Highlights

  • The Bulgera Gold Project Mineral Resource Estimate has been upgraded by 74% to 23.8 million tonnes at 0.65 g/t gold for 501,000 ounces, driven by deep RC drilling extensions and a revised cut-off grade aligned with heap leach economics.
  • Drilling at the Marymia East Project's Shiraz Prospect returned high-grade gold including 3m at 7.93 g/t Au, positioning the asset as a potential satellite feed source for Bulgera.
  • Norwest entered an At-The-Market Subscription Agreement with Dolphin Corporate Investments providing up to A$3 million in standby equity capital over three years, with no attaching options.

Norwest Minerals Limited (ASX: NWM) closed the March 2026 quarter with a suite of operational milestones that materially advance the company's position as a credible gold developer in Western Australia's Murchison district. The headline achievement — a 74% increase in the Bulgera Gold Project's Mineral Resource Estimate to 501,000 ounces — marks the completion of an intensive multi-phase drilling campaign that has fundamentally changed the scale and development optionality of the company's flagship asset.

Released on 24 April 2026, the quarterly activities report details progress across both Bulgera and the adjacent Marymia East Project, alongside the announcement of a new At-The-Market equity facility that provides Norwest with flexible, low-dilution access to capital as it advances toward production studies.

Bulgera Gold Project: A Transformational Resource Upgrade

The Bulgera Mineral Resource Estimate upgrade is the defining development of the quarter. The updated estimate, prepared by independent resource specialists Hyland Geological and Mining Consultants using MineSight software with Kriging algorithms, now stands at 23.8 million tonnes at 0.65 g/t gold for a total of 501,000 ounces. This compares to the previous estimate of 8.4 million tonnes at 1.07 g/t for 288,400 ounces, announced in July 2025.

Two primary factors drove the upgrade. First, Phase 1 and Phase 2 reverse circulation drilling campaigns conducted in late 2025 successfully extended the known Price-Mercuri gold lodes at depth. Phase 1 comprised 11 RC holes totalling 2,624 metres, with eight intersecting significant gold mineralisation that confirmed the high-grade zones remain robust and predictable well beyond previous model limits. Phase 2, comprising nine holes targeting infill drilling and further downdip extensions, intersected strong gold mineralisation including 5 metres at 3.9 g/t Au from 238 metres and 11 metres at 1.2 g/t Au from 196 metres.

The second factor is a strategic recalibration of the cut-off grade. The previous resource applied a 0.6 g/t cut-off to maintain an overall average grade above one gram per tonne. The revised model applies a 0.24 g/t cut-off, aligned with Australian industry benchmarks for heap leach gold projects. This decision nearly triples the available tonnage by incorporating large volumes of low-grade but potentially economic material. While the cut-off reduction naturally reduces the average grade to 0.65 g/t, it is this material that forms the backbone of a potential large-scale heap leach operation.

For context, the company's management notes benchmarks including Saturn Metals' Apollo Hill project at 137 million tonnes at 0.5 g/t and OzAurum's Mulgabbie North project at 11.6 million tonnes at 0.7 g/t, both of which are heap leach-focused Australian gold projects. Bulgera's grade and scale now sit comfortably within this peer range, though it bears noting that the selected cut-off grade is conceptual in nature and does not in itself demonstrate economic viability.

Heap Leach Study: Translating Resource Scale into Development Pathway

With the resource upgrade complete, Norwest has formally commenced study work to advance Bulgera toward production. This encompasses metallurgical testing at ALS Laboratories, an environmental desktop review, mining optimisation, permitting workstreams, and social engagement activities.

A 14-hole PQ diamond core programme completed in the prior quarter collected near-surface oxide and transition material specifically for heap leach amenability testing. Assay results from this programme were processed during the March quarter, with core samples delivered to ALS in Perth. Results from the detailed heap leach amenability and gold recovery testwork are expected in late April 2026, and will be a critical input into the company's updated economic assessment.

A preliminary assessment by Orelogy Mining Consultants in 2024 confirmed the conceptual heap leach operation fits within the existing Bulgera mining centre, and given the area's historical disturbance, no significant new environmental issues are anticipated. Orelogy has been engaged to revise its assessment using the updated March 2026 resource model and current gold price assumptions. The company intends to release results once disclosure obligations under ASX Listing Rules 5.16 and 5.17 have been satisfied.

Marymia East: High-Grade Drilling Builds Satellite Potential

Located less than 10 kilometres southeast of the Bulgera Gold Project, Marymia East is being assessed as a potential satellite feed source for any future Bulgera heap leach development. The project spans 230 square kilometres of prospective ground in the Murchison district.

Recent drilling at the Shiraz Prospect, comprising a five-hole RC and diamond programme, returned a standout intersection of 3 metres at 7.93 g/t Au from 48 metres. Historical drilling across both the Shiraz and Chardonnay prospects has confirmed extensive shallow mineralisation, with the results interpreted as consistent with the greenstone-hosted shear zone character typical of the broader Murchison gold district.

Norwest has commenced three-dimensional modelling of the exploration drill hole data from both prospects, with maiden mineral resource estimates for Shiraz and Chardonnay expected to be reported prior to the end of April 2026. This would represent another material catalyst for the company and further de-risk the prospect of Bulgera as a standalone development opportunity with satellite feed optionality.

At-The-Market Facility: Low-Dilution Capital Access

Norwest has entered into an At-The-Market Subscription Agreement with Dolphin Corporate Investments, providing the company with up to A$3 million in standby equity capital over three years. The ATM mechanism allows the company to raise capital at timing and scale of its choosing, reducing the uncertainty and potential dilution associated with traditional equity placements.

Notably, the facility carries no attaching options or rights — a structural feature that management has emphasised distinguishes it from conventional placements. For a company of Norwest's size, this type of flexible, low-impact financing mechanism provides meaningful runway as it progresses through the study and permitting phases at Bulgera.

Conclusion

The March 2026 quarter represents a genuine inflection point for Norwest Minerals. The 74% upgrade at Bulgera is not merely a quantitative improvement — it is a qualitative transformation in how the asset can be positioned and developed, opening the door to a large-scale heap leach operation that was not feasible at the previous resource scale. Combined with encouraging high-grade results at Marymia East, ongoing metallurgical testwork, and a freshly secured equity facility, Norwest enters the June quarter with a compelling pipeline of catalysts and a significantly strengthened portfolio narrative for investors to assess.