# CLA: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146324 Publisher: asx Original announcement: 2026-09-30T05:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T06:20:34.263Z Atlas analysis updated: 2026-09-30T06:20:34.263Z - Company: CELSIUS RESOURCES LIMITED - Ticker: CLA - Exchange: ASX - Region: Philippines - Primary commodity: Copper - Secondary commodities: Gold, Cobalt, Zinc - Document categories: Resource update, Agreement transaction, Other, Metallurgy - Extracted: 2026-09-30 06:20:34 UTC Narrative sentiment: -0.60 · Bearish ## Minestarters Atlas summary Celsius Resources Limited released its annual report for 2026, highlighting an updated Mineral Resource Estimate and a maiden Ore Reserve Estimate for its flagship Maalinao-Caigutan-Biyog \(MCB\) Copper-Gold Project in the Philippines. A Definitive Feasibility Study for MCB was also completed, confirming its technical and economic viability with strong economics. However, the company is embroiled in a material legal dispute over the ownership of Makilala Mining Company, Inc. \(MMCI\), the entity holding the MCB Project's MPSA, which resulted in the deconsolidation and impairment of Celsius's interest and the public auction of its shares in MMCI, creating significant uncertainty for the project's future. Reasoning: Celsius Resources Limited's annual report details significant progress on its MCB Copper-Gold Project with an updated MRE, maiden ORE, and a completed DFS. However, these positive developments are severely undermined by a critical legal dispute over the ownership and control of the MCB Project's operating entity, MMCI, leading to the deconsolidation and impairment of Celsius's interest and its public auction. This dispute introduces substantial uncertainty and risk to the company's flagship project. - Positive factor: Updated Mineral Resource Estimate and maiden Ore Reserve Estimate for MCB Project - Positive factor: Completion of Definitive Feasibility Study for MCB Project, confirming technical and economic viability - Positive factor: Pending sale of Opuwo Cobalt-Copper Project for US$15 million - Positive factor: Renewal of exploration permit for Botilao Copper-Gold Project - Negative factor: Significant legal dispute over Makilala Mining Company, Inc. \(MMCI\) ownership and control - Negative factor: Deconsolidation and impairment of Celsius's 40% interest in MMCI due to dispute and foreclosure - Negative factor: Public auction of Celsius's 40% interest in MMCI to Equinaire - Negative factor: Significant financial loss for the year - Negative factor: High litigation risks and future capital requirements due to ongoing disputes - Negative factor: Opuwo project sale is subject to conditions precedent Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 37 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The updated MRE for the MCB Project is explicitly stated as '2012 JORC Code compliant'. Evidence · text > The updated 2012 JORC Code compliant MRE was announced in November 2025. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document states 'Updated Mineral Resources Estimate' for the MCB Project. Evidence · text > Updated Mineral Resources Estimate and a maiden Ore Reserve Estimate for the MCB Project; **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The maiden Ore Reserve Estimate for the MCB Project is explicitly stated as 'JORC compliant'. Evidence · text > A maiden JORC compliant Ore Reserve Estimate was announced in December 2025 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports a 'maiden Ore Reserve Estimate' which is a positive step in project development. Evidence · text > A maiden JORC compliant Ore Reserve Estimate was announced in December 2025 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The resource estimate was prepared to support a Definitive Feasibility Study. Evidence · text > Following the completion of geotechnical and hydrogeological drilling programs and the commencement of a Definitive Feasibility Study \(“DFS”\), the Mineral Resource Estimate \(“MRE”\) for the MCB Project was updated and a maiden Ore Reserve Estimate was published. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Sagay Project MRE is based on information compiled by Mr. Steven Olsen, who qualifies as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Evidence · text > Mr. Olsen consents to the inclusion of the data in the form and context in which it appears. The information in this Report with respect to the Mineral Resource Estimate for the Sagay Project was first announced to the ASX on 7 November 2022. An updated Mineral Resource Estimate was announced to the ASX/AIM on 06 February 2024 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Sagay Project MRE was announced on 06 February 2024, which is more than two years prior to the 30 June 2026 reporting date. Evidence · text > An updated Mineral Resource Estimate was announced to the ASX/AIM on 06 February 2024 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Opuwo Project MRE is based on information compiled by Mr Kerry Griffin, a Competent Person, as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' \(the JORC Code\). Evidence · text > The information in this Report that relates to the estimate of Mineral Resources, Exploration Results and the Annual Mineral Resource Statement for the Opuwo Project is based upon, and fairly represents, information and supporting documentation compiled by Mr Kerry Griffin, a Competent Person, who is a Member of the Australian Institute of Geoscientists \(AIG\). **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Opuwo Project MRE was announced on 12 December 2022, which is more than two years prior to the 30 June 2026 reporting date. Evidence · text > The Opuwo Cobalt-Copper-Gold Project on 12 December 2022. **Theoretical Recovery Only** Polarity: negative Story-specific tag Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: The recovery percentages are derived from a Definitive Feasibility Study, which provides estimated recoveries rather than actual testwork results. Evidence · table > Copper Recovery 92.5% 89.7% Context: Life of mine **Theoretical Recovery Only** Polarity: negative Story-specific tag Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: The recovery percentages are derived from a Definitive Feasibility Study, which provides estimated recoveries rather than actual testwork results. Evidence · table > Gold Recovery 79.7% 72.6% Context: Life of mine **Agreement Transaction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Celsius executed a binding Share Sale Agreement for the sale of its 95% interest in the Opuwo Cobalt-Copper Project. Evidence · text > In June 2026, Celsius executed a binding Share Sale Agreement with Chinalco \(Xiong’an\) Mining Corporation Limited \(“Chinalco \(Xiong’an\) Mining”\), a subsidiary of Aluminum Corporation of China \(“Chinalco”\), in relation to a sale of its 95% interest in the Opuwo Cobalt-Copper Project \(“Opuwo Project”\) in Namibia. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The significant legal dispute and foreclosure of Celsius's interest in MMCI acts as a major corporate 'deleterious element' impacting the MCB Project's viability and ownership structure. Evidence · text > Celsius refutes the occurrence and continuance of an Event of Default under the OLSA and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI. **Category Downgrade** Polarity: negative Definition: Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning. Why it applies: The loss of control over MMCI and the subsequent deconsolidation and impairment of Celsius's 40% interest effectively downgrades the company's direct involvement and control over the MCB Project. Evidence · text > On 20 April 2026, Sodor requisitioned a MMCI shareholder’s meeting at which all five MMCI board seats were declared vacant and Sodor appointed its own representatives to the MMCI Board and terminated key executives. CLA has been unable to exercise any form of management / control of MMCI since that time. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Resource Estimates (35) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-0) MCB Project · copper #### Identity - Project: MCB Project - Commodity: copper - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen - Resource group id: resource:240eee6b3049a8de7413 #### Resource Data - Category: inferred - Tonnes: 343000000 - Grade: 0.46 - Grade Unit: % - Contained Metal: 1.6 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Mineral Resource Estimate for the MCB Project shows a substantial tonnage and contained copper, which is a positive development for the project, and is JORC compliant. - Positive factor: Significant tonnage and contained metal for copper - Positive factor: JORC compliant estimate - Positive factor: Updated estimate Evidence · text > The updated 2012 JORC Code compliant MRE was announced in November 2025. It comprised 343Mt at a grade of 0.46% copper and 0.12g/t gold, with contained copper of 1.6Mt and contained gold of 1.4Moz \(based on a cutoff grade of 0.20% copper\). #### 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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-1) MCB Project · gold #### Identity - Project: MCB Project - Commodity: gold - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen - Resource group id: resource:240eee6b3049a8de7413 #### Resource Data - Category: inferred - Tonnes: 343000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 1.4 - Contained Unit: moz - Cutoff Grade: 0.2 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-11-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Mineral Resource Estimate for the MCB Project includes a substantial contained gold component, which adds value to the project and is JORC compliant. - Positive factor: Significant contained gold - Positive factor: JORC compliant estimate - Positive factor: Updated estimate Evidence · text > The updated 2012 JORC Code compliant MRE was announced in November 2025. It comprised 343Mt at a grade of 0.46% copper and 0.12g/t gold, with contained copper of 1.6Mt and contained gold of 1.4Moz \(based on a cutoff grade of 0.20% copper\). #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-2) MCB · copper #### Identity - Project: MCB - Commodity: copper - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: reserve - Effective date: 2025-12-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen, Mr. John Burgess, Mr. Florian Beier, Mr. Matt Pyle - Resource group id: resource:f97edb3d7de8b4637871 #### Resource Data - Category: probable - Tonnes: 130200000 - Grade: 0.66 - Grade Unit: % - Contained Metal: 856 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-12-01 #### Metal Equivalent - Metal Eq. Grade: 0.84 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Ore Reserve Estimate for the MCB Project is a highly material and novel development, demonstrating the economic viability of a significant portion of the resource and is JORC compliant. - Positive factor: Maiden Ore Reserve Estimate, indicating economic viability - Positive factor: Significant contained copper - Positive factor: JORC compliant estimate Evidence · table > 0.66 Context: 130.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-3) MCB · gold #### Identity - Project: MCB - Commodity: gold - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: reserve - Effective date: 2025-12-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen, Mr. John Burgess, Mr. Florian Beier, Mr. Matt Pyle - Resource group id: resource:f97edb3d7de8b4637871 #### Resource Data - Category: probable - Tonnes: 130200000 - Grade: 0.21 - Grade Unit: g/t - Contained Metal: 891 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-01 #### Metal Equivalent - Metal Eq. Grade: 0.84 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Ore Reserve Estimate for the MCB Project includes a substantial contained gold component, adding to the project's economic viability and is JORC compliant. - Positive factor: Maiden Ore Reserve Estimate, indicating economic viability - Positive factor: Significant contained gold - Positive factor: JORC compliant estimate Evidence · table > 0.21 Context: 130.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-4) Sagay Copper Project · copper #### Identity - Project: Sagay Copper Project - Commodity: copper - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2024-02-06T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen - Resource group id: resource:e2278a41e8bab5d1d9d0 #### Resource Data - Category: inferred - Tonnes: 312000000 - Grade: 0.39 - Grade Unit: % - Contained Metal: 1.2 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-02-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Sagay Project has a significant copper resource, but the estimate is not new, reducing its novelty in this report. - Positive factor: Large tonnage and contained copper - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2024, not new Evidence · text > Mineral Resource Estimate - 312Mt @ 0.39% copper and 0.11g/t gold \(~1.2Mt of contained copper and ~1Moz of contained gold\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-5) Sagay Copper Project · gold #### Identity - Project: Sagay Copper Project - Commodity: gold - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2024-02-06T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Steven Olsen - Resource group id: resource:e2278a41e8bab5d1d9d0 #### Resource Data - Category: inferred - Tonnes: 312000000 - Grade: 0.11 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: moz - Cutoff Grade: 0.2 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-02-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Sagay Project includes a substantial gold resource, but the estimate is not new, reducing its novelty in this report. - Positive factor: Significant contained gold - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2024, not new Evidence · text > Mineral Resource Estimate - 312Mt @ 0.39% copper and 0.11g/t gold \(~1.2Mt of contained copper and ~1Moz of contained gold\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-6) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f17ff9028e4537aa2e6a #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 40600 - Contained Unit: t - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Indicated cobalt resource, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: Significant contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.11 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-7) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f17ff9028e4537aa2e6a #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 0.45 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Indicated copper resource, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.45 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-8) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f17ff9028e4537aa2e6a #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 0.51 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Indicated zinc resource, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.51 Context: 38.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-9) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:5b96057597822735bd47 #### Resource Data - Category: indicated - Tonnes: 7300000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 8000 - Contained Unit: t - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Indicated cobalt resource for underground mining, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.11 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-10) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:5b96057597822735bd47 #### Resource Data - Category: indicated - Tonnes: 7300000 - Grade: 0.41 - Grade Unit: % - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Indicated copper resource for underground mining, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.41 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-11) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:5b96057597822735bd47 #### Resource Data - Category: indicated - Tonnes: 7300000 - Grade: 0.49 - Grade Unit: % - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Indicated zinc resource for underground mining, but the estimate is stale, reducing its impact. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.49 Context: 7.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-12) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:555ce4013100823f28f0 #### Resource Data - Category: inferred - Tonnes: 28800000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 26800 - Contained Unit: t - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Inferred cobalt resource, which is a lower confidence category, and the estimate is stale. - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.09 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-13) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:555ce4013100823f28f0 #### Resource Data - Category: inferred - Tonnes: 28800000 - Grade: 0.38 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Inferred copper resource, which is a lower confidence category, and the estimate is stale. - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.38 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-14) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:555ce4013100823f28f0 #### Resource Data - Category: inferred - Tonnes: 28800000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Inferred zinc resource, which is a lower confidence category, and the estimate is stale. - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.44 Context: 28.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-15) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:92f8d45556e36cc9652c #### Resource Data - Category: inferred - Tonnes: 151400000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 183200 - Contained Unit: t - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has a large Inferred cobalt resource for underground mining, but the estimate is stale and in a lower confidence category. - Positive factor: Significant contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.12 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-16) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:92f8d45556e36cc9652c #### Resource Data - Category: inferred - Tonnes: 151400000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Inferred copper resource for underground mining, but the estimate is stale and in a lower confidence category. - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.44 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-17) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:92f8d45556e36cc9652c #### Resource Data - Category: inferred - Tonnes: 151400000 - Grade: 0.57 - Grade Unit: % - Cutoff Grade: 0.155 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project includes an Inferred zinc resource for underground mining, but the estimate is stale and in a lower confidence category. - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.57 Context: 151.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-18) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:059a0c0c75322c0a7051 #### Resource Data - Category: inferred - Tonnes: 225500000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 259300 - Contained Unit: t #### Prior Estimate - Resource Date: 2022-12-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project's total cobalt resource is substantial but largely Inferred and stale, limiting its current impact. - Positive factor: Significant total contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty - Negative factor: Large portion of resource is Inferred Evidence · table > 0.12 Context: 225.5 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-19) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:059a0c0c75322c0a7051 #### Resource Data - Category: inferred - Tonnes: 225500000 - Grade: 0.43 - Grade Unit: % #### Prior Estimate - Resource Date: 2022-12-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project's total copper resource is substantial but largely Inferred and stale, limiting its current impact. - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty - Negative factor: Large portion of resource is Inferred Evidence · table > 0.43 Context: 225.5 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-20) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:059a0c0c75322c0a7051 #### Resource Data - Category: inferred - Tonnes: 225500000 - Grade: 0.54 - Grade Unit: % #### Prior Estimate - Resource Date: 2022-12-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project's total zinc resource is substantial but largely Inferred and stale, limiting its current impact. - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty - Negative factor: Large portion of resource is Inferred Evidence · table > 0.54 Context: 225.5 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-23) Opuwo Cobalt-Copper-Gold Project #### Identity - Project: Opuwo Cobalt-Copper-Gold Project - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Resource group id: resource:a4c93cbe6d5248460057 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The binding agreement to sell the Opuwo Project is a highly positive and novel development, providing significant funding and allowing the company to focus on its core assets, although it is still subject to conditions. - Positive factor: Binding Share Sale Agreement for Opuwo Project - Positive factor: Provides material source of near-term funding - Positive factor: Allows increased focus on Philippine projects - Negative factor: Transaction remains subject to conditions precedent Evidence · text > In June 2026, Celsius executed a binding Share Sale Agreement with Chinalco \(Xiong’an\) Mining Corporation Limited \(“Chinalco \(Xiong’an\) Mining”\), a subsidiary of Aluminum Corporation of China \(“Chinalco”\), in relation to a sale of its 95% interest in the Opuwo Cobalt-Copper Project \(“Opuwo Project”\) in Namibia. #### 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 23 [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-24) MCB Project #### Identity - Project: MCB Project - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Resource scope - Resource group id: resource:cebec7a1e551f9ec4110 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The ongoing legal dispute, foreclosure, and public auction of Celsius's 40% interest in MMCI represent a highly material and negative development, severely impacting the company's control and ownership of its flagship MCB Project. - Negative factor: Significant legal dispute over MMCI ownership and control - Negative factor: Foreclosure and public auction of Celsius's 40% interest in MMCI - Negative factor: Loss of control over MMCI, leading to deconsolidation and impairment - Negative factor: High uncertainty regarding the future of the MCB Project Evidence · text > Celsius refutes the occurrence and continuance of an Event of Default under the OLSA and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI. It believes that Equinaire’s claimed Events of Default should be referred to arbitration in accordance with the dispute resolution clauses within the OLSA. #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-25) Summary results for the MRE at the Sagay · copper #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: copper - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:b833269165ebbb7ca9f1 #### Resource Data - Category: indicated - Tonnes: 100000000 - Grade: 0.42 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.42 Context: 100 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-26) Summary results for the MRE at the Sagay · gold #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: gold - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:b833269165ebbb7ca9f1 #### Resource Data - Category: indicated - Tonnes: 100000000 - Grade: 0.12 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.12 Context: 100 #### 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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-27) Summary results for the MRE at the Sagay · copper #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: copper - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:274b3ad2532d77fb93c2 #### Resource Data - Category: inferred - Tonnes: 212000000 - Grade: 0.38 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.38 Context: 212 #### 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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-28) Summary results for the MRE at the Sagay · gold #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: gold - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:274b3ad2532d77fb93c2 #### Resource Data - Category: inferred - Tonnes: 212000000 - Grade: 0.11 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.11 Context: 212 #### 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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-29) Summary results for the MRE at the Sagay · copper #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: copper - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:e6ff40adc265fc3ae885 #### Resource Data - Category: inferred - Tonnes: 312000000 - Grade: 0.39 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.39 Context: 312 #### 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/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-30) Summary results for the MRE at the Sagay · gold #### Identity - Project: Summary results for the MRE at the Sagay - Commodity: gold - Ticker: CLA #### Resource scope - Estimate type: resource - Resource group id: resource:e6ff40adc265fc3ae885 #### Resource Data - Category: inferred - Tonnes: 312000000 - Grade: 0.11 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.11 Context: 312 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-31) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f6e49d2ea3dc28f68097 #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 0.11 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Indicated cobalt resource, but the estimate is stale, reducing its impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated resource category - Positive factor: Significant contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.11 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-32) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f6e49d2ea3dc28f68097 #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Indicated cobalt resource, but the estimate is stale, reducing its impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated resource category - Positive factor: Significant contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.44 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-33) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:f6e49d2ea3dc28f68097 #### Resource Data - Category: indicated - Tonnes: 45300000 - Grade: 0.51 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Indicated cobalt resource, but the estimate is stale, reducing its impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated resource category - Positive factor: Significant contained cobalt - Positive factor: JORC compliant estimate - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.51 Context: 45.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-34) Opuwo Cobalt · cobalt #### Identity - Project: Opuwo Cobalt - Commodity: cobalt - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:0546c3a45fba40e08c90 #### Resource Data - Category: inferred - Tonnes: 180200000 - Grade: 0.12 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Inferred cobalt resource, which is a lower confidence category, and the estimate is stale. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.12 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-35) Opuwo Cobalt · copper #### Identity - Project: Opuwo Cobalt - Commodity: copper - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:0546c3a45fba40e08c90 #### Resource Data - Category: inferred - Tonnes: 180200000 - Grade: 0.43 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Inferred cobalt resource, which is a lower confidence category, and the estimate is stale. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.43 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-resource-facts-36) Opuwo Cobalt · zinc #### Identity - Project: Opuwo Cobalt - Commodity: zinc - Region: namibia - Reported Region: Namibia - Ticker: CLA #### Resource scope - Estimate type: resource - Effective date: 2022-12-12T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Kerry Griffin - Resource group id: resource:0546c3a45fba40e08c90 #### Resource Data - Category: inferred - Tonnes: 180200000 - Grade: 0.55 - Grade Unit: % - Cutoff Grade: 0.06 - Cutoff Unit: % Coeq #### Prior Estimate - Resource Date: 2022-12-12 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Opuwo Project has an Inferred cobalt resource, which is a lower confidence category, and the estimate is stale. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC compliant estimate - Negative factor: Inferred resource category - Negative factor: Estimate is from 2022, reducing novelty Evidence · table > 0.55 Context: 180.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ## Metallurgical Results (2) ### feasibility study [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-metallurgical-facts-21) MCB Project · copper #### Identity - Project: MCB Project - Commodity: copper - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Test Work - Program Status: detailed - Test Type: feasibility study - Processing Route: standard milling and flotation #### Recovery - Recovery: 89.7 % - Recovery Basis: theoretical #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The estimated life of mine copper recovery from the DFS is strong, indicating good metallurgical performance for the project. - Positive factor: High estimated copper recovery for life of mine - Positive factor: Recovery from Definitive Feasibility Study Evidence · table > 89.7% Context: Life of mine #### 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 **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### feasibility study [Link to this fact](https://atlas-staging.minestarters.com/news/cla-annual-report-to-shareholders--a752e4c7-ecec-443b-9ff8-a38f150ea967#fact-metallurgical-facts-22) MCB Project · gold #### Identity - Project: MCB Project - Commodity: gold - Region: philippines - Reported Region: Philippines - Ticker: CLA #### Test Work - Program Status: detailed - Test Type: feasibility study - Processing Route: standard milling and flotation #### Recovery - Recovery: 72.6 % - Recovery Basis: theoretical #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The estimated life of mine gold recovery from the DFS is moderate, contributing positively to project economics. - Positive factor: Estimated gold recovery from Definitive Feasibility Study Evidence · table > 72.6% Context: Life of mine #### 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 **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 72.6% is below the weak band \(80%\) ## 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.