Norwest Minerals Limited provided an activity update following last month's REE discovery at its Arunta West Project. These include a geochemical/soils drill targeting update, follow-up drilling in April, start of metallurgical testwork, and further ground acquisition. The four discovery holes reported last month all returned REE intervals grading above 1,000 ppm TREO from the Bitter Springs sediments.

The REE zone is near surface, flat lying and geologically consistent with ionic adsorption clay (IAC) hosted REE which supply over 80% of all heavy REE and a significant portion of light REE globally. Analysis of 3000 soil samples taken along 25 kms of sediment ­ granite contact: Infill soil sampling on an offset 200m x 200m pattern across a large REE /lithium anomaly was completed in late July 2022. The area is covered by eolian sands and required fine-fraction sieving of the samples followed by multi-element assaying by Intertek laboratories.

The assay results were analysed by an independent geochemist in January 2023 with a high number of anomalous REE zones identified along the 25 km sample area. Follow-up RC drilling to commence in April: The maiden Arunta West RC drill program confirmed all significant REE mineralisation is hosted in the Bitter Springs Group sediments. Four holes intersected the sediments with all returning intervals grading +1,000 ppm TREO.

The four REE drill intercepts are near surface depicting a flat lying body and with geology indicative of clay hosted REE mineralisation. The remaining 16 RC holes drilled did not intersect the sediments and tested a copper-gold anomaly in the Mount Webb Granite, with no significant mineralisation detected. Norwest has Heritage clearance for a 22-hole (2200m) follow-up RC drill program which is designed to infill and extend the current clay hosted REE mineralisation for a full 3,000m along the sediment- granite contact.

Last week Norwest personnel were back on site and confirmed the area is cleared for an April start to the follow-up drilling program. Norwest expects a maiden JORC resource estimate will be undertaken following the second round of drilling. Metallurgical Recovery testwork to commence: Last week Norwest personnel returned to site to collect drill composites samples from the four high- grade +1000ppm clay-hosted REE drill intersections.

The sample material is being transported to Perth for first-stage laboratory testwork to determine recovery characteristics of key rare earth elements, leaching times and consumption of acid and other consumables. Further information will be forthcoming once the full suite of test parameters is finalised. Five 2015 RC drill holes never assayed show significant REE in XRF readings: Regional copper exploration drilling of 29 holes in 2015 by First Quantum Minerals (FQM) intersected REE mineralisation within and alongside much of the 90km strike of Norwest's Arunta West tenement package.

The Arunta West tenements include 90 kilometres of the southeast trending geological contact between the Bitter Springs Group sediments and the Mount Webb and Ininti Granites. Assay results from Norwest's maiden drill program and the FQM 2015 drilling confirm economic levels of TREO enrichment in sediments consistent with ionic adsorption clays (IAC). In 2015, FQM were drilling for copper and using an XRF analyser to select samples for multi-element assay.

This resulted in 5 holes not being assayed in the near surface layers where enriched clay hosted REE tend to concentrate. Norwest has now located the 2015 XRF reading which measure only 3 of the 15 REE elements (Ce, La & Y). FQM hole KWAC005 to the northwest reported XRF reading of 3m @ 1500 ppm from 15m being consistent with the +1000ppm assay intersections reported in the area.

To the southeast FQM holes KWAC023 to KWAC026 located between 2 and 10 kms from the contact, returned strong XRF (Ce, La & Y) measurements from between 40m and 60m depth with KWAC026 measuring 1m @ 5450 ppm from 43m. While these XRF reading are indicative only, the results are a positive affirmation of the REE potential of the Bitter Springs Formation. Given the excellent prospectivity of IAC style REE mineralisation in the Bitter Springs sediments, Norwest has applied for an additional 460km² of exploration ground adjoining its eastern Arunta West tenement package.

The overall ground holding captures all of the FQM drill holes reporting strong REE enrichment and gives Norwest an opportunity to develop a World Class clay hosted REE project in Western Australia.