AUZ: Investor Presentation
Original announcement by asx on
- Company
- Australian Mines Limited
- Ticker
- AUZ
- Exchange
- ASX
- Region
- New South Wales, Australia
- Primary commodity
- Scandium
- Secondary commodities
- Gold
- Document categories
- Other, Capital raise, Resource update, Metallurgy
- Extracted
- 2026-10-14 00:13:12 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Australian Mines Limited presented an investor update highlighting its Flemington Scandium Project and Boa Vista Gold Project. The Flemington project shows strong economics with a post-tax NPV8 of US$860 million at US$3,000/kg Sc2O3 from a May 2026 Scoping Study, supported by a high-grade 6.3 Mt at 446 ppm scandium resource. The company recently completed a A$3.0 million placement and is advancing exploration at its Boa Vista Gold Project in Brazil, with plans for further drilling.
Reasoning: The investor presentation highlights strong economic potential for the Flemington Scandium project based on a recent Scoping Study, supported by a high-grade resource. It also details a recent capital raise and ongoing exploration at the Boa Vista Gold project, positioning the company for growth in critical minerals and gold.
Positive factors
- Strong economics for Flemington Scandium project from Scoping Study
- High-grade scandium resource
- Recent capital raise provides funding
- Exploration potential for gold at Boa Vista
- Focus on critical minerals
Negative factors
- Scoping Study is preliminary
- Scandium market described as 'chicken and egg'
- Boa Vista gold estimate is historical and not JORC compliant
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 11
Classification and evidence
Scoping Studypositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The Flemington project has a Scoping Study with a post-tax NPV8 of US$860 million.
Evidence · text
“Scoping Study validates Flemington’s potential US$860m, 74%”
Placementneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The company announced a A$3.0 million placement at A$0.028 per share.
Evidence · text
“Recent placement A$3.0m @ $0.028 Placement”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Flemington MRE is reported under JORC Code (2012).
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline 6.3 Mt @ 446 ppm)”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The Flemington MRE includes 3.12 Mt at 455 ppm scandium in the Measured category.
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The Flemington MRE includes 3.02 Mt at 441 ppm scandium in the Indicated category.
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (... I 3.02 Mt @ 441”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Flemington MRE includes 0.15 Mt at 371 ppm scandium in the Inferred category.
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (... Inf 0.15 Mt @ 371”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The Boa Vista gold estimate is explicitly stated as a foreign/historical estimate not reported in accordance with JORC Code (2012).
Evidence · text
“Boa Vista 8.47 Mt @ 1.23 g/t Au for approx. 336 koz is a foreign/historical estimate and is not reported in accordance with the JORC Code (2012).”
Critical Minerals Focuspositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The presentation heavily emphasizes scandium as a critical mineral and its market dynamics.
Evidence · text
“Scandium at an Inflection Point”
Tier 1 Jurisdictionpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The Flemington project is located in New South Wales, Australia, which is described as a Tier 1 jurisdiction.
Evidence · text
“Tier 1 jurisdiction & infrastructure access New South Wales, Australia”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
measuredFlemington · scandiumTonnes: 3120000Grade: 455Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:04e32e8729625864e138
Resource Data
- Category
- measured
- Tonnes
- 3120000
- Grade
- 455
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2025-01-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Flemington project has a substantial Measured resource at a high scandium grade, indicating strong geological confidence for future development.
Positive factors
- High confidence in Measured category
- High grade for scandium
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline 6.3 Mt @ 446 ppm)”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedFlemington · scandiumTonnes: 3020000Grade: 441Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:3f82cc2cf29690695e7b
Resource Data
- Category
- indicated
- Tonnes
- 3020000
- Grade
- 441
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2025-01-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Flemington project includes a significant Indicated resource at a high scandium grade, providing a solid foundation for economic studies.
Positive factors
- Good confidence in Indicated category
- High grade for scandium
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline 6.3 Mt @ 446 ppm)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredFlemington · scandiumTonnes: 150000Grade: 371Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:007bbab3be5fd3fbe557
Resource Data
- Category
- inferred
- Tonnes
- 150000
- Grade
- 371
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2025-01-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Flemington project has a smaller Inferred resource, which represents a lower level of geological confidence compared to Measured and Indicated categories.
Negative factors
- Lower confidence category
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline 6.3 Mt @ 446 ppm)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedFlemington · scandiumTonnes: 6300000Grade: 446Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:31b41c985d23fcdc2a70
Resource Data
- Category
- indicated
- Tonnes
- 6300000
- Grade
- 446
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2025-01-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Flemington project boasts a substantial total resource of 6.3 Mt at 446 ppm scandium, providing a significant base for future production.
Positive factors
- Large total resource tonnage
- High overall grade for scandium
Evidence · text
“AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline 6.3 Mt @ 446 ppm)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredFlemington · scandiumTonnes: 1166220Grade: 556Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:f678b2421884e01e0a2f
Resource Data
- Category
- measured
- Tonnes
- 1166220
- Grade
- 556
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2026-05-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: A significant portion of the Flemington production target is derived from the Measured resource category, indicating high confidence in the planned feed.
Positive factors
- High confidence in Measured category for production target
- High average grade for production target
Evidence · text
“Production target: 2.09 Mt at 556 ppm Sc, comprising 99.4% Measured and Indicated Resources, including 55.8% Measured.”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedFlemington · scandiumTonnes: 910040Grade: 556Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:c9202162d14a2a87f64f
Resource Data
- Category
- indicated
- Tonnes
- 910040
- Grade
- 556
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2026-05-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: A substantial part of the Flemington production target is sourced from the Indicated resource category, providing good confidence in the planned feed.
Positive factors
- Good confidence in Indicated category for production target
- High average grade for production target
Evidence · text
“Production target: 2.09 Mt at 556 ppm Sc, comprising 99.4% Measured and Indicated Resources, including 55.8% Measured.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredFlemington · scandiumTonnes: 12540Grade: 556Grade Unit: ppmView all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:cfc19191638a859e0447
Resource Data
- Category
- inferred
- Tonnes
- 12540
- Grade
- 556
- Grade Unit
- ppm
Prior Estimate
- Resource Date
- 2026-05-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: Only a minor portion of the Flemington production target is derived from the Inferred resource category, minimizing reliance on lower confidence material.
Negative factors
- Very small portion of production target from Inferred category
- Lower confidence category
Evidence · text
“Production target: 2.09 Mt at 556 ppm Sc, comprising 99.4% Measured and Indicated Resources, including 55.8% Measured.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBoa Vista · goldTonnes: 8470000Grade: 1.23Grade Unit: g/tContained Metal: 336Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Boa Vista
- Commodity
- gold
- Region
- brazil
- Reported Region
- Brazil
- Ticker
- AUZ
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:fe58f2005d47356fcd6c
Resource Data
- Category
- inferred
- Tonnes
- 8470000
- Grade
- 1.23
- Grade Unit
- g/t
- Contained Metal
- 336
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2012-01-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-04T00:00:00.000Z
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Boa Vista project has a historical gold estimate, which suggests significant potential but requires further work to meet current reporting standards and establish economic viability.
Positive factors
- Indicates significant gold potential
Negative factors
- Historical estimate only
- Not JORC compliant
- Uncertainty of conversion to Mineral Resource
Evidence · text
“Boa Vista 8.47 Mt @ 1.23 g/t Au for approx. 336 koz is a foreign/historical estimate and is not reported in accordance with the JORC Code (2012). A Competent Person has not undertaken sufficient work to classify the estimate as a Mineral Resource, and it is uncertain that further evaluation will result in the estimate being reported as a Mineral Resource. Source: AUZ ASX announcement, 4 July 2025.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 14.8 years before this release
Metallurgical Results (1)
Fact 1Flemington · scandiumRecovery: 90.8 %View all detailsHide details
Identity
- Project
- Flemington
- Commodity
- scandium
- Region
- australia_nsw
- Reported Region
- New South Wales, Australia
- Ticker
- AUZ
Recovery
- Recovery
- 90.8 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: The Flemington Scoping Study demonstrates very strong economics at the higher scandium price sensitivity, with a high NPV, IRR, and low operating costs, indicating a potentially highly profitable project.
Positive factors
- High NPV and IRR at sensitivity case price
- Low capital expenditure
- Long mine life
- High recovery rate
- Low operating costs
Negative factors
- Scoping study is preliminary
Evidence · text
“Scoping Study validates Flemington’s potential US$860m, 74% Geology expected to drive simple, high margin operations Sensitivity Case US$ 3 ,000/kg Sc 2O 3 Low project development capex, US$125m for Long-term, stable Sc2O3 production 60 tpa, 28 years at Low expected operating costs US$561/kg C 1 c a sh c o s ts that favours simple free dig mining 1.9:1 LO M s t ri pping ra t i o and efficient hydromet processing 90.8% R e c ov ery driven by shallow high-grade geology 573 ppm F o r f i rst 1 5 ye a rs”
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.