# CBY: FY26 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03151719 Publisher: asx Original announcement: 2026-10-13T02:59:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T04:17:50.884Z Atlas analysis updated: 2026-10-13T04:17:50.884Z - Company: Canterbury Resources Limited - Ticker: CBY - Exchange: ASX - Region: Queensland - Primary commodity: Copper - Secondary commodities: Gold, Molybdenum, Silver - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-13 04:17:51 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Canterbury Resources Limited's 2026 Annual Report highlights an "excellent year" with an expanded portfolio and significant progress across its projects. The company reported aggregate resources of 3.3Mt copper and 3.2Moz gold, with a new Inferred MRE for John Hill and ongoing PFS work at the Briggs copper project. Metallurgical studies at Briggs show high copper recoveries \(94-95%\) into high-grade concentrates, supporting a large-scale open-cut operation. The company also completed the acquisition of the Monto project, further enhancing its Queensland portfolio, but faces a going concern uncertainty due to financial losses. Reasoning: The annual report highlights significant progress in project development, including a new resource estimate, positive metallurgical results, and a strategic acquisition, all contributing to an expanded resource base and advancing key projects towards feasibility. However, the unchanged status of several MREs and the company's going concern warning temper the overall positive outlook. - Positive factor: Significant Mineral Resource Estimates for multiple projects, including a new MRE for John Hill. - Positive factor: Positive Scoping Study and commitment to Pre-Feasibility Study \(PFS\) for the Briggs copper project. - Positive factor: High copper recoveries \(94-95%\) and high-grade concentrates \(23-29% Cu\) reported from metallurgical studies at Briggs. - Positive factor: Acquisition of the Monto project expands the company's portfolio in a key region. - Positive factor: Ongoing drilling programs aimed at MRE expansion and upgrade. - Positive factor: JORC compliance and Competent Person sign-off for all reported MREs. - Positive factor: Supportive commodity price outlook for copper, molybdenum, and gold. - Negative factor: Mineral Resource Estimates for Idzan Creek, Wamum Creek, and Briggs are unchanged from the prior year, indicating no new resource growth for these specific projects in this report. - Negative factor: All PNG resources \(Idzan Creek, Wamum Creek\) and the new John Hill MRE are entirely in the Inferred category, representing a lower level of geological confidence. - Negative factor: The company reported a net loss and cash outflows from operating activities, leading to a material uncertainty regarding its ability to continue as a going concern. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 13 ## Classification and evidence **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The Mineral Resource Estimates for Wamum Creek, Idzan Creek, and Briggs are explicitly stated as unchanged from the 2025 Annual Report, indicating a re-release of prior data. Evidence · text > The MREs at Wamum Creek, Idzan Creek and Briggs are unchanged from the 2025 Annual Report. **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Mineral Resource Estimates for Idzan Creek, Wamum Creek, and John Hill are entirely in the Inferred category. Evidence · text > Idzan Creek Inferred 0.2g/t Au 137 0.53 0.24 - 2.34 0.3 - **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Briggs project includes a Mineral Resource Estimate in the Indicated category. Evidence · text > Briggs Briggs Indicated 0.15% Cu 137 - 0.25 39 - 0.4 12 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All reported Mineral Resources are undertaken in compliance with the JORC Code. Evidence · text > Reporting of Mineral Resources is undertaken in compliance with the JORC Code. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The technical information and Mineral Resource Estimates are based on information compiled by named Competent Persons \(Mr Michael Erceg, Mr Geoff Reed, Mr Lauritz Barnes\) who qualify under the JORC Code. Evidence · text > The technical information in this report which relates to Exploration Results and Exploration Targets, plus Mineral Resources at John Hill, is based on information compiled by Mr Michael Erceg, MAIG RPGeo. Mr Erceg is an Executive Director and shareholder of Canterbury Resources and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical studies at Briggs reported very high copper recoveries of 94-95% for conventional flotation processing. Evidence · text > producing very high copper recoveries \(94-95%\) into high-grade concentrates \(23-29% Cu\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The Briggs project's metallurgical studies are evaluating a conventional crushing, grinding and flotation processing route. Evidence · text > conventional crushing, grinding and flotation processing to produce marketable copper concentrate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: Metallurgical studies at Briggs are being undertaken as part of a Pre-Feasibility Study \(PFS\). Evidence · text > The Briggs joint venture partners immediately committed to a pre-feasibility study \(PFS\) that will continue throughout the year ahead. A key component of the PFS is a major infill drilling program upgrading the Mineral Resource Estimate \(MRE\) which already contains some 2.0Mt Cu, 73Mlb Mo and 16.5Moz Ag, ranking it as one of the largest undeveloped copper deposits in Australia. In parallel, more detailed metallurgical studies are being undertaken to further optimise the process flowsheet, including evaluation of the addition of a molybdenum circuit. **Acquisition** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Canterbury acquired the Monto project, comprising six tenements, in April 2026. Evidence · text > In April 2026, Canterbury acquired six tenements in central Queensland \(the Monto Project, EPM’s 14628, 15921, 17001, 17002, 17060 & 27604\), located 380km northwest of Brisbane and 80km south of Briggs. **Going Concern Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The financial report indicates a material uncertainty regarding the Group's ability to continue as a going concern due to a net loss and cash outflows from operating activities. Evidence · text > The financial report at 30 June 2026 has been prepared on the going concern basis, which contemplates the continuation of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The Group is an exploration stage entity listed on the ASX and its primary source of funding is derived management exploration activities from Farm-in arrangements and from the equity capital markets. The consolidated net loss of the Group, after tax was $1,256,600 for the year ended 30 June 2026 \(2025: $1,072,445\), with cash outflows from operating activities of $1,296,144 \(2025: $876,734\), and net current liabilities of $217,964 \(2025: net current assets of $82,277\). These factors indicate a material uncertainty, which may cast significant doubt as to whether the Group will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The MRE for John Hill was provided in a CBY ASX release dated 28 May 2026, indicating it is the first formal MRE reported by Canterbury for this project. Evidence · text > The MRE at John Hill was provided in CBY ASX release dated 28 May 2026. ## Extracted facts Stored fact records: 11. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-0) Idzan Creek · gold Historical result Needs review: historical\_restatement #### Identity - Project: Idzan Creek - Commodity: gold - Region: png - Reported Region: Papua New Guinea - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Geoff Reed - Resource group id: resource:65a96b7d09ff42c65ca7 - Deposit or zone: Idzan Creek - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 137000000 - Grade: 2.34 - Grade Unit: moz - Contained Metal: 2.34 - Contained Unit: moz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Idzan Creek gold resource is substantial but remains in the Inferred category and is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Significant contained gold ounces. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 2.34 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-1) Idzan Creek · copper Historical result Needs review: historical\_restatement #### Identity - Project: Idzan Creek - Commodity: copper - Region: png - Reported Region: Papua New Guinea - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Geoff Reed - Resource group id: resource:65a96b7d09ff42c65ca7 - Deposit or zone: Idzan Creek - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 137000000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 0.3 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Idzan Creek copper resource is substantial but remains in the Inferred category and is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Significant contained copper tonnes. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 0.24 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-2) Wamum Creek · gold Historical result Needs review: historical\_restatement #### Identity - Project: Wamum Creek - Commodity: gold - Region: png - Reported Region: Papua New Guinea - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Geoff Reed - Resource group id: resource:b8b10d04b8bbe5cb2a43 - Deposit or zone: Wamum Creek - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 142000000 - Grade: 0.82 - Grade Unit: moz - Contained Metal: 0.82 - Contained Unit: moz - Cutoff Grade: 0.2 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Wamum Creek gold resource is substantial but remains in the Inferred category and is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Significant contained gold ounces. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 0.82 Context: 142 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-3) Wamum Creek · copper Historical result Needs review: historical\_restatement #### Identity - Project: Wamum Creek - Commodity: copper - Region: png - Reported Region: Papua New Guinea - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Geoff Reed - Resource group id: resource:b8b10d04b8bbe5cb2a43 - Deposit or zone: Wamum Creek - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 142000000 - Grade: 0.31 - Grade Unit: % - Contained Metal: 0.4 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Wamum Creek copper resource is substantial but remains in the Inferred category and is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Significant contained copper tonnes. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 0.31 Context: 142 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-4) Briggs · copper Historical result Needs review: historical\_restatement #### Identity - Project: Briggs - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lauritz Barnes - Resource group id: resource:7b5fed9f04d6e410f2a1 - Deposit or zone: Briggs - Ownership percent: 49 % #### Resource Data - Category: indicated - Tonnes: 137000000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 0.4 - Contained Unit: mt - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Briggs copper resource includes an Indicated category, which is positive for confidence, but the MRE is a re-release of prior data, limiting its novelty. - Positive factor: Resource includes an Indicated category, providing higher confidence. - Positive factor: Significant contained copper tonnes. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 0.25 Context: 137 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-5) Briggs · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Briggs - Commodity: molybdenum - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lauritz Barnes - Resource group id: resource:7b5fed9f04d6e410f2a1 - Deposit or zone: Briggs - Ownership percent: 49 % #### Resource Data - Category: indicated - Tonnes: 137000000 - Grade: 12 - Grade Unit: mlb - Contained Metal: 12 - Contained Unit: mlb - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Briggs molybdenum resource includes an Indicated category, which is positive for confidence, but the MRE is a re-release of prior data, limiting its novelty. - Positive factor: Resource includes an Indicated category, providing higher confidence. - Positive factor: Significant contained molybdenum pounds. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 12 Context: 137 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-6) Briggs · copper Historical result Needs review: historical\_restatement #### Identity - Project: Briggs - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lauritz Barnes - Resource group id: resource:d7e30688a7c77e3082f1 - Deposit or zone: Briggs - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 793000000 - Grade: 0.2 - Grade Unit: % - Contained Metal: 1.6 - Contained Unit: mt - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Briggs Inferred copper resource is very large but is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Very large contained copper tonnes. - Negative factor: Resource is in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 0.20 Context: 793 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-7) Briggs · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Briggs - Commodity: molybdenum - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lauritz Barnes - Resource group id: resource:d7e30688a7c77e3082f1 - Deposit or zone: Briggs - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 793000000 - Grade: 61 - Grade Unit: mlb - Contained Metal: 61 - Contained Unit: mlb - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-09-25T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Briggs Inferred molybdenum resource is very large but is a re-release of prior data, limiting its novelty and confidence for economic studies. - Positive factor: Very large contained molybdenum pounds. - Negative factor: Resource is in the Inferred category, indicating lower confidence. - Negative factor: This MRE is unchanged from the prior year, indicating low novelty. Evidence · table > 61 Context: 793 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-8) John Hill · copper #### Identity - Project: John Hill - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Erceg - Resource group id: resource:06ead4d092f650213ff2 - Deposit or zone: John Hill - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 254000000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 0.6 - Contained Unit: mt - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The new Inferred MRE for John Hill significantly adds to the company's copper resources, demonstrating the potential of the recently acquired project, despite the lower confidence category. - Positive factor: New MRE for the John Hill project, adding significant copper tonnes to the portfolio. - Positive factor: Large contained copper tonnes. - Positive factor: JORC compliant and QP signed. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. Evidence · table > 0.21 Context: 254 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-resource-facts-9) John Hill · molybdenum #### Identity - Project: John Hill - Commodity: molybdenum - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Erceg - Resource group id: resource:06ead4d092f650213ff2 - Deposit or zone: John Hill - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 254000000 - Grade: 21 - Grade Unit: mlb - Contained Metal: 21 - Contained Unit: mlb - Cutoff Grade: 0.15 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The new Inferred MRE for John Hill significantly adds to the company's molybdenum resources, demonstrating the potential of the recently acquired project, despite the lower confidence category. - Positive factor: New MRE for the John Hill project, adding significant molybdenum pounds to the portfolio. - Positive factor: Large contained molybdenum pounds. - Positive factor: JORC compliant and QP signed. - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence. Evidence · table > 21 Context: 254 #### 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 ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cby-fy26-annual-report--ade0e220-e659-4390-845e-35c55ca3aed5#fact-metallurgical-facts-10) Briggs · copper #### Identity - Project: Briggs - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: CBY #### Test Work - Program Status: detailed - Processing Route: conventional crushing, grinding and flotation processing #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Conc. Grade: 29 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The reported exceptional copper recovery and very high concentrate grade from detailed metallurgical studies at Briggs are highly positive, significantly enhancing the project's economic viability and advancing it through the PFS. - Positive factor: Exceptional copper recovery \(95%\) for a conventional flotation process. - Positive factor: Very high-grade copper concentrate \(29%\). - Positive factor: Metallurgical studies are part of a PFS, indicating advanced stage. Evidence · text > producing very high copper recoveries \(94-95%\) into high-grade concentrates \(23-29% Cu\) #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(92%\) ## 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.