# AYT: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146469 Publisher: asx Original announcement: 2026-09-30T06:53:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:11:24.273Z Atlas analysis updated: 2026-09-30T07:11:24.273Z - Company: Austin Metals Limited - Ticker: AYT - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Drill results, Other - Extracted: 2026-09-30 07:11:24 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Austin Metals Limited's Annual Report for FY2026 highlights a strategic refocus on its Austin Gold Project in Western Australia, supported by a $3 million capital raise and key management appointments. The company advanced its geological understanding and completed a 4,215m RC drilling program at Brunswick Hill and Mt Sandy, with assay results pending. The report also re-states several high-grade historical gold intercepts from Mt Sandy. Austin Metals reported a loss of $1.185 million for the year, and the auditor noted a material uncertainty regarding the company's ability to continue as a going concern. Reasoning: The annual report summarizes a year of corporate and exploration activities, including a capital raise and portfolio refocusing. While it highlights strong historical drill results, the latest program's assays are pending, and the company continues to operate at a loss with a going concern uncertainty. - Positive factor: Successful capital raise strengthened balance sheet - Positive factor: Portfolio refocusing on key projects - Positive factor: Strengthened management team - Positive factor: Advanced geological understanding and targeting for Austin Gold Project - Positive factor: RC drilling program completed, awaiting results - Positive factor: Historical drill results at Mt Sandy show high grades compared to project average - Negative factor: Continued operating losses - Negative factor: Material uncertainty regarding going concern noted by auditor - Negative factor: Latest drill program results are pending, so no new material exploration data in this report - Negative factor: Drill results presented are re-releases of stale data Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document explicitly states that the drill results presented were 'reported 3 September 2025' and 'reported 24 June 2025', indicating they are not new information. Evidence · text > Refer to AYT ASX announcement reported 3 September 2025 **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The historical intercept of 10.7 g/t Au over 1m in 25MSRC09 is well above the 5 g/t Au exceptional threshold for open pit gold, and 8.3 g/t Au over 1m in 25MSRC10 also exceeds this threshold. Evidence · text > 1m @ 10.7 g/t Au from 66m in 25MSRC09 **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company strengthened its balance sheet through a $3 million placement. Evidence · text > strengthened its balance sheet through a $3 million placement **Going Concern Uncertainty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a material uncertainty related to going concern due to net losses and dependence on raising additional funding. Evidence · text > Material Uncertainty Related to Going Concern We draw attention to Note 2 Going Concern to the financial statements, which discloses that the Group incurred a net loss of $1.2m million, and cash outflows of $1.8m during the year ended 30 June 2026. As stated in Note 2, these events or conditions, along with the Group being dependent on raising additional funding, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Drill Results (9) ### 25MSRC09 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-0) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC09 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 4.4 - Grade Unit: g/t - Intercept: 5 m - From: 64 m - To: 69 m - Intercept Depth: 64 m #### Classification - Sample Type: drill - Group ID: 25MSRC09:64-69 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade over a good width, significantly exceeding the project's average and previous best, indicating high-grade mineralization. However, it is not new information. - Positive factor: High gold grade \(4.4 g/t\) is strong for an open pit scenario \(gold open\_pit strong>=2\) - Positive factor: Significant intercept length \(5m\) - Positive factor: Grade-thickness product \(22 g/t\*m\) is exceptional for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 5m @ 4.4 g/t Au from 64m, including 1m @ 10.7 g/t Au from 66m in 25MSRC09 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC09 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-1) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC09 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 10.7 - Grade Unit: g/t - Intercept: 1 m - From: 66 m - To: 67 m - Intercept Depth: 66 m #### Classification - Sample Type: drill - Group ID: 25MSRC09:66-67 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-intercept shows an exceptional gold grade, significantly exceeding the project's average and previous best, indicating a high-grade zone. However, it is not new information and is narrow. - Positive factor: Exceptional gold grade \(10.7 g/t\) is bonanza for an open pit scenario \(gold open\_pit exceptional>=5\) - Positive factor: Grade-thickness product \(10.7 g/t\*m\) is moderate for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information - Negative factor: Narrow intercept length \(1m\) Evidence · text > 1m @ 10.7 g/t Au from 66m in 25MSRC09 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC12 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-2) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC12 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 4.4 - Grade Unit: g/t - Intercept: 4 m - From: 36 m - To: 40 m - Intercept Depth: 36 m #### Classification - Sample Type: drill - Group ID: 25MSRC12:36-40 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade over a good width, significantly exceeding the project's average and previous best, indicating high-grade mineralization. However, it is not new information. - Positive factor: High gold grade \(4.4 g/t\) is strong for an open pit scenario \(gold open\_pit strong>=2\) - Positive factor: Good intercept length \(4m\) - Positive factor: Grade-thickness product \(17.6 g/t\*m\) is moderate for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 4m @ 4.4 g/t Au from 36m, including 2m @ 6.0 g/t Au from 38m in 25MSRC12 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC12 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-3) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC12 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 6 - Grade Unit: g/t - Intercept: 2 m - From: 38 m - To: 40 m - Intercept Depth: 38 m #### Classification - Sample Type: drill - Group ID: 25MSRC12:38-40 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-intercept shows an exceptional gold grade, significantly exceeding the project's average and previous best, indicating a high-grade zone. However, it is not new information. - Positive factor: Exceptional gold grade \(6.0 g/t\) is bonanza for an open pit scenario \(gold open\_pit exceptional>=5\) - Positive factor: Grade-thickness product \(12 g/t\*m\) is moderate for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 2m @ 6.0 g/t Au from 38m in 25MSRC12 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC10 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-4) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC10 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 3.1 - Grade Unit: g/t - Intercept: 3 m - From: 29 m - To: 32 m - Intercept Depth: 29 m #### Classification - Sample Type: drill - Group ID: 25MSRC10:29-32 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade over a good width, significantly exceeding the project's average and previous best, indicating high-grade mineralization. However, it is not new information. - Positive factor: High gold grade \(3.1 g/t\) is strong for an open pit scenario \(gold open\_pit strong>=2\) - Positive factor: Good intercept length \(3m\) - Positive factor: Grade-thickness product \(9.3 g/t\*m\) is weak for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 3m @ 3.1 g/t Au from 29m, including 1m @ 8.3 g/t Au from 29m in 25MSRC10 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC10 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-5) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC10 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 8.3 - Grade Unit: g/t - Intercept: 1 m - From: 29 m - To: 30 m - Intercept Depth: 29 m #### Classification - Sample Type: drill - Group ID: 25MSRC10:29-30 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-09-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-intercept shows an exceptional gold grade, significantly exceeding the project's average and previous best, indicating a high-grade zone. However, it is not new information and is narrow. - Positive factor: Exceptional gold grade \(8.3 g/t\) is bonanza for an open pit scenario \(gold open\_pit exceptional>=5\) - Positive factor: Grade-thickness product \(8.3 g/t\*m\) is weak for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information - Negative factor: Narrow intercept length \(1m\) Evidence · text > 1m @ 8.3 g/t Au from 29m in 25MSRC10 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC03 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-6) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC03 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 3.7 - Grade Unit: g/t - Intercept: 2 m - From: 26 m - To: 28 m - Intercept Depth: 26 m #### Classification - Sample Type: drill - Group ID: 25MSRC03:26-28 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-06-24T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade, significantly exceeding the project's average and previous best. However, it is not new information. - Positive factor: High gold grade \(3.7 g/t\) is strong for an open pit scenario \(gold open\_pit strong>=2\) - Positive factor: Grade-thickness product \(7.4 g/t\*m\) is weak for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 2m @ 3.7 g/t Au from 26m in 25MSRC03 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### 25MSRC04 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-7) Austin · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25MSRC04 - Project: Austin - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: AYT #### Geometry - Grade: 2.9 - Grade Unit: g/t - Intercept: 2 m - From: 52 m - To: 54 m - Intercept Depth: 52 m #### Classification - Sample Type: drill - Group ID: 25MSRC04:52-54 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-06-24T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade, significantly exceeding the project's average and previous best. However, it is not new information. - Positive factor: High gold grade \(2.9 g/t\) is strong for an open pit scenario \(gold open\_pit strong>=2\) - Positive factor: Grade-thickness product \(5.8 g/t\*m\) is weak for gold \(gold exceptional>=300, strong>=100, moderate>=30, weak>=10\) - Positive factor: Grade is significantly above the project average \(0.696 g/t Au\) - Positive factor: Intercept is higher than the project's previous best grade \(1.61 g/t Au\) - Negative factor: This is a re-release of historical data, not new information Evidence · text > 2m @ 2.9 g/t Au from 52m in 25MSRC04 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/ayt-annual-report-to-shareholders--64416f71-e83a-4ec1-a197-b6d145f001e2#fact-drill-facts-8) Austin Gold Project #### Identity - Project: Austin Gold Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: AYT #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A substantial RC drilling program has been completed on priority targets, indicating active exploration. However, the lack of assay results means the material impact is yet to be determined. - Positive factor: Significant drilling program completed \(4,215m\) - Positive factor: Targets highest-ranked areas at Brunswick Hill and extensions at Mt Sandy - Positive factor: Represents culmination of geological review and target refinement - Negative factor: Assay results are pending, so no new material information is available yet Evidence · text > Subsequent to the 30 June 2026 year end, the programme was completed with 21 holes for a total of 4,215 m. Assay results were pending at the time of the June quarterly report. #### 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only Austin Metals Limited Directors' report 30 June 2026 7 Meetings of Directors The number of meeting" ## 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.