# A8G: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143643 Publisher: asx Original announcement: 2026-09-24T09:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T10:10:10.704Z Atlas analysis updated: 2026-09-24T10:10:10.704Z - Company: Australasian Metals Limited - Ticker: A8G - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Bauxite, Lithium, Copper, Manganese, Gallium, Titanium, Vanadium - Document categories: Resource update, Capital raise, Agreement transaction - Extracted: 2026-09-24 10:10:11 UTC Narrative sentiment: 0.00 · Neutral ## Minestarters Atlas summary Australasian Metals Limited's annual report for the year ended June 30, 2026, highlights a reduced loss after tax to $656,344 and cash reserves of $2.3 million. The company advanced its May Queen Gold Project and continued evaluation of gallium as a potential byproduct at the May Queen South Bauxite Project, which hosts an Inferred Mineral Resource of 54.9 Mt at 37.5% total Al2O3. The report also includes Inferred Gold Resources for the Capella and Mt Clermont Gold Projects totaling 1.74 Mt at 1.13 g/t Au. Post-reporting period, the company secured an option to acquire interests in the Atex Lithium-Tantalum and Alliance Lithium Projects and completed a $1.05 million share placement to fund exploration and due diligence. Reasoning: The annual report shows improved financial performance with a reduced loss and a strong cash position. Post-reporting period, the company secured an option for new projects and completed a capital raise, which are positive for future growth. However, the reported mineral resources are entirely in the Inferred category, which represents the lowest level of geological confidence and limits their immediate economic significance. The gold resource is particularly small in scale. - Positive factor: Reduced loss after tax for the financial year. - Positive factor: Healthy cash reserves reported at year-end. - Positive factor: Successful capital raise post-reporting period provides funding for exploration and due diligence. - Positive factor: Option agreement for new lithium-tantalum projects indicates strategic growth initiatives. - Positive factor: Resource estimates are JORC 2012 compliant and signed off by a Competent Person. - Positive factor: Cut-off grades are disclosed for all reported resources. - Negative factor: All reported mineral resources are classified as 100% Inferred, indicating low geological confidence and early project stage. - Negative factor: The contained metal for the gold resource is very small, well below typical thresholds for significant projects. - Negative factor: No Measured or Indicated resources are reported, limiting the ability to support economic studies. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: All reported resources \(bauxite and gold\) are classified as 'Inferred', which is the lowest confidence category. Evidence · text > Inferred 54,894,438 28.02 37.5 7.9 3.6 20.9 8.5 23.9 5.2 0.062 **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: Both the bauxite and gold mineral resources are reported as 100% Inferred, with no Measured or Indicated categories. Evidence · text > Inferred Mineral Resource of 54.9 million tonnes at 37.5% total Al2O3 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Dr Qingtao Zeng, Managing Director, is named as the Competent Person responsible for the Exploration Results and Mineral Resources. Evidence · text > The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Dr Qingtao Zeng, Managing Director of Australasian Metals. Dr Zeng is a member of the Australasian Institute of Mining and Metallurgy and he has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The mineral resources are stated to be compliant with the JORC 2012 Edition. Evidence · text > Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The mineral resources are presented as part of the Annual Statement of Mineral Resources and Ore Reserves in the annual report, indicating an update or re-reporting of existing estimates. Evidence · text > Annual Statement of Mineral Resources and Ore Reserves **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grades for both the bauxite and gold resources are clearly stated in the respective tables. Evidence · text > MAY QUEEN SOUTH BAUXITE RESOURCE \(>30% Tot Al2O3, <10% Tot SiO2 and >18.5% LOI\) ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-0) May Queen South Bauxite Project · bauxite #### Identity - Project: May Queen South Bauxite Project - Commodity: bauxite - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:9dcf1f0d0e6badc58eb9 - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 54894438 - Grade: 37.5 - Grade Unit: % - Cutoff Grade: 30 - Cutoff Unit: % Tot Al2O3 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The bauxite resource is large in tonnage but entirely in the Inferred category, which carries the lowest level of geological confidence. While JORC compliant and with a disclosed cut-off, the early stage limits its immediate materiality. - Positive factor: Large tonnage for an Inferred resource. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 37.5 Context: 54,894,438 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-1) May Queen South Bauxite Project · titanium #### Identity - Project: May Queen South Bauxite Project - Commodity: titanium - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:9dcf1f0d0e6badc58eb9 - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 54894438 - Grade: 5.2 - Grade Unit: % - Cutoff Grade: 30 - Cutoff Unit: % Tot Al2O3 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The titanium grade is reported as part of an Inferred bauxite resource, which is an early-stage estimate with low geological confidence. While JORC compliant, its materiality is limited at this stage. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 5.2 Context: 54,894,438 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-2) May Queen South Bauxite Project · vanadium #### Identity - Project: May Queen South Bauxite Project - Commodity: vanadium - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:9dcf1f0d0e6badc58eb9 - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 54894438 - Grade: 0.062 - Grade Unit: % - Cutoff Grade: 30 - Cutoff Unit: % Tot Al2O3 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The vanadium grade is reported as part of an Inferred bauxite resource, which is an early-stage estimate with low geological confidence. While JORC compliant, its materiality is limited at this stage. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 0.062 Context: 54,894,438 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-3) Capella and Mt Clermont Gold Projects · gold #### Identity - Project: Capella and Mt Clermont Gold Projects - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:1b90c057dc3f9bc26985 - Deposit or zone: Ayres Rock - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 920000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 30.1 - Contained Unit: koz - Cutoff Grade: 0.6 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Ayres Rock gold resource is entirely Inferred and very small in contained metal, indicating a very early stage of development and low geological confidence. While JORC compliant, its overall scale limits its materiality. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: Contained metal is very small \(30.1 koz Au\), well below the weak threshold for gold resources. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 1.02 Context: 0.92 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-4) Capella and Mt Clermont Gold Projects · gold #### Identity - Project: Capella and Mt Clermont Gold Projects - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:4c9f1ef2545fa9002049 - Deposit or zone: Retro Extended - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 820000 - Grade: 1.27 - Grade Unit: g/t - Contained Metal: 33.5 - Contained Unit: koz - Cutoff Grade: 0.6 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Retro Extended gold resource is entirely Inferred and very small in contained metal, indicating a very early stage of development and low geological confidence. While JORC compliant, its overall scale limits its materiality. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: Contained metal is very small \(33.5 koz Au\), well below the weak threshold for gold resources. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 1.27 Context: 0.82 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a8g-annual-report-to-shareholders--ba2df5e9-7650-437d-bf3c-e5c05a821527#fact-resource-facts-5) Capella and Mt Clermont Gold Projects · gold #### Identity - Project: Capella and Mt Clermont Gold Projects - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: A8G #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr Qingtao Zeng - Resource group id: resource:3bcfe24ce01871633efe - Deposit or zone: TOTAL COMBINED - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1740000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 63.6 - Contained Unit: koz - Cutoff Grade: 0.6 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The combined gold resource is entirely Inferred and very small in contained metal, indicating a very early stage of development and low geological confidence. While JORC compliant, its overall scale limits its materiality. - Positive factor: JORC 2012 compliant and QP signed off. - Positive factor: Cut-off grade clearly disclosed. - Negative factor: Resource is 100% Inferred, indicating low geological confidence. - Negative factor: Contained metal is very small \(63.6 koz Au\), well below the weak threshold for gold resources. - Negative factor: No Measured or Indicated categories reported. Evidence · table > 1.13 Context: 1.74 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.