# AGC: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145455 Publisher: asx Original announcement: 2026-09-29T06:54:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:10:41.970Z Atlas analysis updated: 2026-09-29T16:10:41.970Z - Company: AUSTRALIAN GOLD AND COPPER LIMITED - Ticker: AGC - Exchange: ASX - Region: New South Wales - Primary commodity: Gold - Secondary commodities: Silver, Zinc, Lead, Copper - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-29 16:10:42 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Australian Gold and Copper Limited reported an initial JORC-compliant Mineral Resource Estimate for its Achilles project, totaling 38.5 Moz AgEq, with significant portions in the Indicated category. The company also announced high-grade drill results from both Achilles and the newly acquired Evergreen project, including bonanza silver equivalent intercepts and strong polymetallic mineralization. Initial metallurgical test work for Achilles demonstrated robust recoveries for silver, gold, lead, and zinc, supporting the economic viability of the project. Additionally, AGC completed several strategic acquisitions, significantly expanding its landholding in the South Cobar region of New South Wales. Reasoning: The annual report highlights significant progress with the declaration of a maiden JORC-compliant Mineral Resource Estimate for the Achilles project, reporting substantial AgEq ounces. New high-grade drill results from Evergreen and Achilles, including bonanza AgEq intercepts, demonstrate strong exploration success and potential for resource growth. Positive metallurgical test work supports the recoverability of metals. Strategic acquisitions have expanded the company's land position and project pipeline, indicating strong growth and de-risking of the portfolio. - Positive factor: Initial Mineral Resource Estimate declared for Achilles - Positive factor: High-grade drill intercepts at Evergreen and Achilles - Positive factor: Positive metallurgical test results for Achilles - Positive factor: Strategic acquisitions expanding land position and project portfolio - Negative factor: Combined Zn+Pb grades reported in drill results, preventing individual metal extraction - Negative factor: Metallurgical test work did not explicitly name the laboratory or consultant Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 61 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate for Achilles explicitly states conformity to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 2012 Edition. Evidence · text > The preceding statements of Mineral Resources conform to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 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: The Mineral Resource Estimate is based on information compiled by Mr Arnold van der Heyden, a Director of H & S Consultants Pty Limited and a member of the Australian Institute of Mining and Metallurgy, who consents to the inclusion of the report. Evidence · text > The information in this report that relates to Mineral Resource Estimates is based on and fairly represents information and supporting documentation compiled by Mr Arnold van der Heyden who is a Director of H & S Consultants Pty Limited. Mr van der Heyden is a member and Chartered Professional \(Geology\) of the Australian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ \(JORC code\). Mr van der Heyden consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. **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 document refers to the 'initial Mineral Resource Estimate \(MRE\) for the Achilles Deposit'. Evidence · text > Initial Indicated and Inferred Mineral Resource Estimate \(MRE\) for the Achilles Deposit was declared in FY26 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The metal equivalent calculation for exploration results \(AgEq g/t = Ag g/t + Au g/t\*92.6 + Zn%\*32.1 + Pb\*21.8%\) uses assumed metal prices and recoveries, which are disclosed in the document. Evidence · text > Silver equivalent \(AgEq\) metal prices used in drill hole interval calculations were US$31.6/oz for Ag, US$2,700/oz for Au, US$2,850/t for Zn, US$2,000/t for Pb. The applied formula was: AgEq\(%\) = Ag\(g/t\) + 92.6\*Au\(g/t\) + 32.1\*Zn\(%\) + 21.8\*Pb\(%\). **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document mentions that the information relating to Exploration Results is based on information compiled by Mr. Glen Diemar, a member of the Australian Institute of Geoscientists and a Competent Person as defined in the JORC Code. Evidence · text > The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Glen Diemar, who is a member of the Australian Institute of Geoscientists. Mr. Diemar is a full-time employee of Australian Gold and Copper Ltd, and is a shareholder. However Mr. Diemar believes this shareholding does not create a conflict of interest, as Mr. Diemar has sufficient experience which 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”. **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 0.9m at 5,332g/t AgEq is exceptionally high-grade, well above typical thresholds for silver equivalent. Evidence · text > including 0.9m at 5,332g/t AgEq from 216.1m **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The metallurgical test work reported combined float/leach recoveries of 90.3% for gold and 95.7% for zinc, which are at or above the exceptional band for these commodities and processing routes. Evidence · text > Combined float/leach recoveries of 83.0% silver & 90.3% gold, with concentrate grades of up to 1,267 g/t & 4.9 g/t respectively • 92.2% lead & 95.7% zinc, with concentrate grades of up to 18.5% & 32.8% respectively **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The metallurgical test work was conducted on a bulk composite sample selected from twenty-six individual core samples within seven diamond holes, indicating an effort to represent variability. Evidence · text > Initial metallurgical test work, comprising flotation and leaching test work on a bulk composite sample, has highlighted the potential for robust metal recoveries of all metals to a silver-gold-lead-zinc concentrate at Achilles. The composite was selected from twenty-six individual core samples within seven diamond holes **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 61. Some facts used in scoring do not have a stored record. ## Drill Results (14) ### A3OX010 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-40) Achilles · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: A3OX010 - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 1851 - Grade Unit: g/t - Intercept: 5 m - From: 30 m - To: 35 m - Intercept Depth: 30 m #### Classification - Program: exploration - Sample Type: drill - Group ID: A3OX010:30-35 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 1851 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 5m at 1,851 g/t AgEq within A3OX010 highlights a very high-grade zone near surface, further enhancing the prospectivity of the Achilles deposit, though it is a previously reported result. - Positive factor: Exceptional metal equivalent grade within a broader shallow intercept - Positive factor: Indicates a very rich zone of mineralization near surface Evidence · text > 5m at 1,851g/t AgEq from 30m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26DDBR017 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-41) Evergreen · copper #### Identity - Hole ID: 26DDBR017 - Project: Evergreen - Commodity: copper - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 1.2 - Grade Unit: % - Intercept: 8 m - From: 129 m - To: 137 m - Intercept Depth: 129 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26DDBR017:129-137 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 8m at 1.2% Cu within 26DDBR017 highlights a high-grade copper zone, further enhancing the overall prospectivity of Evergreen. - Positive factor: High-grade copper within a broader intercept - Positive factor: Indicates a richer zone of mineralization - Positive factor: New drill result from an acquired project Evidence · text > 8m at 10.4g/t Au, 311g/t Ag, 1.2% Cu, 29.0% Pb+Zn from 129m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### 26DDBR017 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-42) Evergreen · silver #### Identity - Hole ID: 26DDBR017 - Project: Evergreen - Commodity: silver - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 311 - Grade Unit: g/t - Intercept: 8 m - From: 129 m - To: 137 m - Intercept Depth: 129 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26DDBR017:129-137 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 8m at 311 g/t Ag within 26DDBR017 represents an exceptional silver grade, significantly enhancing the prospectivity of Evergreen. - Positive factor: Exceptional silver grade within a broader intercept - Positive factor: Indicates a very rich zone of mineralization - Positive factor: New drill result from an acquired project Evidence · text > 8m at 10.4g/t Au, 311g/t Ag, 1.2% Cu, 29.0% Pb+Zn from 129m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### 26DDBR017 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-43) Evergreen · gold #### Identity - Hole ID: 26DDBR017 - Project: Evergreen - Commodity: gold - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 10.4 - Grade Unit: g/t - Intercept: 8 m - From: 129 m - To: 137 m - Intercept Depth: 129 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26DDBR017:129-137 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 8m at 10.4 g/t Au within 26DDBR017 represents an exceptional gold grade, significantly enhancing the prospectivity of Evergreen. - Positive factor: Exceptional gold grade within a broader intercept - Positive factor: Indicates a very rich zone of mineralization - Positive factor: New drill result from an acquired project Evidence · text > 8m at 10.4g/t Au, 311g/t Ag, 1.2% Cu, 29.0% Pb+Zn from 129m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 ### 26DDBR013 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-44) Evergreen · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26DDBR013 - Project: Evergreen - Commodity: gold - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 0.6 - Grade Unit: g/t - Intercept: 7 m - From: 190 m - To: 197 m - Intercept Depth: 190 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26DDBR013:190-197 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 7m at 0.6 g/t Au within 26DDBR013 indicates gold mineralization, contributing to the polymetallic nature of the Evergreen deposit, though it is a previously reported result. - Positive factor: Gold mineralization present as a byproduct - Positive factor: New drill result from an acquired project Evidence · text > 7m at 0.6g/t Au, 12g/t Ag & 7.7% Zn+Pb from 190m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26DDBR013 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-45) Evergreen · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26DDBR013 - Project: Evergreen - Commodity: silver - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 12 - Grade Unit: g/t - Intercept: 7 m - From: 190 m - To: 197 m - Intercept Depth: 190 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26DDBR013:190-197 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 7m at 12 g/t Ag within 26DDBR013 indicates silver mineralization, contributing to the polymetallic nature of the Evergreen deposit, though it is a previously reported result. - Positive factor: Silver mineralization present as a byproduct - Positive factor: New drill result from an acquired project Evidence · text > 7m at 0.6g/t Au, 12g/t Ag & 7.7% Zn+Pb from 190m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### BR0018 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-46) Browns Reef · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: BR0018 - Project: Browns Reef - Commodity: silver - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 74 - Grade Unit: g/t - Intercept: 6 m - From: 368 m - To: 374 m - Intercept Depth: 368 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BR0018:368-374 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole BR0018 at Browns Reef returned 6m at 74 g/t Ag, indicating significant silver mineralization in the project area, though this is not a new result. - Positive factor: High-grade silver mineralization in historical results - Negative factor: Historical data, not new results Evidence · text > BR0018 6m @ 74g/t Ag, 16.2% Pb+Zn, 1.2% Cu from 368m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### BR0018 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-47) Browns Reef · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BR0018 - Project: Browns Reef - Commodity: copper - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 1.2 - Grade Unit: % - Intercept: 6 m - From: 368 m - To: 374 m - Intercept Depth: 368 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BR0018:368-374 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole BR0018 at Browns Reef returned 6m at 1.2% Cu, indicating significant copper mineralization in the project area, though this is not a new result. - Positive factor: High-grade copper mineralization in historical results - Negative factor: Historical data, not new results Evidence · text > BR0018 6m @ 74g/t Ag, 16.2% Pb+Zn, 1.2% Cu from 368m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### BRD019 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-48) Evergreen · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRD019 - Project: Evergreen - Commodity: silver - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 17 - Grade Unit: g/t - Intercept: 12.5 m - From: 269.5 m - To: 282 m - Intercept Depth: 269.5 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BRD019:269.5-282 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole BRD019 at Evergreen returned 12.5m at 17 g/t Ag, indicating significant silver mineralization in the project area, though this is not a new result. - Positive factor: Significant silver mineralization in historical results - Negative factor: Historical data, not new results Evidence · text > BRD019 12.5m @ 17g/t Ag, 0.5g/t Au, 10.7% Pb+Zn, 0.1% Cu from 269.5m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### BRD019 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-49) Evergreen · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRD019 - Project: Evergreen - Commodity: gold - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 0.5 - Grade Unit: g/t - Intercept: 12.5 m - From: 269.5 m - To: 282 m - Intercept Depth: 269.5 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BRD019:269.5-282 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole BRD019 at Evergreen returned 12.5m at 0.5 g/t Au, indicating gold mineralization as a byproduct, though this is not a new result. - Positive factor: Gold mineralization present as a byproduct in historical results - Negative factor: Historical data, not new results Evidence · text > BRD019 12.5m @ 17g/t Ag, 0.5g/t Au, 10.7% Pb+Zn, 0.1% Cu from 269.5m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### BRD019 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-50) Evergreen · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRD019 - Project: Evergreen - Commodity: copper - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 0.1 - Grade Unit: % - Intercept: 12.5 m - From: 269.5 m - To: 282 m - Intercept Depth: 269.5 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BRD019:269.5-282 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole BRD019 at Evergreen returned 12.5m at 0.1% Cu, indicating copper mineralization as a byproduct, though this is not a new result. - Positive factor: Copper mineralization present as a byproduct in historical results - Negative factor: Historical data, not new results Evidence · text > BRD019 12.5m @ 17g/t Ag, 0.5g/t Au, 10.7% Pb+Zn, 0.1% Cu from 269.5m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### KHRC001 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-51) Kelpie Hill · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: KHRC001 - Project: Kelpie Hill - Commodity: gold - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 4.3 - Grade Unit: g/t - Intercept: 7 m - From: 50 m - To: 57 m - Intercept Depth: 50 m #### Classification - Program: exploration - Sample Type: drill - Group ID: KHRC001:50-57 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical drill hole KHRC001 at Kelpie Hill returned 7m at 4.3 g/t Au from shallow depth, indicating significant near-surface gold mineralization, though this is not a new result. - Positive factor: High-grade gold mineralization near surface in historical results - Negative factor: Historical data, not new results Evidence · text > KHRC001 7m @ 4.3g/t Au from 50m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26DDBR006 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-59) Achilles · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26DDBR006 - Project: Achilles - Commodity: copper - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 0.5 - Grade Unit: % - Intercept: 35 m - From: 353 m - To: 388 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 5m at 1,851 g/t AgEq within A3OX010 highlights a very high-grade zone near surface, further enhancing the prospectivity of the Achilles deposit, though it is a previously reported result. - Positive factor: Exceptional metal equivalent grade within a broader shallow intercept - Positive factor: Indicates a very rich zone of mineralization near surface Evidence · text > 35m at 0.5% Cu, 6g/t Ag & 1.3% Zn+Pb from 353m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26DDBR006 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-drill-facts-60) Achilles · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26DDBR006 - Project: Achilles - Commodity: copper - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: AGC #### Geometry - Grade: 2 - Grade Unit: % - Intercept: 6 m - From: 362 m - To: 368 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A sub-interval of 5m at 1,851 g/t AgEq within A3OX010 highlights a very high-grade zone near surface, further enhancing the prospectivity of the Achilles deposit, though it is a previously reported result. - Positive factor: Exceptional metal equivalent grade within a broader shallow intercept - Positive factor: Indicates a very rich zone of mineralization near surface Evidence · text > 6m at 2.0% Cu & 17g/t Ag from 362m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (43) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-0) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8d21dc6b24d05b415731 - Deposit or zone: Open pit #### Resource Data - Category: indicated - Tonnes: 4700000 - Grade: 52 - Grade Unit: g/t - Contained Metal: 21.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 141 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has declared an initial Indicated silver resource of 4.7 Mt at 52 g/t Ag, which is a substantial and high-grade component of the overall MRE, supporting future development. - Positive factor: Significant Indicated resource for silver in an open pit scenario - Positive factor: High grade for silver in this category and mining method - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 52 Context: 4.7 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-1) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8d21dc6b24d05b415731 - Deposit or zone: Open pit #### Resource Data - Category: indicated - Tonnes: 4700000 - Grade: 0.48 - Grade Unit: g/t - Contained Metal: 21.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 141 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.48 g/t within the Indicated open pit resource, contributing to the overall metal equivalent value and providing a valuable secondary commodity. - Positive factor: Gold is a valuable byproduct in the Indicated open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 0.48 Context: 4.7 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-2) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8d21dc6b24d05b415731 - Deposit or zone: Open pit #### Resource Data - Category: indicated - Tonnes: 4700000 - Grade: 1 - Grade Unit: % - Contained Metal: 21.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 141 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 1.0% within the Indicated open pit resource, contributing to the overall metal equivalent value and providing a valuable secondary commodity. - Positive factor: Zinc is a valuable byproduct in the Indicated open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 1.0 Context: 4.7 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-3) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8d21dc6b24d05b415731 - Deposit or zone: Open pit #### Resource Data - Category: indicated - Tonnes: 4700000 - Grade: 0.83 - Grade Unit: % - Contained Metal: 21.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 141 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.83% within the Indicated open pit resource, contributing to the overall metal equivalent value and providing a valuable secondary commodity. - Positive factor: Lead is a valuable byproduct in the Indicated open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 0.83 Context: 4.7 #### 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/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-4) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:df7b863103bee91002f8 - Deposit or zone: Open pit #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 31 - Grade Unit: g/t - Contained Metal: 7.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 72 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has declared an initial Inferred silver resource of 3.2 Mt at 31 g/t Ag, contributing to the overall resource base, though with lower confidence than Indicated resources. - Positive factor: Adds to the overall resource base for silver in an open pit scenario - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 31 Context: 3.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-5) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:df7b863103bee91002f8 - Deposit or zone: Open pit #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 7.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 72 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.26 g/t within the Inferred open pit resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Gold is a valuable byproduct in the Inferred open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.26 Context: 3.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-6) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:df7b863103bee91002f8 - Deposit or zone: Open pit #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 7.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 72 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.4% within the Inferred open pit resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Zinc is a valuable byproduct in the Inferred open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.4 Context: 3.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-7) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:df7b863103bee91002f8 - Deposit or zone: Open pit #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 0.26 - Grade Unit: % - Contained Metal: 7.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 72 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.26% within the Inferred open pit resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Lead is a valuable byproduct in the Inferred open pit resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.26 Context: 3.2 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-8) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:54e6c88b6d0194e23c36 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 62 - Grade Unit: g/t - Contained Metal: 1.1 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 130 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has declared an initial Indicated silver resource of 0.3 Mt at 62 g/t Ag for underground mining, contributing to the overall MRE with good confidence. - Positive factor: Indicated resource for silver in an underground scenario - Positive factor: High grade for silver in this category and mining method - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 62 Context: 0.3 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-9) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:54e6c88b6d0194e23c36 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 0.32 - Grade Unit: g/t - Contained Metal: 1.1 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 130 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.32 g/t within the Indicated underground resource, contributing to the overall metal equivalent value. - Positive factor: Gold is a valuable byproduct in the Indicated underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 0.32 Context: 0.3 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-10) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:54e6c88b6d0194e23c36 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 1.1 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 130 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.9% within the Indicated underground resource, contributing to the overall metal equivalent value. - Positive factor: Zinc is a valuable byproduct in the Indicated underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 0.9 Context: 0.3 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-11) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:54e6c88b6d0194e23c36 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 0.54 - Grade Unit: % - Contained Metal: 1.1 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 130 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.54% within the Indicated underground resource, contributing to the overall metal equivalent value. - Positive factor: Lead is a valuable byproduct in the Indicated underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project Evidence · table > 0.54 Context: 0.3 #### 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/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-12) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:93b49bc562b0ca57b7f5 - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 74 - Grade Unit: g/t - Contained Metal: 8.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 124 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has declared an initial Inferred silver resource of 2.2 Mt at 74 g/t Ag for underground mining, contributing to the overall resource base with good grade, though with lower confidence. - Positive factor: Adds to the overall resource base for silver in an underground scenario - Positive factor: High grade for silver in this category and mining method - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 74 Context: 2.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-13) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:93b49bc562b0ca57b7f5 - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 8.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 124 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.31 g/t within the Inferred underground resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Gold is a valuable byproduct in the Inferred underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.31 Context: 2.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-14) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:93b49bc562b0ca57b7f5 - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 8.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 124 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.4% within the Inferred underground resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Zinc is a valuable byproduct in the Inferred underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.4 Context: 2.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-15) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:93b49bc562b0ca57b7f5 - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 8.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 124 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.29% within the Inferred underground resource, contributing to the overall metal equivalent value, but with lower confidence. - Positive factor: Lead is a valuable byproduct in the Inferred underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.29 Context: 2.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-16) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:aa083bfdad0b60b2db05 - Deposit or zone: Combined All #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 51 - Grade Unit: g/t - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has a substantial total silver resource of 10.3 Mt at 51 g/t Ag, forming a key part of the maiden MRE and indicating significant silver endowment. - Positive factor: Significant total silver resource declared as part of the maiden MRE - Positive factor: Good overall grade for silver across combined categories and mining methods Evidence · table > 51 Context: 10.3\* #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-17) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:aa083bfdad0b60b2db05 - Deposit or zone: Combined All #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.37 - Grade Unit: g/t - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.37 g/t in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Gold is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.37 Context: 10.3\* #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-18) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:aa083bfdad0b60b2db05 - Deposit or zone: Combined All #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.7% in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Zinc is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.7 Context: 10.3\* #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-19) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:aa083bfdad0b60b2db05 - Deposit or zone: Combined All #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.53 - Grade Unit: % - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.53% in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Lead is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.53 Context: 10.3\* #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-20) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:efecdea7192f472605d1 - Deposit or zone: Open pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 24 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes an Inferred oxide silver resource of 0.8 Mt at 24 g/t Ag, which is a component of the overall MRE and may offer processing advantages. - Positive factor: Oxide material is typically easier to process - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 24 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-21) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:efecdea7192f472605d1 - Deposit or zone: Open pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 0.49 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.49 g/t within the Inferred oxide resource, contributing to the overall metal equivalent value. - Positive factor: Gold is a valuable byproduct in the Inferred oxide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.49 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-22) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:efecdea7192f472605d1 - Deposit or zone: Open pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 2 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.1% within the Inferred oxide resource, contributing to the overall metal equivalent value. - Positive factor: Zinc is a valuable byproduct in the Inferred oxide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.1 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-23) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:efecdea7192f472605d1 - Deposit or zone: Open pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 2 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 81 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.3% within the Inferred oxide resource, contributing to the overall metal equivalent value. - Positive factor: Lead is a valuable byproduct in the Inferred oxide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.3 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-24) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:a5d2fc17119ceaf15e17 - Deposit or zone: Open pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 40 - Grade Unit: g/t - Contained Metal: 3.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 113 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes an Inferred transition silver resource of 0.9 Mt at 40 g/t Ag, contributing to the overall MRE. - Positive factor: Transition material is a component of the resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 40 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-25) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:a5d2fc17119ceaf15e17 - Deposit or zone: Open pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.64 - Grade Unit: g/t - Contained Metal: 3.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 113 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.64 g/t within the Inferred transition resource, contributing to the overall metal equivalent value. - Positive factor: Gold is a valuable byproduct in the Inferred transition resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.64 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-26) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:a5d2fc17119ceaf15e17 - Deposit or zone: Open pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 3.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 113 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.1% within the Inferred transition resource, contributing to the overall metal equivalent value. - Positive factor: Zinc is a valuable byproduct in the Inferred transition resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.1 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-27) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:a5d2fc17119ceaf15e17 - Deposit or zone: Open pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 3.3 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 113 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 1.1% within the Inferred transition resource, contributing to the overall metal equivalent value. - Positive factor: Lead is a valuable byproduct in the Inferred transition resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.1 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-28) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f4a4ddd437aba3ec0505 - Deposit or zone: Open pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 47 - Grade Unit: g/t - Contained Metal: 23.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes an Inferred sulphide silver resource of 6.2 Mt at 47 g/t Ag for open pit mining, representing a substantial portion of the overall MRE. - Positive factor: Significant sulphide resource for silver in an open pit scenario - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 47 Context: 6.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-29) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f4a4ddd437aba3ec0505 - Deposit or zone: Open pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.34 - Grade Unit: g/t - Contained Metal: 23.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.34 g/t within the Inferred sulphide resource, contributing to the overall metal equivalent value. - Positive factor: Gold is a valuable byproduct in the Inferred sulphide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.34 Context: 6.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-30) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f4a4ddd437aba3ec0505 - Deposit or zone: Open pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 23.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.9% within the Inferred sulphide resource, contributing to the overall metal equivalent value. - Positive factor: Zinc is a valuable byproduct in the Inferred sulphide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.9 Context: 6.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-31) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f4a4ddd437aba3ec0505 - Deposit or zone: Open pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.6 - Grade Unit: % - Contained Metal: 23.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 118 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.6% within the Inferred sulphide resource, contributing to the overall metal equivalent value. - Positive factor: Lead is a valuable byproduct in the Inferred sulphide resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.6 Context: 6.2 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-32) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:3df636a3a4ab162c63d4 - Deposit or zone: Underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 73 - Grade Unit: g/t - Contained Metal: 9.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 125 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes an Inferred sulphide silver resource of 2.4 Mt at 73 g/t Ag for underground mining, representing a substantial portion of the overall MRE with good grade. - Positive factor: Significant sulphide resource for silver in an underground scenario - Positive factor: High grade for silver in this category and mining method - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 73 Context: 2.4 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-33) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:3df636a3a4ab162c63d4 - Deposit or zone: Underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 9.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 125 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.31 g/t within the Inferred sulphide underground resource, contributing to the overall metal equivalent value. - Positive factor: Gold is a valuable byproduct in the Inferred sulphide underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.31 Context: 2.4 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-34) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:3df636a3a4ab162c63d4 - Deposit or zone: Underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 0.5 - Grade Unit: % - Contained Metal: 9.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 125 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.5% within the Inferred sulphide underground resource, contributing to the overall metal equivalent value. - Positive factor: Zinc is a valuable byproduct in the Inferred sulphide underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.5 Context: 2.4 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-35) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:3df636a3a4ab162c63d4 - Deposit or zone: Underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 9.8 - Contained Unit: moz ageq - Cutoff Grade: 80 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 125 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.3% within the Inferred sulphide underground resource, contributing to the overall metal equivalent value. - Positive factor: Lead is a valuable byproduct in the Inferred sulphide underground resource - Positive factor: Part of a maiden MRE, establishing a baseline for the project - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.3 Context: 2.4 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-36) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:d287a150f1ddc44aa742 - Deposit or zone: Total Total #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 51 - Grade Unit: g/t - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project has a substantial total silver resource of 10.3 Mt at 51 g/t Ag, forming a key part of the maiden MRE and indicating significant silver endowment. - Positive factor: Significant total silver resource declared as part of the maiden MRE - Positive factor: Good overall grade for silver across combined categories and mining methods Evidence · table > 51 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-37) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:d287a150f1ddc44aa742 - Deposit or zone: Total Total #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.37 - Grade Unit: g/t - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a gold grade of 0.37 g/t in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Gold is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.37 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-38) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:d287a150f1ddc44aa742 - Deposit or zone: Total Total #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a zinc grade of 0.7% in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Zinc is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.7 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-39) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:d287a150f1ddc44aa742 - Deposit or zone: Total Total #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 0.5 - Grade Unit: % - Contained Metal: 38.5 - Contained Unit: moz ageq - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2025-12-16 #### Metal Equivalent - Metal Eq. Grade: 116 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Achilles project includes a lead grade of 0.5% in the total resource, providing a valuable secondary commodity and contributing to the overall AgEq. - Positive factor: Lead is a valuable byproduct in the total resource declared as part of the maiden MRE - Positive factor: Contributes to the overall metal equivalent value Evidence · table > 0.5 Context: 10.3 #### 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 41 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-56) South Cobar Project #### Identity - Project: South Cobar Project - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Resource group id: resource:eab9ddf02dc48e7816db #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The acquisition of the Browns/Evergreen Project for $1.35M worth of AGC shares and cash expanded AGC's South Cobar Project by 1,269km², adding highly prospective exploration tenure. - Positive factor: Acquisition expands land position in a key project area - Positive factor: Adds highly prospective exploration tenure Evidence · text > $1.35M worth of AGC shares were issued to EMS #### Tags used in scoring **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 ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-57) Junee Gold Project #### Identity - Project: Junee Gold Project - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Resource scope - Resource group id: resource:aec5823c8cb352f6803b #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The acquisition of New South Resources, owner of the Junee Gold Project, for $3.8 million in shares provides AGC with a large-scale, gold-dominant project with multiple drill-ready targets, significantly enhancing its portfolio. - Positive factor: Acquisition of a large-scale, highly prospective gold-dominant project - Positive factor: Complements existing South Cobar Strategy - Positive factor: Adds seven drill-ready targets Evidence · text > issuance of 30 million shares in AGC, equivalent to approximately $3.8 million, based on the 5-day VWAP for AGC shares up to completion which occurred on 20 July 2026 of $0.1268 per share. #### Tags used in scoring **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 ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-resource-facts-58) #### Identity - Ticker: AGC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A second tranche of the placement, completed in July 2026, raised an additional $2,547,699 from Geozen Resources Group Co. Limited, providing further significant funding for the company's operations. - Positive factor: Significant capital raise to fund ongoing activities - Positive factor: Placement at a reasonable price per share - Positive factor: Strategic investment from Geozen Resources Group Co. Limited Evidence · text > A second tranche of the placement for a further 16,436,770 shares at $0.155 per share to Geozen Resources Group Co. Limited to raise a total of $2,547,699 was subject to shareholder approval and was completed in July 2026. #### Tags used in scoring **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 ## Metallurgical Results (4) ### flotation and leaching [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-metallurgical-facts-52) Achilles · silver #### Identity - Project: Achilles - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Test Work - Program Status: detailed - Test Type: flotation and leaching - Processing Route: sulphide rougher and cleaner flotation trials with leaching of the resultant tails - Sample: bulk composite sample selected from twenty-six individual core samples within seven diamond holes, for a combined grade of 229g/t Ag, 1.3g/t Au, 5.5% Zn, 3.2% Pb, 0.5% Cu. #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test - Head Grade: 229 - Head Grade Unit: g/t - Conc. Grade: 1267 - Conc. Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Initial metallurgical test work for Achilles demonstrated a robust 83.0% recovery for silver with a high concentrate grade of 1,267 g/t, supporting the economic recoverability of silver. - Positive factor: Robust recovery for silver - Positive factor: High concentrate grade for silver - Positive factor: Test work conducted on a bulk composite sample, indicating representativeness Evidence · text > Combined float/leach recoveries of 83.0% silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation and leaching [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-metallurgical-facts-53) Achilles · gold #### Identity - Project: Achilles - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Test Work - Program Status: detailed - Test Type: flotation and leaching - Processing Route: sulphide rougher and cleaner flotation trials with leaching of the resultant tails - Sample: bulk composite sample selected from twenty-six individual core samples within seven diamond holes, for a combined grade of 229g/t Ag, 1.3g/t Au, 5.5% Zn, 3.2% Pb, 0.5% Cu. #### Recovery - Recovery: 90.3 % - Recovery Basis: actual\_test - Head Grade: 1.3 - Head Grade Unit: g/t - Conc. Grade: 4.9 - Conc. Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Initial metallurgical test work for Achilles demonstrated a robust 90.3% recovery for gold with a concentrate grade of 4.9 g/t, supporting the economic recoverability of gold. - Positive factor: Robust recovery for gold - Positive factor: Good concentrate grade for gold - Positive factor: Test work conducted on a bulk composite sample, indicating representativeness Evidence · text > 90.3% gold, with concentrate grades of up to 1,267 g/t & 4.9 g/t respectively #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation and leaching [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-metallurgical-facts-54) Achilles · lead #### Identity - Project: Achilles - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Test Work - Program Status: detailed - Test Type: flotation and leaching - Processing Route: sulphide rougher and cleaner flotation trials with leaching of the resultant tails - Sample: bulk composite sample selected from twenty-six individual core samples within seven diamond holes, for a combined grade of 229g/t Ag, 1.3g/t Au, 5.5% Zn, 3.2% Pb, 0.5% Cu. #### Recovery - Recovery: 92.2 % - Recovery Basis: actual\_test - Head Grade: 3.2 - Head Grade Unit: % - Conc. Grade: 18.5 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Initial metallurgical test work for Achilles demonstrated a robust 92.2% recovery for lead with a concentrate grade of 18.5%, supporting the economic recoverability of lead. - Positive factor: Robust recovery for lead - Positive factor: Good concentrate grade for lead - Positive factor: Test work conducted on a bulk composite sample, indicating representativeness Evidence · text > 92.2% lead & 95.7% zinc, with concentrate grades of up to 18.5% & 32.8% respectively #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation and leaching [Link to this fact](https://atlas-staging.minestarters.com/news/agc-annual-report-to-shareholders--786d5aa4-1a11-46a3-8543-52fc40b72b9d#fact-metallurgical-facts-55) Achilles · zinc #### Identity - Project: Achilles - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales - Ticker: AGC #### Test Work - Program Status: detailed - Test Type: flotation and leaching - Processing Route: sulphide rougher and cleaner flotation trials with leaching of the resultant tails - Sample: bulk composite sample selected from twenty-six individual core samples within seven diamond holes, for a combined grade of 229g/t Ag, 1.3g/t Au, 5.5% Zn, 3.2% Pb, 0.5% Cu. #### Recovery - Recovery: 95.7 % - Recovery Basis: actual\_test - Head Grade: 5.5 - Head Grade Unit: % - Conc. Grade: 32.8 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Initial metallurgical test work for Achilles demonstrated a robust 95.7% recovery for zinc with a high concentrate grade of 32.8%, supporting the economic recoverability of zinc. - Positive factor: Robust recovery for zinc - Positive factor: High concentrate grade for zinc - Positive factor: Test work conducted on a bulk composite sample, indicating representativeness Evidence · text > 95.7% zinc, with concentrate grades of up to 18.5% & 32.8% respectively #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## 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.