# AYM: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aym-annual-report-to-shareholders--61c1e93b-281b-4a3c-b371-e722fc18dde8 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145669 Publisher: asx Original announcement: 2026-09-29T22:12:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:44:17.347Z Atlas analysis updated: 2026-09-29T23:44:17.347Z - Company: Australia United Mining Limited - Ticker: AYM - Exchange: ASX - Region: Queensland - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Drill results, Production, Other - Extracted: 2026-09-29 23:44:18 UTC Narrative sentiment: -0.30 · Bearish ## Minestarters Atlas summary Australia United Mining Limited's annual report for 2026 highlights trenching results from its Forsayth Project in Queensland, with assays up to 25.2 g/t gold at Queenslander and up to 1.48 g/t gold at Goldsmith North. The company also reported small-scale gold-silver doré production from the Ropewalk mine, yielding 1,120.1 grams of gold and 264.6 grams of silver. Financially, the Group recorded a net loss of $596,624 and faces a material uncertainty regarding its ability to continue as a going concern, relying on related party loans. Reasoning: While the company reported bonanza-grade gold trenching results at Queenslander and initial small-scale production, these positives are overshadowed by a significant net loss, a material uncertainty regarding its going concern status, and continued reliance on related party funding. - Positive factor: Exceptional gold grades from trenching at Queenslander - Positive factor: Initial gold-silver doré production from Ropewalk mine - Negative factor: Net loss for the year - Negative factor: Material uncertainty regarding going concern - Negative factor: Reliance on related party loans for funding - Negative factor: Lower grades at Goldsmith North compared to prior sampling - Negative factor: No field activities at Sofala Gold Project - Negative factor: No QA/QC disclosure for trenching results Facts used in scoring: 4 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The 25.2 g/t gold assay from trenching at Queenslander is an exceptionally high grade, well above the typical bonanza threshold for gold. Evidence · text > Composite rock-chip and channel samples returned gold assays ranging from 0.12 grams per tonne \(“g/t”\) to 25.2 g/t, including results of 25.2 g/t, 7.69 g/t and 6.30 g/t gold. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The reported widths of mineralisation \(up to 6m at Queenslander and 3m at Goldsmith North\) are from trenching and do not represent true widths from drill core, potentially overstating actual thickness. Evidence · text > The trenching exposed quartz veining and stockwork mineralisation ranging from approximately 0.2 metres to 6 metres in width **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: The release does not disclose any QA/QC procedures, laboratory certifications, or Competent Person/Qualified Person sign-off for the trenching assay results. Evidence · text > Composite rock-chip and channel samples returned gold assays ranging from 0.12 grams per tonne \(“g/t”\) to 25.2 g/t, including results of 25.2 g/t, 7.69 g/t and 6.30 g/t gold. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/aym-annual-report-to-shareholders--61c1e93b-281b-4a3c-b371-e722fc18dde8#fact-drill-facts-0) Forsayth Project · gold #### Identity - Project: Forsayth Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AYM #### Geometry - Grade: 25.2 - Grade Unit: g/t #### Classification - Program: exploration - Sample Type: channel #### Location - Location: Queenslander - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Highest gold assay of 25.2 g/t from trenching at Queenslander indicates bonanza-grade mineralisation, confirming prospectivity in historical workings. - Positive factor: Exceptional gold grade - Positive factor: Confirms high-grade mineralisation in historical workings - Negative factor: No specific interval length for highest grade - Negative factor: Trenching results are less definitive than drill core Evidence · text > Composite rock-chip and channel samples returned gold assays ranging from 0.12 grams per tonne \(“g/t”\) to 25.2 g/t, including results of 25.2 g/t, 7.69 g/t and 6.30 g/t gold. #### 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 ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/aym-annual-report-to-shareholders--61c1e93b-281b-4a3c-b371-e722fc18dde8#fact-drill-facts-1) Forsayth Project · gold #### Identity - Project: Forsayth Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AYM #### Geometry - Intercept: 6 m #### Classification - Program: exploration - Sample Type: channel #### Location - Location: Queenslander - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Trenching at Queenslander exposed a mineralised zone up to 6 metres wide, indicating potential for broader mineralisation. - Positive factor: Significant width of mineralisation exposed - Negative factor: Width is from trenching, not drill core - Negative factor: No specific grade associated with the full 6m width Evidence · text > The trenching exposed quartz veining and stockwork mineralisation ranging from approximately 0.2 metres to 6 metres in width #### 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 ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/aym-annual-report-to-shareholders--61c1e93b-281b-4a3c-b371-e722fc18dde8#fact-drill-facts-2) Forsayth Project · gold #### Identity - Project: Forsayth Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AYM #### Geometry - Grade: 1.48 - Grade Unit: g/t #### Classification - Program: exploration - Sample Type: channel #### Location - Location: Goldsmith North - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Highest gold assay of 1.48 g/t from trenching at Goldsmith North is present but lower than previous results, indicating moderate prospectivity. - Positive factor: Confirms gold presence - Negative factor: Lower grades compared to Queenslander - Negative factor: Lower than previous surface sampling results Evidence · text > Samples returned gold assays ranging from 0.02 g/t to 1.48 g/t. #### 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 ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/aym-annual-report-to-shareholders--61c1e93b-281b-4a3c-b371-e722fc18dde8#fact-drill-facts-3) Forsayth Project · gold #### Identity - Project: Forsayth Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AYM #### Geometry - Intercept: 3 m #### Classification - Program: exploration - Sample Type: channel #### Location - Location: Goldsmith North - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Trenching at Goldsmith North exposed a mineralised zone up to 3 metres wide. - Positive factor: Moderate width of mineralisation exposed - Negative factor: Width is from trenching, not drill core Evidence · text > The trenching exposed a zone of quartz veining and shearing between 2 metres and 3 metres wide. #### 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 ## 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.