# AM7: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146699 Publisher: asx Original announcement: 2026-09-30T08:21:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:31:54.034Z Atlas analysis updated: 2026-09-30T09:31:54.034Z - Company: ARCADIA MINERALS LIMITED - Ticker: AM7 - Exchange: ASX - Region: Namibia - Primary commodity: Tantalum - Secondary commodities: Lithium, Copper, Gold, Nickel, Palladium, Platinum, Niobium, Potassium - Document categories: Resource update, Agreement transaction, Capital raise - Extracted: 2026-09-30 09:31:54 UTC Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas summary Arcadia Minerals Limited released its Annual Report for the year ended 30 June 2026, reporting a net loss and a material uncertainty regarding its ability to continue as a going concern. The company secured a farm-in agreement for its Karibib Copper-Gold Project and granted an option for its Swanson Tantalum Project, though the latter's exclusivity period lapsed with negotiations ongoing. Resource estimates for Swanson Tantalum and Bitterwasser Lithium remained unchanged from prior years, and the Bitterwasser project's focus was reduced due to lithium market sentiment. Reasoning: Arcadia Minerals Limited's annual report highlights a going concern issue and continued losses, indicating financial challenges. While there are positive developments with farm-in and option agreements for projects, the resource estimates are stale, and the lithium project is on hold due to market sentiment, leading to mixed progress and uncertainty. - Positive factor: Farm-in agreement for Karibib Copper-Gold project provides funding and retains upside for Arcadia - Positive factor: Option granted for Swanson Tantalum project, with potential for plant construction and exploration funding - Positive factor: Capital raise provides some working capital - Positive factor: Strong tantalum prices mentioned as supporting financing interest - Positive factor: TVC project planning a 1,000m drilling campaign based on strong exploration signals - Negative factor: Material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern - Negative factor: Xinhai exclusivity period lapsed for Swanson, negotiations ongoing but no definitive agreement - Negative factor: Bitterwasser Lithium project focus shifted away due to reduced sentiment in the lithium market - Negative factor: Resource estimates are stale, unchanged from prior years - Negative factor: High accumulated losses - Negative factor: Small capital raise \(A$750k\) relative to ongoing needs - Negative factor: Bitterwasser Lithium resources are 100% Inferred - Negative factor: TVC drilling remains subject to funding Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The mineral resource for the Swanson Tantalum project has not changed from the last reported balance at 30 June 2022, and Bitterwasser resources were previously announced in 2022 and 2023. Evidence · text > The mineral resource for the Swanson Tantalum project has not changed from the last reported balance at 30 June 2022. **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Bitterwasser Lithium project mineral resource for Eden Pan is wholly classified in the Inferred Category. Evidence · text > wholly classified in the Inferred Category **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the Swanson Tantalum project mineral resource is classified as Inferred \(1,439 kt\). Evidence · table > Subtotal Inferred Context: 1,439 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document states that Competent Persons have reviewed the quality and suitability of the underlying information for the resource estimates. Evidence · text > The Competent Persons has also undertaken reviewed of the quality and suitability of the underlying information used to generate the resources estimation. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All mineral resource estimates are prepared in accordance with the JORC Code 2012. Evidence · text > The Mineral Resources estimates for reporting of Exploration Results are prepared in accordance with the JORC Code 2012. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Madube Pan resource was a Maiden Mineral Resource estimate. Evidence · text > Maiden Mineral Resource estimate of 13,716,390 tons at an average grade of 553 ppm declared over the Madube Pan **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: Arcadia Minerals reports its Mineral Resources on an annual basis, making this a resource update. Evidence · text > Arcadia Minerals reports its Mineral Resources on an annual basis. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades are explicitly stated for both Swanson \(236 ppm Ta2O5\) and Bitterwasser \(500 ppm Li\) resource estimates. Evidence · text > Ore Resources are reported at 236 ppm Ta2O5 cut-off. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: Potassium \(K%\) is reported as a grade in the Bitterwasser combined resource, which can be a penalty element in lithium processing. Evidence · table > K% Context: 98,865,018 **Going Concern Issue** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a 'material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern'. Evidence · text > material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. **Reduced Project Focus** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company shifted its near-term focus away from the Bitterwasser Lithium Project due to reduced sentiment in the lithium market. Evidence · text > the Company shifted its near-term focus away from Bitterwasser in response to reduced sentiment in the lithium market **Exploration Funding Dependent** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The planned scout diamond drilling campaign for the TVC Kum-Kum Project remains subject to funding. Evidence · text > Drilling remains subject to funding. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-0) Swanson Tantalum Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: tantalum - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f28ca0a9a4953f764004 #### Resource Data - Category: indicated - Tonnes: 1145000 - Grade: 472 - Grade Unit: ppm - Contained Metal: 541 - Contained Unit: t - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 472 Context: 1,145 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-1) Swanson Tantalum Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: niobium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f28ca0a9a4953f764004 #### Resource Data - Category: indicated - Tonnes: 1145000 - Grade: 76 - Grade Unit: ppm - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 76 Context: 1,145 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-2) Swanson Tantalum Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f28ca0a9a4953f764004 #### Resource Data - Category: indicated - Tonnes: 1145000 - Grade: 0.17 - Grade Unit: % - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 0.17 Context: 1,145 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-3) Swanson Tantalum Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: tantalum - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9e17de4b617a5a858c9 #### Resource Data - Category: inferred - Tonnes: 1439000 - Grade: 498 - Grade Unit: ppm - Contained Metal: 716 - Contained Unit: t - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: Inferred Resource Evidence · table > 498 Context: 1,439 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-4) Swanson Tantalum Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: niobium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9e17de4b617a5a858c9 #### Resource Data - Category: inferred - Tonnes: 1439000 - Grade: 72 - Grade Unit: ppm - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: Inferred Resource Evidence · table > 72 Context: 1,439 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-5) Swanson Tantalum Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9e17de4b617a5a858c9 #### Resource Data - Category: inferred - Tonnes: 1439000 - Grade: 0.14 - Grade Unit: % - Cutoff Grade: 236 - Cutoff Unit: ppm Ta2O5 #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: Inferred Resource Evidence · table > 0.14 Context: 1,439 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-6) Swanson Tantalum Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: tantalum - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:99977257c828bcf18d72 #### Resource Data - Category: probable - Tonnes: 866000 - Grade: 454 - Grade Unit: ppm - Contained Metal: 393 - Contained Unit: t #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant ore reserve estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 454 Context: 866 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-7) Swanson Tantalum Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Swanson Tantalum Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:99977257c828bcf18d72 #### Resource Data - Category: probable - Tonnes: 866000 - Grade: 0.15 - Grade Unit: % #### Prior Estimate - Resource Date: 2022-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant ore reserve estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 0.15% Context: 866 #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-8) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3116fda6461a90cee0e2 #### Resource Data - Category: inferred - Tonnes: 85148628 - Grade: 633.03 - Grade Unit: ppm - Contained Metal: 53900 - Contained Unit: ton - Cutoff Grade: 500 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2022-08-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-24T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 633.03 Context: 85,148,628 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-9) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3116fda6461a90cee0e2 #### Resource Data - Category: inferred - Tonnes: 85148628 - Contained Metal: 286909 - Contained Unit: ton - Cutoff Grade: 500 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2022-08-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-24T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · text > 85.2 million tonnes @ 633ppm for 286,909t Li2CO3 \(LCE\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-10) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f1c549fafed7f4a1b6cc #### Resource Data - Category: inferred - Tonnes: 13716390 - Grade: 553 - Grade Unit: ppm - Contained Metal: 7585 - Contained Unit: ton - Cutoff Grade: 500 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2023-05-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-02T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant maiden resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Maiden Resource - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 553 Context: 13,716,390 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-11) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f1c549fafed7f4a1b6cc #### Resource Data - Category: inferred - Tonnes: 13716390 - Contained Metal: 40375 - Contained Unit: t - Cutoff Grade: 500 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2023-05-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-02T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant maiden resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Maiden Resource - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 40,375 Context: 13,716,390 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-12) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:616f1b4aa6c42aa2332f #### Resource Data - Category: inferred - Tonnes: 98865018 - Grade: 622 - Grade Unit: ppm - Contained Metal: 61485 - Contained Unit: t #### Prior Estimate - Resource Date: 2023-05-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-02T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category, and potassium is reported as a grade, which can be a penalty element. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource - Negative factor: Deleterious Elements Present Evidence · table > 622 Context: 98,865,018 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-13) Bitterwasser Lithium Clays and Brines Project · potassium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: potassium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:616f1b4aa6c42aa2332f #### Resource Data - Category: inferred - Tonnes: 98865018 - Grade: 1.71 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-05-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-02T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category, and potassium is reported as a grade, which can be a penalty element. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource - Negative factor: Deleterious Elements Present Evidence · table > 1.71 Context: 98,865,018 #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-14) Bitterwasser Lithium Clays and Brines Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Bitterwasser Lithium Clays and Brines Project - Commodity: lithium - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:616f1b4aa6c42aa2332f #### Resource Data - Category: inferred - Tonnes: 98865018 - Contained Metal: 327285 - Contained Unit: t #### Prior Estimate - Resource Date: 2023-05-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-02T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a JORC 2012 compliant resource estimate, signed off by a Competent Person, but it is a re-release of a previously announced estimate with no material changes, indicating low novelty. The resource is classified entirely as Inferred, which is a lower confidence category, and potassium is reported as a grade, which can be a penalty element. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate - Negative factor: All Inferred - Negative factor: Inferred Resource - Negative factor: Deleterious Elements Present Evidence · table > 327,285 Context: 98,865,018 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-15) #### Identity - Ticker: AM7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The capital raise provides A$750,000 in funding, which is positive for working capital, though the amount is relatively small. - Positive factor: Provides working capital Evidence · text > Arcadia advised that it had received firm commitments to raise A$750,000 by issuing 25,000,000 CDIs at A$0.03 per CDI. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-16) Swanson Tantalum Project · tantalum #### Identity - Project: Swanson Tantalum Project - Commodity: tantalum - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Resource group id: resource:f716a063bed179488390 #### Prior Estimate - Resource Date: 2026-02-02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The option agreement with Xinhai offers significant potential for funding and development of the Swanson project, including free-carried exploration, but the exclusivity period has lapsed and a definitive agreement is still pending. - Positive factor: Potential for project funding and development - Positive factor: Free-carried exploration - Negative factor: Exclusivity period lapsed - Negative factor: Definitive agreement not yet reached Evidence · text > On 2 February 2026,1 the Company announced that it and its 80%-owned subsidiary, Orange River Pegmatite \(Pty\) Ltd \(“ORP”\), had executed a Binding Term Sheet with Hongkong Xinhai Mining Services Limited \(“Xinhai”\), granting Xinhai an exclusive option to enter into a Definitive Agreement \(“DA”\) to advance the Swanson Tantalum Project in Namibia. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/am7-annual-report-to-shareholders--825df101-cbb8-4fa4-8e22-6e5ebbfaeeaa#fact-resource-facts-17) Karibib Copper-Gold Project · copper #### Identity - Project: Karibib Copper-Gold Project - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: AM7 #### Resource scope - Resource group id: resource:115485ea36a12e455e45 #### Prior Estimate - Resource Date: 2025-10-27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The farm-in agreement for the Karibib project provides immediate cash, future equity, and a royalty, allowing Arcadia to advance the project without committing its own funding while retaining upside. - Positive factor: Cash consideration received - Positive factor: Retains long-term upside potential - Positive factor: Committed exploration spend Evidence · text > On 27 October 2025,5 Arcadia announced that it had executed a binding Farm-in Agreement with Kaoko Metals Limited \(“Kaoko”\) over its 80% interest in Karibib Pegmatite Exploration \(Pty\) Limited \(“KPE”\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.