# AAR: Substantial Increase in Mineral Resources at Spargoville Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150479 Publisher: asx Original announcement: 2026-10-08T22:31:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-08T23:04:20.527Z Atlas analysis updated: 2026-10-08T23:04:20.527Z - Company: Astral Resources - Ticker: AAR - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-10-08 23:04:21 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Astral Resources has announced a substantial update to its Spargoville Gold Project Mineral Resource Estimate \(MRE\), reporting a 102% increase in contained gold to 281,000 ounces. The updated MRE now stands at 8.5 million tonnes at 1.0 g/t gold, with Indicated Resources increasing by 130% to 5.1 million tonnes at 1.1 g/t gold. The estimate is JORC 2012 compliant and constrained by pit shells, though the overall grade has decreased compared to the previous estimate. Reasoning: Astral Resources announced a 102% increase in contained gold at its Spargoville Gold Project, with the Mineral Resource Estimate growing to 8.5Mt at 1.0g/t Au for 281koz. This update, which includes a 130% increase in Indicated Resources, is JORC 2012 compliant and constrained by pit shells, although the overall grade has declined by 28.5%. - Positive factor: Significant increase in contained gold \(102%\) at Spargoville - Positive factor: Substantial tonnage growth \(183%\) at Spargoville - Positive factor: Significant increase in Indicated Resources \(130%\) at Spargoville, improving confidence - Positive factor: Resource estimate is JORC 2012 compliant - Positive factor: Qualified Persons have signed off on the estimate - Positive factor: Cut-off grades are clearly disclosed - Positive factor: Resource is constrained within pit shells, indicating reasonable prospects for economic extraction - Positive factor: Updated gold price assumption \(A$4,500/oz\) for pit optimization - Negative factor: Overall grade decline \(28.5%\) at Spargoville compared to prior estimate - Negative factor: No Measured Resources reported for Spargoville - Negative factor: Some metallurgical testing is preliminary and more testing is recommended - Negative factor: Cut-off grade slightly increased for some deposits \(0.39g/t Au to 0.40g/t Au\) Facts used in scoring: 44 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Spargoville MRE increased by 183% from 3.0Mt to 8.5Mt. Evidence · text > The MRE at Spargoville previously totalled 3.0Mt at 1.4g/t Au for 139koz of contained gold and, notwithstanding that these three deposits remain unchanged from the May 2025 MRE, the new update represents a 102% increase to 8.5Mt at 1.0g/t Au for 281koz of contained gold. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Spargoville MRE increased by 102% from 139koz to 281koz of contained gold. Evidence · text > The Mineral Resource Estimate \(MRE\) for Astral’s 100%-owned Spargoville Gold Project \(Spargoville\) has increased by 102% to 8.5Mt at 1.0g/t Au for 281koz of contained gold **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Indicated Resources for Spargoville increased by 130% to 5.1Mt at 1.1g/t Au for 186koz of contained gold. Evidence · text > The Indicated Resources have increased by 130% to 5.1Mt at 1.1g/t Au for 186koz of contained gold. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > reported in accordance with the JORC Code \(2012 Edition\). **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: Mr Michael Job \(Cube Consulting\) and Ms Julie Reid \(Astral Resources NL\) are named as Competent Persons responsible for the estimate. Evidence · text > The information in this announcement that relates to Estimation and Reporting of Mineral Resources for the Spiders \(which includes Golden Orb, Huntsman, Redback, Trapdoor and S5\), Eagles Nest, 8500N and 5B Deposits of the Spargoville Gold Project is based on information compiled by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy \(FAusIMM\). Mr Job is an independent consultant employed by Cube Consulting. Mr Job has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Mr Job consents to the inclusion in this Quarterly Report of the matters based on the information in the form and context in which it appears. **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 resource is reported using a 0.40g/t Au lower cut-off grade. Evidence · text > The Spiders, Eagles Nest, 8500N and 5B Deposits have been re-estimated using a 0.40g/t Au lower cut-off **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The overall grade for Spargoville decreased from 1.4g/t Au to 1.0g/t Au, a 28.5% decline. Evidence · text > The MRE at Spargoville previously totalled 3.0Mt at 1.4g/t Au for 139koz of contained gold and, notwithstanding that these three deposits remain unchanged from the May 2025 MRE, the new update represents a 102% increase to 8.5Mt at 1.0g/t Au for 281koz of contained gold. **No Measured Resource** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: No material has been classified as Measured in the updated MRE. Evidence · text > No material has been classified as Measured. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an updated Mineral Resource Estimate for the Spargoville Gold Project. Evidence · text > SUBSTANTIAL INCREASE IN MINERAL RESOURCES AT SPARGOVILLE PROJECT, WA FOLLOWING RE-ESTIMATION OF KEY DEPOSITS **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The 5B deposit is newly included in the updated MRE, with no prior estimate mentioned for it. Evidence · table > 5B Indicated 0.1 1.4 6,000 Inferred 0.0 0.7 0 Total 0.2 1.3 7,000 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is constrained within pit shells derived using a gold price and cost assumptions based on the Mandilla Gold Project Definitive Feasibility Study \(DFS\) mine optimisations. Evidence · text > The cost assumptions underpinning the optimisation are based on the mining and processing unit costs used for the upcoming Mandilla Gold Project Definitive Feasibility Study \(Mandilla DFS\) mine optimisations. **Open Pit Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Spargoville Project is planned to be mined by open pit extraction, and pit optimization work was conducted. Evidence · text > The Spargoville Project will be mined by open pit extraction. Recent pit optimisation work used a gold price of A$4,500oz ## Extracted facts Stored fact records: 44. Some facts used in scoring do not have a stored record. ## Resource Estimates (44) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-0) Spargoville · gold #### Identity - Project: Spargoville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:481a6e80f94287b33f6d - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 186000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Indicated Mineral Resource for Spargoville increased by 130% to 5.1Mt at 1.1g/t Au for 186koz, representing a significant confidence upgrade and growth. - Positive factor: Significant increase in Indicated Resources \(130%\) - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1.1 Context: 5.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-1) Spargoville · gold #### Identity - Project: Spargoville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:e774e582d5aa588afc6e - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3400000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 95000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Inferred Mineral Resource contributes to the overall contained gold but represents a lower confidence category. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.9 Context: 3.4 #### 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 ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-2) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:5854b5c765286ef50f9e - Ownership percent: 100 % #### Resource Data - Tonnes: 8500000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 281000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 - Prior Tonnes: 3000000 - Prior Grade: 1.4 - Prior Contained Metal: 139000 - Prior Cutoff Grade: 0.39 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The total Spargoville MRE shows exceptional growth in both tonnage and contained gold, despite a notable decrease in average grade, indicating a larger but lower-grade resource. - Positive factor: Exceptional tonnage growth \(183%\) - Positive factor: Exceptional contained metal growth \(102%\) - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Significant grade decline \(28.5%\) Evidence · table > 8.5 Context: 1.0 #### Tags used in scoring **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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8500000 against 3000000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1 against 1.4 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 281000 against 139000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-3) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:83dd92016e7d620354a9 - Deposit or zone: Wattle Dam Stockwork - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Wattle Dam Stockwork, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.3 Context: 1.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-4) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:ea1f1c077a671c3fdc11 - Deposit or zone: Wattle Dam Stockwork - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 0 - Grade: 5 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Wattle Dam Stockwork, unchanged from the May 2025 MRE, with very small tonnage. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE - Negative factor: Inferred category has lower geological confidence - Negative factor: Very small tonnage Evidence · table > 0.0 Context: 5.0 #### 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 ### Wattle Dam Stockwork [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-5) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:07fbd3ddb65291095486 - Deposit or zone: Wattle Dam Stockwork - Ownership percent: 100 % #### Resource Data - Tonnes: 300000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 15000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total resource for Wattle Dam Stockwork, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.3 Context: 1.4 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-6) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:2a84af2e83c6e8114f70 - Deposit or zone: Spiders - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2800000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 106000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Indicated resource for Spiders is a significant component of the updated MRE with a good grade. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 2.8 Context: 1.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-7) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:f7ee114ca5db28b8d21a - Deposit or zone: Spiders - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 71000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Inferred resource for Spiders contributes to the overall contained gold but represents a lower confidence category. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.8 Context: 0.8 #### 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 ### Spiders [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-8) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:38432d0520189263c90c - Deposit or zone: Spiders - Ownership percent: 100 % #### Resource Data - Tonnes: 5500000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 177000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Spiders represents the largest and a significant portion of the updated Spargoville MRE. - Positive factor: Largest accumulation of Mineral Resources within Spargoville - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 5.5 Context: 1.0 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-9) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:2e77d567e8394d93bdea - Deposit or zone: 8500N - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 800000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 20000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Indicated resource for 8500N contributes to the updated MRE with an economic grade for open pit mining. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 0.8 Context: 0.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-10) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:8c5026b4742ac0bd3324 - Deposit or zone: 8500N - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: -53 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Inferred resource for 8500N is a small component of the updated MRE with lower confidence. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence - Negative factor: Small tonnage Evidence · table > -53% Context: 0.2 #### 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 ### 8500N [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-11) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:daf0b04136ed36c3420e - Deposit or zone: 8500N - Ownership percent: 100 % #### Resource Data - Tonnes: 1000000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 26000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The total resource for 8500N contributes to the updated MRE with an economic grade for open pit mining. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1.0 Context: 0.8 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-12) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:43dc02700cced7064a2e - Deposit or zone: Eagles Nest - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 600000 - Grade: -35 - Grade Unit: g/t - Contained Metal: 23000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Indicated resource for Eagles Nest is a significant component of the updated MRE with a good grade. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > -35% Context: 0.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-13) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:483ae9a0e932f1385ecf - Deposit or zone: Eagles Nest - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Inferred resource for Eagles Nest is a small component of the updated MRE with lower confidence. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence - Negative factor: Small tonnage Evidence · table > 0.2 Context: 0.9 #### 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 ### Eagles Nest [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-14) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:747a1178d0d391c73465 - Deposit or zone: Eagles Nest - Ownership percent: 100 % #### Resource Data - Tonnes: 800000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 30000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The total resource for Eagles Nest contributes significantly to the updated MRE with a good grade. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 0.8 Context: 1.1 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-15) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:73a43a28deb15b62adf4 - Deposit or zone: Larkinville - Ownership percent: 75 % #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 11000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Larkinville, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.2 Context: 1.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-16) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:a6c6a1358765b9a84fb5 - Deposit or zone: Larkinville - Ownership percent: 75 % #### Resource Data - Category: inferred - Tonnes: 0 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Larkinville, unchanged from the May 2025 MRE, with very small tonnage. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE - Negative factor: Inferred category has lower geological confidence - Negative factor: Very small tonnage Evidence · table > 0.0 Context: 1.0 #### 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 ### Larkinville [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-17) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:55ab9ed1f6f01f622fea - Deposit or zone: Larkinville - Ownership percent: 75 % #### Resource Data - Tonnes: 200000 - Grade: 1.7 - Grade Unit: g/t - Contained Metal: 12000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total resource for Larkinville, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.2 Context: 1.7 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-18) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:cc9fd7c446ddbef5c0b2 - Deposit or zone: Hilditch - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 8000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Hilditch, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.2 Context: 1.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-19) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:a01f0f5fe1e49daae4c7 - Deposit or zone: Hilditch - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 1.7 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Hilditch, unchanged from the May 2025 MRE, with small tonnage. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE - Negative factor: Inferred category has lower geological confidence - Negative factor: Small tonnage Evidence · table > 0.1 Context: 1.7 #### 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 ### Hilditch [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-20) Spargoville Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:26a60c49a59ae1af2650 - Deposit or zone: Hilditch - Ownership percent: 100 % #### Resource Data - Tonnes: 400000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 15000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-05-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-07T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total resource for Hilditch, unchanged from the May 2025 MRE, thus having low novelty. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, unchanged from prior MRE Evidence · table > 0.4 Context: 1.3 #### Tags used in scoring **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-21) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:9a6c7f78cc8d638f5cbb - Deposit or zone: 5B - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 100000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Indicated resource for 5B is a new component of the updated MRE with a good grade. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1.4 Context: 0.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-22) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:81e1e011c1bb7dd614d1 - Deposit or zone: 5B - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 0 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Inferred resource for 5B is a very small component of the updated MRE with lower confidence. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence - Negative factor: Very small tonnage and contained metal Evidence · table > 0.0 Context: 0.7 #### 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 ### 5B [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-23) Spargoville Gold Project · gold #### Identity - Project: Spargoville Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:be8f5ea78f89b414aac5 - Deposit or zone: 5B - Ownership percent: 100 % #### Resource Data - Tonnes: 200000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The total resource for 5B is a new component of the updated MRE with a good grade. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 0.2 Context: 1.3 #### Tags used in scoring **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-24) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:b99da92915d01d6f757b #### Resource Data - Category: measured - Tonnes: 1300000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 57000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Measured resource for Mandilla, previously announced, providing high confidence but low novelty in this release. - Positive factor: Highest confidence category - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 1.3 Context: 1.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-25) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:b940c27fb0fdc0120d30 #### Resource Data - Category: indicated - Tonnes: 32600000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1092000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Mandilla, previously announced, providing good confidence but low novelty in this release. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 32.6 Context: 1.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-26) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:c648134ee05b9367fece #### Resource Data - Category: inferred - Tonnes: 19600000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 588000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Mandilla, previously announced, contributing to the overall resource but with lower confidence and novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release - Negative factor: Inferred category has lower geological confidence Evidence · table > 19.6 Context: 0.9 #### 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 ### Fact 28 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-27) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:ab6dc2de4196346d183d #### Resource Data - Tonnes: 53500000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1736000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 - Prior Contained Metal: 1740000 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total resource for Mandilla, previously announced, representing a significant asset but with low novelty in this release. - Positive factor: Large contained gold - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 53.5 Context: 1.0 #### Tags used in scoring **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 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1736000 against 1740000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-28) Feysville · gold Historical result Needs review: historical\_restatement #### Identity - Project: Feysville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2024-11-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:86792e0fff5cba60be88 #### Resource Data - Category: indicated - Tonnes: 3500000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 144000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-11-01 - Prior Tonnes: 4000000 - Prior Grade: 1.3 - Prior Contained Metal: 144000 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-11-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Feysville, previously announced, providing good confidence but low novelty in this release. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 1.3 Context: 3.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3500000 against 4000000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-29) Feysville · gold Historical result Needs review: historical\_restatement #### Identity - Project: Feysville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2024-11-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:c77de4f73e1b0bed9b28 #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 53000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-11-01 - Prior Tonnes: 1000000 - Prior Grade: 1.1 - Prior Contained Metal: 53000 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-11-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Feysville, previously announced, contributing to the overall resource but with lower confidence and novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.1 Context: 1.5 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1500000 against 1000000 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 53000 from 53000 ### Fact 31 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-30) Feysville · gold Historical result Needs review: historical\_restatement #### Identity - Project: Feysville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2024-11-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:2cf16d1f3e936b308863 #### Resource Data - Tonnes: 5000000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 196000 - Contained Unit: oz - Cutoff Grade: 0.39 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-11-01 - Prior Tonnes: 5000000 - Prior Grade: 1.2 - Prior Contained Metal: 196000 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-11-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total resource for Feysville, previously announced, representing a significant asset but with low novelty in this release. - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 5.0 Context: 1.2 #### Tags used in scoring **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-31) Consolidated Group · gold #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:7481ccd067422d048601 #### Resource Data - Category: measured - Tonnes: 1300000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 57000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The Measured resource for the consolidated group is a high-confidence component, though it is a restatement of prior Mandilla MRE. - Positive factor: Highest confidence category - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1.3 Context: 1.3 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-32) Consolidated Group · gold #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:d9e668163f204163e959 #### Resource Data - Category: indicated - Tonnes: 41200000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 1422000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The consolidated Indicated resource is a large and significant component of the group's total MRE, with good grade. - Positive factor: Large Indicated resource - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 41.2 Context: 1.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-33) Consolidated Group · gold #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:0c6f4023fde5e8a570f0 #### Resource Data - Category: inferred - Tonnes: 24500000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 735000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The consolidated Inferred resource contributes to the overall contained gold but represents a lower confidence category. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Inferred category has lower geological confidence Evidence · table > 24.5 Context: 0.9 #### 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 ### Fact 35 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-34) Consolidated Group · gold #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Job, Julie Reid - Resource group id: resource:95b9db2b0c81bfb2b0bd #### Resource Data - Tonnes: 67000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 2214000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-01 #### Lab - Laboratory: ALS Global #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The consolidated total MRE for Astral Group shows a significant gold endowment with good grade, reflecting the updated Spargoville MRE. - Positive factor: Large total contained gold \(2.21Moz\) - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 67.0 Context: 1.0 #### Tags used in scoring **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-35) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:567ee5d5edfa9a0d29a4 #### Resource Data - Category: probable - Tonnes: 34300000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 1000000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Probable Reserve for Mandilla, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Probable Reserve indicates economic viability - Positive factor: Large contained gold - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 34.3 Context: 0.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### Fact 37 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-36) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:6a2edeac67800bedbe4d #### Resource Data - Tonnes: 34300000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 1000000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total Reserve for Mandilla, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Total Reserve indicates economic viability - Positive factor: Large contained gold - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 34.3 Context: 0.9 #### Tags used in scoring **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-37) Feysville · gold Historical result Needs review: historical\_restatement #### Identity - Project: Feysville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:96bf94463decf689d6af #### Resource Data - Category: probable - Tonnes: 2300000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 88000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Probable Reserve for Feysville, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Probable Reserve indicates economic viability - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 2.3 Context: 1.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-38) Feysville · gold Historical result Needs review: historical\_restatement #### Identity - Project: Feysville - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:321f470ba9a6e3025193 #### Resource Data - Tonnes: 2300000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 88000 - Contained Unit: oz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total Reserve for Feysville, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Total Reserve indicates economic viability - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 2.3 Context: 1.2 #### Tags used in scoring **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-39) Consolidated Group · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:13a4f2513dc0fbf059c3 #### Resource Data - Category: probable - Tonnes: 36600000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 1082000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Probable Reserve for the consolidated group, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Probable Reserve indicates economic viability - Positive factor: Large contained gold - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 36.6 Context: 0.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### Fact 41 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-40) Consolidated Group · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Group - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: reserve - Effective date: 2025-06-25T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:52922bd55d2261a663cc #### Resource Data - Tonnes: 36600000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 1082000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-25 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-25T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical total Reserve for the consolidated group, previously announced, indicating economic viability but with low novelty in this release. - Positive factor: Total Reserve indicates economic viability - Positive factor: Large contained gold - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 36.6 Context: 0.9 #### Tags used in scoring **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 ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-41) Testing Authorities #### Identity - Project: Testing Authorities - Region: australia - Reported Region: Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Resource group id: resource:72cb06cccc5ec14713ff #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Explicit resource disclosure recovered from source prose. Evidence · text > The Mineral Resources are reported at a 0.40 g/t Au lower cut-off for Mandilla, Spiders, Eagles Nest, 8500N and 5B, and a 0.39g/t Au lower #### Tags used in scoring **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The Mineral Resources are reported at a 0.40 g/t Au lower cut-off for Mandilla, Spiders, Eagles Nest, 8500N and 5B, and a 0.39g/t Au lower Evidence · text > The Mineral Resources are reported at a 0.40 g/t Au lower cut-off for Mandilla, Spiders, Eagles Nest, 8500N and 5B, and a 0.39g/t Au lower Context: Testing Authorities \(NATA\), Australia **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-42) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:43c0fdf5e733eb971680 #### Resource Data - Category: indicated - Tonnes: 30600000 - Grade: 1.1 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Indicated resource for Mandilla, previously announced, providing good confidence but low novelty in this release. \(Expanded from portfolio resource summary table.\) - Positive factor: Good grade for open pit mining - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release Evidence · table > 1.1 Context: 30.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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/aar-substantial-increase-in-mineral-resources-at-spargoville--6e350faf-036d-4b62-b3fb-7ba71824d600#fact-resource-facts-43) Mandilla · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mandilla - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: AAR #### Resource scope - Estimate type: resource - Effective date: 2026-04-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Julie Reid - Resource group id: resource:d46ce6527f7d145d61ab #### Resource Data - Category: inferred - Tonnes: 10900000 - Grade: 1.1 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-21 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-04-21T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: This is a historical Inferred resource for Mandilla, previously announced, contributing to the overall resource but with lower confidence and novelty. \(Expanded from portfolio resource summary table.\) - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Historical estimate, not new information in this release - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.1 Context: 10.9 #### 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 ## 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.