Norwest Minerals Limited (ASX: NWM) has announced a 1-for-4 non-renounceable entitlement offer to raise approximately $1.89 million. The capital raise is priced at $0.007 per share and is designed to fund the next development phases for the company's Bulgera gold project.

The offer is partly underwritten to $1.26 million, with backing from Fortress Minerals Limited and company director Charles Schaus. Additional commitments from directors and major shareholders total roughly $630,000, ensuring the required capital to progress technical workstreams. Beyond project development, the company noted that the raise supports its ongoing solvency testing requirements for the fiscal year 2026 audit.

The proceeds are earmarked for a range of technical activities aimed at advancing the Bulgera heap leach scoping study and preparing for subsequent definitive studies. Key planned expenditures include metallurgical column leach testing, preliminary engineering design for the heap leach pad and recovery plant, and development of a site borefield for water supply.

"Following our exceptional milestones, headlined by our updated 191,000-ounce Mineral Resource Estimate and 86% bottle-roll gold recoveries, this partly underwritten $1.89 million raise provides the capital required to push Bulgera seamlessly through its Scoping Study phases."

— Charles Schaus, CEO

Eligible shareholders have until 30 July 2026 to participate in the offer. The company expects to announce the final results of the entitlement offer on 6 August 2026, with the new shares scheduled for issuance on that same date. Eligible shareholders, excluding directors, may also subscribe for additional shortfall shares.

Read the full announcement: Norwest to conduct Entitlement Offer