NWM: Full Year Statutory Accounts
Original announcement by asx on
- Company
- Norwest Minerals Limited
- Ticker
- NWM
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Nickel
- Document categories
- Resource update, Metallurgy, Drill results
- Extracted
- 2026-09-29 23:44:24 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Norwest Minerals Limited has announced an updated Mineral Resource Estimate for its Bulgera Gold Project, totaling 8.7 million tonnes at 0.68 g/t gold for 191,000 ounces, with 76% classified in the higher-confidence Indicated category. This update is supported by strong bottle roll metallurgical testwork results showing 86% gold recovery and low reagent consumption, underpinning the project's heap leach potential. The company is advancing to column leach testing and a Scoping Study for Bulgera, while also noting historical drill results for the Marymia East Gold Project and a historical resource estimate for the Marriott Nickel Project.
Reasoning: The document presents a significant update to the Bulgera Gold Project's Mineral Resource Estimate, showing a high confidence level with 76% Indicated resources. This is complemented by very positive metallurgical bottle roll testwork results for gold recovery and low reagent consumption, which de-risk the project's heap leach potential. While other project updates are historical, the progress on Bulgera is a strong positive.
Positive factors
- High proportion of Indicated resources in the Bulgera MRE update (76%)
- Excellent gold recoveries (86%) from bottle roll testwork for Bulgera oxide and transition material
- Very low reagent consumption in metallurgical testwork
- JORC 2012 compliant reporting and QP sign-off for key estimates and testwork
Negative factors
- Individual grades and contained metal for Indicated and Inferred categories not explicitly stated in Bulgera MRE prose
- Column leach test results for Bulgera are ongoing and not yet available
- Marymia East drill result is historical, reducing its novelty
- Marriott Nickel MRE is historical and includes a significant Inferred component
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 9
Classification and evidence
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("heap leach")
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Drill Results (1)
MRC02Marymia East · goldGrade: 7.93Grade Unit: g/tIntercept: 3 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- MRC02
- Project
- Marymia East
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- NWM
Geometry
- Grade
- 7.93
- Grade Unit
- g/t
- Intercept
- 3 m
- From
- 48 m
- To
- 51 m
- Intercept Depth
- 48 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- MRC02:48-51
- Mining Method
- unknown
Location
- Location
- Shiraz Prospect
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-02-25T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A high-grade gold intercept was reported from historical drilling at the Shiraz Prospect, indicating good exploration potential, but the result is not new information.
Positive factors
- High-grade gold intercept
Negative factors
- Result is historical, reducing novelty
- Limited context on true width or drill orientation
Evidence · text
“Recent drilling at the Shiraz Prospect, comprising a five-hole RC/diamond program, returned a standout high-grade intersection of 3 m @ 7.93 g/t Au from 48 m (Hole MRC02)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Bonanza InterceptRejected · positive
Exceptionally high-grade zone, well above the deposit-type norm.
Reason: The intercept of '3 m @ 7.93 g/t Au' is considered high-grade for gold.
Evidence · text
“3 m @ 7.93 g/t Au”
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: The result is referenced to an 'ASX: NWM – Announcement 25 February 2026', indicating it is historical for this annual report.
Evidence · text
“ASX: NWM – Announcement 25 February 2026, ‘Marymia East drilling results’”
Resource Estimates (7)
indicatedBulgera Gold Project · goldTonnes: 6612000View all detailsHide details
Identity
- Project
- Bulgera Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Hyland
- Resource group id
- resource:c7ef2176e085c82ff88b
Resource Data
- Category
- indicated
- Tonnes
- 6612000
- Cutoff Grade
- 0.24
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-07-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Indicated resource for the Bulgera Gold Project represents a high-confidence portion of the updated MRE, with 76% of the total tonnes, reported under JORC 2012 standards and signed off by a Competent Person.
Positive factors
- High proportion of Indicated resources (76% of total MRE)
- JORC 2012 compliant and QP signed
- Cut-off grade disclosed
Negative factors
- Specific grade and contained metal for Indicated category not explicitly stated
Evidence · text
“Importantly, 76% of the total resource reports to the higher-confidence Indicated category, at the lower cut-off grade of 0.24g/t Au.”
Tags used in scoring
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBulgera Gold Project · goldTonnes: 2088000View all detailsHide details
Identity
- Project
- Bulgera Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Stephen Hyland
- Resource group id
- resource:2c2384936676f783220a
Resource Data
- Category
- inferred
- Tonnes
- 2088000
- Cutoff Grade
- 0.24
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-07-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Inferred resource for the Bulgera Gold Project represents the lower-confidence portion of the updated MRE, reported under JORC 2012 standards and signed off by a Competent Person.
Positive factors
- Part of an updated MRE with JORC 2012 compliance and QP sign-off
- Cut-off grade disclosed
Negative factors
- Inferred category has lower geological confidence
- Specific grade and contained metal for Inferred category not explicitly stated
Evidence · text
“The revised Bulgera Mineral Resource Estimate (MRE) stands at 8.7 million tonnes @ 0.68 g/t gold containing 191,000 ounces. ... 76% of the total resource reports to the higher-confidence Indicated category”
Tags used in scoring
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedMarriott Nickel Project · nickelTonnes: 463000Grade: 1.2Grade Unit: %Contained Metal: 5600Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Marriott Nickel Project
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- No
- Resource group id
- resource:4cceb4d5f80b4fddbfda
Resource Data
- Category
- indicated
- Tonnes
- 463000
- Grade
- 1.2
- Grade Unit
- %
- Contained Metal
- 5600
- Contained Unit
- t
- Cutoff Grade
- 0.7
- Cutoff Unit
- % Ni
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The historical Indicated resource for the Marriott Nickel Project provides a baseline, but its age and lack of explicit QP sign-off in this document reduce its current relevance and confidence.
Positive factors
- JORC 2012 compliant
- Indicated category provides reasonable confidence
Negative factors
- Estimate is historical, reducing novelty
- QP sign-off not explicitly stated for this specific estimate in this document
Evidence · table
“1.2”
Context: 463
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
inferredMarriott Nickel Project · nickelTonnes: 121000Grade: 1.1Grade Unit: %Contained Metal: 1300Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Marriott Nickel Project
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- No
- Resource group id
- resource:fb54c5398fb38739eae7
Resource Data
- Category
- inferred
- Tonnes
- 121000
- Grade
- 1.1
- Grade Unit
- %
- Contained Metal
- 1300
- Contained Unit
- t
- Cutoff Grade
- 0.7
- Cutoff Unit
- % Ni
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The historical Inferred resource for the Marriott Nickel Project is a low-confidence estimate, and its age and lack of explicit QP sign-off in this document further reduce its current relevance.
Positive factors
- JORC 2012 compliant
Negative factors
- Estimate is historical, reducing novelty
- Inferred category has low geological confidence
- QP sign-off not explicitly stated for this specific estimate in this document
Evidence · table
“1.1”
Context: 121
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
indicatedMineral Resource estimate for the Marriott · nickelTonnes: 463000Grade: 1.2Grade Unit: %View all detailsHide details
Identity
- Project
- Mineral Resource estimate for the Marriott
- Commodity
- nickel
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:4ce4553543bc69e4f9f3
Resource Data
- Category
- indicated
- Tonnes
- 463000
- Grade
- 1.2
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.2”
Context: 463
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredMineral Resource estimate for the Marriott · nickelTonnes: 121000Grade: 1.1Grade Unit: %View all detailsHide details
Identity
- Project
- Mineral Resource estimate for the Marriott
- Commodity
- nickel
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:65621e2b330052321904
Resource Data
- Category
- inferred
- Tonnes
- 121000
- Grade
- 1.1
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.1”
Context: 121
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredMineral Resource estimate for the Marriott · nickelTonnes: 584000Grade: 1.18Grade Unit: %View all detailsHide details
Identity
- Project
- Mineral Resource estimate for the Marriott
- Commodity
- nickel
- Ticker
- NWM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:943cb92ee0359261a610
Resource Data
- Category
- inferred
- Tonnes
- 584000
- Grade
- 1.18
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.18”
Context: 584
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (1)
bottle rollBulgera Gold Project · goldRecovery: 86 %View all detailsHide details
Identity
- Project
- Bulgera Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- NWM
Test Work
- Program Status
- preliminary
- Test Type
- bottle roll
- Processing Route
- heap leach
- Sample
- Bulgera oxide and transition composite samples
- Grind P80
- 25000 µm
Recovery
- Recovery
- 86 %
- Recovery Basis
- actual_test
Reagents
- Cyanide
- 0.38 kg/t
- Lime
- 1.3 kg/t
Lab
- Laboratory
- ALS Laboratories
- Consultant
- Kappes, Cassiday & Associates Australia (KCAA)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The bottle roll testwork for the Bulgera Gold Project shows excellent gold recoveries and very low reagent consumption for oxide and transition material, strongly supporting the viability of a heap leach operation, though it is bench-scale testwork.
Positive factors
- High gold recovery (86%) for oxide and transition material
- Exceptionally low reagent consumption (0.38 kg/t cyanide, 1.3 kg/t lime)
- QP signed off on metallurgical testwork
- Supports heap leach processing route
Negative factors
- Testwork is bench-scale (bottle roll)
- Column leach results are not yet available
Evidence · text
“Outstanding amenability and gold recoveries of 86% from bottle roll testwork conducted by ALS Laboratories on coarse-crushed (-25mm) Bulgera oxide and transition composite samples. ... averaging just 0.38 kg/t of cyanide and 1.3 kg/t of lime.”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.