds will be used to undertake a 120-hole aircore drilling program to test multiple geochemical and geophysical anomalies across the large Malibu, Duck, and Tamba prospects, advance the company's Bulgera Gold and Bali Copper projects, and for general working capital.

Executive Commentary on Norwest Minerals' Capital Raising and Drilling Program

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 targets. 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).

Summary of Norwest Minerals' Announcement and Outlook

Norwest Minerals Limited (ASX: $NWM) has successfully secured A$2.5 million through a capital raising to fund the commencement of a 120-hole aircore drilling program across the Malibu, Duck, and Tamba prospects. The company aims to test multiple geochemical and geophysical anomalies, further advance its Bulgera Gold and Bali Copper projects, and allocate funds for general working capital. The drilling program is expected to commence late August to early September, with the company's CEO, Mr. Charles Schaus, expressing confidence in the quality and prospectivity of the critical mineral drill targets. The successful capital raising reflects investor confidence in Norwest's exploration activities and the potential of the West Arunta district. With the funding in place, Norwest is well-positioned to execute its exploration strategy and unlock the value of its mineral assets.