Bulgera Gold Project - diamond drilling update

Norwest Minerals Limited - Bulgera Diamond Drilling Update

For personal use only

ASX ANNOUNCEMENT	ASX: NWM
11 November 2021

Bulgera Maiden Diamond Drilling Update

Phase 1 complete - all holes intersect target shear zone

Highlights:

• Successful completion of Phase 1 of the maiden diamond drilling program targeting the new high-grade gold lode from 200m to 400m down-dip of the shallow Bulgera open-cut
• All seven diamond drill holes intersected the target shear zone hosting the high-grade gold mineralisation reported in the May 2021 deep reverse circulation (RC) drilling announcement,1 with drill core displaying widths and geology consistent with the shear zone hosting the high-grade gold reported in the deep RC drilling discovery holes
• Gold assay results for the diamond drill core are pending. Following confirmation of the gold tenor, the Phase 2 diamond drill program will test mineralisation a further 300m down- dip of the Phase 1 drilling.

Norwest Minerals Limited ("Norwest" or "the Company") (ASX: NWM) is pleased to announce the successful completion of the first phase of the Company's maiden diamond drilling programme at its 100% owned Bulgera Gold Project.

The drilling program tested the new high-grade gold lode from 200m to 400m downdip of the shallow Bulgera open-cut, designed to penetrate the high-grade gold zones in deep RC drill intercepts reported May 2021. Importantly, all 7 diamond holes have intersected the target shear zone with the drill core displaying widths and geological features consistent with the deep high-grade RC gold zones intercepts.

Norwest's CEO, Mr. Charles Schaus commented: "The Phase 1 diamond holes confirm the target shear zone continues beyond 400 metres and although the gold assays are not yet available, the drill core shows that the shear zone widths and geology are consistent with the high-grade gold intercepts logged in the May 2021 RC discovery holes. Once the gold tenor in the Phase 1 core is confirmed, Norwest intends to commence the three-hole Phase 2 diamond drill programme designed to test the mineralisation a further 300m down-dip of the Phase 1 holes. This is a very exciting time for the Company and I would like to congratulate our technical team on the successful drilling program and also thank shareholders for their patience during this period of intense exploration activity."

1 ASX: NWM - Announcement 11 May 2021, 'High-Grade Gold Zone Developing at Bulgera, 16m @ 7g/t Au (inc. 3m @ 30g/t Au)

1

Norwest Minerals Limited - Bulgera Diamond Drilling Update

For personal use only

Figure 1 - Long section showing location of RC and diamond drill intercepts, drill hole plan map (see cross-sections 1 & 2 below) and the diamond core geological strip logs showing the five deep (+400m) shear zone intercepts.

Bulgera Diamond Drilling

The 7-hole Phase 1 drilling programme required 953 metres of RC pre-collars and 1,406 metres of HQ diamond core tails. The first two diamond holes (BDD21001 & BDD21002) tested the new gold zone close to where RC holes BRC21001, BRC21013 and BRC21015 reported wide high-grade gold intercepts.

The other five Phase 1 holes tested for gold mineralisation at approximately 400m downdip of the Bulgera open pit, being well below any previous drilling undertaken across the Bulgera Project. All five holes intersected the shear zone at predicted depths and all displayed widths and geological features consistent with the geological logging of the RC holes intersecting the high-grade gold zone up-dip. The target shear zone intersected by the diamond drilling and hosting the RC gold mineralisation is identified as a sheared silica-sericite-biotite altered amphibolite (+/- sulphides) with patchy destructive silica flooding and intervals of late quartz veining.

Phase 2 diamond drilling is designed to test the continuation of the target shear zone a further 300m down-dip from the Phase 1 holes being over 700m down-dip from the Bulgera open pit. The decision to drill the Phase 2 holes will ultimately depend on the geological information and gold assays returned from the Phase 1 drilling.

The high amount of exploration activity currently being undertaken in Western Australia has put considerable strain on the availability of equipment, personnel and services which includes a growing backlog of geological samples in WA laboratories with gold assay results generally taking 1 - 2 months.

2

Norwest Minerals Limited - Bulgera Diamond Drilling Update

For personal use only

Figure 2 - Simplified cross-section 1 showing locations of shear zone intersections for new diamond drill holes BDD21002 & BDD21005 and RC hole BRC21015.

Figure 3 - Simplified cross-section 2 showing locations of shear zone intersections for diamond drill holes BDD21001 & BDD21004 and RC hole BRC21013.

3

Norwest Minerals Limited - Bulgera Diamond Drilling Update

Table of Diamond Drill Holes

For personal use only

Prospect	Hole ID	Northing	Easting	RL	Hole	Depth	Az	Dip
		(GDA94Z50)	(GDA94Z50)	(m)	Type	(m)	(deg)	(deg)
Bulgera	BDD21001	784657	7219969	625	DD	201.9	250	-66.5
Bulgera	BDD21002	784592	7220153	626	DD	300.8	195	-60.0
Bulgera	BDD21003	784355	7220172	626	DD	345.8	130	-63.2
Bulgera	BDD21004	784389	7220201	626	DD	353.6	134	-63.8
Bulgera	BDD21005	784390	7220204	626	DD	351.7	105	-75.2
Bulgera	BDD21006	784310	7220260	626	DD	402.6	147	-62.6
Bulgera	BDD21007	784340	7220292	626	DD	402.6	149	-63.3

This ASX announcement has been authorised for release by Charles Schaus, Chief Executive Officer and Director of Norwest Minerals Limited.

For further information, visit www.norwestminerals.com.auor contact

Charles Schaus

Chief Executive Officer and Director

1. [e-mail]

FORWARD LOOKING STATEMENTS

This report includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like "will", "progress", "anticipate", "intend", "expect", "may", "seek", "towards", "enable" and similar words or expressions containing same.

The forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.

COMPETENT PERSON'S STATEMENTS

Mineral Resource Estimate

The information in this report that relates to mineral resource estimation is based on work completed by Mr. Stephen Hyland, a Competent Person and Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants (HGMC) and holds relevant qualifications and experience as a qualified person for public reporting according to the JORC Code in Australia. Mr. Hyland is also a Qualified Person under the rules and requirements of the Canadian Reporting Instrument NI 43-101 Mr. Hyland consents to the inclusion in this report of the information in the form and context in which it appears.

4

Norwest Minerals Limited - Bulgera Diamond Drilling Update

For personal use only

Exploration

The information in this report that relates to Exploration Results and Exploration Targets is based on and fairly represents information and supporting documentation prepared by Charles Schaus (CEO of Norwest Minerals Pty Ltd). Mr. Schaus is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to its activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Schaus consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

About the Bulgera Gold Project

The Bulgera Gold Project comprises two granted exploration licences, E52/3316 and E52/3276, covering 36.8km² over the northeast end of the Plutonic Well Greenstone Belt, 200km northeast of Meekatharra. The project is located 20km northeast of the Marymia mining centre and 48km via existing haul road from the operating Plutonic gold mine which has produced over 5.5 million ounces of gold since 1990. The Plutonic mine is owned by Toronto listed Superior Gold Inc. (TSX-V:SGI).

Map of the Plutonic Well Greenstone belt showing the Bulgera Gold Project.

5