If you want to connect a dynamic mic to a speaker, you will need a mic preamp (to raise the mic's signal level to line level). This could be part of a mixer or audio interface, or a standalone mic preamp. Then you would connect the output of the preamp to an audio amplifier to provide the power to drive a speaker, with the amp output connected to the speaker. (Or you could use an active speaker with a built-in amplifier).
The NW-100 is not a preamp, and it provides no amplification. All it does is provide 48 V electricity at low current to power a condenser mic. Your dynamic mic does not need 48 V phantom power to operate; it is powered by the sound that it receives. The only mics that need 48 V phantom power are XLR-style condenser mics, plus a few other mics that have an internal preamp.
To test your NW-100: When the NW-100 is turned on and connected to power, you should be able to measure 48 V on the "INPUT" connector only. There should be 48 V between either pin 2 or pin 3 and pin 1. There should never be any voltage on the "OUTPUT" connector; the NW-100 has internal capacitors to block DC voltage while passing the mic audio signal from input to output.