# CMG: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cmg-annual-report-to-shareholders--bc8dd782-114c-4d2e-a467-fbdf6a51bd35 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145339 Publisher: asx Original announcement: 2026-09-29T04:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T15:31:19.906Z Atlas analysis updated: 2026-09-29T15:31:19.906Z - Company: Critical Minerals Group - Ticker: CMG - Exchange: ASX - Region: Queensland - Primary commodity: Vanadium - Secondary commodities: None reported - Document categories: Resource update, Capital raise, Other - Extracted: 2026-09-29 15:31:20 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Critical Minerals Group \(CMG\) released its Annual Report for FY26, highlighting the completion of a Pre-Feasibility Study \(PFS\) for its Lindfield Vanadium Project. The PFS confirmed robust economics with a pre-tax NPV of A$821 million and an IRR of 26.6% over a 31-year mine life, underpinned by a 713 million tonne Mineral Resource Estimate. The company also undertook two capital raises totaling over A$3.1 million to fund ongoing activities, despite a federal grant suspension. Reasoning: Critical Minerals Group announced strong Pre-Feasibility Study results for its Lindfield Vanadium Project, confirming robust economics and a substantial resource base, supported by strategic development plans and successful capital raises. While facing some funding challenges and a federal grant suspension, the company is making significant progress towards project development and commercialization. - Positive factor: Strong Pre-Feasibility Study \(PFS\) results confirming robust project economics - Positive factor: Substantial Mineral Resource Estimate with a significant Indicated component - Positive factor: Strategic staging of development to bring forward revenue and de-risk funding - Positive factor: Successful capital raises to fund ongoing activities - Positive factor: Progress on strategic partnerships and offtake discussions - Negative factor: Federal grant suspension due to external delays - Negative factor: Lower cash balance than hoped for, necessitating multiple capital raises - Negative factor: Specific grade for Indicated and Inferred resource categories not disclosed - Negative factor: Cut-off grade for the Mineral Resource Estimate not disclosed Facts used in scoring: 4 ## Classification and evidence **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Mineral Resource Estimate includes 491 million tonnes in the Indicated category, indicating a reasonable level of geological confidence. Evidence · text > 491 million tonnes indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource Estimate includes 222 million tonnes in the Inferred category, which is a speculative category with lower geological confidence. Evidence · text > 222 million tonnes of Inferred Mineral Resources **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 company confirms that all material assumptions and technical parameters underpinning the resource continue to apply, which is a standard statement for a Competent Person's sign-off under JORC. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the exploration results, exploration targets and mineral resources and that all material assumptions and technical parameters underpinning these continue to apply and have not materially changed. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource information is presented in an ASX announcement and includes a Competent Person's statement, implying compliance with the JORC Code. Evidence · text > The information in this report that relates to the exploration results, exploration targets and mineral resources was first reported by the Company in the Company’s Prospectus dated 25 May 2022 and ASX announcements dated 22 February 2023, 13 March 2023, 16 May 2023, 10 May 2024. **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The Mineral Resource Estimate is explicitly stated as underpinning the Pre-Feasibility Study. Evidence · text > The Mineral Resource Estimate underpinning this is 713 million tonnes at 0.32% V₂O₅ **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not explicitly state the cut-off grade used for the Mineral Resource Estimate. Evidence · text > The Mineral Resource Estimate underpinning this is 713 million tonnes at 0.32% V₂O₅, comprising 491 million tonnes indicated and 222 million tonnes inferred. **Placement** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company undertook two placements to raise capital during the financial year. Evidence · text > We funded the year with two capital raises, a $2.0 million placement in November at $0.15 a share, and a two-tranche placement in June and July totalling roughly $1.5 million before costs. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cmg-annual-report-to-shareholders--bc8dd782-114c-4d2e-a467-fbdf6a51bd35#fact-resource-facts-0) Lindfield Vanadium Project · vanadium #### Identity - Project: Lindfield Vanadium Project - Commodity: vanadium - Region: australia\_qld - Reported Region: Queensland - Ticker: CMG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7f6dedfc5533b1d64419 - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 491000000 #### Prior Estimate - Resource Date: 2026-07-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A substantial portion of the resource is in the Indicated category, providing higher confidence for future studies, though the specific grade for this category and the cut-off grade are not explicitly stated. - Positive factor: Large Indicated Resource providing higher confidence - Negative factor: Specific grade for Indicated portion not disclosed - Negative factor: Cut-off grade not disclosed Evidence · text > 491 million tonnes indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cmg-annual-report-to-shareholders--bc8dd782-114c-4d2e-a467-fbdf6a51bd35#fact-resource-facts-1) Lindfield Vanadium Project · vanadium #### Identity - Project: Lindfield Vanadium Project - Commodity: vanadium - Region: australia\_qld - Reported Region: Queensland - Ticker: CMG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6784820ef892e901f18c - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 222000000 #### Prior Estimate - Resource Date: 2026-07-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred portion contributes to the overall resource scale but carries lower geological confidence, and its specific grade and cut-off grade are not explicitly stated. - Positive factor: Adds to overall resource scale - Negative factor: Inferred category has lower geological confidence - Negative factor: Specific grade for Inferred portion not disclosed - Negative factor: Cut-off grade not disclosed Evidence · text > 222 million tonnes of Inferred Mineral Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/cmg-annual-report-to-shareholders--bc8dd782-114c-4d2e-a467-fbdf6a51bd35#fact-resource-facts-2) #### Identity - Region: australia\_qld - Reported Region: Queensland - Ticker: CMG #### Resource scope - Resource basis: gross #### Prior Estimate - Resource Date: 2025-11-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This placement provided significant funding for the company's activities during a period of lower cash balance. - Positive factor: Secured funding for ongoing operations - Negative factor: Required due to lower cash balance than hoped for Evidence · text > 13,333,334 ordinary shares at $0.15 per share raising $2.0 million before costs #### 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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/cmg-annual-report-to-shareholders--bc8dd782-114c-4d2e-a467-fbdf6a51bd35#fact-resource-facts-3) #### Identity - Region: australia\_qld - Reported Region: Queensland - Ticker: CMG #### Resource scope - Resource basis: gross #### Prior Estimate - Resource Date: 2026-06-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This second placement secured additional capital, though at a lower share price, to support ongoing operations. - Positive factor: Secured additional funding - Negative factor: Lower issue price compared to previous placement - Negative factor: Required due to lower cash balance than hoped for Evidence · text > 15,596,652 ordinary shares at $0.0725 per share raising $1.3 million before costs #### 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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.