# ARL: Chief Financial Officer Appointment Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152562 Publisher: asx Original announcement: 2026-10-14T21:13:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T22:30:38.537Z Atlas analysis updated: 2026-10-14T22:30:38.537Z - Company: Ardea Resources Limited - Ticker: ARL - Exchange: ASX - Region: Eastern Goldfields, Western Australia - Primary commodity: Nickel - Secondary commodities: Cobalt - Document categories: Other, Resource update - Extracted: 2026-10-14 22:30:39 UTC Narrative sentiment: 0.00 · Neutral ## Minestarters Atlas summary Ardea Resources Limited has announced the appointment of Mr Tony Sparks as interim Chief Financial Officer, effective October 15, 2026. Mr Sparks brings extensive experience in financial management and the resources sector. The announcement also includes a previously released Mineral Resource Estimate for its Kalgoorlie Nickel Project as background information, which is stated to be unchanged from its June 2023 release. Reasoning: The document announces a routine CFO appointment, which is a neutral corporate event. The included Mineral Resource Estimate is explicitly stated as previously released and unchanged, thus having no novelty. - Positive factor: Appointment of an experienced CFO Facts used in scoring: 24 ## Classification and evidence **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The Mineral Resource Estimate information is explicitly stated as previously released on June 30, 2023, and no material changes are reported. Evidence · text > The Mineral Resource Estimate information shown in this ASX announcement has been previously released on the ASX platform by Ardea in ASX release 30 June 2023 **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 following JORC Code \(2012\) guidelines. Evidence · text > KNP Mineral Resource Estimate \(MRE\) following 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 identified as Competent Persons. Evidence · text > The Resource Estimation, exploration and industry benchmarking summaries are based on information reviewed or compiled by Mr Ian Buchhorn and Mr Andrew Penkethman. ... qualify as a Competent Person **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A 0.5% nickel cutoff grade is explicitly stated for reporting resources. Evidence · text > Note: 0.5% nickel cutoff grade used to report resources. ## Extracted facts Stored fact records: 24. Some facts used in scoring do not have a stored record. ## Resource Estimates (24) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:785d083b12d569fdf2df - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for nickel at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:785d083b12d569fdf2df - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for cobalt at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:5a5cdff13a517f7eeefe - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for nickel at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:5a5cdff13a517f7eeefe - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for cobalt at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:2ff0e129497cb5880a09 - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for nickel at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#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: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:2ff0e129497cb5880a09 - Deposit or zone: Goongarrie Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for cobalt at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-6) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:98e8e4dfa5efeced8bad - Deposit or zone: Goongarrie Hub - Ownership percent: 65 % #### Resource Data - Category: inferred - Tonnes: 584000000 - Grade: 0.69 - Grade Unit: % - Contained Metal: 4044 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released combined resource for nickel at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.69 Context: 584 #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-7) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:98e8e4dfa5efeced8bad - Deposit or zone: Goongarrie Hub - Ownership percent: 65 % #### Resource Data - Category: inferred - Tonnes: 584000000 - Grade: 0.043 - Grade Unit: % - Contained Metal: 250 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released combined resource for cobalt at the Goongarrie Hub, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.043 Context: 584 #### 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 **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 3.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-8) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:be4c2cec04862b0e8ba9 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for nickel at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-9) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:be4c2cec04862b0e8ba9 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for cobalt at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-10) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:dfc57cd8642cd0f00966 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for nickel at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-11) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:dfc57cd8642cd0f00966 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for cobalt at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-12) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:81571c22b9e7cffc1125 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for nickel at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-13) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:81571c22b9e7cffc1125 - Deposit or zone: Kalpini Hub including Yerilla Hub - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for cobalt at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-14) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:669b778d4e0020b4e84c - Deposit or zone: Kalpini Hub including Yerilla Hub - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 270000000 - Grade: 0.76 - Grade Unit: % - Contained Metal: 2056 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released combined resource for nickel at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.76 Context: 270 #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-15) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:669b778d4e0020b4e84c - Deposit or zone: Kalpini Hub including Yerilla Hub - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 270000000 - Grade: 0.05 - Grade Unit: % - Contained Metal: 136 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released combined resource for cobalt at the Kalpini Hub, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.050 Context: 270 #### 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 **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 3.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-16) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:ccdd0ecb1916f0367ec3 - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for nickel at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-17) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:ccdd0ecb1916f0367ec3 - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Measured resource for cobalt at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-18) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:c689ad7fd10faa5ec99b - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for nickel at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-19) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:c689ad7fd10faa5ec99b - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Indicated resource for cobalt at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-20) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:37d3de7a7559ba98b880 - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for nickel at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-21) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:37d3de7a7559ba98b880 - Deposit or zone: Kalgoorlie Nickel Project Total - 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: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Inferred resource for cobalt at the Kalgoorlie Nickel Project Total, with no new information. - Negative factor: Stale Data Re-release 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-22) Kalgoorlie Nickel Project · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: nickel - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:64d2a10ac2806625fdb8 - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Category: inferred - Tonnes: 854000000 - Grade: 0.71 - Grade Unit: % - Contained Metal: 6101 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Grand Total resource for nickel at the Kalgoorlie Nickel Project, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.71 Context: 854 #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arl-chief-financial-officer-appointment--14f9d1e5-94c9-4578-825c-1d006ad6f8bd#fact-resource-facts-23) Kalgoorlie Nickel Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Kalgoorlie Nickel Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Eastern Goldfields, Western Australia - Ticker: ARL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Ian Buchhorn, Mr Andrew Penkethman - Resource group id: resource:64d2a10ac2806625fdb8 - Deposit or zone: Kalgoorlie Nickel Project Total #### Resource Data - Category: inferred - Tonnes: 854000000 - Grade: 0.045 - Grade Unit: % - Contained Metal: 386 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % nickel #### 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: 2026-10-14T00:00:00.000Z Reasoning: This is a restatement of a previously released Grand Total resource for cobalt at the Kalgoorlie Nickel Project, with no new information. - Negative factor: Stale Data Re-release Evidence · table > 0.045 Context: 854 #### 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 **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 3.3 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.