Norwest Minerals (ASX:NWM) quarterly report

Norwest Minerals Limited (ASX:NWM) reported cash outflows of $154,000 in operations and $792,000 spent in exploration and evaluation in Q1 2023.

The company raised $1m from a recent entitlement offer and intends to raise a further $1.2m by placing the shortfall.

Norwest Minerals ended the quarter with a cash balance of $873,000.

The board expects net operating cash flows to continue and adequate funding to operate in the short term, with further capital raising and cost adjustments if needed.