# AON: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146231 Publisher: asx Original announcement: 2026-09-30T05:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T05:11:35.134Z Atlas analysis updated: 2026-09-30T05:11:35.134Z - Company: Apollo Minerals Limited - Ticker: AON - Exchange: ASX - Region: France - Primary commodity: Tungsten - Secondary commodities: Gold, Zinc, Lead, Copper - Document categories: Drill results, Capital raise, Other - Extracted: 2026-09-30 05:11:35 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Apollo Minerals Limited released its Annual Report for 2026, highlighting exploration activities at the Couflens Project in France and the Kroussou Zinc-Lead Project in Gabon. The report detailed historical high-grade tungsten and gold intercepts at Couflens, including 20.0m at 1.4% WO3, and an initial JORC-compliant Exploration Target for Kroussou of 140-300 Mt at 2.0-3.4% Zn+Pb. Financially, the company successfully raised A$9.3 million through placements and achieved a dual listing on the Euronext Growth Paris Exchange, though it also reported an impairment of its Belgrade Copper Project. Reasoning: The annual report details a successful capital raise and dual listing, providing financial stability for ongoing exploration. While project results are historical or conceptual, they highlight potential. The impairment of the Belgrade project is a setback. - Positive factor: Successful capital raise of A$9.3m provides funding for ongoing exploration. - Positive factor: Dual listing on Euronext Growth Paris enhances market access and profile. - Positive factor: Historical high-grade tungsten and gold intercepts at Couflens indicate significant potential. - Positive factor: Kroussou project has a globally significant exploration target for zinc-lead. - Negative factor: Impairment of Belgrade Copper Project indicates a project failure. - Negative factor: Exploration target at Kroussou is conceptual and not a mineral resource. - Negative factor: Project results are historical, not new assays. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 19 ## Classification and evidence **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully raised A$9.3m through placements. Evidence · text > Completion of placements, successfully raising A$9.3m \(before costs\) **Dual Listing** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company's shares were formally admitted to the Euronext Growth Paris Exchange. Evidence · text > The Company’s shares were formally admitted to the Euronext Growth Paris Exchange under the ticker ALAON **Historical Data Re-release** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The report highlights significant historical drill intercepts and surface sample results from previous exploration programs. Evidence · text > The review identified a number of significant historical intercepts adjacent to the unmined Veronique Zone **Exploration Target** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Kroussou project has an initial JORC compliant Exploration Target, which is conceptual in nature and not a Mineral Resource. Evidence · text > The Company’s initial JORC compliant Exploration Target consists of between approximately 140 and 300 million tonnes at grades between 2.0% and 3.4% zinc plus lead **Project Impairment** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company reported an impairment of exploration and evaluation assets related to its Belgrade Copper Project. Evidence · text > impairment of exploration and evaluation assets of $1,285,640 \(2025: nil\) which is attributable to the Group’s Belgrade Copper Project in Serbia ## Extracted facts Stored fact records: 19. Some facts used in scoring do not have a stored record. ## Drill Results (19) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-0) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 1.4 - Grade Unit: % - Intercept: 20 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 20.0m @ 1.4% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-1) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 1.6 - Grade Unit: % - Intercept: 12.6 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 12.6m @ 1.6% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-2) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 2.1 - Grade Unit: % - Intercept: 9.2 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 9.2m @ 2.1% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-3) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 2 - Grade Unit: % - Intercept: 9.1 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 9.1m @ 2.0% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-4) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 1.7 - Grade Unit: % - Intercept: 9.5 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 9.5m @ 1.7% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-5) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 2.1 - Grade Unit: % - Intercept: 7.6 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 7.6m @ 2.1% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-6) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 2.9 - Grade Unit: % - Intercept: 5.4 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 5.4m @ 2.9% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-7) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 3 - Grade Unit: % - Intercept: 5.1 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 5.1m @ 3.0% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-8) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 1.4 - Grade Unit: % - Intercept: 10.7 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 10.7m @ 1.4% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-9) Couflens · tungsten Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: france - Ticker: AON #### Geometry - Grade: 1.9 - Grade Unit: % - Intercept: 7.7 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical drill intercepts show high-grade tungsten mineralization, confirming the continuity of the system at depth, which is positive for the project's potential, despite being old data. - Positive factor: High tungsten grades over significant widths. - Positive factor: Confirms continuation of mineralised system at depth. - Negative factor: Results are historical and not new assays. Evidence · text > 7.7m @ 1.9% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-10) Couflens · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 8.25 - Grade Unit: % WO3 #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 8.25% WO3 with 1.97g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-11) Couflens · gold Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: gold - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 1.97 - Grade Unit: g/t #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 8.25% WO3 with 1.97g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-12) Couflens · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 4.24 - Grade Unit: % WO3 #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 4.24% WO3 with 7.65g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-13) Couflens · gold Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: gold - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 7.65 - Grade Unit: g/t #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 4.24% WO3 with 7.65g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-14) Couflens · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 3.24 - Grade Unit: % WO3 #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 3.24% WO3 with 1.65g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-15) Couflens · gold Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: gold - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 1.65 - Grade Unit: g/t #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 3.24% WO3 with 1.65g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-16) Couflens · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: tungsten - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 2.06 - Grade Unit: % WO3 #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 2.06% WO3 with 9.79g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-17) Couflens · gold Historical result Needs review: historical\_restatement #### Identity - Project: Couflens - Commodity: gold - Region: france - Reported Region: France - Ticker: AON #### Geometry - Grade: 9.79 - Grade Unit: g/t #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2017-09-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical surface samples show very high grades for tungsten and gold, indicating significant surface mineralization, which is positive for exploration potential, despite being old data. - Positive factor: Exceptional tungsten and gold grades from surface rock chip samples. - Positive factor: Indicates widespread high-grade skarn mineralisation. - Negative factor: Results are historical and from surface samples, not drill intercepts. Evidence · text > 2.06% WO3 with 9.79g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/aon-annual-report-to-shareholders--1dd735f4-0985-4e30-afb8-ca543cf66a4e#fact-drill-facts-18) #### Identity - Region: france - Reported Region: France - Ticker: AON #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The successful capital raise of A$9.3 million significantly strengthens the company's financial position and provides funds for its exploration and development activities. - Positive factor: Secured A$9.3m in funding to support ongoing operations and exploration. - Positive factor: Tribeca Investment Partners became a substantial shareholder, validating the project opportunity. Evidence · text > Completion of placements, successfully raising A$9.3m \(before costs\) from investors including Tribeca Investment Partners \(“Tribeca”\), who became a substantial shareholder of the Company. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## 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.