# ASQ: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143633 Publisher: asx Original announcement: 2026-09-24T09:03:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T10:12:45.720Z Atlas analysis updated: 2026-09-24T10:12:45.720Z - Company: Australian Silica Quartz Group Ltd - Ticker: ASQ - Exchange: ASX - Region: Western Australia - Primary commodity: Kaolin - Secondary commodities: Silica, Bauxite, Gold, Nickel, Copper, Lead, Zinc, Lithium, Alumina, Iron ore, Potassium, Sodium, Titanium, Calcium, Magnesium - Document categories: Resource update, Metallurgy, Permitting - Extracted: 2026-09-24 10:12:46 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Australian Silica Quartz Group Ltd's 2026 Annual Report details its strategic shift with the acquisition of the White Swan Kaolin Project in Western Australia, now its primary focus. This project boasts a 47Mt Inferred Kaolin Mineral Resource \(JORC 2012\) and has received approval for a 250,000 tpa open pit mining operation, with metallurgical test work showing promising kaolinite upgrade and brightness. The company also provides updates on its existing silica, bauxite, and gold exploration projects, including a 17.3Mt MGSi Quartz resource and a 10.7Mt Silica Sand resource, while continuing to seek partners for some assets. Reasoning: The annual report provides a comprehensive update on the company's diverse project portfolio, highlighted by the acquisition and advancement of the White Swan Kaolin Project, which includes a JORC 2012 Inferred Resource and permitting approval, indicating a clear path towards potential production. - Positive factor: Acquisition of White Swan Kaolin Project, which is fully permitted with an approved Mining Lease and a JORC 2012 Inferred Resource. - Positive factor: White Swan Kaolin Project is the new primary focus, with plans for a feasibility study and export. - Positive factor: Metallurgical test work for kaolin shows promising results \(upgraded kaolinite content, good brightness\). - Positive factor: Continued progress on other projects \(silica, bauxite, gold exploration\). - Positive factor: QP/CP sign-off for resource estimates. - Negative factor: Most resources are Inferred, indicating early stage. - Negative factor: Some projects are seeking JV partners or buyers, indicating a need for external funding/development. - Negative factor: No new drill results or significant resource upgrades for existing projects \(other than the acquired kaolin resource\). - Negative factor: Financial loss for the year. - Negative factor: All resource estimates \(except the newly acquired White Swan for ASQ\) are historical, with effective dates ranging from 2014 to 2023. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 51 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All resource estimates in the report are stated to be in accordance with JORC Code 2012. Evidence · text > This annual statement has been prepared in accordance with the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ \(JORC Code 2012\). **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 Mineral Resource Statement was prepared by Mr Nick Algie, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Evidence · text > The Mineral Resource Statement was prepared by Mr Nick Algie, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Bauxite, Silica Sands, and Kaolin resources are entirely in the Inferred category, and a significant portion of the MGSi Quartz resource is Inferred. Evidence · table > Inferred Context: 36.2 **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Bauxite, Silica Sands, and Kaolin resources are reported as 100% Inferred. Evidence · table > Inferred Context: 36.2 **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 White Swan Kaolin Project's resource is a new addition to ASQ's inventory following its acquisition, representing a maiden resource for the company. Evidence · text > On the 1st of July 2026 the Company acquired the White Swan Kaolin Project and added the White Swan Mineral Resource estimate to its Mineral Resource inventory. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective dates for the Bauxite \(2014, 2018\), Silica Sands \(2021\), and MGSi Quartz \(2023\) resources are all more than two years old relative to the report publication date. Evidence · text > The Mineral Resource estimates for Athena, Dionysus and Ceres were first reported in accordance with ASX Listing Rule 5.8 in the Company's announcements dated 15 July 2014, 24 March 2014 and 23 April 2018 respectively. **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: The resource tables provide tonnage and grade but do not explicitly state contained metal figures for any of the commodities. Evidence · table > Mt Context: Size **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The kaolin test work is described as 'preliminary' and involves 'test discs', implying bench-scale testing rather than larger pilot or locked-cycle tests. Evidence · text > Preliminary ceramic firing tests produced test discs with a fired brightness of 85.3% following firing at 1,200°C. **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: The metallurgical test work for kaolin and HPQ refers to 'bulk sample' or 'samples' without mentioning variability testing across different ore domains. Evidence · text > Initial mineralogical analysis of raw White Swan bulk sample material at Foshan Laboratory Company indicates high values of approximately 47% kaolinite and 50% quartz. **Permit Granted** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: A Mining Proposal for the White Swan Kaolin Project has been approved by the Department of Mines, Petroleum and Exploration. Evidence · text > A Mining Proposal for a 250,000 tonne per annum, free dig, near surface, open pit, direct shipping ore \(‘DSO’\) mining operation has been approved by the Department of Mines, Petroleum and Exploration \(‘DMPE’\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 51. Some facts used in scoring do not have a stored record. ## Resource Estimates (47) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-0) Athena · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Athena - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:6cf4cc41388d104e9123 #### Resource Data - Category: inferred - Tonnes: 36200000 - Grade: 41.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-07-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-07-15T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 41.8 Context: 36.2 #### 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 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 **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 12.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-1) Athena · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Athena - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:6cf4cc41388d104e9123 #### Resource Data - Category: inferred - Tonnes: 36200000 - Grade: 32.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-07-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-07-15T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 32.8 Context: 36.2 #### 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 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 **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 12.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-2) Athena · silica Historical result Needs review: historical\_restatement #### Identity - Project: Athena - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:6cf4cc41388d104e9123 #### Resource Data - Category: inferred - Tonnes: 36200000 - Grade: 18.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-07-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-07-15T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 18.1 Context: 36.2 #### 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 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 **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 12.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-3) Athena · silica Historical result Needs review: historical\_restatement #### Identity - Project: Athena - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:6cf4cc41388d104e9123 #### Resource Data - Category: inferred - Tonnes: 36200000 - Grade: 2.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-07-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-07-15T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 2.8 Context: 36.2 #### 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 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 **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 12.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-4) Dionysus · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Dionysus - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:d354778d7372ff7af8af #### Resource Data - Category: inferred - Tonnes: 20300000 - Grade: 42.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-03-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-03-24T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 42.1 Context: 20.3 #### 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 **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 12.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-5) Dionysus · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Dionysus - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:d354778d7372ff7af8af #### Resource Data - Category: inferred - Tonnes: 20300000 - Grade: 32.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-03-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-03-24T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 32.6 Context: 20.3 #### 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 **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 12.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-6) Dionysus · silica Historical result Needs review: historical\_restatement #### Identity - Project: Dionysus - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:d354778d7372ff7af8af #### Resource Data - Category: inferred - Tonnes: 20300000 - Grade: 12 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-03-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-03-24T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 12.0 Context: 20.3 #### 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 **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 12.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-7) Dionysus · silica Historical result Needs review: historical\_restatement #### Identity - Project: Dionysus - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:d354778d7372ff7af8af #### Resource Data - Category: inferred - Tonnes: 20300000 - Grade: 3.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2014-03-24 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2014-03-24T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2014, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2014\). Evidence · table > 3.4 Context: 20.3 #### 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 **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 12.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-8) Ceres · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Ceres - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:acb9dc27a89da6c1c421 #### Resource Data - Category: inferred - Tonnes: 21900000 - Grade: 41.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-04-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-23T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2018, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2018\). Evidence · table > 41.2 Context: 21.9 #### 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 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 **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 8.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-9) Ceres · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Ceres - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:acb9dc27a89da6c1c421 #### Resource Data - Category: inferred - Tonnes: 21900000 - Grade: 31.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-04-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-23T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2018, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2018\). Evidence · table > 31.4 Context: 21.9 #### 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 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 **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 8.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-10) Ceres · silica Historical result Needs review: historical\_restatement #### Identity - Project: Ceres - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:acb9dc27a89da6c1c421 #### Resource Data - Category: inferred - Tonnes: 21900000 - Grade: 20.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-04-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-23T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2018, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2018\). Evidence · table > 20.4 Context: 21.9 #### 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 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 **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 8.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-11) Ceres · silica Historical result Needs review: historical\_restatement #### Identity - Project: Ceres - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:acb9dc27a89da6c1c421 #### Resource Data - Category: inferred - Tonnes: 21900000 - Grade: 3.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-04-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-04-23T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred bauxite resource from 2018, indicating early-stage confidence and low novelty. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2018\). Evidence · table > 3.2 Context: 21.9 #### 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 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 **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 8.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-12) Albany White Hill · silica Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 99.92 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 99.92 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-13) Albany White Hill · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.01 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.01 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-14) Albany White Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.02 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.02 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-15) Albany White Hill · calcium Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: calcium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.003 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.003 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-16) Albany White Hill · magnesium Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: magnesium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.002 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.002 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-17) Albany White Hill · potassium Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: potassium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.003 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.003 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-18) Albany White Hill · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.05 Context: 10.7 #### 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 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 **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 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-19) Albany White Hill · loi Historical result Needs review: historical\_restatement #### Identity - Project: Albany White Hill - Commodity: loi - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:c655cedecd720977c3fd #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-28T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred silica sand resource from 2021, indicating early-stage confidence and low novelty. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2021\). Evidence · table > 0.07 Context: 10.7 #### 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 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 **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 5.7 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-20) Quartz Hill · silica Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: silica - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 99.09 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 99.09 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-21) Quartz Hill · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: alumina - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.67 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.67 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-22) Quartz Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: iron\_ore - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.16 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.16 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-23) Quartz Hill · calcium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: calcium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.005 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.005 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-24) Quartz Hill · magnesium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: magnesium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.008 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.008 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-25) Quartz Hill · sodium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: sodium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.02 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.02 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-26) Quartz Hill · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: titanium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.03 Context: 7.6 #### 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 **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 2.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-27) Quartz Hill · total\_oxides Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: total\_oxides - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:de7e09a1a8aab9a2e90b #### Resource Data - Category: indicated - Tonnes: 7600000 - Grade: 0.91 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Indicated MGSi Quartz resource from 2023, providing reasonable confidence for the project. - Positive factor: High silica grade. - Positive factor: Indicated resource category provides reasonable confidence. - Positive factor: JORC compliant reporting. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.91 Context: 7.6 #### 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-28) Quartz Hill · silica Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: silica - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 99 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 99.00 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-29) Quartz Hill · alumina Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: alumina - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.73 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.73 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-30) Quartz Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: iron\_ore - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.17 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.17 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-31) Quartz Hill · calcium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: calcium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.009 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.009 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-32) Quartz Hill · magnesium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: magnesium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.012 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.012 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-33) Quartz Hill · sodium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: sodium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.03 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-34) Quartz Hill · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: titanium - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 0.03 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-35) Quartz Hill · total\_oxides Historical result Needs review: historical\_restatement #### Identity - Project: Quartz Hill - Commodity: total\_oxides - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:bb118084d6d1eac7d419 #### Resource Data - Category: inferred - Tonnes: 9700000 - Grade: 1 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-12-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-12T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an Inferred MGSi Quartz resource from 2023, indicating early-stage confidence. - Positive factor: High silica grade. - Positive factor: JORC compliant reporting. - Negative factor: Inferred resource category indicates low confidence. - Negative factor: Estimate is historical \(effective date 2023\). Evidence · table > 1.00 Context: 9.7 #### 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 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 **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 2.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-36) White Swan · kaolin Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: kaolin - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 49.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 49.2 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-37) White Swan · brightness Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: brightness - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 71.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 71.9 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-38) White Swan · yellowness Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: yellowness - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 15.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 15.5 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-39) White Swan · alumina Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 34.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 34.5 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-40) White Swan · silica Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 49.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 49.5 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-41) White Swan · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 1.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 1.05 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-42) White Swan · potassium Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: potassium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 0.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 0.90 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-43) White Swan · sodium Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: sodium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 0.29 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 0.29 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-44) White Swan · titanium Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 0.76 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 0.76 Context: 47.3 #### 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 **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 3.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-45) White Swan · loi Historical result Needs review: historical\_restatement #### Identity - Project: White Swan - Commodity: loi - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nick Algie - Resource group id: resource:0fd3f4fb29098451a8bb #### Resource Data - Category: inferred - Tonnes: 47300000 - Grade: 12.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-08-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-08-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a significant Inferred kaolin resource, newly acquired by the company and forming its primary focus, indicating high potential. - Positive factor: Large tonnage for kaolin. - Positive factor: JORC compliant reporting. - Positive factor: New acquisition for the company, making it a primary focus. - Negative factor: Inferred resource category indicates low confidence. Evidence · table > 12.4 Context: 47.3 #### 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 **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 3.1 years before this release ### Fact 47 [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-resource-facts-50) White Swan Kaolin Project · kaolin #### Identity - Project: White Swan Kaolin Project - Commodity: kaolin - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Resource scope - Resource group id: resource:564ca92dac96f249c9c8 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Approval of the Mining Proposal for the White Swan Kaolin Project is a major de-risking milestone, enabling progression towards production and export. - Positive factor: Mining Proposal approved, de-risking project development. - Positive factor: Approval for a significant annual production rate. - Positive factor: Supports aim to be a significant exporter. Evidence · text > A Mining Proposal for a 250,000 tonne per annum, free dig, near surface, open pit, direct shipping ore \(‘DSO’\) mining operation has been approved by the Department of Mines, Petroleum and Exploration \(‘DMPE’\) in support of ASQ’s aim to be a significant exporter of DSO kaolin in the near future. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ## Metallurgical Results (4) ### dry separation [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-metallurgical-facts-46) White Swan Kaolin Project · kaolinite #### Identity - Project: White Swan Kaolin Project - Commodity: kaolinite - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Test Work - Program Status: preliminary - Test Type: dry separation - Processing Route: combination cyclone mill/classifier - Sample: raw White Swan bulk sample material #### Recovery - Recovery Basis: actual\_test - Head Grade: 47 - Head Grade Unit: % - Conc. Grade: 83 - Conc. Grade Unit: % #### Lab - Laboratory: Foshan Laboratory Company #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Preliminary dry separation test work shows a strong upgrade in kaolinite content, indicating good processing potential for the White Swan material. - Positive factor: Significant upgrade in kaolinite content achieved. - Positive factor: Test work performed by a named laboratory. - Negative factor: Test work is preliminary \(bench scale only\). - Negative factor: No recovery percentage explicitly stated, only grade upgrade. Evidence · text > Dry separation testwork upgraded kaolinite content from approximately 47% to 83% following a single processing stage by combination cyclone mill/classifier. ### dry separation [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-metallurgical-facts-47) White Swan Kaolin Project · alumina #### Identity - Project: White Swan Kaolin Project - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Test Work - Program Status: preliminary - Test Type: dry separation - Processing Route: combination cyclone mill/classifier - Sample: raw White Swan bulk sample material #### Recovery - Recovery Basis: actual\_test - Head Grade: 19.05 - Head Grade Unit: % - Conc. Grade: 33.68 - Conc. Grade Unit: % #### Lab - Laboratory: Foshan Laboratory Company #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Preliminary dry separation test work shows a strong increase in alumina content, supporting the processing potential of the White Swan material. - Positive factor: Significant increase in alumina content achieved. - Positive factor: Test work performed by a named laboratory. - Negative factor: Test work is preliminary \(bench scale only\). - Negative factor: No recovery percentage explicitly stated, only grade upgrade. Evidence · text > Alumina content increased from 19.05% Al₂O₃ in raw ore to 33.68% Al₂O₃ in the upgraded product. ### ceramic firing [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-metallurgical-facts-48) White Swan Kaolin Project · kaolin #### Identity - Project: White Swan Kaolin Project - Commodity: kaolin - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Test Work - Program Status: preliminary - Test Type: ceramic firing - Processing Route: firing at 1,200°C - Sample: test discs #### Recovery - Recovery: 85.3 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Preliminary ceramic firing tests yielded a good brightness, indicating suitability for ceramic applications. - Positive factor: Good fired brightness achieved. - Negative factor: Test work is preliminary \(bench scale only\). - Negative factor: Brightness is a quality metric, not a recovery percentage. Evidence · text > Preliminary ceramic firing tests produced test discs with a fired brightness of 85.3% following firing at 1,200°C. ### purification [Link to this fact](https://atlas-staging.minestarters.com/news/asq-annual-report-to-shareholders--312dd8ea-b60c-4aa3-9fbd-426d5e554838#fact-metallurgical-facts-49) Lake Seabrook HPQ Project · silica #### Identity - Project: Lake Seabrook HPQ Project - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: ASQ #### Test Work - Program Status: optimization - Test Type: purification - Processing Route: simplified 9 stage purification flowsheet - Sample: quartz powder #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 99.993 - Conc. Grade Unit: % SiO2 #### Lab - Laboratory: commercial laboratory in Perth #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: High purity silica achieved through a simplified purification process, showing good potential for high-value applications. - Positive factor: Very high purity silica achieved. - Positive factor: Simplified flowsheet without harsh chemicals. - Negative factor: Still targeting higher purity for crucible grade. Evidence · text > Samples from ASQ’s Lake Seabrook HPQ Project have yielded 99.993% SiO2 quartz powder after treatment at a commercial laboratory in Perth using a simplified 9 stage purification flowsheet developed by ASQ without the use of hot chlorination or hydrofluoric acid leaching ## 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.