# ARL: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03144349 Publisher: asx Original announcement: 2026-09-27T22:14:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T19:32:49.108Z Atlas analysis updated: 2026-09-29T19:32:49.108Z - Company: Ardea Resources Limited - Ticker: ARL - Exchange: ASX - Region: Western Australia - Primary commodity: Nickel - Secondary commodities: Cobalt, Scandium, Rare earth elements, Rare metals, Gold, Copper - Document categories: Resource update, Capital raise, Other - Extracted: 2026-09-29 19:32:49 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Ardea Resources Limited's 2026 Annual Report details significant progress for its Kalgoorlie Nickel Project \(KNP\) - Goongarrie Hub, securing strategic recognition from Australian, Japanese, and US governments and potential project financing of up to A$1 billion. The company advanced its Definitive Feasibility Study \(DFS\) and strengthened partnerships, while also completing a successful A$5.34 million capital raise. The report also restates the JORC-compliant Mineral Resource Estimate for the KNP from June 2023, totaling 854 Mt at 0.71% Ni and 0.045% Co for 6.1 Mt contained nickel and 386 kt contained cobalt. Reasoning: The annual report highlights significant strategic and operational progress for the Kalgoorlie Nickel Project, including government recognition, strong partnerships, and successful funding. While the DFS completion was extended and the resource estimate is stale, the overall outlook presented is positive for the company's long-term development. - Positive factor: Strategic recognition by governments for critical minerals project - Positive factor: Strengthened global partnerships and increased JV ownership - Positive factor: Progress in Definitive Feasibility Study \(DFS\) and value engineering - Positive factor: Successful capital raise strengthening the balance sheet - Positive factor: Significant contained metal in the resource estimate - Negative factor: DFS completion extended beyond original target - Negative factor: Resource estimate effective date is over two years old, indicating staleness Facts used in scoring: 37 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource Estimate for the Kalgoorlie Nickel Project. Evidence · text > Mineral Resource Estimate **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with JORC Code \(2012\) guidelines. Evidence · text > JORC Code \(2012\) guidelines **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 Resource Estimation is based on information reviewed or compiled by Mr Ian Buchhorn and Mr Andrew Penkethman, who are Competent Persons. Evidence · text > information reviewed or compiled by Mr Ian Buchhorn, and Mr Andrew Penkethman **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate explicitly states a 0.5% nickel cut-off grade. Evidence · text > based on a greater than 0.5% Ni cut-off grade **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the Mineral Resource Estimate is 30 June 2023, while the annual report is for FY2026 \(published September 2026\), making the estimate over two years old. Evidence · text > KNP nickel and cobalt MRE at 30 June 2023 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate includes a Measured category for nickel and cobalt. Evidence · table > Measured Context: Goongarrie Hub1 Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes an Indicated category for nickel and cobalt. Evidence · table > Indicated Context: Goongarrie Hub1 Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes an Inferred category for nickel and cobalt. Evidence · table > Inferred Context: Goongarrie Hub1 Inferred ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Resource Estimates (37) ### Goongarrie Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-0) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:9b3acb7a8b0b986ee8c5 - Deposit or zone: Goongarrie Hub #### Resource Data - Tonnes: 584000000 - Grade: 0.69 - Grade Unit: % - Contained Metal: 4044 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Goongarrie Hub represents a very large nickel endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large combined resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 584 Context: Goongarrie Hub1 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Goongarrie Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-1) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:9b3acb7a8b0b986ee8c5 - Deposit or zone: Goongarrie Hub #### Resource Data - Tonnes: 584000000 - Grade: 0.043 - Grade Unit: % - Contained Metal: 250 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Goongarrie Hub represents a very large cobalt endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large combined resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.043 Context: Goongarrie Hub1 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalpini Hub including Yerilla Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-2) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:cc793d27d44a015a7180 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Tonnes: 270000000 - Grade: 0.76 - Grade Unit: % - Contained Metal: 2056 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Kalpini Hub represents a large nickel endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Large combined resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 270 Context: Kalpini Hub including Yerilla Hub2 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalpini Hub including Yerilla Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-3) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:cc793d27d44a015a7180 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Tonnes: 270000000 - Grade: 0.05 - Grade Unit: % - Contained Metal: 136 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Kalpini Hub represents a large cobalt endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Large combined resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.050 Context: Kalpini Hub including Yerilla Hub2 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalgoorlie Nickel Project Total [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-4) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:c00caf9874a904869b5f - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Tonnes: 854000000 - Grade: 0.71 - Grade Unit: % - Contained Metal: 6101 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The grand total resource for the KNP represents a globally significant nickel endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Globally significant combined resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 854 Context: Kalgoorlie Nickel Project Total Grand Total #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalgoorlie Nickel Project Total [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-5) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:c00caf9874a904869b5f - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Tonnes: 854000000 - Grade: 0.045 - Grade Unit: % - Contained Metal: 386 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The grand total resource for the KNP represents a globally significant cobalt endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Globally significant combined resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.045 Context: Kalgoorlie Nickel Project Total Grand Total #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Goongarrie Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-6) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:9b3acb7a8b0b986ee8c5 - Deposit or zone: Goongarrie Hub #### Resource Data - Tonnes: 584000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Goongarrie Hub represents a very large tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large combined resource tonnage for the Goongarrie Hub - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 584 Context: Goongarrie Hub1 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalpini Hub including Yerilla Hub [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-7) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:cc793d27d44a015a7180 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Tonnes: 270000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The combined resource for the Kalpini Hub represents a large tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Large combined resource tonnage for the Kalpini Hub - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 270 Context: Kalpini Hub including Yerilla Hub2 Sub Total Combined #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Kalgoorlie Nickel Project Total [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-8) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:c00caf9874a904869b5f - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Tonnes: 854000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The grand total resource for the KNP represents a globally significant tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Globally significant combined resource tonnage for the KNP - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 854 Context: Kalgoorlie Nickel Project Total Grand Total #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-9) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:785d083b12d569fdf2df - Deposit or zone: Goongarrie Hub #### Resource Data - Category: measured - Tonnes: 18000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Goongarrie Hub shows high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 18 Context: Goongarrie Hub1 Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-10) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:5a5cdff13a517f7eeefe - Deposit or zone: Goongarrie Hub #### Resource Data - Category: indicated - Tonnes: 277000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Goongarrie Hub represents a significant tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Large Indicated resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 277 Context: Goongarrie Hub1 Indicated #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-11) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:2ff0e129497cb5880a09 - Deposit or zone: Goongarrie Hub #### Resource Data - Category: inferred - Tonnes: 289000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Goongarrie Hub indicates significant potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 289 Context: Goongarrie Hub1 Inferred #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-12) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:be4c2cec04862b0e8ba9 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Category: measured - Tonnes: 4000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Kalpini Hub shows high confidence, but the tonnage is relatively small and the estimate is stale. - Positive factor: High confidence Measured category - Positive factor: JORC compliant and QP signed - Negative factor: Relatively small tonnage for Measured category - Negative factor: Estimate effective date is over two years old Evidence · table > 4 Context: Kalpini Hub including Yerilla Hub2 Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-13) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:dfc57cd8642cd0f00966 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Category: indicated - Tonnes: 84000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Kalpini Hub represents a significant tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Significant Indicated resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 84 Context: Kalpini Hub including Yerilla Hub2 Indicated #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-14) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:81571c22b9e7cffc1125 - Deposit or zone: Kalpini Hub including Yerilla Hub #### Resource Data - Category: inferred - Tonnes: 182000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Kalpini Hub indicates significant potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 182 Context: Kalpini Hub including Yerilla Hub2 Inferred #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-15) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:ccdd0ecb1916f0367ec3 - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Category: measured - Tonnes: 22000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the total KNP shows high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 22 Context: Kalgoorlie Nickel Project Total Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-16) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:c689ad7fd10faa5ec99b - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Category: indicated - Tonnes: 361000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the total KNP represents a very large tonnage, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large Indicated resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 361 Context: Kalgoorlie Nickel Project Total Indicated #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-17) Kalgoorlie Nickel Project Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:37d3de7a7559ba98b880 - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Category: inferred - Tonnes: 471000000 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the total KNP indicates very large potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Very large Inferred resource tonnage - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 471 Context: Kalgoorlie Nickel Project Total Inferred #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-18) Kalgoorlie Nickel Project #### Identity - Project: Kalgoorlie Nickel Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Reporting standards: jorc - Resource group id: resource:40b4c6856c1ffab4ffb8 - Mining method: combined - Ownership percent: 100 % #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: The Share Purchase Plan raised an additional A$340,000, further contributing to the company's financial strength. - Positive factor: Successful Share Purchase Plan - Positive factor: Strengthened the Company's balance sheet Evidence · text > subsequently completed a Share Purchase Plan raising a further A$340,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-19) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:8c119de361baef470d2d - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 18000000 - Grade: 0.94 - Grade Unit: % - Contained Metal: 171 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Goongarrie Hub shows good nickel grade and high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.94 Context: 18 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-20) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:8c119de361baef470d2d - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 18000000 - Grade: 0.085 - Grade Unit: % - Contained Metal: 15 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Goongarrie Hub shows good cobalt grade and high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.085 Context: 18 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-21) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:d5f62df7d77a812ef5fc - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 277000000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 1923 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Goongarrie Hub represents a significant tonnage of nickel, but the estimate is stale as it dates back to June 2023. - Positive factor: Large Indicated resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.70 Context: 277 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-22) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:d5f62df7d77a812ef5fc - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 277000000 - Grade: 0.046 - Grade Unit: % - Contained Metal: 127 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Goongarrie Hub represents a significant tonnage of cobalt, but the estimate is stale as it dates back to June 2023. - Positive factor: Large Indicated resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.046 Context: 277 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-23) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:0456e53a6d150becca6a - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 289000000 - Grade: 0.67 - Grade Unit: % - Contained Metal: 1951 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Goongarrie Hub indicates significant nickel potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.67 Context: 289 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-24) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:0456e53a6d150becca6a - Deposit or zone: Goongarrie Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 289000000 - Grade: 0.037 - Grade Unit: % - Contained Metal: 108 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Goongarrie Hub indicates significant cobalt potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.037 Context: 289 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-25) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:eb164c93b5fbdaa98f24 - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.94 - Grade Unit: % - Contained Metal: 36 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Kalpini Hub shows good nickel grade and high confidence, but the tonnage is relatively small and the estimate is stale. - Positive factor: High confidence Measured category - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Relatively small tonnage for Measured category - Negative factor: Estimate effective date is over two years old Evidence · table > 0.94 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-26) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:eb164c93b5fbdaa98f24 - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 4000000 - Grade: 0.048 - Grade Unit: % - Contained Metal: 2 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the Kalpini Hub shows good cobalt grade and high confidence, but the tonnage is relatively small and the estimate is stale. - Positive factor: High confidence Measured category - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Relatively small tonnage for Measured category - Negative factor: Estimate effective date is over two years old Evidence · table > 0.048 Context: 4 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-27) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:988b338e3fa07c3e371d - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 84000000 - Grade: 0.83 - Grade Unit: % - Contained Metal: 699 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Kalpini Hub represents a significant tonnage of nickel, but the estimate is stale as it dates back to June 2023. - Positive factor: Significant Indicated resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.83 Context: 84 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-28) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:988b338e3fa07c3e371d - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 84000000 - Grade: 0.05 - Grade Unit: % - Contained Metal: 42 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the Kalpini Hub represents a significant tonnage of cobalt, but the estimate is stale as it dates back to June 2023. - Positive factor: Significant Indicated resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.050 Context: 84 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-29) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:f3fbe42a6382a1afde96 - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 182000000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 1321 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Kalpini Hub indicates significant nickel potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.73 Context: 182 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-30) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:f3fbe42a6382a1afde96 - Deposit or zone: Kalpini Hub including Yerilla Hub - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 182000000 - Grade: 0.051 - Grade Unit: % - Contained Metal: 92 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the Kalpini Hub indicates significant cobalt potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Large Inferred resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.051 Context: 182 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-31) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:329002b426d2e5c32f14 - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 22000000 - Grade: 0.94 - Grade Unit: % - Contained Metal: 207 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the total KNP shows good nickel grade and high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.94 Context: 22 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-32) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:329002b426d2e5c32f14 - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 22000000 - Grade: 0.079 - Grade Unit: % - Contained Metal: 17 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Measured resource for the total KNP shows good cobalt grade and high confidence, but the estimate is stale as it dates back to June 2023. - Positive factor: High confidence Measured category - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.079 Context: 22 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-33) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:5dc973ab3c06e2c9eecb - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 361000000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 2622 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the total KNP represents a very large nickel endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large Indicated resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.73 Context: 361 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-34) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:5dc973ab3c06e2c9eecb - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 361000000 - Grade: 0.047 - Grade Unit: % - Contained Metal: 169 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Indicated resource for the total KNP represents a very large cobalt endowment, but the estimate is stale as it dates back to June 2023. - Positive factor: Very large Indicated resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Estimate effective date is over two years old Evidence · table > 0.047 Context: 361 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-35) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:ec5207abd670dfe431d9 - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 471000000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 3272 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the total KNP indicates very large nickel potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Very large Inferred resource tonnage - Positive factor: Good nickel grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.70 Context: 471 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-annual-report-to-shareholders--d392ca32-d560-4169-ab22-e5e3a9f68803#fact-resource-facts-36) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Buchhorn, Andrew Penkethman - Resource group id: resource:ec5207abd670dfe431d9 - Deposit or zone: Kalgoorlie Nickel Project Total - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 471000000 - Grade: 0.043 - Grade Unit: % - Contained Metal: 200 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: This Inferred resource for the total KNP indicates very large cobalt potential, but its lower confidence category and stale effective date reduce its immediate impact. - Positive factor: Very large Inferred resource tonnage - Positive factor: Good cobalt grade for laterite deposit - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category has lower geological confidence - Negative factor: Estimate effective date is over two years old Evidence · table > 0.043 Context: 471 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 3.2 years before this release ## 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.