# ASN: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146600 Publisher: asx Original announcement: 2026-09-30T07:43:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:26:22.899Z Atlas analysis updated: 2026-09-30T08:26:22.899Z - Company: Anson Resources Limited - Ticker: ASN - Exchange: ASX - Region: Unavailable - Primary commodity: Lithium - Secondary commodities: Uranium, Vanadium, Bromine, Zinc, Lead, Silver - Document categories: Resource update, Capital raise, Agreement transaction - Extracted: 2026-09-30 08:26:23 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Anson Resources Limited reported substantial progress for FY2026, highlighted by a 650% increase in the Green River Lithium Project's JORC Mineral Resource to 773,000 tonnes LCE, with Indicated resources up 863% to 183,000 tonnes. The company secured a binding agreement with POSCO Holdings to fund and operate a DLE demonstration plant and a definitive offtake agreement with LG Energy Solution for 4,000 tonnes per annum of battery-grade lithium carbonate. Permitting for the Green River project also advanced significantly with the final Small Scale Mining Operation approval received. Reasoning: Anson Resources Limited reported substantial progress for FY2026, marked by a significant resource upgrade for its flagship Green River Lithium Project, securing key strategic partnerships with POSCO and LG Energy Solution, and advancing permitting. These achievements de-risk the project and position it for future development, despite the company remaining pre-revenue and facing some corporate governance challenges. - Positive factor: Significant resource upgrade for Green River Lithium Project \(650% increase in LCE\) - Positive factor: Substantial increase in Indicated resources \(863%\) for Green River - Positive factor: Binding agreement with POSCO Holdings for DLE demonstration plant \(funded by POSCO\) - Positive factor: Definitive offtake agreement with LG Energy Solution for battery-grade lithium carbonate - Positive factor: Final Small Scale Mining Operation \(SMO\) approval received for Green River - Positive factor: Positive Scoping Study results for Green River \(pre-tax NPV US$1,373 million, IRR 27.5%\) - Positive factor: Cost discipline and reduction in director and employee expenses - Positive factor: Yellow Cat project progress and positive U.S. Government 'Met' assessment - Negative factor: Company remains pre-revenue and dependent on capital raises - Negative factor: Material uncertainty regarding going concern, despite mitigation plans - Negative factor: Dilution from equity raises during the year - Negative factor: Paradox and Western Australian projects deferred to focus on Green River - Negative factor: Two consecutive 'strikes' on remuneration report at AGMs - Negative factor: All-executive board with no independent non-executive directors Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 21 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The Green River Mineral Resource was upgraded by 650% to 773,000 tonnes LCE, with Indicated Resource increasing by 863% to 183,000 tonnes. Evidence · text > Mineral Resource upgraded 650% to 773,000 tonnes LCE, Indicated +863% to 183,000 t \(ASX 13 May 2026\). **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Green River JORC Mineral Resource grew more than sixfold, with a 650% upgrade to 773,000 tonnes LCE. Evidence · text > Your Company’s JORC Mineral Resource grew more than sixfold, an engineering study put hard numbers on the economics, and POSCO Holdings committed **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 Green River JORC Mineral Resource was upgraded by 650% to 773,000 tonnes LCE, indicating a significant increase in contained lithium carbonate equivalent. Evidence · text > Mineral Resource upgraded 650% to 773,000 t LCE, Indicated +863% to 183,000 t \(ASX 13 May 2026\). **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The average lithium grade for the Green River project increased from 93.5 mg/L to 127.8 mg/L. Evidence · text > reflects higher confidence in stratigraphic thickness and lithium concentration \(average grade increased from 93.5 mg/L to 127.8 mg/L\) **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 Green River Mineral Resource estimate is based on information compiled by independent consulting geologist D. Roy Eccles \(P. Geol., P. Geo.\). Evidence · text > The information in this report that relates to Mineral Resource estimates is based on information compiled by independent consulting geologist D. Roy Eccles \(P. Geol., P. Geo.\). **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Green River Mineral Resource is reported in accordance with the JORC Code \(2012\). Evidence · text > Mineral Resources are reported in accordance with the JORC Code \(2012\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Green River Mineral Resource was upgraded by 650% to 773,000 tonnes LCE. Evidence · text > Mineral Resource upgraded 650% to 773,000 t LCE, Indicated +863% to 183,000 t \(ASX 13 May 2026\). **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 Paradox Mineral Resource estimate has been prepared by Mr Richard Maddocks, a Fellow of the Australasian Institute of Mining and Metallurgy. Evidence · text > The information contained in this report relating to Exploration Results and Mineral Resource Estimates has been prepared by Mr Richard Maddocks, MSc in Mineral Economics, BSc in Geology and Grad Dip in Applied Finance. Mr Maddocks is a Fellow of the Australasian Institute of Mining and Metallurgy \(111714\) with over 30 years of experience. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Paradox Mineral Resource is reported in accordance with the JORC Code \(2012\). Evidence · text > Mineral Resources are reported in accordance with the JORC Code \(2012\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Paradox Mineral Resources are unchanged from the prior year, indicating a routine restatement. Evidence · text > The Mineral Resources are unchanged from the prior year. **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 Surprise Mineral Resource estimate is based on information compiled by Grant Louw of Auralia Mining Consulting. Evidence · text > The information in this report that relates to in-situ Mineral Resources is based on information compiled by Grant Louw of Auralia Mining Consulting. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Surprise Mineral Resource is a JORC 2012 compliant estimate. Evidence · text > Surprise Deposit maiden Inferred Mineral Resource, JORC 2012 **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 Surprise Deposit is described as a 'maiden Inferred Mineral Resource'. Evidence · text > Surprise Deposit maiden Inferred Mineral Resource, JORC 2012 **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 Mary Springs Mineral Resources information has been compiled and assessed by Mr Bill Oliver, a consultant to Anson Resources Limited. Evidence · text > The information in this report that relates to the Mary Springs Mineral Resources complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) and has been compiled and assessed by Mr Bill Oliver, a consultant to Anson Resources Limited and Auralia Mining Consulting Pty Ltd. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mary Springs Mineral Resource complies with the 2012 Edition of the JORC Code. Evidence · text > The information in this report that relates to the Mary Springs Mineral Resources complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Mary Springs Mineral Resource was announced to the ASX on 13 October 2017 and is unchanged from the prior year. Evidence · text > The Mary Springs Mineral Resource was announced to the ASX on 13 October 2017. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Yellow Cat estimate is explicitly stated as a 'historical estimate' and 'not reported in accordance with the JORC Code \(2012 Edition\) and is not a Mineral Resource'. Evidence · text > A historical estimate of 56,850 tons at 2,400 ppm U₃O₈ and 1.47% V₂O₅ exists for the Yellow Cat area \(ASX 4 February 2026\). ... The historical estimate is not reported in accordance with the JORC Code \(2012 Edition\) and is not a Mineral Resource. **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: The document states that 'A Competent Person has not done sufficient work to classify the historical estimate as a Mineral Resource in accordance with the JORC Code'. Evidence · text > A Competent Person has not done sufficient work to classify the historical estimate as a Mineral Resource in accordance with the JORC Code, and it is uncertain that following further evaluation or exploration work the historical estimate will be able to be reported as a Mineral Resource. **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The Yellow Cat historical estimate is based on drilling carried out between 1951 and 1954, making the data very old despite a recent re-release. Evidence · text > It was interpreted from six phases of drilling carried out by the U.S. Bureau of Mines in conjunction with the U.S. Geological Survey between 8 October 1951 and 23 November 1954 ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Resource Estimates (21) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-0) Green River Lithium Project · lithium #### Identity - Project: Green River Lithium Project - Commodity: lithium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2026-05-13T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: D. Roy Eccles - Resource group id: resource:25ca742553d79528da8d #### Resource Data - Category: indicated - Grade: 127.8 - Grade Unit: mg/L - Contained Metal: 183000 - Contained Unit: t lce - Cutoff Grade: 50 - Cutoff Unit: mg/L Li #### Prior Estimate - Resource Date: 2026-05-13 - Prior Contained Metal: 19000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The indicated resource for lithium at Green River shows a substantial increase in contained LCE and a strong grade, indicating significant project de-risking and growth in confidence. - Positive factor: Significant increase in contained LCE \(863%\) compared to prior estimate - Positive factor: Grade of 127.8 mg/L Li is strong for a brine resource - Positive factor: JORC compliant estimate with QP sign-off Evidence · table > 183,000 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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: 183000 against 19000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-1) Green River Lithium Project · lithium #### Identity - Project: Green River Lithium Project - Commodity: lithium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2026-05-13T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: D. Roy Eccles - Resource group id: resource:60be68e4f9292be67411 #### Resource Data - Category: inferred - Grade: 127.8 - Grade Unit: mg/L - Contained Metal: 590000 - Contained Unit: t lce - Cutoff Grade: 50 - Cutoff Unit: mg/L Li #### Prior Estimate - Resource Date: 2026-05-13 - Prior Contained Metal: 84000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for lithium at Green River shows a substantial increase in contained LCE and a strong grade, contributing significantly to the overall resource growth, though it remains in the inferred category. - Positive factor: Significant increase in contained LCE \(602%\) compared to prior estimate - Positive factor: Grade of 127.8 mg/L Li is strong for a brine resource - Positive factor: JORC compliant estimate with QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 590,000 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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: 590000 against 84000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-2) Paradox Lithium · lithium #### Identity - Project: Paradox Lithium - Commodity: lithium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:98fae735b827d4e8b7e3 #### Resource Data - Category: indicated - Tonnes: 562000000 - Grade: 123 - Grade Unit: ppm - Contained Metal: 367000 - Contained Unit: t lce #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The indicated resource for lithium at Paradox is a substantial, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period. - Positive factor: Indicated category provides reasonable geological confidence - Positive factor: JORC compliant estimate with QP sign-off - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Lower grade compared to Green River project Evidence · table > 123 Context: 562 #### 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 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-3) Paradox Lithium Project · bromine #### Identity - Project: Paradox Lithium Project - Commodity: bromine - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:a90303182dee4cf9c4e2 #### Resource Data - Category: indicated - Tonnes: 562000000 - Grade: 3398 - Grade Unit: ppm - Contained Metal: 1910000 - Contained Unit: t br₂ #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The indicated resource for bromine at Paradox is a substantial, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period. - Positive factor: Indicated category provides reasonable geological confidence - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Significant contained bromine as a potential byproduct - Negative factor: Estimate is unchanged from prior year, indicating no new progress Evidence · table > 3,398 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-4) Paradox Lithium · lithium #### Identity - Project: Paradox Lithium - Commodity: lithium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:4cd52023506bf1b46d07 #### Resource Data - Category: inferred - Tonnes: 1954000000 - Grade: 109 - Grade Unit: ppm - Contained Metal: 1138000 - Contained Unit: t lce #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for lithium at Paradox is a large, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and remains in the inferred category. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Large contained lithium resource - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Inferred category has lower geological confidence - Negative factor: Lower grade compared to Green River project Evidence · table > 109 Context: 1,954 #### 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 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-5) Paradox Lithium Project · bromine #### Identity - Project: Paradox Lithium Project - Commodity: bromine - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:9f90a5034d3f07884d8b #### Resource Data - Category: inferred - Tonnes: 1954000000 - Grade: 2915 - Grade Unit: ppm - Contained Metal: 5699000 - Contained Unit: t br₂ #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for bromine at Paradox is a large, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and remains in the inferred category. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Large contained bromine resource as a potential byproduct - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Inferred category has lower geological confidence Evidence · table > 2,915 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-6) Paradox Lithium Project · lithium #### Identity - Project: Paradox Lithium Project - Commodity: lithium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:6c626dcc32be501cdded #### Resource Data - Category: inferred - Tonnes: 2516000000 - Grade: 112 - Grade Unit: ppm - Contained Metal: 1504000 - Contained Unit: t lce #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total resource for lithium at Paradox is a large, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and is largely in the inferred category. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Large total contained lithium resource - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Total resource is predominantly inferred, indicating lower confidence - Negative factor: Lower grade compared to Green River project Evidence · table > 112 Context: Resource #### 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 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-7) Paradox Lithium Project · bromine #### Identity - Project: Paradox Lithium Project - Commodity: bromine - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2023-10-16T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Richard Maddocks - Resource group id: resource:6c626dcc32be501cdded #### Resource Data - Category: inferred - Tonnes: 2516000000 - Grade: 3023 - Grade Unit: ppm - Contained Metal: 7609000 - Contained Unit: t br₂ #### Prior Estimate - Resource Date: 2023-10-16 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total resource for bromine at Paradox is a large, JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and is largely in the inferred category. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Large total contained bromine resource as a potential byproduct - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Total resource is predominantly inferred, indicating lower confidence Evidence · table > 3,023 Context: Resource #### 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 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-8) Surprise Project · lead #### Identity - Project: Surprise Project - Commodity: lead - Region: mid-west, wa - Reported Region: Mid-West, WA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2024-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Grant Louw - Resource group id: resource:6e53485a3d174a5bc372 #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 2.7 - Grade Unit: % - Contained Metal: 2781 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: % Pb #### Prior Estimate - Resource Date: 2024-10-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for lead at Surprise is a JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and is relatively small. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Cut-off grade disclosed - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Inferred category has lower geological confidence - Negative factor: Relatively small tonnage Evidence · table > 2.7 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-9) Surprise Project · zinc #### Identity - Project: Surprise Project - Commodity: zinc - Region: mid-west, wa - Reported Region: Mid-West, WA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2024-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Grant Louw - Resource group id: resource:6e53485a3d174a5bc372 #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 464 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: % Pb #### Prior Estimate - Resource Date: 2024-10-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for zinc at Surprise is a JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and has a very low grade. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Cut-off grade disclosed - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Inferred category has lower geological confidence - Negative factor: Very low grade for zinc - Negative factor: Relatively small tonnage Evidence · table > 0.45 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-10) Surprise Project · silver #### Identity - Project: Surprise Project - Commodity: silver - Region: mid-west, wa - Reported Region: Mid-West, WA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2024-10-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Grant Louw - Resource group id: resource:6e53485a3d174a5bc372 #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 4723 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: % Pb #### Prior Estimate - Resource Date: 2024-10-01 #### Lab - Laboratory: Nagrom #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource for silver at Surprise is a JORC compliant estimate, but it is a restatement of prior data with no new developments in the current reporting period and has a very low grade. - Positive factor: JORC compliant estimate with QP sign-off - Positive factor: Cut-off grade disclosed - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Inferred category has lower geological confidence - Negative factor: Very low grade for silver - Negative factor: Relatively small tonnage Evidence · table > 1.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-11) Mary Springs · lead #### Identity - Project: Mary Springs - Commodity: lead - Region: mid-west, wa - Reported Region: Mid-West, WA - Ticker: ASN #### Resource scope - Estimate type: resource - Effective date: 2017-10-13T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Bill Oliver - Resource group id: resource:55c853f74fbbaf118520 #### Resource Data - Category: inferred - Tonnes: 390000 - Grade: 6.5 - Grade Unit: % - Contained Metal: 25350 - Contained Unit: t #### Prior Estimate - Resource Date: 2017-10-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Mary Springs lead resource is a JORC compliant estimate, but it is a stale restatement of prior data with no new developments and a combined category, reducing its current relevance. - Positive factor: JORC compliant estimate with QP sign-off - Negative factor: Estimate is unchanged from prior year, indicating no new progress - Negative factor: Estimate is from 2017, making it stale - Negative factor: Combined Indicated and Inferred category reduces confidence Evidence · table > 6.5 Context: Indicated and inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 9.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-12) Yellow Cat Uranium-Vanadium Project · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: uranium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:a3168d55319e6e879fb8 #### Resource Data - Category: inferred - Tonnes: 56850 - Grade: 2400 - Grade Unit: ppm U₃O₈ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Yellow Cat uranium estimate is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > A historical estimate of 56,850 tons at 2,400 ppm U₃O₈ and 1.47% V₂O₅ exists for the Yellow Cat area \(ASX 4 February 2026\). #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-13) Yellow Cat Uranium-Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: vanadium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:a3168d55319e6e879fb8 #### Resource Data - Category: inferred - Tonnes: 56850 - Grade: 1.47 - Grade Unit: % V₂O₅ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Yellow Cat vanadium estimate is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > A historical estimate of 56,850 tons at 2,400 ppm U₃O₈ and 1.47% V₂O₅ exists for the Yellow Cat area \(ASX 4 February 2026\). #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-14) Yellow Cat Uranium-Vanadium Project · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: uranium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:6ac9a8dd5f264a720121 #### Resource Data - Category: inferred - Tonnes: 38250 - Grade: 0.24 - Grade Unit: % U₃O₈ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-estimate for uranium at Yellow Cat is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > 38,250 tons at 0.24% U₃O₈ and 1.50% V₂O₅ #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-15) Yellow Cat Uranium-Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: vanadium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:6ac9a8dd5f264a720121 #### Resource Data - Category: inferred - Tonnes: 38250 - Grade: 1.5 - Grade Unit: % V₂O₅ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-estimate for vanadium at Yellow Cat is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > 38,250 tons at 0.24% U₃O₈ and 1.50% V₂O₅ #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-16) Yellow Cat Uranium-Vanadium Project · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: uranium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:3b006b9997ee1bef26c2 #### Resource Data - Category: inferred - Tonnes: 18600 - Grade: 0.24 - Grade Unit: % U₃O₈ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-estimate for uranium at Yellow Cat is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > 18,600 tons at 0.24% U₃O₈ and 1.42% V₂O₅ #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-17) Yellow Cat Uranium-Vanadium Project · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Yellow Cat Uranium-Vanadium Project - Commodity: vanadium - Region: usa\_ut - Reported Region: Utah, USA - Ticker: ASN #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Peter \(Greg\) Knox - Resource group id: resource:3b006b9997ee1bef26c2 #### Resource Data - Category: inferred - Tonnes: 18600 - Grade: 1.42 - Grade Unit: % V₂O₅ #### Prior Estimate - Resource Date: 1956 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 1956-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-estimate for vanadium at Yellow Cat is historical, not JORC compliant, and based on very old data, making it highly speculative and unreliable for current resource assessment. - Negative factor: Historical estimate only, not JORC compliant - Negative factor: Uncertainty that further exploration will result in a JORC Mineral Resource - Negative factor: Data is very old \(1950s\) and pre-dates modern QA/QC practices Evidence · text > 18,600 tons at 0.24% U₃O₈ and 1.42% V₂O₅ #### 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 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 **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 70.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-18) The Surprise · lead #### Identity - Project: The Surprise - Commodity: lead - Ticker: ASN #### Resource scope - Estimate type: resource - Resource group id: resource:3060c0bac9c52f79722f #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 2781 - Grade Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2,781 Context: 103,000 #### 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 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-19) The Surprise · zinc #### Identity - Project: The Surprise - Commodity: zinc - Ticker: ASN #### Resource scope - Estimate type: resource - Resource group id: resource:3060c0bac9c52f79722f #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 464 - Grade Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 464 Context: 103,000 #### 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 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asn-annual-report-to-shareholders--02e75ec1-f8ce-4295-b72a-60e57abf5660#fact-resource-facts-20) The Surprise · silver #### Identity - Project: The Surprise - Commodity: silver - Ticker: ASN #### Resource scope - Estimate type: resource - Resource group id: resource:3060c0bac9c52f79722f #### Resource Data - Category: inferred - Tonnes: 103000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 4723 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.3 Context: 103,000 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.