ARN: Annual Report to shareholders
Original announcement by asx on
- Company
- Aldoro Resources Limited
- Ticker
- ARN
- Exchange
- ASX
- Region
- Namibia
- Primary commodity
- Rare earths
- Secondary commodities
- Strontium, Niobium, Molybdenum
- Document categories
- Resource update, Metallurgy, Drill results
- Extracted
- 2026-09-30 09:12:25 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Aldoro Resources Limited's annual report for 2026 details a strategic pivot towards critical minerals, highlighted by significant advancements at its Kameelburg Carbonatite Project in Namibia. The company reported a substantial JORC MRE expansion for rare earth elements, including a maiden Indicated resource, and declared a globally significant maiden Strontium resource, alongside strong metallurgical recoveries. Despite these operational successes, the company recorded a significant net loss and net current liabilities, prompting an auditor's warning regarding material uncertainty related to its ability to continue as a going concern.
Reasoning: The company reported substantial MRE growth, including a maiden Indicated resource and a globally significant maiden Strontium resource, supported by very high-grade drill intercepts and strong metallurgical recoveries for strontium. However, the overall resource confidence is low with only 20.15% in the Measured and Indicated categories, and the financial statements show a large net loss and net current liabilities, leading to an auditor's warning about material uncertainty related to going concern.
Positive factors
- MRE expansion
- maiden Indicated resource
- maiden Strontium resource
- high Sr extraction recovery
- strong baseline REE extraction recovery
- multi-critical mineral profile
- strategic divestment of non-core assets
- very high-grade and thick drill intercepts
Negative factors
- significant net loss
- net current liabilities
- auditor's "material uncertainty related to going concern" warning
- low M&I percentage (20.15%) for the total resource
- 80% of total MRE is Inferred
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 43
Classification and evidence
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports a 'Maiden Indicated Mineral Resource of 162.1 Mt' for the Kameelburg Project.
Evidence · text
“Maiden Indicated Mineral Resource of 162.1 Mt”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports an 'Inferred Mineral Resource of 642.4 Mt' for the Kameelburg Project.
Evidence · text
“Inferred Mineral Resource of 642.4 Mt”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The declaration of a maiden Indicated Mineral Resource represents an upgrade in resource confidence.
Evidence · text
“The declaration of a maiden 162.1 Mt Indicated Mineral Resource represents a significant de-risking milestone for the Project.”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The total JORC Inferred Mineral Resource was expanded by 15% in total contained tonnage.
Evidence · text
“This constitutes a 15% expansion in total contained tonnage relative to the prior financial year, while holding grade configurations stable.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Indicated Resource contains approximately 290,000 tonnes of contained NdPr oxide, indicating a substantial inventory.
Evidence · text
“Based on an average NdPr grade of 0.18%, the Indicated Resource contains approximately 290,000 tonnes of contained NdPr oxide”
QP/CP Signedpositive
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 Mineral Resources have been compiled under the supervision of Mr Jeremy Clark, a Registered Member of the Australasian Institute of Geoscientists and a Competent Person as defined in the JORC Code (2012 Edition).
Evidence · text
“The Mineral Resources have been compiled under the supervision of Mr Jeremy Clark, who is the sole director of LVI and a Registered Member of the Australasian Institute of Geoscientists. Mr Clark has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition).”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource estimates are reported at 0.5% TREO and 1.0% TREO cut-offs, and the Strontium resource at 0.5% TREO and 0.5% Sr cut-offs.
Evidence · text
“reported at a 0.5% TREO cut-off”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The resource updates are reported in compliance with JORC (2012) standards.
Evidence · text
“reported in compliance with JORC (2012) standards”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The company declared a 'globally significant maiden Inferred Strontium Resource' and a 'maiden 162.1 Mt Indicated Mineral Resource'.
Evidence · text
“Aldoro declared a globally significant maiden Inferred Strontium Resource of 596.01 million tonnes grading 2.17% Sr.”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: Approximately 80% of the total Mineral Resource tonnage is classified as Inferred, indicating a low level of geological confidence.
Evidence · text
“Approximately 80% of the total Mineral Resource tonnage is classified as Inferred; there is a low level of geological confidence associated with Inferred Mineral Resources”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Achieved an exceptional 99% extraction recovery rate for Strontium and a strong baseline 72% for Total Rare Earths.
Evidence · text
“Strontium Extraction: Achieved an exceptional 99% extraction recovery rate using standard chemical leaching pathways.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The testwork is described as a 'Maiden Hydrometallurgical Leach Testwork Campaign' and an 'upgraded programme... is currently underway', implying preliminary bench-scale work rather than pilot scale.
Evidence · text
“Maiden Hydrometallurgical Leach Testwork Campaign”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: The testwork was conducted on 'representative carbonatite drill core composites', and the forward work program includes 'metallurgical variability samples', suggesting comprehensive domain variability has not yet been established.
Evidence · text
“Maiden Hydrometallurgical Leach Testwork Campaign conducted on representative carbonatite drill core composites”
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: Strontium is explicitly supported as a 'potential by-product credit' within the REE flowsheet.
Evidence · text
“supporting Sr as a potential by-product credit within the REE flowsheet.”
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Drill hole DD008G intersected 318.3 metres grading 1.51% TREO and DD008D intersected 504 metres grading 2.39% TREO, which are exceptionally high grades over very long intervals for rare earths.
Evidence · text
“Drill Hole DD008G: Intersected 318.3 metres grading 1.51% TREO... Drill Hole DD008D: Intersected 504 metres of continuous mineralisation, yielding a grade of 2.39% TREO”
Apparent Width Onlynegative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: The reported intercepts of '318.3 metres' and '504 metres' are downhole lengths, with no true width or drill orientation information provided.
Evidence · text
“Intersected 318.3 metres grading 1.51% TREO”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: The document does not provide explicit details on QA/QC procedures for the drill results, such as certified labs, QP sign-off for assays, or specific methods like blanks, standards, and duplicates.
Evidence · text
“Completed Phase 2 drilling summary, all holes have been assayed and reported.”
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: Drill hole DD008D effectively confirmed the vertical extensions of the carbonatite pipe system, extending known mineralization.
Evidence · text
“Drill Hole DD008D: Intersected 504 metres of continuous mineralisation, yielding a grade of 2.39% TREO at depth, effectively confirming the vertical extensions of the carbonatite pipe system.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
Extracted facts
Stored fact records: 43. Some facts used in scoring do not have a stored record.
Drill Results (1)
DD008GKameelburg · niobiumGrade: 0.21Grade Unit: %Intercept: 318.3 mView all detailsHide details
Identity
- Hole ID
- DD008G
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- namibia
- Ticker
- ARN
Geometry
- Grade
- 0.21
- Grade Unit
- %
- Intercept
- 318.3 m
- From
- 0 m
- To
- 318.3 m
- Hole Depth
- 573.5 m
- Intercept Depth
- 0 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- DD008G:0-318.3
Location
- Location
- Upper Zone
- Easting
- 631046
- Northing
- 7702691
- CRS
- WGS84 UTM Zone 33K
- Elevation
- 1643 m
- Azimuth
- 330 °
- Dip
- -60 °
- Loc. Confidence
- high
- Loc. Source
- document
QA/QC
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High grade and thickness for niobium from near-surface, confirming significant mineralization, but true width is not disclosed and QA/QC details are missing.
Positive factors
- Bonanza Intercept
- Step-Out Extension
Negative factors
- Apparent Width Only
- No QA/QC Disclosure
Evidence · text
“Drill Hole DD008G: Intersected 318.3 metres grading 1.51% TREO, 4.90% SrCO₃, and 0.21% Nb₂O₅, highlighting thick, blanket-style high-grade mineralisation from near-surface.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (40)
indicatedKameelburg · rare_earthsTonnes: 144300000Grade: 0.18Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:38a381385538986f2077
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 144300000
- Grade
- 0.18
- Grade Unit
- % NdPr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for NdPr, a key component of rare earths, contributing to the overall estimate.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.18”
Context: 144.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · niobiumTonnes: 144300000Grade: 0.15Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:38a381385538986f2077
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 144300000
- Grade
- 0.15
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for niobium, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.15”
Context: 144.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 144300000Grade: 218Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:38a381385538986f2077
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 144300000
- Grade
- 218
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.81
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for molybdenum, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“218”
Context: 144.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · rare_earthsTonnes: 17800000View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:39444bdfa5257152a66f
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 17800000
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 1.25
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for rare earths, contributing to the overall estimate and supporting the multi-critical mineral profile.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“1.25”
Context: 17.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · niobiumTonnes: 17800000Grade: 0.23Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:39444bdfa5257152a66f
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 17800000
- Grade
- 0.23
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for niobium, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.23”
Context: 17.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 17800000Grade: 187Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:39444bdfa5257152a66f
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 17800000
- Grade
- 187
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 3.26
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for molybdenum, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“187”
Context: 17.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 228700000Grade: 0.18Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:997f6ba6498908f1d4c8
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 228700000
- Grade
- 0.18
- Grade Unit
- % NdPr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for NdPr, a key component of rare earths, contributing to the overall estimate but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.18”
Context: 228.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · niobiumTonnes: 228700000Grade: 0.17Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:997f6ba6498908f1d4c8
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 228700000
- Grade
- 0.17
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for niobium, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.17”
Context: 228.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 228700000Grade: 219Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:997f6ba6498908f1d4c8
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 228700000
- Grade
- 219
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for molybdenum, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“219”
Context: 228.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 413700000Grade: 0.16Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:44677362f0fb0bd77ae0
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 413700000
- Grade
- 0.16
- Grade Unit
- % NdPr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for NdPr, a key component of rare earths, contributing to the overall estimate but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.16”
Context: 413.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · niobiumTonnes: 413700000Grade: 0.21Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:44677362f0fb0bd77ae0
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 413700000
- Grade
- 0.21
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for niobium, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.21”
Context: 413.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 413700000Grade: 175Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:44677362f0fb0bd77ae0
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 413700000
- Grade
- 175
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.95
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for molybdenum, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“175”
Context: 413.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · rare_earthsTonnes: 98800000Grade: 0.21Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a297c48906f4bd1329bb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 98800000
- Grade
- 0.21
- Grade Unit
- % NdPr
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for NdPr, a key component of rare earths, contributing to the overall estimate.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.21”
Context: 98.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · niobiumTonnes: 98800000Grade: 0.16Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a297c48906f4bd1329bb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 98800000
- Grade
- 0.16
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for niobium, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.16”
Context: 98.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 98800000Grade: 241Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a297c48906f4bd1329bb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 98800000
- Grade
- 241
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 3.17
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for molybdenum, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“241”
Context: 98.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · rare_earthsTonnes: 9900000Grade: 0.21Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a09c234aee00b036de36
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9900000
- Grade
- 0.21
- Grade Unit
- % NdPr
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for NdPr, a key component of rare earths, contributing to the overall estimate.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.21”
Context: 9.9
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · niobiumTonnes: 9900000Grade: 0.23Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a09c234aee00b036de36
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9900000
- Grade
- 0.23
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for niobium, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“0.23”
Context: 9.9
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 9900000Grade: 236Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:a09c234aee00b036de36
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9900000
- Grade
- 236
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 3.62
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Indicated resource for molybdenum, contributing to the multi-critical mineral profile of the project.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“236”
Context: 9.9
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 136900000Grade: 0.21Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:c14e7dde8b20e389c6cb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 136900000
- Grade
- 0.21
- Grade Unit
- % NdPr
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for NdPr, a key component of rare earths, contributing to the overall estimate but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.21”
Context: 136.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · niobiumTonnes: 136900000Grade: 0.16Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:c14e7dde8b20e389c6cb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 136900000
- Grade
- 0.16
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for niobium, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.16”
Context: 136.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 136900000Grade: 271Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:c14e7dde8b20e389c6cb
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 136900000
- Grade
- 271
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 3.18
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for molybdenum, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“271”
Context: 136.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 169200000Grade: 0.21Grade Unit: % NdPrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:30664c4d1282eb9c6e7c
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 169200000
- Grade
- 0.21
- Grade Unit
- % NdPr
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for NdPr, a key component of rare earths, contributing to the overall estimate but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.21”
Context: 169.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · niobiumTonnes: 169200000Grade: 0.22Grade Unit: % Nb₂O₅View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- niobium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:30664c4d1282eb9c6e7c
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 169200000
- Grade
- 0.22
- Grade Unit
- % Nb₂O₅
- Cutoff Grade
- 1
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for niobium, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“0.22”
Context: 169.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 169200000Grade: 237Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:30664c4d1282eb9c6e7c
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 169200000
- Grade
- 237
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 3.5
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: High-grade Inferred resource for molybdenum, contributing to the multi-critical mineral profile of the project but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“237”
Context: 169.2
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · strontiumTonnes: 143900000Grade: 2.25Grade Unit: % SrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- strontium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:c75b7dfbe391ae67aaf9
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 143900000
- Grade
- 2.25
- Grade Unit
- % Sr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Sr
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Maiden Indicated resource for strontium at a very high grade, establishing Kameelburg as a globally significant strontium resource.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“2.25”
Context: 143.9
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · rare_earthsTonnes: 143900000View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:c75b7dfbe391ae67aaf9
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 143900000
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 1.32
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Indicated resource for rare earths, contributing to the overall estimate and supporting the multi-critical mineral profile.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“1.32”
Context: 143.9
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · strontiumTonnes: 17800000Grade: 2.14Grade Unit: % SrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- strontium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:39444bdfa5257152a66f
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 17800000
- Grade
- 2.14
- Grade Unit
- % Sr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Sr
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Maiden Indicated resource for strontium at a very high grade, establishing Kameelburg as a globally significant strontium resource.
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“2.14”
Context: 17.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · strontiumTonnes: 227700000Grade: 2.16Grade Unit: % SrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- strontium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:9667aeb1d8bf683e0d40
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 227700000
- Grade
- 2.16
- Grade Unit
- % Sr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Sr
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for strontium at a high grade, establishing Kameelburg as a globally significant strontium resource but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“2.16”
Context: 227.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 227700000View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:9667aeb1d8bf683e0d40
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 227700000
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 1.26
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for rare earths, contributing to the overall estimate and supporting the multi-critical mineral profile but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“1.26”
Context: 227.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · strontiumTonnes: 412800000Grade: 2.02Grade Unit: % SrView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- strontium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:e62cefa956390467984a
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 412800000
- Grade
- 2.02
- Grade Unit
- % Sr
- Cutoff Grade
- 0.5
- Cutoff Unit
- % Sr
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for strontium at a high grade, establishing Kameelburg as a globally significant strontium resource but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“2.02”
Context: 412.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · rare_earthsTonnes: 412800000View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:e62cefa956390467984a
- Deposit or zone
- Lower
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 412800000
- Cutoff Grade
- 0.5
- Cutoff Unit
- % TREO
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 1.18
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Inferred resource for rare earths, contributing to the overall estimate and supporting the multi-critical mineral profile but with lower confidence.
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“1.18”
Context: 412.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
Fact 32View all detailsHide details
Identity
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Reporting standards
- jorc
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Routine conversion of unlisted options providing minor capital subsequent to the reporting period.
Evidence · text
“Subsequent to year end, a total of 835,520 unlisted options exercisable at $0.25 were converted to ordinary shares raising $200,888”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 162100000Grade: 215Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:814294790f5e2033d64b
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 162100000
- Grade
- 215
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.81
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Maiden Indicated resource for rare earths at a good grade, contributing to overall resource growth and de-risking the project. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“215”
Context: 162.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 642400000Grade: 191Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:4e2f68268e4c644238b4
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 642400000
- Grade
- 191
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“191”
Context: 642.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 373000000Grade: 219Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:451b41585c6bd25dee95
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 373000000
- Grade
- 219
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“219”
Context: 373.0
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 431500000Grade: 176Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:7b038b75e2ecfec8e434
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 431500000
- Grade
- 176
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“176”
Context: 431.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 804500000Grade: 191Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:67d85c82d363161c6c97
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 804500000
- Grade
- 191
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“191”
Context: 804.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedKameelburg · molybdenumTonnes: 108700000Grade: 241Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:32e25a40ce0e738553d3
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 108700000
- Grade
- 241
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.81
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Maiden Indicated resource for rare earths at a good grade, contributing to overall resource growth and de-risking the project. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated Resource
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
Evidence · table
“241”
Context: 108.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 306100000Grade: 252Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:711376297ad71da9d721
- Deposit or zone
- Upper
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 306100000
- Grade
- 252
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“252”
Context: 306.1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredKameelburg · molybdenumTonnes: 414800000Grade: 249Grade Unit: ppmView all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- molybdenum
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Jeremy Clark
- Resource group id
- resource:6cfe553ec49c6de7a5cb
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 414800000
- Grade
- 249
- Grade Unit
- ppm
- Cutoff Grade
- 0.05
- Cutoff Unit
- %
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Metal Eq. Grade
- 2.86
- Metal Eq. Unit
- % TREO Eq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Large Inferred resource for rare earths, contributing to overall tonnage growth but with lower confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- Cut-off Disclosed
- JORC Compliant
- Maiden Resource
Negative factors
- All Inferred
- Inferred Resource
Evidence · table
“249”
Context: 414.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
Metallurgical Results (2)
leach testworkKameelburg · rare_earthsRecovery: 72 %View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- rare_earths
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Test Work
- Program Status
- preliminary
- Test Type
- leach testwork
Recovery
- Recovery
- 72 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- CM Solutions (Pty) Ltd
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Strong baseline recovery rate for rare earths with favorable mineralogical characteristics and low acid consumption, indicating good processing potential, though testwork is still at a preliminary stage and variability is not fully established.
Positive factors
- High Recovery
Negative factors
- Bench Scale Only
- Single Domain Only
Evidence · text
“Total Rare Earths (REE) Extraction: Delivered a strong baseline 72% extraction recovery rate, demonstrating highly favourable mineralogical liberation characteristics and lower-than-anticipated acid-consumption parameters.”
Tags used in scoring
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
chemical leachingKameelburg · strontiumRecovery: 99 %View all detailsHide details
Identity
- Project
- Kameelburg
- Commodity
- strontium
- Region
- namibia
- Reported Region
- Namibia
- Ticker
- ARN
Test Work
- Program Status
- preliminary
- Test Type
- chemical leaching
- Processing Route
- standard chemical leaching pathways
Recovery
- Recovery
- 99 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- CM Solutions (Pty) Ltd
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: Exceptional recovery rate for strontium using standard chemical leaching, indicating strong potential for a valuable byproduct, though testwork is still at a preliminary stage and variability is not fully established.
Positive factors
- High Recovery
- Byproduct Commodity
Negative factors
- Bench Scale Only
- Single Domain Only
Evidence · text
“Strontium Extraction: Achieved an exceptional 99% extraction recovery rate using standard chemical leaching pathways.”
Tags used in scoring
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.