# AIS: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153465 Publisher: asx Original announcement: 2026-10-16T04:44:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-16T05:07:31.348Z Atlas analysis updated: 2026-10-16T05:07:31.348Z - Company: Aeris Resources - Ticker: AIS - Exchange: ASX - Region: Australia - Primary commodity: Copper - Secondary commodities: Gold, Zinc, Silver - Document categories: Resource update, Production, Agreement transaction, Capital raise - Extracted: 2026-10-16 05:07:32 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Aeris Resources reported a strong financial and operational performance for FY26, achieving significant growth in its Mineral Resources and Ore Reserves, particularly at the Tritton Operations. The company recorded increased copper and gold production, generated substantial EBITDA, and became debt-free following a successful capital raise and loan repayment. Strategic moves included the acquisition of Peel Mining's Mallee Bull and Wirlong deposits and the divestment of North Queensland assets, positioning the company for future growth despite some grade dilution in certain resource updates. Reasoning: The annual report highlights substantial growth in Mineral Resources and Ore Reserves, strong financial results, and key strategic acquisitions, indicating a very positive year for the company. However, some projects show grade dilution or decreases in contained metal in their updated estimates. - Positive factor: Significant increase in overall Mineral Resources and Ore Reserves, particularly at Tritton. - Positive factor: Strong financial performance with increased EBITDA and cash position, and debt repayment. - Positive factor: Increased copper production at Tritton and solid gold production at Cracow. - Positive factor: Strategic acquisition of Mallee Bull and Wirlong deposits to strengthen future ore sources. - Negative factor: Cracow Mineral Resources saw a decrease in contained gold metal despite tonnage increase, indicating grade dilution. - Negative factor: Stockman Ore Reserves decreased in grade and contained metal, and prior estimate was based on PFS-level studies. - Negative factor: North Queensland assets were divested, removing those resources from the portfolio. Facts used in scoring: 65 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 57. Some facts used in scoring do not have a stored record. ## Resource Estimates (57) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-8) Tritton · copper #### Identity - Project: Tritton - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:0a06d9997b8d04aebfa5 #### Resource Data - Category: measured - Tonnes: 1800000 - Grade: 1.4 - Grade Unit: % - Contained Metal: 25 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 400000 - Prior Grade: 1 - Prior Contained Metal: 4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Measured copper resources saw a substantial increase in tonnage and contained metal, indicating improved confidence and growth. - Positive factor: Significant increase in Measured tonnage and contained copper. - Positive factor: Grade improved. Evidence · table > 1.4 Context: 1.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1800000 against 400000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.4 against 1 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 25 against 4 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-9) Tritton · gold #### Identity - Project: Tritton - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:0a06d9997b8d04aebfa5 #### Resource Data - Category: measured - Tonnes: 1800000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 400000 - Prior Grade: 0.1 - Prior Contained Metal: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Measured gold resources increased substantially in tonnage and contained metal, reflecting positive resource growth. - Positive factor: Significant increase in Measured tonnage and contained gold. - Positive factor: Grade improved. Evidence · table > 0.2 Context: 1.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1800000 against 400000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.2 against 0.1 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 11 against 1 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-10) Tritton · silver #### Identity - Project: Tritton - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:0a06d9997b8d04aebfa5 #### Resource Data - Category: measured - Tonnes: 1800000 - Grade: 4 - Grade Unit: g/t - Contained Metal: 260 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 400000 - Prior Grade: 2 - Prior Contained Metal: 30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Measured silver resources showed a substantial increase in tonnage and contained metal, indicating positive resource growth. - Positive factor: Significant increase in Measured tonnage and contained silver. - Positive factor: Grade improved. Evidence · table > 4 Context: 1.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1800000 against 400000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4 against 2 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 260 against 30 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-11) Tritton · copper #### Identity - Project: Tritton - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:5e4bc61338d4c4507bd7 #### Resource Data - Category: indicated - Tonnes: 19000000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 310 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 11000000 - Prior Grade: 1.6 - Prior Contained Metal: 180 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Indicated copper resources increased substantially in tonnage and contained metal, reflecting strong resource growth and confidence. - Positive factor: Significant increase in Indicated tonnage and contained copper. Evidence · table > 1.6 Context: 19 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 19000000 against 11000000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 310 against 180 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-12) Tritton · zinc #### Identity - Project: Tritton - Commodity: zinc - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:5e4bc61338d4c4507bd7 #### Resource Data - Category: indicated - Tonnes: 19000000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 37 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 11000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Indicated resources now report zinc, adding a new commodity to the estimate. - Positive factor: New zinc grade and contained metal reported for Indicated resources. Evidence · table > 0.4 Context: 19 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 19000000 against 11000000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-13) Tritton · gold #### Identity - Project: Tritton - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:5e4bc61338d4c4507bd7 #### Resource Data - Category: indicated - Tonnes: 19000000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 230 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 11000000 - Prior Grade: 0.4 - Prior Contained Metal: 160 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Indicated gold resources increased substantially in tonnage and contained metal, reflecting strong resource growth. - Positive factor: Significant increase in Indicated tonnage and contained gold. Evidence · table > 0.4 Context: 19 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 19000000 against 11000000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 230 against 160 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-14) Tritton · silver #### Identity - Project: Tritton - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:5e4bc61338d4c4507bd7 #### Resource Data - Category: indicated - Tonnes: 19000000 - Grade: 12 - Grade Unit: g/t - Contained Metal: 7300 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 11000000 - Prior Grade: 4 - Prior Contained Metal: 1300 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Indicated silver resources showed a substantial increase in tonnage, grade, and contained metal, indicating strong resource growth. - Positive factor: Significant increase in Indicated tonnage, grade, and contained silver. Evidence · table > 12 Context: 19 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 19000000 against 11000000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 12 against 4 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 7300 against 1300 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-15) Tritton · copper #### Identity - Project: Tritton - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:f551a45ab1e237f15e10 #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 210 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 7500000 - Prior Grade: 1.8 - Prior Contained Metal: 130 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Inferred copper resources increased substantially in tonnage and contained metal, indicating positive exploration results. - Positive factor: Significant increase in Inferred tonnage and contained copper. Evidence · table > 1.8 Context: 12 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12000000 against 7500000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 210 against 130 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-16) Tritton · zinc #### Identity - Project: Tritton - Commodity: zinc - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:f551a45ab1e237f15e10 #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 2 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 7500000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Inferred resources now report zinc, adding a new commodity to the estimate. - Positive factor: New zinc grade and contained metal reported for Inferred resources. Evidence · table > 0.1 Context: 12 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12000000 against 7500000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-17) Tritton · gold #### Identity - Project: Tritton - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:f551a45ab1e237f15e10 #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 100 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 7500000 - Prior Grade: 0.3 - Prior Contained Metal: 73 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Inferred gold resources increased substantially in tonnage and contained metal, reflecting positive exploration results. - Positive factor: Significant increase in Inferred tonnage and contained gold. Evidence · table > 0.3 Context: 12 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12000000 against 7500000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 100 against 73 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-18) Tritton · silver #### Identity - Project: Tritton - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox, Osvaldo Gonzalez, Jonathon Abbott, Rob Tyson - Resource group id: resource:f551a45ab1e237f15e10 #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 5 - Grade Unit: g/t - Contained Metal: 2100 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 7500000 - Prior Grade: 4 - Prior Contained Metal: 840 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Inferred silver resources showed a substantial increase in tonnage, grade, and contained metal, indicating positive exploration results. - Positive factor: Significant increase in Inferred tonnage, grade, and contained silver. Evidence · table > 5 Context: 12 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12000000 against 7500000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 5 against 4 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2100 against 840 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-19) Jaguar · copper #### Identity - Project: Jaguar - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:6409595e2ff0c54fd466 #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 8 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 500000 - Prior Grade: 1.6 - Prior Contained Metal: 8 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Measured copper resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 1.6 Context: 0.50 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-20) Jaguar · zinc #### Identity - Project: Jaguar - Commodity: zinc - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:6409595e2ff0c54fd466 #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 5 - Grade Unit: % - Contained Metal: 25 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 500000 - Prior Grade: 5 - Prior Contained Metal: 25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Measured zinc resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 5.0 Context: 0.50 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-21) Jaguar · gold #### Identity - Project: Jaguar - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:6409595e2ff0c54fd466 #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 500000 - Prior Grade: 0.3 - Prior Contained Metal: 4 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Measured gold resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 0.3 Context: 0.50 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-22) Jaguar · silver #### Identity - Project: Jaguar - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:6409595e2ff0c54fd466 #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 63 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 500000 - Prior Grade: 63 - Prior Contained Metal: 1000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Measured silver resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 63 Context: 0.50 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-23) Jaguar · copper #### Identity - Project: Jaguar - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:b00983fbe673e83e46ac #### Resource Data - Category: indicated - Tonnes: 4200000 - Grade: 1.4 - Grade Unit: % - Contained Metal: 59 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 4200000 - Prior Grade: 1.4 - Prior Contained Metal: 59 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Indicated copper resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 1.4 Context: 4.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-24) Jaguar · zinc #### Identity - Project: Jaguar - Commodity: zinc - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:b00983fbe673e83e46ac #### Resource Data - Category: indicated - Tonnes: 4200000 - Grade: 6.4 - Grade Unit: % - Contained Metal: 270 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 4200000 - Prior Grade: 6.4 - Prior Contained Metal: 270 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Indicated zinc resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 6.4 Context: 4.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-25) Jaguar · gold #### Identity - Project: Jaguar - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:b00983fbe673e83e46ac #### Resource Data - Category: indicated - Tonnes: 4200000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 53 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 4200000 - Prior Grade: 0.4 - Prior Contained Metal: 53 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Indicated gold resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 0.4 Context: 4.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-26) Jaguar · silver #### Identity - Project: Jaguar - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:b00983fbe673e83e46ac #### Resource Data - Category: indicated - Tonnes: 4200000 - Grade: 67 - Grade Unit: g/t - Contained Metal: 9000 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 4200000 - Prior Grade: 67 - Prior Contained Metal: 9000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Indicated silver resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 67 Context: 4.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-27) Jaguar · copper #### Identity - Project: Jaguar - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:9f6b5d64c17d3916406f #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 23 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2000000 - Prior Grade: 1.1 - Prior Contained Metal: 23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Inferred copper resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 1.1 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-28) Jaguar · zinc #### Identity - Project: Jaguar - Commodity: zinc - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:9f6b5d64c17d3916406f #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 6.5 - Grade Unit: % - Contained Metal: 130 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2000000 - Prior Grade: 6.5 - Prior Contained Metal: 130 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Inferred zinc resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 6.5 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-29) Jaguar · gold #### Identity - Project: Jaguar - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:9f6b5d64c17d3916406f #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 62 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2000000 - Prior Grade: 1 - Prior Contained Metal: 62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Inferred gold resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 1.0 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-30) Jaguar · silver #### Identity - Project: Jaguar - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Fowler - Resource group id: resource:9f6b5d64c17d3916406f #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 83 - Grade Unit: g/t - Contained Metal: 5300 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2000000 - Prior Grade: 83 - Prior Contained Metal: 5300 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Jaguar Inferred silver resources remained unchanged from the previous estimate. - Negative factor: Mineral Resource estimate unchanged from prior period. Evidence · table > 83 Context: 2.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-31) North Qld · copper Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: copper - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:126b3b8be63a87936e16 #### Resource Data - Category: measured - Tonnes: 200000 - Grade: 2.3 - Grade Unit: % - Contained Metal: 5 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Measured copper resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 2.3 Context: 0.20 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-32) North Qld · gold Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:126b3b8be63a87936e16 #### Resource Data - Category: measured - Tonnes: 200000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Measured gold resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 0.5 Context: 0.20 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-33) North Qld · copper Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: copper - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:d4bc64d81e6971f6f6aa #### Resource Data - Category: indicated - Tonnes: 2400000 - Grade: 2 - Grade Unit: % - Contained Metal: 47 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Indicated copper resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 2.0 Context: 2.4 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-34) North Qld · gold Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:d4bc64d81e6971f6f6aa #### Resource Data - Category: indicated - Tonnes: 2400000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 16 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Indicated gold resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 0.2 Context: 2.4 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-35) North Qld · silver Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: silver - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:d4bc64d81e6971f6f6aa #### Resource Data - Category: indicated - Tonnes: 2400000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 210 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Indicated silver resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 3 Context: 2.4 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-36) North Qld · copper Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: copper - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:769020c65160462b6147 #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 2 - Grade Unit: % - Contained Metal: 12 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Inferred copper resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 2.0 Context: 0.6 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-37) North Qld · gold Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:769020c65160462b6147 #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Inferred gold resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 0.1 Context: 0.6 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-38) North Qld · silver Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: silver - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:769020c65160462b6147 #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 30 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Inferred silver resources are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these resources are no longer part of the company's portfolio. Evidence · table > 2 Context: 0.6 #### 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 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 **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/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-39) Stockman · copper #### Identity - Project: Stockman - Commodity: copper - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:42bc81240f897f69621b #### Resource Data - Category: indicated - Tonnes: 15000000 - Grade: 2 - Grade Unit: % - Contained Metal: 290 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 13400000 - Prior Grade: 2.1 - Prior Contained Metal: 290 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Indicated copper resources increased in tonnage but saw a slight grade decrease, resulting in flat contained metal. - Positive factor: Increase in Indicated tonnage. - Negative factor: Slight decrease in grade, contained metal remained flat despite tonnage increase. Evidence · table > 2.0 Context: 15 #### 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 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 **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 **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 290 from 290 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-40) Stockman · zinc #### Identity - Project: Stockman - Commodity: zinc - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:42bc81240f897f69621b #### Resource Data - Category: indicated - Tonnes: 15000000 - Grade: 3.9 - Grade Unit: % - Contained Metal: 570 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 13400000 - Prior Grade: 4.2 - Prior Contained Metal: 560 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Indicated zinc resources increased in tonnage and contained metal, but with a decrease in grade. - Positive factor: Increase in Indicated tonnage and contained zinc. - Negative factor: Decrease in grade. Evidence · table > 3.9 Context: 15 #### 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 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.9 against 4.2 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 570 from 560 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-41) Stockman · gold #### Identity - Project: Stockman - Commodity: gold - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:42bc81240f897f69621b #### Resource Data - Category: indicated - Tonnes: 15000000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 420 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 13400000 - Prior Grade: 1 - Prior Contained Metal: 420 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Indicated gold resources increased in tonnage but saw a grade decrease, resulting in flat contained metal. - Positive factor: Increase in Indicated tonnage. - Negative factor: Decrease in grade, contained metal remained flat despite tonnage increase. Evidence · table > 0.9 Context: 15 #### 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 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.9 against 1 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 420 from 420 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-42) Stockman · silver #### Identity - Project: Stockman - Commodity: silver - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:42bc81240f897f69621b #### Resource Data - Category: indicated - Tonnes: 15000000 - Grade: 35 - Grade Unit: g/t - Contained Metal: 16000 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 13400000 - Prior Grade: 37 - Prior Contained Metal: 16000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Indicated silver resources increased in tonnage but saw a grade decrease, resulting in flat contained metal. - Positive factor: Increase in Indicated tonnage. - Negative factor: Decrease in grade, contained metal remained flat despite tonnage increase. Evidence · table > 35 Context: 15 #### 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 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 35 against 37 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 16000 from 16000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-43) Stockman · copper #### Identity - Project: Stockman - Commodity: copper - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:01f15d09099c2d2b8464 #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 28 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2400000 - Prior Grade: 1.1 - Prior Contained Metal: 27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Inferred copper resources saw a slight increase in tonnage and contained metal. - Positive factor: Increase in Inferred tonnage and contained copper. Evidence · table > 1.1 Context: 2.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 28 from 27 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-44) Stockman · zinc #### Identity - Project: Stockman - Commodity: zinc - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:01f15d09099c2d2b8464 #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 2.3 - Grade Unit: % - Contained Metal: 57 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2400000 - Prior Grade: 2.6 - Prior Contained Metal: 62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Inferred zinc resources increased in tonnage but decreased in grade and contained metal. - Positive factor: Slight increase in Inferred tonnage. - Negative factor: Decrease in grade and contained zinc. Evidence · table > 2.3 Context: 2.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.3 against 2.6 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 57 against 62 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 57 from 62 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-45) Stockman · gold #### Identity - Project: Stockman - Commodity: gold - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:01f15d09099c2d2b8464 #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 88 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2400000 - Prior Grade: 1.5 - Prior Contained Metal: 120 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Inferred gold resources increased in tonnage but decreased significantly in grade and contained metal. - Positive factor: Slight increase in Inferred tonnage. - Negative factor: Decrease in grade and contained gold. Evidence · table > 1.1 Context: 2.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.1 against 1.5 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 88 against 120 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 88 from 120 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-46) Stockman · silver #### Identity - Project: Stockman - Commodity: silver - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Brad Cox - Resource group id: resource:01f15d09099c2d2b8464 #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 28 - Grade Unit: g/t - Contained Metal: 2200 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2400000 - Prior Grade: 32 - Prior Contained Metal: 2400 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Inferred silver resources increased in tonnage but decreased in grade and contained metal. - Positive factor: Slight increase in Inferred tonnage. - Negative factor: Decrease in grade and contained silver. Evidence · table > 28 Context: 2.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 28 against 32 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2200 against 2400 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 2200 from 2400 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-47) Cracow · gold #### Identity - Project: Cracow - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:9f40054103d9e6424b90 #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 34 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 400000 - Prior Grade: 4 - Prior Contained Metal: 46 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Measured gold resources decreased in tonnage, grade, and contained metal, indicating depletion or reclassification. - Negative factor: Decrease in Measured tonnage, grade, and contained gold. Evidence · table > 3.3 Context: 0.30 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 300000 against 400000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.3 against 4 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 34 against 46 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-48) Cracow · silver #### Identity - Project: Cracow - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:9f40054103d9e6424b90 #### Resource Data - Category: measured - Tonnes: 300000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 30 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 400000 - Prior Grade: 3 - Prior Contained Metal: 40 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Measured silver resources decreased in tonnage and contained metal, indicating depletion or reclassification. - Negative factor: Decrease in Measured tonnage and contained silver. Evidence · table > 3 Context: 0.30 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 300000 against 400000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 30 against 40 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-49) Cracow · gold #### Identity - Project: Cracow - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:3f89921cf5d6611f07c2 #### Resource Data - Category: indicated - Tonnes: 2100000 - Grade: 3.1 - Grade Unit: g/t - Contained Metal: 210 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 1900000 - Prior Grade: 3.6 - Prior Contained Metal: 220 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Indicated gold resources increased in tonnage but decreased in grade and contained metal, indicating grade dilution. - Positive factor: Increase in Indicated tonnage. - Negative factor: Decrease in grade and contained gold. Evidence · table > 3.1 Context: 2.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.1 against 3.6 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 210 against 220 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 210 from 220 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-50) Cracow · silver #### Identity - Project: Cracow - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:3f89921cf5d6611f07c2 #### Resource Data - Category: indicated - Tonnes: 2100000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 220 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 1900000 - Prior Grade: 4 - Prior Contained Metal: 230 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Indicated silver resources increased in tonnage but decreased in grade and contained metal, indicating grade dilution. - Positive factor: Increase in Indicated tonnage. - Negative factor: Decrease in grade and contained silver. Evidence · table > 3 Context: 2.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3 against 4 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 220 against 230 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 220 from 230 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-51) Cracow · gold #### Identity - Project: Cracow - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:0d0784ca537d76beffc7 #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 180 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2100000 - Prior Grade: 2.6 - Prior Contained Metal: 180 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Inferred gold resources increased in tonnage but decreased in grade, resulting in flat contained metal. - Positive factor: Increase in Inferred tonnage. - Negative factor: Decrease in grade, contained metal remained flat despite tonnage increase. Evidence · table > 2.1 Context: 2.6 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 2600000 against 2100000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.1 against 2.6 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 180 from 180 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-52) Cracow · silver #### Identity - Project: Cracow - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Liam Machin, Brad Cox - Resource group id: resource:0d0784ca537d76beffc7 #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 4 - Grade Unit: g/t - Contained Metal: 340 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2100000 - Prior Grade: 4 - Prior Contained Metal: 300 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Cracow Inferred silver resources increased in tonnage and contained metal, with grade remaining stable. - Positive factor: Increase in Inferred tonnage and contained silver. Evidence · table > 4 Context: 2.6 #### 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 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 2600000 against 2100000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 340 against 300 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-53) Tritton · copper #### Identity - Project: Tritton - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:f0ffa22735db70532493 #### Resource Data - Category: proven - Tonnes: 750000 - Grade: 1.2 - Grade Unit: % - Contained Metal: 9.2 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 100000 - Prior Grade: 0.7 - Prior Contained Metal: 0.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Proved copper reserves saw a substantial increase in tonnage, grade, and contained metal, indicating strong reserve growth. - Positive factor: Significant increase in Proved tonnage, grade, and contained copper. Evidence · table > 1.2 Context: 0.75 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 750000 against 100000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.2 against 0.7 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 9.2 against 0.7 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-54) Tritton · gold #### Identity - Project: Tritton - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:f0ffa22735db70532493 #### Resource Data - Category: proven - Tonnes: 750000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 2.4 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 100000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Proved reserves now report gold, adding a new commodity to the estimate. - Positive factor: New gold grade and contained metal reported for Proved reserves. Evidence · table > 0.1 Context: 0.75 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 750000 against 100000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-55) Tritton · silver #### Identity - Project: Tritton - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:f0ffa22735db70532493 #### Resource Data - Category: proven - Tonnes: 750000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 63 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 100000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Proved reserves now report silver, adding a new commodity to the estimate. - Positive factor: New silver grade and contained metal reported for Proved reserves. Evidence · table > 3 Context: 0.75 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 750000 against 100000 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-56) Tritton · copper #### Identity - Project: Tritton - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:36f12d2f03a80a0856b9 #### Resource Data - Category: probable - Tonnes: 9400000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 170 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2300000 - Prior Grade: 1.6 - Prior Contained Metal: 36 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Probable copper reserves saw a substantial increase in tonnage, grade, and contained metal, indicating strong reserve growth. - Positive factor: Significant increase in Probable tonnage, grade, and contained copper. Evidence · table > 1.8 Context: 9.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 9400000 against 2300000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.8 against 1.6 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 170 against 36 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-57) Tritton · gold #### Identity - Project: Tritton - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:36f12d2f03a80a0856b9 #### Resource Data - Category: probable - Tonnes: 9400000 - Grade: 0.4 - Grade Unit: g/t - Contained Metal: 120 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2300000 - Prior Grade: 0.3 - Prior Contained Metal: 23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Probable gold reserves saw a substantial increase in tonnage, grade, and contained metal, indicating strong reserve growth. - Positive factor: Significant increase in Probable tonnage, grade, and contained gold. Evidence · table > 0.4 Context: 9.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 9400000 against 2300000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.4 against 0.3 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 120 against 23 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-58) Tritton · silver #### Identity - Project: Tritton - Commodity: silver - Region: australia - Reported Region: Australia - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell, Tyler Benson, Max McInnis - Resource group id: resource:36f12d2f03a80a0856b9 #### Resource Data - Category: probable - Tonnes: 9400000 - Grade: 11 - Grade Unit: g/t - Contained Metal: 3200 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 2300000 - Prior Grade: 6 - Prior Contained Metal: 440 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Tritton Probable silver reserves saw a substantial increase in tonnage, grade, and contained metal, indicating strong reserve growth. - Positive factor: Significant increase in Probable tonnage, grade, and contained silver. Evidence · table > 11 Context: 9.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 9400000 against 2300000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 11 against 6 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 3200 against 440 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-59) North Qld · copper Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: copper - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Cam Schubert - Resource group id: resource:e54b5e79a819fb5a22ab #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 30 - Contained Unit: kt #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Probable copper reserves are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these reserves are no longer part of the company's portfolio. Evidence · table > 1.9 Context: 1.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-60) North Qld · gold Historical result Needs review: historical\_restatement #### Identity - Project: North Qld - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Cam Schubert - Resource group id: resource:e54b5e79a819fb5a22ab #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: North Queensland Probable gold reserves are historical and no longer owned by the company due to divestment. - Negative factor: Project divested, these reserves are no longer part of the company's portfolio. Evidence · table > 0.2 Context: 1.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-61) Stockman · copper #### Identity - Project: Stockman - Commodity: copper - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell - Resource group id: resource:c321f469dc13d4424cb0 #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 180 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 9600000 - Prior Grade: 1.9 - Prior Contained Metal: 180 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Probable copper reserves saw a slight increase in tonnage but a decrease in grade, resulting in flat contained metal. - Positive factor: Slight increase in Probable tonnage. - Negative factor: Decrease in grade, contained metal remained flat despite tonnage increase. Evidence · table > 1.8 Context: 9.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.8 against 1.9 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 180 from 180 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-62) Stockman · zinc #### Identity - Project: Stockman - Commodity: zinc - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell - Resource group id: resource:c321f469dc13d4424cb0 #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 3.5 - Grade Unit: % - Contained Metal: 340 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 9600000 - Prior Grade: 4.3 - Prior Contained Metal: 410 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Probable zinc reserves increased slightly in tonnage but experienced a significant decrease in grade and contained metal. - Positive factor: Slight increase in Probable tonnage. - Negative factor: Significant decrease in grade and contained zinc. Evidence · table > 3.5 Context: 9.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.5 against 4.3 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 340 against 410 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 340 from 410 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-63) Stockman · gold #### Identity - Project: Stockman - Commodity: gold - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell - Resource group id: resource:c321f469dc13d4424cb0 #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 260 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 9600000 - Prior Grade: 1 - Prior Contained Metal: 320 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Probable gold reserves increased slightly in tonnage but experienced a significant decrease in grade and contained metal. - Positive factor: Slight increase in Probable tonnage. - Negative factor: Significant decrease in grade and contained gold. Evidence · table > 0.8 Context: 9.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.8 against 1 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 260 against 320 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 260 from 320 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ais-2026-annual-report--748e3c56-3374-45bb-81e8-65b893b877e8#fact-resource-facts-64) Stockman · silver #### Identity - Project: Stockman - Commodity: silver - Region: australia\_vic - Reported Region: Victoria - Ticker: AIS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Tim Brettell - Resource group id: resource:c321f469dc13d4424cb0 #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 31 - Grade Unit: g/t - Contained Metal: 9800 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 9600000 - Prior Grade: 36 - Prior Contained Metal: 11000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Stockman Probable silver reserves increased slightly in tonnage but experienced a decrease in grade and contained metal. - Positive factor: Slight increase in Probable tonnage. - Negative factor: Decrease in grade and contained silver. Evidence · table > 31 Context: 9.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 31 against 36 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 9800 against 11000 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 9800 from 11000 ## 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.