# NWM: Full Year Statutory Accounts Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145668 Publisher: asx Original announcement: 2026-09-29T22:12:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:44:23.454Z Atlas analysis updated: 2026-09-29T23:44:23.454Z - 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 Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas 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 factor: High proportion of Indicated resources in the Bulgera MRE update \(76%\) - Positive factor: Excellent gold recoveries \(86%\) from bottle roll testwork for Bulgera oxide and transition material - Positive factor: Very low reagent consumption in metallurgical testwork - Positive factor: JORC 2012 compliant reporting and QP sign-off for key estimates and testwork - Negative factor: Individual grades and contained metal for Indicated and Inferred categories not explicitly stated in Bulgera MRE prose - Negative factor: Column leach test results for Bulgera are ongoing and not yet available - Negative factor: Marymia East drill result is historical, reducing its novelty - Negative factor: 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 Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Single Domain Only** Polarity: negative Definition: 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) ### MRC02 [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-drill-facts-3) Marymia East · gold Historical result Needs review: historical\_restatement #### 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 factor: High-grade gold intercept - Negative factor: Result is historical, reducing novelty - Negative factor: 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 Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: 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-release** — Rejected; excluded from scoring Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-0) Bulgera Gold Project · gold #### 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 factor: High proportion of Indicated resources \(76% of total MRE\) - Positive factor: JORC 2012 compliant and QP signed - Positive factor: Cut-off grade disclosed - Negative factor: 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 Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-1) Bulgera Gold Project · gold #### 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 factor: Part of an updated MRE with JORC 2012 compliance and QP sign-off - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence - Negative factor: 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 Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-4) Marriott Nickel Project · nickel Historical result Needs review: historical\_restatement #### 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 factor: JORC 2012 compliant - Positive factor: Indicated category provides reasonable confidence - Negative factor: Estimate is historical, reducing novelty - Negative factor: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-5) Marriott Nickel Project · nickel Historical result Needs review: historical\_restatement #### 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 factor: JORC 2012 compliant - Negative factor: Estimate is historical, reducing novelty - Negative factor: Inferred category has low geological confidence - Negative factor: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-6) Mineral Resource estimate for the Marriott · nickel #### 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 factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.2 Context: 463 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-7) Mineral Resource estimate for the Marriott · nickel #### 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 factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.1 Context: 121 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-resource-facts-8) Mineral Resource estimate for the Marriott · nickel #### 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 factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.18 Context: 584 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: 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 roll [Link to this fact](https://atlas-staging.minestarters.com/news/nwm-full-year-statutory-accounts--e5b5bd2f-119b-450e-8b00-399898c48c21#fact-metallurgical-facts-2) Bulgera Gold Project · gold #### 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 factor: High gold recovery \(86%\) for oxide and transition material - Positive factor: Exceptionally low reagent consumption \(0.38 kg/t cyanide, 1.3 kg/t lime\) - Positive factor: QP signed off on metallurgical testwork - Positive factor: Supports heap leach processing route - Negative factor: Testwork is bench-scale \(bottle roll\) - Negative factor: 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.