# AZI: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145530 Publisher: asx Original announcement: 2026-09-29T07:39:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:44:24.765Z Atlas analysis updated: 2026-09-29T14:44:24.765Z - Company: Altamin Limited - Ticker: AZI - Exchange: ASX - Region: Unavailable - Primary commodity: Unavailable - Secondary commodities: Lithium, Boron, Potassium, Zinc, Lead, Silver, Cobalt, Nickel, Copper - Document categories: Resource update, Other - Extracted: 2026-09-29 14:44:25 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Altamin Limited's 2026 Annual Report details a year of strategic progress for its Italian base and critical metals projects, Lazio and Gorno. The company completed technical work for the Lazio Scoping Study, secured A$3.62 million in non-dilutive grant funding, and obtained environmental approval for the Gorno Project. Financially, Altamin raised A$5.39 million through an entitlement offer and secured a A$2.0 million cash advance facility, though it reported a net loss of A$4.36 million and noted the ongoing need for additional capital. Reasoning: The annual report details significant operational progress, including advancing key projects \(Lazio, Gorno\) through studies and permitting, securing non-dilutive funding, and strengthening the balance sheet, despite reporting a net loss and ongoing capital requirements. - Positive factor: Lazio Scoping Study technical work completed - Positive factor: Italian Government grant funding - Positive factor: Gorno de-risked: environmental approval \(VIA Decree\) - Positive factor: Funding secured: approximately $5.39 million raised through the Entitlement Offer - Positive factor: a $2.0 million non-dilutive cash advance facility - Positive factor: Board renewal - Negative factor: Net loss for the year was $4,357,984 - Negative factor: requires additional capital in the next 12 months - Negative factor: no certainty that the strategic process will result in a transaction Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 33 ## Classification and evidence **Maiden Resource** Polarity: neutral Story-specific tag Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Lazio MRE is explicitly referred to as 'Lazio Lithium Project Maiden Mineral Resource Estimate'. Evidence · text > Lazio Lithium Project Maiden Mineral Resource Estimate **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Both Lazio and Gorno MREs are stated to be JORC 2012 compliant. Evidence · text > JORC 2012: Lazio Brine Mineral Resources **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade for Lazio \(70 mg/l Li\) and Gorno \(1% Zn\) are clearly stated. Evidence · text > at & above 70 mg/l Li cut-off **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the Lazio resource is in the Inferred category, which is a speculative category with limited drilling. Evidence · table > Inferred Context: 150,556,000 **Resource Update** Polarity: neutral Story-specific tag Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Gorno MRE is referred to as an 'Updated Mineral Resource for Gorno'. Evidence · text > Updated Mineral Resource for Gorno **QP/CP Signed** Polarity: positive Story-specific tag 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 Competent Person, Mr Bob Annett, is named and takes responsibility for the information relating to Mineral Resources. Evidence · text > Information in this Annual Report that relates to Exploration Results is based on information prepared or reviewed by Mr Bob Annett, a Competent Person who is a Member of the Australian Institute of Geoscientists \(MAIG\). ## Extracted facts Stored fact records: 33. Some facts used in scoring do not have a stored record. ## Resource Estimates (33) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-0) Lazio Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: lithium - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:85010b59615f172ccb27 #### Resource Data - Category: indicated - Grade: 190 - Grade Unit: mg/l - Contained Metal: 208 - Contained Unit: kt li2co3 - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for lithium in brine, compliant with JORC, with disclosed cut-off and metal equivalent assumptions, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 190 Context: Indicated #### 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 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-1) Lazio Project · boron Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: boron - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:85010b59615f172ccb27 #### Resource Data - Category: indicated - Grade: 7500 - Grade Unit: mg/l - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for boron in brine, compliant with JORC, with disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 7,500 Context: Indicated #### 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 **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 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-2) Lazio Project · potassium Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: potassium - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:85010b59615f172ccb27 #### Resource Data - Category: indicated - Grade: 84000 - Grade Unit: mg/l - Contained Metal: 39025 - Contained Unit: kt k2so4 - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for potassium in brine, compliant with JORC, with disclosed cut-off and metal equivalent assumptions, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 84,000 Context: Indicated #### 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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-3) Lazio Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: lithium - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:670ce0ce3a576b7a60e0 #### Resource Data - Category: inferred - Grade: 90 - Grade Unit: mg/l - Contained Metal: 1874 - Contained Unit: kt li2co3 - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for lithium in brine, compliant with JORC, with disclosed cut-off and metal equivalent assumptions, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 90 Context: Inferred #### 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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-4) Lazio Project · boron Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: boron - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:670ce0ce3a576b7a60e0 #### Resource Data - Category: inferred - Grade: 9700 - Grade Unit: mg/l - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for boron in brine, compliant with JORC, with disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 9,700 Context: Inferred #### 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 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-5) Lazio Project · potassium Historical result Needs review: historical\_restatement #### Identity - Project: Lazio Project - Commodity: potassium - Region: central italy - Reported Region: Central Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:670ce0ce3a576b7a60e0 #### Resource Data - Category: inferred - Grade: 22000 - Grade Unit: mg/l - Contained Metal: 187320 - Contained Unit: kt k2so4 - Cutoff Grade: 70 - Cutoff Unit: mg/l Li #### Prior Estimate - Resource Date: 2024-04-18 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-21T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for potassium in brine, compliant with JORC, with disclosed cut-off and metal equivalent assumptions, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource Evidence · table > 22,000 Context: Inferred #### 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 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-6) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:a89f7a126cb67824c672 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 6.7 - Grade Unit: % - Contained Metal: 335 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for zinc in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 6.7 Context: 5,000 #### 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 **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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-7) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:a89f7a126cb67824c672 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 86 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for lead in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 1.7 Context: 5,000 #### 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 **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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-8) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:a89f7a126cb67824c672 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 33 - Grade Unit: g/t - Contained Metal: 5380 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for silver in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 33 Context: 5,000 #### 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 **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-9) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:b71974fb3d557d038fe5 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2060000 - Grade: 7.2 - Grade Unit: % - Contained Metal: 149 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for zinc in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 7.2 Context: 2,060 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-10) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:b71974fb3d557d038fe5 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2060000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 38 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for lead in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 1.8 Context: 2,060 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-11) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:b71974fb3d557d038fe5 - Deposit or zone: Sulphide - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2060000 - Grade: 31 - Grade Unit: g/t - Contained Metal: 2040 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for silver in sulphide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 31 Context: 2,060 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-12) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:7f81f7c72046135d6620 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 670000 - Grade: 6 - Grade Unit: % - Contained Metal: 40 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for zinc in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 6.0 Context: 670 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-13) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:7f81f7c72046135d6620 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 670000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 12 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for lead in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 1.8 Context: 670 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-14) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:7f81f7c72046135d6620 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 670000 - Grade: 26 - Grade Unit: g/t - Contained Metal: 560 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical indicated resource for silver in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 26 Context: 670 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-15) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:ead5036959b035b5df71 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 70000 - Grade: 7 - Grade Unit: % - Contained Metal: 5 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for zinc in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 7.0 Context: 70 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-16) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:ead5036959b035b5df71 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 70000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 1 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for lead in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 1.8 Context: 70 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-17) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:ead5036959b035b5df71 - Deposit or zone: Oxide - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 70000 - Grade: 26 - Grade Unit: g/t - Contained Metal: 60 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical inferred resource for silver in oxide material, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 26 Context: 70 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-18) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:87f500d37a2f44886b16 - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: indicated - Tonnes: 5660000 - Grade: 6.6 - Grade Unit: % - Contained Metal: 375 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total indicated resource for zinc across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 6.6 Context: 5,660 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-19) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:87f500d37a2f44886b16 - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: indicated - Tonnes: 5660000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 98 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total indicated resource for lead across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 1.7 Context: 5,660 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-20) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:87f500d37a2f44886b16 - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: indicated - Tonnes: 5660000 - Grade: 33 - Grade Unit: g/t - Contained Metal: 5940 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total indicated resource for silver across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed Evidence · table > 33 Context: 5,660 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-21) Gorno Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: zinc - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:fd8cf29aeba42347904b - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: inferred - Tonnes: 2130000 - Grade: 7.2 - Grade Unit: % - Contained Metal: 153 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total inferred resource for zinc across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 7.2 Context: 2,130 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-22) Gorno Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: lead - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:fd8cf29aeba42347904b - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: inferred - Tonnes: 2130000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 39 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total inferred resource for lead across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 1.8 Context: 2,130 #### 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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-23) Gorno Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Gorno Project - Commodity: silver - Region: lombardy, northern italy - Reported Region: Lombardy, Northern Italy - Ticker: AZI #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Bob Annett - Resource group id: resource:fd8cf29aeba42347904b - Deposit or zone: Gorno Deposit - Material type: combined #### Resource Data - Category: inferred - Tonnes: 2130000 - Grade: 31 - Grade Unit: g/t - Contained Metal: 2100 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % Zn #### Prior Estimate - Resource Date: 2021-11-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-11-15T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a historical total inferred resource for silver across combined material types, compliant with JORC and with a disclosed cut-off, but it is not new information and is of lower confidence. - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Positive factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 31 Context: 2,130 #### 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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-24) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:31b57a082f4556667feb - Deposit or zone: Sulphide #### Resource Data - Category: indicated - Tonnes: 5000 - Grade: 5380 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 5,380 Context: 5,000 #### 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 **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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-25) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:68c0f583881fc017f858 - Deposit or zone: Sulphide #### Resource Data - Category: inferred - Tonnes: 2060 - Grade: 2040 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2,040 Context: 2,060 #### 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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-26) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:87762027818bd1512ccd #### Resource Data - Category: inferred - Tonnes: 7060 - Grade: 7420 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 7,420 Context: 7,060 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-27) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:e357e174ca40df2eda4e - Deposit or zone: Oxide #### Resource Data - Category: indicated - Tonnes: 670 - Grade: 560 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 560 Context: 670 #### 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 **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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-28) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:46bc313885e959e0b254 - Deposit or zone: Oxide #### Resource Data - Category: inferred - Tonnes: 70 - Grade: 60 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 60 Context: 70 #### 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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-29) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:72d5c51cced83581cc1f #### Resource Data - Category: inferred - Tonnes: 730 - Grade: 620 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 620 Context: 730 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-30) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:f6176bb005cafe48b21b #### Resource Data - Category: indicated - Tonnes: 5660 - Grade: 5940 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 5,940 Context: 5,660 #### 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 **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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-31) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:8afc44e5ad3c4aebc9cc #### Resource Data - Category: inferred - Tonnes: 2130 - Grade: 2100 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2,100 Context: 2,130 #### 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/azi-2026-annual-report--71a48161-f5a0-49f9-a27b-2ae624ac1501#fact-resource-facts-32) Mineral Resource Estimate of Gorno · silver #### Identity - Project: Mineral Resource Estimate of Gorno - Commodity: silver - Ticker: AZI #### Resource scope - Estimate type: resource - Resource group id: resource:b5a50782c8abf3d0091f #### Resource Data - Category: inferred - Tonnes: 7790 - Grade: 8040 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 8,040 Context: 7,790 #### 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 ## 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.