Norwest Minerals Limited has announced the successful completion of its partly underwritten non‐renounceable entitlement offer, which was initially launched on 30 April 2025 and closed on 19 May 2025. The offer saw robust participation, with investors applying for a total of 344,232,539 new shares and options, while an additional 139,006,513 securities were taken up by the underwriters under the shortfall arrangement. This structure enabled the company to raise approximately $4.85 million, guaranteed by underwriters committing up to $3 million. The funds raised will be directed toward the review of mining options at the Bulgera project and the recommencement of drilling on multiple gold targets across the Bulgera Mining Lease area, where current estimates stand at 218,000 ounces of gold. The imminent drilling campaign intends to target near-surface gold zones in the vicinity of the historic mining centre, along strike targets identified through historical surface geochemistry, and deeper lodes located beyond the shallow pits from 2004. Additionally, the company has applied to list the new options, with a detailed list of the top 20 option holders provided, reflecting significant interest from a diversified group of market participants. Investors should note the inclusion of forward-looking statements within the announcement. The company’s expectations regarding exploration progress and resource expansion are subject to inherent risks and uncertainties, and actual outcomes may differ materially from the projections expressed. The technical data, including preliminary X-ray fluorescence (XRF) readings associated with several drill holes, provide an indication of rare earth element orders of magnitude, though these figures are yet to be confirmed by comprehensive multi-element assays. The sentiment surrounding this development can be viewed from both bullish and bearish perspectives. On the bullish side, the successful capital raise and the clear commitment from underwriters, along with detailed drilling plans to potentially increase the gold resource base, indicate strong confidence in the project’s upside. The detailed allocation of funds towards exploration and the possibility of expanding gold reserves should appeal to investors looking for growth in resource potential. Conversely, the bearish view may focus on the inherent uncertainties of exploration, the reliance on preliminary assay results, and the risks associated with forward-looking statements. The market’s reaction will likely depend on the upcoming drilling results and the company’s ability to convert potential into tangible resources. This development marks a significant step in Norwest Minerals Limited’s strategy to enhance its resource portfolio, with the raised funds poised to support further exploration and potential value creation for shareholders. Investors, particularly those new to trading, should pay attention to the mixture of promising project developments and the prudent caution expressed in the forward-looking statements.