# BLZ: Annual report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145513

Publisher: asx

Original announcement: 2026-09-29T07:33:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-29T14:49:04.355Z

Atlas analysis updated: 2026-09-29T14:49:04.355Z

- Company: Blaze Minerals Ltd

- Ticker: BLZ

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Unavailable

- Secondary commodities: None reported

- Document categories: Drill results, Agreement transaction, Capital raise, Other, Resource update

- Extracted: 2026-09-29 14:49:05 UTC

Narrative sentiment: -0.20 · Bearish

## Minestarters Atlas summary

Blaze Minerals Ltd's annual report for 2026 outlines its mineral exploration activities across multiple regions, including new project acquisitions in Botswana and Uganda, and ongoing capital raising efforts. The company reported a financial loss and withdrew from the Loulombo and Kyara projects, with a material uncertainty noted regarding its ability to continue as a going concern. Exploration highlights include a copper-in-soil anomaly in Botswana and high-grade tungsten samples from a newly acquired Ugandan project.

Reasoning: The annual report details a year of mixed operational and financial performance for Blaze Minerals Ltd. While the company made new project acquisitions and raised capital, it also faced financial challenges, withdrew from certain projects, and reported no significant results from some drilling campaigns, leading to a cautious outlook.

- Positive factor: New project acquisitions in Botswana and Uganda

- Positive factor: Successful capital raises

- Positive factor: High-grade channel and grab samples from Bahati tungsten project

- Positive factor: Copper-in-soil anomaly discovered at Dinokwe

- Negative factor: Material uncertainty regarding going concern

- Negative factor: Withdrawal from Loulombo and Kyara projects

- Negative factor: Impairment of exploration expenditure

- Negative factor: No significant results from Mityana drilling

- Negative factor: Reliance on historical data for some project potential

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 71

## Classification and evidence

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: The document reports XRF readings and channel samples without disclosing QA/QC procedures, certified labs, or QP/CP sign-off for these specific results.

Evidence · text

> Significant spot XRF readings of grab samples that had visible malachite, chalcopyrite and galena reported 4.17% Cu, 3.66% Cu, 3.16% Cu, 5.52% and Pb 2.79% Pb.

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: Channel samples are reported with length but no true width or drill orientation, meaning the reported length may overstate true thickness.

Evidence · text

> two exceptionally high grade channel samples of 1.0 metre @ 20.78% WO3 and 0.8 metres @ 20.22% WO3

**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 refers to previous ASX announcements for Ntungamo drilling results and Mityana historical lithium values, indicating these are not new assays.

Evidence · text

> Please refer to the ASX releases on 11 June 2025 and 2 September 2025 titled “Ntungamo Drilling Results” for details of all assays.

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The value proposition for the Botswana projects is heavily based on their location 'within and adjacent to a world class geological corridor known as the Kalahari Copper Belt' and the Dinokwe project's lithological similarities to the 'Selebi-Phikwe copper-nickel deposit'.

Evidence · text

> The Botswana Projects are within and adjacent to a world class geological corridor known as the Kalahari Copper Belt \(KCB\), as well as the Limpopo Mobile Belt \(LMB\), and Molopo Farms Complex \(MFC\) in Botswana.

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The Uganda tungsten projects are described as 'inclusive of, and adjacent to, several high-grade historical producing tungsten mines'.

Evidence · text

> On 3 September 2026 the Company announced it has entered into a binding agreement to acquire up to a 90% interest in two projects in Uganda, inclusive of, and adjacent to, several high-grade historical producing tungsten mines including the Bahati, Nyanga, Bulunga and Buyaga mines.

**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: The Selebi-Phikwe deposit, used as a regional comparison, is reported as having inferred resources.

Evidence · text

> Selebi-Phikwe copper-nickel deposit \(inferred resources of 24.7 Mt at 1.50% Cu and 0.92% Ni\)

**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: The Khoemacau Project Zone 5, used as a regional comparison, is reported as having a significant inferred resource component.

Evidence · text

> 64 Mt at 1.8% Cu inferred resources

## Extracted facts

Stored fact records: 42. Some facts used in scoring do not have a stored record.

## Drill Results (35)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-3)

Dinokwe · copper

#### Identity

- Project: Dinokwe
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 288
- Grade Unit: ppm

#### Classification

- Sample Type: surface

#### Location

- Location: PL046
- Loc. Source: document

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The discovery of a significant copper-in-soil anomaly at PL046 suggests potential for new mineralization and warrants further follow-up.

- Positive factor: Discovery of copper-in-soil anomaly

- Positive factor: Significant strike length and width

- Positive factor: Indicative of new style of mineralisation

Evidence · text

> a copper-in-soil anomaly on PL046, with values up to 288ppm Cu reported, extending over approximately 1000m strike by 100m width.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-7)

Sunnyside target · nickel

Historical result

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Sunnyside target
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.75
- Grade Unit: %
- Intercept: 18.64 m

#### Classification

- Sample Type: drill

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a historical drill result from another company, providing regional exploration context rather than new results for Blaze Minerals Ltd.

- Positive factor: Historical high-grade intercept in the region

- Negative factor: Historical data from another company

Evidence · text

> 18.64m @ 0.75% Ni, 0.55% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-8)

Sunnyside target · copper

Historical result

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Sunnyside target
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.55
- Grade Unit: %
- Intercept: 18.64 m

#### Classification

- Sample Type: drill

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a historical drill result from another company, providing regional exploration context rather than new results for Blaze Minerals Ltd.

- Positive factor: Historical high-grade intercept in the region

- Negative factor: Historical data from another company

Evidence · text

> 18.64m @ 0.75% Ni, 0.55% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-12)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 4.17
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in grab samples from Krokodil Prospect indicates strong mineralization, though grab samples are not fully representative.

- Positive factor: High-grade copper in grab sample

- Positive factor: Visible mineralization

- Negative factor: Grab samples are not representative

Evidence · text

> 4.17% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-13)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 3.66
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in grab samples from Krokodil Prospect indicates strong mineralization, though grab samples are not fully representative.

- Positive factor: High-grade copper in grab sample

- Positive factor: Visible mineralization

- Negative factor: Grab samples are not representative

Evidence · text

> 3.66% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-14)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 3.16
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in grab samples from Krokodil Prospect indicates strong mineralization, though grab samples are not fully representative.

- Positive factor: High-grade copper in grab sample

- Positive factor: Visible mineralization

- Negative factor: Grab samples are not representative

Evidence · text

> 3.16% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-15)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 5.52
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade lead in grab samples from Krokodil Prospect indicates strong mineralization, though grab samples are not fully representative.

- Positive factor: High-grade lead in grab sample

- Positive factor: Visible mineralization

- Negative factor: Grab samples are not representative

Evidence · text

> 5.52%

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-16)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 2.79
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade lead in grab samples from Krokodil Prospect indicates strong mineralization, though grab samples are not fully representative.

- Positive factor: High-grade lead in grab sample

- Positive factor: Visible mineralization

- Negative factor: Grab samples are not representative

Evidence · text

> 2.79% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-17)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 1.03
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in rock-chip samples from Krokodil Prospect indicates strong mineralization, though rock-chip samples are not fully representative.

- Positive factor: High-grade copper in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 1.03% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-18)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.17
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Lead presence in rock-chip samples from Krokodil Prospect indicates polymetallic potential, though rock-chip samples are not fully representative.

- Positive factor: Lead presence in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 0.17% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-19)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.62
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Copper presence in rock-chip samples from Krokodil Prospect indicates mineralization, though rock-chip samples are not fully representative.

- Positive factor: Copper presence in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 0.62% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-20)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.58
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Copper presence in rock-chip samples from Krokodil Prospect indicates mineralization, though rock-chip samples are not fully representative.

- Positive factor: Copper presence in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 0.58% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-21)

Krokodil Prospect · zinc

#### Identity

- Project: Krokodil Prospect
- Commodity: zinc
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 1.05
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade zinc in rock-chip samples from Krokodil Prospect indicates strong mineralization, though rock-chip samples are not fully representative.

- Positive factor: High-grade zinc in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 1.05% Zn

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-22)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.95
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Lead presence in rock-chip samples from Krokodil Prospect indicates polymetallic potential, though rock-chip samples are not fully representative.

- Positive factor: Lead presence in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 0.95% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-23)

Krokodil Prospect · zinc

#### Identity

- Project: Krokodil Prospect
- Commodity: zinc
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.68
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Zinc presence in rock-chip samples from Krokodil Prospect indicates mineralization, though rock-chip samples are not fully representative.

- Positive factor: Zinc presence in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 0.68% Zn

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-24)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 1.83
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade lead in rock-chip samples from Krokodil Prospect indicates strong mineralization, though rock-chip samples are not fully representative.

- Positive factor: High-grade lead in rock-chip sample

- Negative factor: Rock-chip samples are not representative

Evidence · text

> 1.83% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-25)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 8.59
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Exceptionally high-grade copper in channel samples from Krokodil Prospect confirms strong mineralization within the trenching area.

- Positive factor: Exceptionally high-grade copper in channel sample

Evidence · text

> 8.59% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-26)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.38
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Lead presence in channel samples from Krokodil Prospect indicates polymetallic potential.

- Positive factor: Lead presence in channel sample

Evidence · text

> 0.38% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-27)

Krokodil Prospect · zinc

#### Identity

- Project: Krokodil Prospect
- Commodity: zinc
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.23
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Zinc presence in channel samples from Krokodil Prospect indicates polymetallic potential.

- Positive factor: Zinc presence in channel sample

Evidence · text

> 0.23% Zn

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-28)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 5.86
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in channel samples from Krokodil Prospect confirms strong mineralization within the trenching area.

- Positive factor: High-grade copper in channel sample

Evidence · text

> 5.86% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-29)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.17
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Lead presence in channel samples from Krokodil Prospect indicates polymetallic potential.

- Positive factor: Lead presence in channel sample

Evidence · text

> 0.17% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 22

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-30)

Krokodil Prospect · zinc

#### Identity

- Project: Krokodil Prospect
- Commodity: zinc
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 0.35
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Zinc presence in channel samples from Krokodil Prospect indicates polymetallic potential.

- Positive factor: Zinc presence in channel sample

Evidence · text

> 0.35% Zn

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 23

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-31)

Krokodil Prospect · copper

#### Identity

- Project: Krokodil Prospect
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 3.23
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade copper in channel samples from Krokodil Prospect confirms strong mineralization within the trenching area.

- Positive factor: High-grade copper in channel sample

Evidence · text

> 3.23% Cu

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 24

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-32)

Krokodil Prospect · lead

#### Identity

- Project: Krokodil Prospect
- Commodity: lead
- Region: botswana
- Reported Region: botswana
- Ticker: BLZ

#### Geometry

- Grade: 2.96
- Grade Unit: %

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High-grade lead in channel samples from Krokodil Prospect indicates strong polymetallic potential.

- Positive factor: High-grade lead in channel sample

Evidence · text

> 2.96% Pb

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 25

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-33)

Ntungamo

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Ntungamo
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Hole Depth: 1548 m

#### Classification

- Program: exploration
- Sample Type: drill

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The completion of a 1,548-meter drilling program at Ntungamo provides geological data for understanding pegmatite geometry and mineralization.

- Positive factor: Completion of drilling program

- Positive factor: Targeting pegmatite bodies

Evidence · text

> A total of five diamond drill holes targeting two pegmatite bodies were completed during the Ntungamo drilling campaign for a total of 1,548 metres.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 26

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-34)

Ntungamo · gallium

Historical result

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Ntungamo
- Commodity: gallium
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Classification

- Program: exploration
- Sample Type: drill

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-06-11T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Assay results from previous drilling confirmed a critical mineral discovery for gallium, indicating potential for the project.

- Positive factor: Confirmation of critical mineral discovery

- Negative factor: Results previously announced

Evidence · text

> Assays results returned for all drill holes confirm a new critical mineral discovery for gallium and rubidium. Please refer to the ASX releases on 11 June 2025 and 2 September 2025 titled “Ntungamo Drilling Results” for details of all assays.

#### 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

### Fact 27

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-35)

Ntungamo · rubidium

Historical result

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Ntungamo
- Commodity: rubidium
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Classification

- Program: exploration
- Sample Type: drill

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-06-11T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Assay results from previous drilling confirmed a critical mineral discovery for rubidium, indicating potential for the project.

- Positive factor: Confirmation of critical mineral discovery

- Negative factor: Results previously announced

Evidence · text

> Assays results returned for all drill holes confirm a new critical mineral discovery for gallium and rubidium. Please refer to the ASX releases on 11 June 2025 and 2 September 2025 titled “Ntungamo Drilling Results” for details of all assays.

#### 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

### Fact 28

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-36)

Mityana · lithium

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mityana
- Commodity: lithium
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 8.13
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Historical lithium values from surface samples indicate potential but are not new results and may not be representative of the deposit.

- Positive factor: High-grade historical lithium values

- Negative factor: Historical data, not new results

- Negative factor: Surface samples not representative

Evidence · text

> Lithium oxide values of up to 8.13% Li2O were assayed by Gecko Uganda from amblygonite boulders in waste dumps from historical tantalite mining activities.

#### 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

### Fact 29

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-37)

Mityana

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Mityana
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Hole Depth: 587 m

#### Classification

- Program: exploration
- Sample Type: drill

#### QA/QC

- Laboratory: ALS

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The drilling program at Mityana did not return significant results, indicating a lack of economic mineralization in the tested areas.

- Positive factor: Drilling completed to test pegmatite

- Negative factor: No significant results returned

Evidence · text

> A total of three \(3\) diamond drill holes were successfully completed in late December 2024 for a total of 587 meters. All holes were logged, and zones of potential mineralisation sent to ALS in Johannesburg, South Africa, for multi-element analysis following grant of an export permit. Assays have been received with no significant results returned.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 30

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-62)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 20.78
- Grade Unit: %
- Intercept: 1 m

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: An exceptionally high-grade channel sample from the Bahati mine strongly confirms the project's high-grade tungsten potential.

- Positive factor: Exceptionally high-grade channel sample

- Positive factor: Confirms high-grade potential

Evidence · text

> 1.0 metre @ 20.78% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 31

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-63)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 20.22
- Grade Unit: %
- Intercept: 0.8 m

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: An exceptionally high-grade channel sample from the Bahati mine strongly confirms the project's high-grade tungsten potential.

- Positive factor: Exceptionally high-grade channel sample

- Positive factor: Confirms high-grade potential

Evidence · text

> 0.8 metres @ 20.22% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 32

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-64)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 3.03
- Grade Unit: %
- Intercept: 2 m

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: A high-grade channel sample from the Bahati mine confirms the project's high-grade tungsten potential.

- Positive factor: High-grade channel sample

- Positive factor: Confirms high-grade potential

Evidence · text

> 2 metres @ 3.03% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 33

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-65)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 6.79
- Grade Unit: %
- Intercept: 1 m

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: A very high-grade channel sample from the Bahati mine strongly confirms the project's high-grade tungsten potential.

- Positive factor: Very high-grade channel sample

- Positive factor: Confirms high-grade potential

Evidence · text

> 1.0 metre @ 6.79% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 34

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-66)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 2.27
- Grade Unit: %
- Intercept: 1 m

#### Classification

- Sample Type: channel

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: A high-grade channel sample from the Bahati mine confirms the project's high-grade tungsten potential.

- Positive factor: High-grade channel sample

- Positive factor: Confirms high-grade potential

Evidence · text

> 1.0 metre @ 2.27% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 35

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-drill-facts-67)

Bahati · tungsten

#### Identity

- Project: Bahati
- Commodity: tungsten
- Region: uganda
- Reported Region: uganda
- Ticker: BLZ

#### Geometry

- Grade: 56.23
- Grade Unit: %

#### Classification

- Sample Type: surface

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: An exceptionally high-grade grab sample from the Bahati mine indicates bonanza-grade tungsten potential, though grab samples are not fully representative.

- Positive factor: Exceptionally high-grade grab sample

- Positive factor: Confirms bonanza grade potential

- Negative factor: Grab samples are not representative

Evidence · text

> exceptionally high grade grab sample of 56.23% WO3

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (7)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-5)

Selebi-Phikwe · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Selebi-Phikwe
- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: BLZ

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9a42a95e54d9ed01e353

#### Resource Data

- Category: inferred
- Tonnes: 24700000
- Grade: 1.5
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The reference to the Selebi-Phikwe deposit provides regional context but is historical and not a resource for Blaze Minerals Ltd.

- Positive factor: Reference to nearby significant deposit

- Negative factor: Historical data, not directly related to company's resource

Evidence · text

> Selebi-Phikwe copper-nickel deposit \(inferred resources of 24.7 Mt at 1.50% Cu and 0.92% Ni\)

#### 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/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-6)

Selebi-Phikwe · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Selebi-Phikwe
- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: BLZ

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9a42a95e54d9ed01e353

#### Resource Data

- Category: inferred
- Tonnes: 24700000
- Grade: 0.92
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The reference to the Selebi-Phikwe deposit provides regional context but is historical and not a resource for Blaze Minerals Ltd.

- Positive factor: Reference to nearby significant deposit

- Negative factor: Historical data, not directly related to company's resource

Evidence · text

> Selebi-Phikwe copper-nickel deposit \(inferred resources of 24.7 Mt at 1.50% Cu and 0.92% Ni\)

#### 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-9)

Khoemacau Project Zone 5 · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Khoemacau Project Zone 5
- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: BLZ

#### Resource scope

- Estimate type: resource
- Resource group id: resource:5b2099a98607ca6661ab

#### Resource Data

- Category: measured
- Tonnes: 13000000
- Grade: 1.8
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The reference to the Khoemacau Project provides regional context but is historical and not a resource for Blaze Minerals Ltd.

- Positive factor: Reference to nearby significant deposit

- Negative factor: Historical data, not directly related to company's resource

Evidence · text

> 13 Mt at 1.8% Cu measured

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**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/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-10)

Khoemacau Project Zone 5 · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Khoemacau Project Zone 5
- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: BLZ

#### Resource scope

- Estimate type: resource
- Resource group id: resource:86cecc28293dd6ef7fb5

#### Resource Data

- Category: indicated
- Tonnes: 31000000
- Grade: 1.6
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The reference to the Khoemacau Project provides regional context but is historical and not a resource for Blaze Minerals Ltd.

- Positive factor: Reference to nearby significant deposit

- Negative factor: Historical data, not directly related to company's resource

Evidence · text

> 31 Mt at 1.6% Cu 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 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/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-11)

Khoemacau Project Zone 5 · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Khoemacau Project Zone 5
- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: BLZ

#### Resource scope

- Estimate type: resource
- Resource group id: resource:2410b3b3758718ac0aa0

#### Resource Data

- Category: inferred
- Tonnes: 64000000
- Grade: 1.8
- Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The reference to the Khoemacau Project provides regional context but is historical and not a resource for Blaze Minerals Ltd.

- Positive factor: Reference to nearby significant deposit

- Negative factor: Historical data, not directly related to company's resource

Evidence · text

> 64 Mt at 1.8% Cu inferred resources

#### 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

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-60)

Bahati Project · tungsten

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bahati Project
- Commodity: tungsten
- Region: uganda
- Reported Region: Uganda
- Ticker: BLZ

#### Resource scope

- Resource group id: resource:4ad962d579455b50a428

#### Resource Data

- Grade: 1
- Grade Unit: % WO3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Historical production figures from the Bahati mine indicate past tungsten mineralization, providing context for the new acquisition.

- Positive factor: Historical production and grade

- Negative factor: Historical data, not current resource

Evidence · text

> produced ~270 tons of wolfram at a grade of between 1.0% and 2.2% WO3

#### Tags used in scoring

**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

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/blz-annual-report-to-shareholders--0990ceec-f5c2-4804-96ac-e9df3a7e587e#fact-resource-facts-61)

Bahati Project · tungsten

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Bahati Project
- Commodity: tungsten
- Region: uganda
- Reported Region: Uganda
- Ticker: BLZ

#### Resource scope

- Resource group id: resource:4ad962d579455b50a428

#### Resource Data

- Grade: 2.2
- Grade Unit: % WO3

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Historical production figures from the Bahati mine indicate past tungsten mineralization, providing context for the new acquisition.

- Positive factor: Historical production and grade

- Negative factor: Historical data, not current resource

Evidence · text

> produced ~270 tons of wolfram at a grade of between 1.0% and 2.2% WO3

#### Tags used in scoring

**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.