# ARN: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146784 Publisher: asx Original announcement: 2026-09-30T08:51:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:12:24.653Z Atlas analysis updated: 2026-09-30T09:12:24.653Z - 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 Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas 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 factor: MRE expansion - Positive factor: maiden Indicated resource - Positive factor: maiden Strontium resource - Positive factor: high Sr extraction recovery - Positive factor: strong baseline REE extraction recovery - Positive factor: multi-critical mineral profile - Positive factor: strategic divestment of non-core assets - Positive factor: very high-grade and thick drill intercepts - Negative factor: significant net loss - Negative factor: net current liabilities - Negative factor: auditor's "material uncertainty related to going concern" warning - Negative factor: low M&I percentage \(20.15%\) for the total resource - Negative factor: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The 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 Disclosed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Resource** Polarity: neutral Definition: 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 Inferred** Polarity: negative Definition: 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 Recovery** Polarity: positive Definition: 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 Only** Polarity: negative Definition: 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 Only** Polarity: negative Definition: 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 Commodity** Polarity: neutral Definition: 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 Intercept** Polarity: positive Definition: 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 Only** Polarity: negative Definition: 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 Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: 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 Extension** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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) ### DD008G [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-drill-facts-2) Kameelburg · niobium #### 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 factor: Bonanza Intercept - Positive factor: Step-Out Extension - Negative factor: Apparent Width Only - Negative factor: 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 Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (40) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-3) Kameelburg · rare\_earths #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.18 Context: 144.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-4) Kameelburg · niobium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.15 Context: 144.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-5) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 218 Context: 144.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-6) Kameelburg · rare\_earths #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 1.25 Context: 17.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-7) Kameelburg · niobium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.23 Context: 17.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-8) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 187 Context: 17.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-9) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.18 Context: 228.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-10) Kameelburg · niobium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.17 Context: 228.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-11) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 219 Context: 228.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-12) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.16 Context: 413.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-13) Kameelburg · niobium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.21 Context: 413.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-14) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 175 Context: 413.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-15) Kameelburg · rare\_earths #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.21 Context: 98.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-16) Kameelburg · niobium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.16 Context: 98.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-17) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 241 Context: 98.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-18) Kameelburg · rare\_earths #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.21 Context: 9.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-19) Kameelburg · niobium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 0.23 Context: 9.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-20) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 236 Context: 9.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-21) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.21 Context: 136.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-22) Kameelburg · niobium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.16 Context: 136.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-23) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 271 Context: 136.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-24) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.21 Context: 169.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-25) Kameelburg · niobium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 0.22 Context: 169.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-26) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 237 Context: 169.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-27) Kameelburg · strontium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 2.25 Context: 143.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-28) Kameelburg · rare\_earths #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 1.32 Context: 143.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-29) Kameelburg · strontium #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 2.14 Context: 17.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-30) Kameelburg · strontium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 2.16 Context: 227.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-31) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 1.26 Context: 227.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-32) Kameelburg · strontium #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 2.02 Context: 412.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-33) Kameelburg · rare\_earths #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 1.18 Context: 412.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 32 [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-34) #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-35) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 215 Context: 162.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-36) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 191 Context: 642.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-37) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 219 Context: 373.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-38) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 176 Context: 431.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-39) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 191 Context: 804.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-40) Kameelburg · molybdenum #### 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 factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 241 Context: 108.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-41) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 252 Context: 306.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-resource-facts-42) Kameelburg · molybdenum #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: JORC Compliant - Positive factor: Maiden Resource - Negative factor: All Inferred - Negative factor: Inferred Resource Evidence · table > 249 Context: 414.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### leach testwork [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-metallurgical-facts-0) Kameelburg · rare\_earths #### 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 factor: High Recovery - Negative factor: Bench Scale Only - Negative factor: 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 Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### chemical leaching [Link to this fact](https://atlas-staging.minestarters.com/news/arn-annual-report-to-shareholders--075d1931-f420-4c70-8c71-509f58cd70ca#fact-metallurgical-facts-1) Kameelburg · strontium #### 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 factor: High Recovery - Positive factor: Byproduct Commodity - Negative factor: Bench Scale Only - Negative factor: Single Domain Only Evidence · text > Strontium Extraction: Achieved an exceptional 99% extraction recovery rate using standard chemical leaching pathways. #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: 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.