# AUZ: Investor Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152184 Publisher: asx Original announcement: 2026-10-13T23:26:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T00:13:12.091Z Atlas analysis updated: 2026-10-14T00:13:12.091Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Strong economics for Flemington Scandium project from Scoping Study - Positive factor: High-grade scandium resource - Positive factor: Recent capital raise provides funding - Positive factor: Exploration potential for gold at Boa Vista - Positive factor: Focus on critical minerals - Negative factor: Scoping Study is preliminary - Negative factor: Scandium market described as 'chicken and egg' - Negative factor: 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 Study** Polarity: positive Story-specific tag Definition: 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% **Placement** Polarity: neutral Story-specific tag Definition: 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 Compliant** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The 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 Focus** Polarity: positive Story-specific tag Definition: 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 Jurisdiction** Polarity: positive Story-specific tag Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-3) Flemington · scandium #### 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 factor: High confidence in Measured category - Positive factor: 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-4) Flemington · scandium #### 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 factor: Good confidence in Indicated category - Positive factor: 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 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-5) Flemington · scandium #### 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 factor: 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 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-6) Flemington · scandium #### 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 factor: Large total resource tonnage - Positive factor: 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 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 **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-7) Flemington · scandium #### 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 factor: High confidence in Measured category for production target - Positive factor: 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-8) Flemington · scandium #### 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 factor: Good confidence in Indicated category for production target - Positive factor: 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 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-9) Flemington · scandium #### 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 factor: Very small portion of production target from Inferred category - Negative factor: 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 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-resource-facts-10) Boa Vista · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicates significant gold potential - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 14.8 years before this release ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/auz-investor-presentation--cf6dbc78-c21f-4393-bfb3-2d1846fdf44b#fact-metallurgical-facts-1) Flemington · scandium #### 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 factor: High NPV and IRR at sensitivity case price - Positive factor: Low capital expenditure - Positive factor: Long mine life - Positive factor: High recovery rate - Positive factor: Low operating costs - Negative factor: 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.