# AW1: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143596 Publisher: asx Original announcement: 2026-09-24T08:09:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T09:06:28.927Z Atlas analysis updated: 2026-09-24T09:06:28.927Z - Company: American West Metals Limited - Ticker: AW1 - Exchange: ASX - Region: Unavailable - Primary commodity: Indium - Secondary commodities: Copper, Zinc, Gold, Silver, Gallium, Germanium, Tellurium, Lead - Document categories: Resource update, Drill results, Capital raise - Extracted: 2026-09-24 09:06:29 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary American West Metals Limited reported substantial progress across its North American projects, including a significant upgrade to the JORC Mineral Resource Estimate for the Storm Copper Project in Nunavut, with over 65% of contained metal now in the Indicated category. At the West Desert Project in Utah, the company announced a high-grade indium-zinc-gold discovery from its first drill hole, confirming the project's potential as a critical minerals opportunity. These operational advancements were supported by successful capital raises totaling A$17.0 million. Reasoning: The company reported significant resource growth and confidence upgrades for the Storm Copper Project, alongside high-grade critical mineral discoveries at the West Desert Project, supported by successful capital raises. - Positive factor: Significant resource growth and confidence upgrade for Storm Copper Project - Positive factor: High-grade critical mineral discoveries at West Desert Project - Positive factor: Successful capital raises strengthening financial position - Positive factor: Advancement of Pre-Feasibility Study for Storm - Negative factor: Going concern uncertainty noted by auditor - Negative factor: Historical and non-JORC compliant estimate for Seal Project Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 106 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: More than 65% of the contained metal in the Storm MRE is now classified in the Indicated category, up from 51% in the prior estimate. Evidence · text > more than 65% of the contained metal is now classified in the Indicated category. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The Storm MRE shows a 20% increase in contained copper and a 36% increase in contained silver over the previous estimate. Evidence · text > This represents a 20% increase in contained copper and a 36% increase in contained silver over the previous estimate **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Storm and West Desert Mineral Resource Estimates are reported in accordance with the 2012 Edition of the JORC Code. Evidence · text > The updated JORC \(2012\) compliant Indicated and Inferred MRE for Storm **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 Storm MRE was compiled and signed off by Kevin Hon, Christopher Livingstone, Warren Black, and Steve Nicholls, all Competent Persons. The West Desert MRE was signed off by Allan Schappert, a Competent Person. Exploration Results were signed off by Dave O’Neill, a Competent Person. Evidence · text > The information in this announcement that relates to the estimate of Mineral Resources for the Storm Project is based upon, and fairly represents, information and supporting documentation compiled and reviewed by Mr. Kevin Hon, P.Geo., Senior Geologist, Mr. Christopher Livingstone, P.Geo, Senior Geologist, Mr. Warren Black, P.Geo., Senior Geologist and Geostatistician, and Mr. Steve Nicholls, MAIG, Senior Resource Geologist, all employees of APEX Geoscience Ltd. and Competent Persons. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated JORC \(2012\) compliant Indicated and Inferred Mineral Resource Estimate for the Storm Copper Project. Evidence · text > The updated JORC \(2012\) compliant Indicated and Inferred MRE for Storm was completed by international geological consulting company APEX Geoscience Ltd and reported to the ASX on 21 January 2026. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The West Desert Indium and Gold resource is entirely classified as Inferred. Evidence · table > Inferred Context: 15,531,071 **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Drill hole PFS-002 intersected a peak interval of 0.5m @ 27.3% Cu and 80g/t Ag, which is exceptionally high-grade. Evidence · text > peak interval of 0.5m @ 27.3% Cu, 80g/t Ag **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drill hole WD26-01 intersected mineralization approximately 430 m east of the existing deposit within a previously untested magnetic anomaly, confirming potential for extension. Evidence · text > WD26-01, intersected a continuous 108 m interval averaging 25 g/t indium... approximately 430 m east of the existing deposit within a previously untested magnetic anomaly, confirming the potential for mineralisation to extend well beyond the current Mineral Resource. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document refers to JORC compliance and Competent Person statements for exploration results, implying QA/QC procedures are in place. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the results included in the original market announcements referred to in this Announcement and that no material change in the results has occurred. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. **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 Seal Project's estimate is described as historical/foreign in nature and not reported in accordance with the guidelines of the JORC Code. Evidence · text > During 2018, a maiden estimate was prepared under NI 43-101 guidelines for the Seal zinc-silver deposit by P&E Mining Consultants Inc. \(P&E, 2018\). The estimate is historical/foreign in nature and is not reported in accordance with the guidelines of the JORC Code. **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The Storm MRE was updated using a 0.25% Cu cut-off, which is lower than the previous 0.35% Cu cut-off. Evidence · text > Total unconstrained 2025 and 2026 MREs of the Storm Project using a 0.35% Cu cut-off \(2025\) and a 0.25% Cu cut-off \(2026\). ## Extracted facts Stored fact records: 106. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### SR25-012 [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-drill-facts-34) Storm · copper #### Identity - Hole ID: SR25-012 - Project: Storm - Commodity: copper - Region: canada\_nu - Reported Region: canada\_nu - Ticker: AW1 #### Geometry - Grade: 3.6 - Grade Unit: % - Intercept: 1.5 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Lower Zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This sub-interval within SR25-012 represents a bonanza copper intercept, significantly exceeding the project average and further expanding the high-grade zone at Squall. - Positive factor: Bonanza Intercept - Positive factor: Exceptional copper grade, significantly higher than project average - Positive factor: Expands high-grade copper zone at Squall Prospect - Positive factor: JORC compliant and QP signed Evidence · text > 1.5m @ 3.6% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### SR25-010 [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-drill-facts-35) Storm · silver #### Identity - Hole ID: SR25-010 - Project: Storm - Commodity: silver - Region: canada\_nu - Reported Region: canada\_nu - Ticker: AW1 #### Geometry - Grade: 2.2 - Grade Unit: g/t - Intercept: 7.6 m - From: 73.2 m - To: 80.8 m - Intercept Depth: 73.2 m #### Classification - Program: resource - Sample Type: drill - Group ID: SR25-010:73.2-80.8 - Mining Method: open\_pit #### Location - Location: Lower Zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Drill hole SR25-010 returned a moderate silver intercept, confirming expansion potential at The Gap, although the grade is below the project average. - Positive factor: Moderate silver grade and good intercept length - Positive factor: Confirms expansion potential at The Gap - Positive factor: JORC compliant and QP signed - Negative factor: Grade is lower than project average Evidence · text > 2.2g/t Ag from 73.2m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### WD26-01 [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-drill-facts-36) West Desert · indium #### Identity - Hole ID: WD26-01 - Project: West Desert - Commodity: indium - Region: usa\_ut - Reported Region: usa\_ut - Ticker: AW1 #### Geometry - Grade: 25 - Grade Unit: g/t - Intercept: 108 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Lower Zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Drill hole WD26-01 made a significant indium discovery with an exceptional intercept length and grade-thickness product, extending mineralization well beyond the current resource and confirming potential for new zones, despite a lower average grade than previous best. - Positive factor: Significant indium discovery, extending mineralization 430m east of existing deposit - Positive factor: Exceptional intercept length, much greater than prior best - Positive factor: High grade-thickness product \(2700 g/t\*m\) compared to prior best \(403.3 g/t\*m\) - Positive factor: Confirms potential for mineralization well beyond current MRE - Positive factor: JORC compliant and QP signed - Negative factor: Grade is lower than project average \(25 g/t vs 88.05 g/t\) Evidence · text > continuous 108 m interval averaging 25 g/t indium #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (103) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-0) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:e2e7ec848425f269bf55 - Deposit or zone: Cyclone #### Resource Data - Category: inferred - Tonnes: 4540000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 43300 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 3335000 - Prior Grade: 1.03 - Prior Contained Metal: 34200 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cyclone Inferred copper resource shows a significant increase in tonnage and contained metal, although the grade slightly decreased and the cut-off grade was lowered, indicating growth in the resource. - Positive factor: Significant increase in tonnage and contained copper for Inferred category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade slightly decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 0.95 Context: 4,540,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 4540000 against 3335000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.95 against 1.03 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 43300 against 34200 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-1) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:e2e7ec848425f269bf55 - Deposit or zone: Cyclone #### Resource Data - Category: inferred - Tonnes: 4540000 - Grade: 3.94 - Grade Unit: g/t - Contained Metal: 575600 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 3335000 - Prior Grade: 3.76 - Prior Contained Metal: 403300 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cyclone Inferred silver resource shows a significant increase in tonnage, grade, and contained metal, indicating strong growth in the resource, despite a lowered copper equivalent cut-off grade. - Positive factor: Significant increase in tonnage, grade, and contained silver for Inferred category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 3.94 Context: 4,540,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 4540000 against 3335000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 575600 against 403300 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-2) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:0da1f95fa2a140435358 - Deposit or zone: Cyclone #### Resource Data - Category: indicated - Tonnes: 12420000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 136500 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 9761000 - Prior Grade: 1.24 - Prior Contained Metal: 121500 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cyclone Indicated copper resource shows a significant increase in tonnage and contained metal, providing a stronger foundation for mine planning, although the grade decreased and the cut-off grade was lowered. - Positive factor: Significant increase in tonnage and contained copper for Indicated category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.10 Context: 12,420,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12420000 against 9761000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.1 against 1.24 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 136500 against 121500 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-3) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:0da1f95fa2a140435358 - Deposit or zone: Cyclone #### Resource Data - Category: indicated - Tonnes: 12420000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 1527000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 9761000 - Prior Grade: 4.11 - Prior Contained Metal: 1289400 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cyclone Indicated silver resource shows a significant increase in tonnage and contained metal, providing a stronger foundation for mine planning, although the grade slightly decreased and the cut-off grade was lowered. - Positive factor: Significant increase in tonnage and contained silver for Indicated category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade slightly decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 3.82 Context: 12,420,000 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 12420000 against 9761000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.82 against 4.11 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1527000 against 1289400 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-4) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:a21dbf254195a0ce5247 - Deposit or zone: Chinook #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 0.56 - Grade Unit: % - Contained Metal: 4000 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 913000 - Prior Grade: 0.81 - Prior Contained Metal: 7400 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Chinook Inferred copper resource shows a significant decrease in tonnage, grade, and contained metal compared to the prior estimate, which is concerning given the lowered cut-off grade. - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage, grade, and contained copper compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 0.56 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 700000 against 913000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.56 against 0.81 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 4000 against 7400 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-5) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:a21dbf254195a0ce5247 - Deposit or zone: Chinook #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 2.63 - Grade Unit: g/t - Contained Metal: 59600 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 913000 - Prior Grade: 2.85 - Prior Contained Metal: 83700 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Chinook Inferred silver resource shows a significant decrease in tonnage, grade, and contained metal compared to the prior estimate, which is concerning given the lowered cut-off grade. - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage, grade, and contained silver compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 2.63 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 700000 against 913000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.63 against 2.85 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 59600 against 83700 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-6) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:a8b90d561ae99dc82e17 - Deposit or zone: Chinook #### Resource Data - Category: indicated - Tonnes: 1040000 - Grade: 1.62 - Grade Unit: % - Contained Metal: 16900 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 857000 - Prior Grade: 1.92 - Prior Contained Metal: 16500 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Chinook Indicated copper resource shows an increase in tonnage and contained metal, providing a stronger foundation, although the grade decreased and the cut-off grade was lowered. - Positive factor: Increase in tonnage and contained copper for Indicated category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.62 Context: 1,040,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1040000 against 857000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.62 against 1.92 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 16900 from 16500 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-7) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:a8b90d561ae99dc82e17 - Deposit or zone: Chinook #### Resource Data - Category: indicated - Tonnes: 1040000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 127800 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 857000 - Prior Grade: 4.37 - Prior Contained Metal: 120200 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Chinook Indicated silver resource shows an increase in tonnage and contained metal, providing a stronger foundation, although the grade decreased and the cut-off grade was lowered. - Positive factor: Increase in tonnage and contained silver for Indicated category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 3.82 Context: 1,040,000 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1040000 against 857000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.82 against 4.37 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 127800 against 120200 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-8) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1e00a802bdf4e0623f13 - Deposit or zone: Corona #### Resource Data - Category: inferred - Tonnes: 1360000 - Grade: 0.65 - Grade Unit: % - Contained Metal: 8900 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1880000 - Prior Grade: 0.85 - Prior Contained Metal: 15900 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Corona Inferred copper resource shows a significant decrease in tonnage, grade, and contained metal compared to the prior estimate, which is concerning given the lowered cut-off grade. - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage, grade, and contained copper compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 0.65 Context: 1,360,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1360000 against 1880000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.65 against 0.85 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 8900 against 15900 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-9) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1e00a802bdf4e0623f13 - Deposit or zone: Corona #### Resource Data - Category: inferred - Tonnes: 1360000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 87500 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1880000 - Prior Grade: 1.51 - Prior Contained Metal: 91500 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Corona Inferred silver resource shows a significant decrease in tonnage and contained metal, despite an increase in grade, which is concerning given the lowered cut-off grade. - Positive factor: Grade increased compared to prior estimate - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage and contained silver compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 2.00 Context: 1,360,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1360000 against 1880000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 2 against 1.51 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 87500 against 91500 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-10) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1bd6216e8f9c75621f0a - Deposit or zone: Corona #### Resource Data - Category: indicated - Tonnes: 1220000 - Grade: 0.91 - Grade Unit: % - Contained Metal: 11200 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Corona deposit now has an Indicated copper resource, which is a positive step in de-risking the project, although the cut-off grade was lowered. - Positive factor: New Indicated resource for Corona deposit - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 0.91 Context: 1,220,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-11) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1bd6216e8f9c75621f0a - Deposit or zone: Corona #### Resource Data - Category: indicated - Tonnes: 1220000 - Grade: 2.85 - Grade Unit: g/t - Contained Metal: 112100 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Corona deposit now has an Indicated silver resource, which is a positive step in de-risking the project, although the cut-off grade was lowered. - Positive factor: New Indicated resource for Corona deposit - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 2.85 Context: 1,220,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-12) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:8b8742a1267ac158e000 - Deposit or zone: Thunder #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 0.58 - Grade Unit: % - Contained Metal: 8600 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1824000 - Prior Grade: 1.04 - Prior Contained Metal: 19000 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Thunder Inferred copper resource shows a significant decrease in tonnage, grade, and contained metal compared to the prior estimate, which is concerning given the lowered cut-off grade. - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage, grade, and contained copper compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 0.58 Context: 1,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1500000 against 1824000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.58 against 1.04 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 8600 against 19000 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-13) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:8b8742a1267ac158e000 - Deposit or zone: Thunder #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 60000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1824000 - Prior Grade: 1.55 - Prior Contained Metal: 90800 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Thunder Inferred silver resource shows a significant decrease in tonnage, grade, and contained metal compared to the prior estimate, which is concerning given the lowered cut-off grade. - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Significant decrease in tonnage, grade, and contained silver compared to prior estimate - Negative factor: Cut-off grade was lowered, which should have increased tonnage Evidence · table > 1.24 Context: 1,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1500000 against 1824000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.24 against 1.55 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 60000 against 90800 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-14) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1c216c0183b583c416df - Deposit or zone: Thunder #### Resource Data - Category: indicated - Tonnes: 1250000 - Grade: 1.22 - Grade Unit: % - Contained Metal: 15300 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Thunder deposit now has an Indicated copper resource, which is a positive step in de-risking the project, although the cut-off grade was lowered. - Positive factor: New Indicated resource for Thunder deposit - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.22 Context: 1,250,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-15) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:1c216c0183b583c416df - Deposit or zone: Thunder #### Resource Data - Category: indicated - Tonnes: 1250000 - Grade: 1.83 - Grade Unit: g/t - Contained Metal: 73600 - Contained Unit: oz - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Thunder deposit now has an Indicated silver resource, which is a positive step in de-risking the project, although the cut-off grade was lowered. - Positive factor: New Indicated resource for Thunder deposit - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.83 Context: 1,250,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-16) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:5596f3ff99f0a00dc5a2 - Deposit or zone: Cirrus #### Resource Data - Category: inferred - Tonnes: 2650000 - Grade: 0.63 - Grade Unit: % - Contained Metal: 16700 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1552000 - Prior Grade: 0.62 - Prior Contained Metal: 9600 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cirrus Inferred copper resource shows a significant increase in tonnage and contained metal with a slight grade improvement, indicating growth in the resource, despite a lowered cut-off grade. - Positive factor: Significant increase in tonnage and contained copper for Inferred category - Positive factor: Grade slightly increased compared to prior estimate - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 0.63 Context: 2,650,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 2650000 against 1552000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 16700 against 9600 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-17) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:5596f3ff99f0a00dc5a2 - Deposit or zone: Cirrus #### Resource Data - Category: inferred - Tonnes: 2650000 - Grade: 1.43 - Grade Unit: g/t - Contained Metal: 122300 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 1552000 - Prior Grade: 1.29 - Prior Contained Metal: 64300 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Cirrus Inferred silver resource shows a significant increase in tonnage, grade, and contained metal, indicating strong growth in the resource, despite a lowered copper equivalent cut-off grade. - Positive factor: Significant increase in tonnage, grade, and contained silver for Inferred category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.43 Context: 2,650,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 2650000 against 1552000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.43 against 1.29 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 122300 against 64300 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-18) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:73c6f07ccbcac32cfa6c - Deposit or zone: Gap #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 1.26 - Grade Unit: % - Contained Metal: 8800 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Gap Deposit has been added to the MRE with a new Inferred copper resource, representing a positive expansion of the overall resource base, although the cut-off grade was lowered. - Positive factor: Maiden resource for the Gap Deposit, adding new mineralization to the MRE - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 1.26 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-19) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:73c6f07ccbcac32cfa6c - Deposit or zone: Gap #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 4.99 - Grade Unit: g/t - Contained Metal: 112600 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Gap Deposit has been added to the MRE with a new Inferred silver resource, representing a positive expansion of the overall resource base, although the cut-off grade was lowered. - Positive factor: Maiden resource for the Gap Deposit, adding new mineralization to the MRE - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 4.99 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-20) Storm Copper Project · copper #### Identity - Project: Storm Copper Project - Commodity: copper - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:36b22c1ca8ab00e3687b - Deposit or zone: Lightning Ridge #### Resource Data - Category: inferred - Tonnes: 810000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 5900 - Contained Unit: t - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 491000 - Prior Grade: 0.93 - Prior Contained Metal: 4600 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Lightning Ridge Inferred copper resource shows an increase in tonnage and contained metal, although the grade decreased and the cut-off grade was lowered. - Positive factor: Increase in tonnage and contained copper for Inferred category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 0.73 Context: 810,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 810000 against 491000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.73 against 0.93 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 5900 against 4600 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.25 against 0.35 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-21) Storm Copper Project · silver #### Identity - Project: Storm Copper Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kevin Hon, Christopher Livingstone, Warren Black, Steve Nicholls - Resource group id: resource:36b22c1ca8ab00e3687b - Deposit or zone: Lightning Ridge #### Resource Data - Category: inferred - Tonnes: 810000 - Grade: 4.11 - Grade Unit: g/t - Contained Metal: 107400 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-01-21 - Prior Tonnes: 491000 - Prior Grade: 4.37 - Prior Contained Metal: 69000 - Prior Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Lightning Ridge Inferred silver resource shows a significant increase in tonnage and contained metal, although the grade slightly decreased and the cut-off grade was lowered. - Positive factor: Significant increase in tonnage and contained silver for Inferred category - Positive factor: New estimate is JORC compliant and QP signed - Negative factor: Grade slightly decreased compared to prior estimate - Negative factor: Cut-off grade was lowered, which can inflate tonnage Evidence · table > 4.11 Context: 810,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 810000 against 491000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 4.11 against 4.37 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 107400 against 69000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-22) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:c42ea458576e86681df2 #### Resource Data - Category: indicated - Tonnes: 27349163 - Grade: 1037278 - Grade Unit: t - Contained Metal: 1037278 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a large Indicated zinc resource, providing a strong foundation for future development, with no changes reported in the current year. - Positive factor: Large Indicated zinc resource - Positive factor: JORC compliant and QP signed Evidence · table > 1,037,278 Context: 27,349,163 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-23) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:c42ea458576e86681df2 #### Resource Data - Category: indicated - Tonnes: 27349163 - Grade: 0.14 - Grade Unit: % - Contained Metal: 40588 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a significant Indicated copper resource, contributing to the overall project value, with no changes reported in the current year. - Positive factor: Significant Indicated copper resource - Positive factor: JORC compliant and QP signed Evidence · table > 0.14 Context: 27,349,163 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-24) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:c42ea458576e86681df2 #### Resource Data - Category: indicated - Tonnes: 27349163 - Grade: 9.53 - Grade Unit: g/t - Contained Metal: 8376494 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a significant Indicated silver resource, contributing to the overall project value, with no changes reported in the current year. - Positive factor: Significant Indicated silver resource - Positive factor: JORC compliant and QP signed Evidence · table > 9.53 Context: 27,349,163 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-25) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:e9b1ca8eccec80e300eb #### Resource Data - Category: inferred - Tonnes: 6318875 - Grade: 253626 - Grade Unit: t - Contained Metal: 253626 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes a substantial Inferred zinc resource, indicating future potential, though it requires further drilling to upgrade confidence. - Positive factor: Substantial Inferred zinc resource - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 253,626 Context: 6,318,875 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-26) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:e9b1ca8eccec80e300eb #### Resource Data - Category: inferred - Tonnes: 6318875 - Grade: 0.13 - Grade Unit: % - Contained Metal: 8465 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes an Inferred copper resource, adding to the polymetallic nature of the deposit, though it requires further drilling to upgrade confidence. - Positive factor: Inferred copper resource contributes to overall project value - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.13 Context: 6,318,875 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-27) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:e9b1ca8eccec80e300eb #### Resource Data - Category: inferred - Tonnes: 6318875 - Grade: 7.13 - Grade Unit: g/t - Contained Metal: 1440285 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn equivalent #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes an Inferred silver resource, adding to the polymetallic nature of the deposit, though it requires further drilling to upgrade confidence. - Positive factor: Inferred silver resource contributes to overall project value - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 7.13 Context: 6,318,875 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-28) West Desert Project · indium #### Identity - Project: West Desert Project - Commodity: indium - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:0317e2a77c4b19051b84 - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 15531071 - Grade: 10.8 - Grade Unit: g/t - Contained Metal: 5916698 - Contained Unit: oz - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a large Inferred indium resource in open-pit oxide material, highlighting its critical mineral potential, with no changes reported in the current year. - Positive factor: Large Inferred indium resource in open-pit oxide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 10.8 Context: 15,531,071 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-29) West Desert Project · gold #### Identity - Project: West Desert Project - Commodity: gold - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:0317e2a77c4b19051b84 - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 15531071 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 49306 - Contained Unit: oz - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes an Inferred gold resource in open-pit oxide material, contributing to the overall project value, with no changes reported in the current year. - Positive factor: Inferred gold resource in open-pit oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.09 Context: 15,531,071 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-30) West Desert Project · indium #### Identity - Project: West Desert Project - Commodity: indium - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:45d8516e8f3ef1614f0e - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 23.89 - Grade Unit: g/t - Contained Metal: 2646148 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a high-grade Inferred indium resource in open-pit sulphide material, highlighting its critical mineral potential, with no changes reported in the current year. - Positive factor: High-grade Inferred indium resource in open-pit sulphide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 23.89 Context: 3,140,102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-31) West Desert Project · gold #### Identity - Project: West Desert Project - Commodity: gold - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:45d8516e8f3ef1614f0e - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 11076 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes an Inferred gold resource in open-pit sulphide material, contributing to the overall project value, with no changes reported in the current year. - Positive factor: Inferred gold resource in open-pit sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.10 Context: 3,140,102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-32) West Desert Project · indium #### Identity - Project: West Desert Project - Commodity: indium - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:073f6a0472441c162852 - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 14996864 - Grade: 28.73 - Grade Unit: g/t - Contained Metal: 15198136 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a very high-grade Inferred indium resource in underground sulphide material, highlighting its significant critical mineral potential, with no changes reported in the current year. - Positive factor: Very high-grade Inferred indium resource in underground sulphide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 28.73 Context: 14,996,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-33) West Desert Project · gold #### Identity - Project: West Desert Project - Commodity: gold - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:073f6a0472441c162852 - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 14996864 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 63480 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project includes an Inferred gold resource in underground sulphide material, contributing to the overall project value, with no changes reported in the current year. - Positive factor: Inferred gold resource in underground sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.12 Context: 14,996,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-37) Seal Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Seal Project - Commodity: zinc - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:7c241bf92c672cae046a #### Resource Data - Category: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Seal Project's historical zinc estimate is not JORC compliant and lacks current verification, making it a low-confidence and low-materiality item in this report. - Positive factor: Indicates historical potential for zinc mineralization - Negative factor: Historical Estimate Only - Negative factor: Not JORC Compliant - Negative factor: No tonnage or grade provided in this document - Negative factor: Limited work undertaken to verify estimates Evidence · text > maiden estimate was prepared under NI 43-101 guidelines for the Seal zinc-silver deposit by P&E Mining Consultants Inc. \(P&E, 2018\). The estimate is historical/foreign in nature and is not reported in accordance with the guidelines of the JORC Code. #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 8.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-38) Seal Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Seal Project - Commodity: silver - Region: canada\_nu - Reported Region: Nunavut - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Resource group id: resource:7c241bf92c672cae046a #### Resource Data - Category: inferred #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Seal Project's historical silver estimate is not JORC compliant and lacks current verification, making it a low-confidence and low-materiality item in this report. - Positive factor: Indicates historical potential for silver mineralization - Negative factor: Historical Estimate Only - Negative factor: Not JORC Compliant - Negative factor: No tonnage or grade provided in this document - Negative factor: Limited work undertaken to verify estimates Evidence · text > maiden estimate was prepared under NI 43-101 guidelines for the Seal zinc-silver deposit by P&E Mining Consultants Inc. \(P&E, 2018\). The estimate is historical/foreign in nature and is not reported in accordance with the guidelines of the JORC Code. #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 8.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-39) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:654275fb2f2c52d36d90 #### Resource Data - Category: inferred - Tonnes: 4540000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 43300 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.95 Context: 4,540,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-40) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:654275fb2f2c52d36d90 #### Resource Data - Category: inferred - Tonnes: 4540000 - Grade: 3.94 - Grade Unit: g/t - Contained Metal: 575600 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.94 Context: 4,540,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-41) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:b8c1b7b03fb555fa51bb #### Resource Data - Category: indicated - Tonnes: 12420000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 136500 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.10 Context: 12,420,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-42) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:b8c1b7b03fb555fa51bb #### Resource Data - Category: indicated - Tonnes: 12420000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 1527000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.82 Context: 12,420,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-43) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:22ff91c56ae7a7f1ff1a #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 1.26 - Grade Unit: % - Contained Metal: 8800 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.26 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-44) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:22ff91c56ae7a7f1ff1a #### Resource Data - Category: inferred - Tonnes: 700000 - Grade: 4.99 - Grade Unit: g/t - Contained Metal: 112600 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 4.99 Context: 700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-45) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:cb17d4f3476351827770 #### Resource Data - Category: indicated - Tonnes: 1040000 - Grade: 1.62 - Grade Unit: % - Contained Metal: 16900 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.62 Context: 1,040,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-46) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:cb17d4f3476351827770 #### Resource Data - Category: indicated - Tonnes: 1040000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 127800 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.82 Context: 1,040,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-47) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:e91dced840f11bcdcbff #### Resource Data - Category: inferred - Tonnes: 1360000 - Grade: 0.65 - Grade Unit: % - Contained Metal: 8900 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.65 Context: 1,360,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-48) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:e91dced840f11bcdcbff #### Resource Data - Category: inferred - Tonnes: 1360000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 87500 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.00 Context: 1,360,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-49) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:164f94f95b837792fcc9 #### Resource Data - Category: indicated - Tonnes: 1220000 - Grade: 0.91 - Grade Unit: % - Contained Metal: 11200 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.91 Context: 1,220,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-50) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:164f94f95b837792fcc9 #### Resource Data - Category: indicated - Tonnes: 1220000 - Grade: 2.85 - Grade Unit: g/t - Contained Metal: 112100 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.85 Context: 1,220,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-51) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:70fdf4afdfb2272b7d60 #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 0.58 - Grade Unit: % - Contained Metal: 8600 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.58 Context: 1,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-52) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:70fdf4afdfb2272b7d60 #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 60000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.24 Context: 1,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-53) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:b4d1e5927cd1610b98b5 #### Resource Data - Category: indicated - Tonnes: 1250000 - Grade: 1.22 - Grade Unit: % - Contained Metal: 15300 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.22 Context: 1,250,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-54) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:b4d1e5927cd1610b98b5 #### Resource Data - Category: indicated - Tonnes: 1250000 - Grade: 1.83 - Grade Unit: g/t - Contained Metal: 73600 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.83 Context: 1,250,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-55) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:e44c86959cb03c6819a1 #### Resource Data - Category: inferred - Tonnes: 2650000 - Grade: 0.63 - Grade Unit: % - Contained Metal: 16700 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.63 Context: 2,650,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-56) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:e44c86959cb03c6819a1 #### Resource Data - Category: inferred - Tonnes: 2650000 - Grade: 1.43 - Grade Unit: g/t - Contained Metal: 122300 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.43 Context: 2,650,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-57) Total unconstrained MRE of the Storm · copper #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:d52eb25ddde6a863fa03 #### Resource Data - Category: inferred - Tonnes: 810000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 5900 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.73 Context: 810,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-58) Total unconstrained MRE of the Storm · silver #### Identity - Project: Total unconstrained MRE of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:d52eb25ddde6a863fa03 #### Resource Data - Category: inferred - Tonnes: 810000 - Grade: 4.11 - Grade Unit: g/t - Contained Metal: 107400 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 4.11 Context: 810,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-59) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:3ef4151406054614cc79 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 4493988 - Grade: 59446 - Grade Unit: t - Contained Metal: 59446 - Contained Unit: t - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated zinc resource in the open-pit heap leach oxide category provides a clear pathway for potential extraction, with no changes reported in the current year. - Positive factor: Indicated zinc resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 59,446 Context: 4,493,988 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-60) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:3ef4151406054614cc79 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 4493988 - Grade: 0.07 - Grade Unit: % - Contained Metal: 3304 - Contained Unit: t - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated copper resource in the open-pit heap leach oxide category contributes to the overall project value, with no changes reported in the current year. - Positive factor: Indicated copper resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 0.07 Context: 4,493,988 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-61) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:3ef4151406054614cc79 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 4493988 - Grade: 9.17 - Grade Unit: g/t - Contained Metal: 1324438 - Contained Unit: oz - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated silver resource in the open-pit heap leach oxide category adds to the project's economic potential, with no changes reported in the current year. - Positive factor: Indicated silver resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 9.17 Context: 4,493,988 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-62) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:5ddcd6106824bf8a73ae - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 528095 - Grade: 6845 - Grade Unit: t - Contained Metal: 6845 - Contained Unit: t - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred zinc resource in the open-pit heap leach oxide category provides additional potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred zinc resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 6,845 Context: 528,095 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-63) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:5ddcd6106824bf8a73ae - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 528095 - Grade: 0.04 - Grade Unit: % - Contained Metal: 211 - Contained Unit: t - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred copper resource in the open-pit heap leach oxide category contributes to the overall project, though it requires further drilling to upgrade confidence. - Positive factor: Inferred copper resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.04 Context: 528,095 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-64) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:5ddcd6106824bf8a73ae - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 528095 - Grade: 10.92 - Grade Unit: g/t - Contained Metal: 185387 - Contained Unit: oz - Cutoff Grade: 0.7 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred silver resource in the open-pit heap leach oxide category adds to the project's potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred silver resource in open-pit heap leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 10.92 Context: 528,095 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-65) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:50c0602dfcd1a0123ad8 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 9719064 - Grade: 333737 - Grade Unit: t - Contained Metal: 333737 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The large Indicated zinc resource in the open-pit mill leach oxide category provides a strong foundation for future extraction, with no changes reported in the current year. - Positive factor: Large Indicated zinc resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 333,737 Context: 9,719,064 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-66) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:50c0602dfcd1a0123ad8 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 9719064 - Grade: 0.12 - Grade Unit: % - Contained Metal: 11630 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated copper resource in the open-pit mill leach oxide category contributes to the overall project value, with no changes reported in the current year. - Positive factor: Indicated copper resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 0.12 Context: 9,719,064 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-67) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:50c0602dfcd1a0123ad8 - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 9719064 - Grade: 10.96 - Grade Unit: g/t - Contained Metal: 3425247 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The significant Indicated silver resource in the open-pit mill leach oxide category adds to the project's economic potential, with no changes reported in the current year. - Positive factor: Significant Indicated silver resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed Evidence · table > 10.96 Context: 9,719,064 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-68) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:fc7df79e162e24219c7c - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 789925 - Grade: 21034 - Grade Unit: t - Contained Metal: 21034 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred zinc resource in the open-pit mill leach oxide category provides additional potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred zinc resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 21,034 Context: 789,925 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-69) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:fc7df79e162e24219c7c - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 789925 - Grade: 0.09 - Grade Unit: % - Contained Metal: 747 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred copper resource in the open-pit mill leach oxide category contributes to the overall project, though it requires further drilling to upgrade confidence. - Positive factor: Inferred copper resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.09 Context: 789,925 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-70) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:fc7df79e162e24219c7c - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 789925 - Grade: 8.98 - Grade Unit: g/t - Contained Metal: 228008 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred silver resource in the open-pit mill leach oxide category adds to the project's potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred silver resource in open-pit mill leach oxide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 8.98 Context: 789,925 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-71) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:9a3ccf7549ca30618bcd - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 3074980 - Grade: 92108 - Grade Unit: t - Contained Metal: 92108 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated zinc resource in the open-pit mill flotation sulphide category provides a clear pathway for potential extraction, with no changes reported in the current year. - Positive factor: Indicated zinc resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 92,108 Context: 3,074,980 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-72) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:9a3ccf7549ca30618bcd - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 3074980 - Grade: 0.19 - Grade Unit: % - Contained Metal: 5780 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated copper resource in the open-pit mill flotation sulphide category contributes to the overall project value, with no changes reported in the current year. - Positive factor: Indicated copper resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 0.19 Context: 3,074,980 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-73) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:9a3ccf7549ca30618bcd - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 3074980 - Grade: 13.84 - Grade Unit: g/t - Contained Metal: 1367936 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The significant Indicated silver resource in the open-pit mill flotation sulphide category adds to the project's economic potential, with no changes reported in the current year. - Positive factor: Significant Indicated silver resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 13.84 Context: 3,074,980 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-74) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:188450bdb876b3a8d9cb - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 65122 - Grade: 1719 - Grade Unit: t - Contained Metal: 1719 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred zinc resource in the open-pit mill flotation sulphide category provides additional potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred zinc resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 1,719 Context: 65,122 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-75) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:188450bdb876b3a8d9cb - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 65122 - Grade: 0.12 - Grade Unit: % - Contained Metal: 78 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred copper resource in the open-pit mill flotation sulphide category contributes to the overall project, though it requires further drilling to upgrade confidence. - Positive factor: Inferred copper resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.12 Context: 65,122 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-76) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:188450bdb876b3a8d9cb - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 65122 - Grade: 11.7 - Grade Unit: g/t - Contained Metal: 24487 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred silver resource in the open-pit mill flotation sulphide category adds to the project's potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred silver resource in open-pit mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 11.70 Context: 65,122 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-77) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f490bc7c0c91f2477319 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 93826 - Grade Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a high-grade Inferred indium resource in open-pit sulphide material, highlighting its critical mineral potential, with no changes reported in the current year. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High-grade Inferred indium resource in open-pit sulphide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 93,826 Context: 3,140,102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-78) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f490bc7c0c91f2477319 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 0.21 - Grade Unit: % - Contained Metal: 5858 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a high-grade Inferred indium resource in open-pit sulphide material, highlighting its critical mineral potential, with no changes reported in the current year. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High-grade Inferred indium resource in open-pit sulphide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.21 Context: 3,140,102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-79) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f490bc7c0c91f2477319 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 13.79 - Grade Unit: g/t - Contained Metal: 1392423 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-12-13 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The West Desert Project hosts a high-grade Inferred indium resource in open-pit sulphide material, highlighting its critical mineral potential, with no changes reported in the current year. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High-grade Inferred indium resource in open-pit sulphide material - Positive factor: JORC compliant and QP signed - Positive factor: Indium is a critical mineral - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 13.79 Context: 3,140,102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-80) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f5efa5663babcc07b10b - Mining method: underground - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 10061132 - Grade: 551988 - Grade Unit: t - Contained Metal: 551988 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The large Indicated zinc resource in the underground mill flotation sulphide category provides a strong foundation for future extraction, with no changes reported in the current year. - Positive factor: Large Indicated zinc resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 551,988 Context: 10,061,132 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-81) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f5efa5663babcc07b10b - Mining method: underground - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 10061132 - Grade: 0.2 - Grade Unit: % - Contained Metal: 19874 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated copper resource in the underground mill flotation sulphide category contributes to the overall project value, with no changes reported in the current year. - Positive factor: Indicated copper resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 0.20 Context: 10,061,132 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-82) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:f5efa5663babcc07b10b - Mining method: underground - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 10061132 - Grade: 6.98 - Grade Unit: g/t - Contained Metal: 2258872 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The significant Indicated silver resource in the underground mill flotation sulphide category adds to the project's economic potential, with no changes reported in the current year. - Positive factor: Significant Indicated silver resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed Evidence · table > 6.98 Context: 10,061,132 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-83) West Desert Project · zinc #### Identity - Project: West Desert Project - Commodity: zinc - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:92b92d41f58b8915f00b - Mining method: underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 4935733 - Grade: 224026 - Grade Unit: t - Contained Metal: 224026 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The substantial Inferred zinc resource in the underground mill flotation sulphide category provides additional potential, though it requires further drilling to upgrade confidence. - Positive factor: Substantial Inferred zinc resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 224,026 Context: 4,935,733 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-84) West Desert Project · copper #### Identity - Project: West Desert Project - Commodity: copper - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:92b92d41f58b8915f00b - Mining method: underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 4935733 - Grade: 0.15 - Grade Unit: % - Contained Metal: 7429 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred copper resource in the underground mill flotation sulphide category contributes to the overall project, though it requires further drilling to upgrade confidence. - Positive factor: Inferred copper resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 0.15 Context: 4,935,733 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-85) West Desert Project · silver #### Identity - Project: West Desert Project - Commodity: silver - Region: usa\_ut - Reported Region: Utah - Ticker: AW1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Allan Schappert - Resource group id: resource:92b92d41f58b8915f00b - Mining method: underground - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 4935733 - Grade: 6.36 - Grade Unit: g/t - Contained Metal: 1009632 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2023-02-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Inferred silver resource in the underground mill flotation sulphide category adds to the project's potential, though it requires further drilling to upgrade confidence. - Positive factor: Inferred silver resource in underground mill flotation sulphide material - Positive factor: JORC compliant and QP signed - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 6.36 Context: 4,935,733 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-86) JORC 2012 compliant West Desert Indium and · gold #### Identity - Project: JORC 2012 compliant West Desert Indium and - Commodity: gold - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:a4595b2c885cefcf2c74 - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 15531071 - Grade: 0.09 - Grade Unit: g/t - Contained Metal: 49306 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.09 Context: 15,531,071 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-87) JORC 2012 compliant West Desert Indium and · gold #### Identity - Project: JORC 2012 compliant West Desert Indium and - Commodity: gold - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:70555cd6e642aaa694ce - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 3140102 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 11076 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.10 Context: 3,140,102 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-88) JORC 2012 compliant West Desert Indium and · gold #### Identity - Project: JORC 2012 compliant West Desert Indium and - Commodity: gold - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:cd000c666810469867af - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 14996864 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 63480 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.12 Context: 14,996,864 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-89) JORC 2012 compliant West Desert Indium and · gold #### Identity - Project: JORC 2012 compliant West Desert Indium and - Commodity: gold - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:344aca5d679b46226d5a #### Resource Data - Category: inferred - Tonnes: 0.1 - Grade: 118761 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 118,761 Context: 0.10 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-90) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:0b485dfbb3a272ae920a #### Resource Data - Category: inferred - Tonnes: 3335000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 34200 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.95 Context: 3,335,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-91) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:0b485dfbb3a272ae920a #### Resource Data - Category: inferred - Tonnes: 3335000 - Grade: 3.94 - Grade Unit: g/t - Contained Metal: 403300 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.94 Context: 3,335,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-92) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:865722b13bdb13c97dcc #### Resource Data - Category: indicated - Tonnes: 9761000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 121500 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.10 Context: 9,761,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-93) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:865722b13bdb13c97dcc #### Resource Data - Category: indicated - Tonnes: 9761000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 1289400 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.82 Context: 9,761,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-94) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:ec0aab198f84ebe4a4b8 #### Resource Data - Category: inferred - Tonnes: 913000 - Grade: 0.56 - Grade Unit: % - Contained Metal: 7400 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.56 Context: 913,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-95) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:ec0aab198f84ebe4a4b8 #### Resource Data - Category: inferred - Tonnes: 913000 - Grade: 2.63 - Grade Unit: g/t - Contained Metal: 83700 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.63 Context: 913,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-96) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:42fb23f244dba374e367 #### Resource Data - Category: indicated - Tonnes: 857000 - Grade: 1.62 - Grade Unit: % - Contained Metal: 16500 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.62 Context: 857,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-97) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:42fb23f244dba374e367 #### Resource Data - Category: indicated - Tonnes: 857000 - Grade: 3.82 - Grade Unit: g/t - Contained Metal: 120200 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 3.82 Context: 857,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-98) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:96b8bb35369c259b673e #### Resource Data - Category: inferred - Tonnes: 1880000 - Grade: 0.65 - Grade Unit: % - Contained Metal: 15900 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.65 Context: 1,880,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-99) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:96b8bb35369c259b673e #### Resource Data - Category: inferred - Tonnes: 1880000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 91500 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.00 Context: 1,880,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-100) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:18ab445f6e87e2f56ce2 #### Resource Data - Category: inferred - Tonnes: 1552000 - Grade: 0.63 - Grade Unit: % - Contained Metal: 9600 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.63 Context: 1,552,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-101) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:18ab445f6e87e2f56ce2 #### Resource Data - Category: inferred - Tonnes: 1552000 - Grade: 1.43 - Grade Unit: g/t - Contained Metal: 64300 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.43 Context: 1,552,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-102) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:3a73dec8a15f57bc1251 #### Resource Data - Category: inferred - Tonnes: 1824000 - Grade: 0.58 - Grade Unit: % - Contained Metal: 19000 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.58 Context: 1,824,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-103) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:3a73dec8a15f57bc1251 #### Resource Data - Category: inferred - Tonnes: 1824000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 90800 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.24 Context: 1,824,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-104) Total unconstrained 2025 and 2026 MREs of the Storm · copper #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: copper - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:7839dce6e84881991f06 #### Resource Data - Category: inferred - Tonnes: 491000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 4600 - Contained Unit: t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.73 Context: 491,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aw1-annual-report-to-shareholders--11f20dd6-68bd-443c-9def-cd0327ff03ce#fact-resource-facts-105) Total unconstrained 2025 and 2026 MREs of the Storm · silver #### Identity - Project: Total unconstrained 2025 and 2026 MREs of the Storm - Commodity: silver - Ticker: AW1 #### Resource scope - Estimate type: resource - Resource group id: resource:7839dce6e84881991f06 #### Resource Data - Category: inferred - Tonnes: 491000 - Grade: 4.11 - Grade Unit: g/t - Contained Metal: 69000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 4.11 Context: 491,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.