# CML: Annual Report to Shareholders & Full Year Statutory Accounts Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142842 Publisher: asx Original announcement: 2026-09-23T05:38:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T06:11:12.962Z Atlas analysis updated: 2026-09-23T06:11:12.962Z - Company: CONNECTED MINERALS LIMITED - Ticker: CML - Exchange: ASX - Region: Angola - Primary commodity: Niobium - Secondary commodities: Rare earth elements, Uranium, Gallium, Phosphates, Heavy mineral sands, Lead, Copper, Gold, Silver - Document categories: Drill results, Agreement transaction, Other - Extracted: 2026-09-23 06:11:14 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Connected Minerals Limited's annual report for 2026 highlights a significant strategic transformation with the acquisition of an 80% interest in the Bailundo Carbonatite Project in Angola, focusing on niobium and rare earth elements. The company completed a A$4.5 million capital raise to fund initial drilling at Bailundo, which is designed to establish continuity, geometry, and grade for a maiden JORC Mineral Resource Estimate. Concurrently, the company impaired the carrying value of its Namibian uranium and Western Australian exploration assets, reflecting a shift in exploration priorities, despite reporting significant uranium grades from its Phase 2 drilling at Etango North-East in Namibia. Reasoning: The company has undergone a significant strategic transformation by acquiring the Bailundo Carbonatite Project, which is prospective for critical minerals like niobium and rare earth elements, and has secured funding for its initial drilling program, while impairing its previous core assets. - Positive factor: Acquisition of a new flagship project \(Bailundo\) with critical minerals \(niobium, REE\). - Positive factor: Commencement of a significant drilling program at Bailundo aimed at a maiden JORC MRE. - Positive factor: Successful capital raise to fund the new project. - Positive factor: QP/CP sign-off on the overall report. - Negative factor: Impairment of Namibian uranium and Western Australian exploration assets. - Negative factor: Drill results for uranium are historical and re-reported. - Negative factor: Lack of specific QA/QC disclosure for the drill results in this document. - Negative factor: Metal equivalent assumptions for uranium are not disclosed. - Negative factor: Cut-off grades for uranium intercepts are not disclosed. - Negative factor: Independent Expert concluded the acquisition was "not fair but reasonable" to non-associated shareholders. Facts used in scoring: 28 ## Classification and evidence **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Warrick Clent, a member of The Australasian Institute of Mining and Metallurgy, is stated as a Competent Person for the Exploration Results and proposed activities, and consents to the inclusion of this information in the Annual Report. Evidence · text > Mr Warrick Clent \(B.Sc \(Geol\), member of The Australasian Institute of Mining and Metallurgy\), a Director of Connected Minerals Limited. Mr Clent, has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Clent consents to the inclusion in this Annual Report of the matters based on this information in the form and context in which it appears. **JORC Compliant** Polarity: neutral Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The company states its objective to work towards a maiden JORC Mineral Resource Estimate for the Bailundo Project. Evidence · text > provide the data required to work towards a maiden JORC Mineral Resource Estimate, planned to be published mid next year. **Maiden Resource** Polarity: neutral Story-specific tag Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The company is working towards a maiden JORC Mineral Resource Estimate for the Bailundo Project. Evidence · text > provide the data required to work towards a maiden JORC Mineral Resource Estimate, planned to be published mid next year. **Resource Update** Polarity: neutral Story-specific tag Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document is an Annual Report, which serves as a comprehensive update on the company's activities and strategic direction. Evidence · text > The 2026 financial year was a transformational period for the Company. **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results for the Etango North-East Uranium Project are from Phase 1 \(completed May 2025\) and Phase 2 \(announced October 2025\), which are historical results being re-reported in the 2026 Annual Report. Evidence · text > Phase 1 \(recap\) - The maiden 15-hole, 2,688 m reverse circulation \(“RC”\) drilling programme at Ondapanda was completed in May 2025, with 14 of the 15 holes delivering significant equivalent triuranium octoxide \(“eU₃O₈”\) grades. Phase 1 highlights included OPRC0008 \(5 m @ 358 ppm eU₃O₈ from 88 m, including 1 m @ 814 ppm eU₃O₈ from 89 m\), OPRC0006 \(3 m @ 312 ppm eU₃O₈ from 68 m\) and OPRC0015 \(3 m @ 249 ppm eU₃O₈ from 129 m\). **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document does not explicitly disclose QA/QC procedures \(e.g., certified lab, blanks, standards, duplicates\) for the reported drill results. Evidence · text > Phase 1 \(recap\) - The maiden 15-hole, 2,688 m reverse circulation \(“RC”\) drilling programme at Ondapanda was completed in May 2025, with 14 of the 15 holes delivering significant equivalent triuranium octoxide \(“eU₃O₈”\) grades. **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: Uranium grades are reported as equivalent triuranium octoxide \(eU₃O₈\) without disclosing the assumptions used for the equivalency calculation. Evidence · text > significant equivalent triuranium octoxide \(“eU₃O₈”\) grades. **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 state the cut-off grade used for reporting the uranium drill intercepts. Evidence · text > OPRC0008 \(5 m @ 358 ppm eU₃O₈ from 88 m, including 1 m @ 814 ppm eU₃O₈ from 89 m\) **Asset Impairment** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company impaired the carrying value of its Namibian exploration assets and wrote off capitalised exploration expenditure for its WA Projects due to a shift in exploration priorities and uncertainty regarding recoupment. Evidence · text > The Board determined to impair the carrying value of the Namibian exploration assets at 30 June 2026. This accounting treatment reflects the Company's current exploration priorities towards Bailundo. **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Shareholders approved an A$4.5 million capital raising to fund the advancement of the Bailundo Project. Evidence · text > shareholders overwhelmingly supported the acquisition of Frontier and the associated A$4.5 million capital raising. **Acquisition** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company acquired 100% of Frontier Group CRM Pty Ltd, gaining an indirect 80% interest in the Bailundo Carbonatite Project in Angola. Evidence · text > the Company's decision to acquire 100% of Frontier Group CRM Pty Ltd and, through that transaction, an indirect 80% interest in the Bailundo Carbonatite Project in Angola. ## Extracted facts Stored fact records: 28. Some facts used in scoring do not have a stored record. ## Drill Results (28) ### OPRC0008 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-0) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0008 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 358 - Grade Unit: ppm eU₃O₈ - Intercept: 5 m - From: 88 m - To: 93 m - Intercept Depth: 88 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0008:88-93 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 358 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-05-01T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > OPRC0008 \(5 m @ 358 ppm eU₃O₈ from 88 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0008 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-1) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0008 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 814 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 89 m - To: 90 m - Intercept Depth: 88 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0008:89-90 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 814 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-05-01T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 1 m @ 814 ppm eU₃O₈ from 89 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0006 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-2) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0006 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 312 - Grade Unit: ppm eU₃O₈ - Intercept: 3 m - From: 68 m - To: 71 m - Intercept Depth: 68 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0006:68-71 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 312 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-05-01T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > OPRC0006 \(3 m @ 312 ppm eU₃O₈ from 68 m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0015 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-3) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0015 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 249 - Grade Unit: ppm eU₃O₈ - Intercept: 3 m - From: 129 m - To: 132 m - Intercept Depth: 129 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0015:129-132 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 249 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-05-01T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > OPRC0015 \(3 m @ 249 ppm eU₃O₈ from 129 m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0020 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-4) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0020 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 265 - Grade Unit: ppm eU₃O₈ - Intercept: 3 m - From: 34 m - To: 37 m - Intercept Depth: 34 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0020:34-37 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 265 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 3 m @ 265 ppm eU₃O₈ from 34 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0020 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-5) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0020 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 435 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 34 m - To: 35 m - Intercept Depth: 34 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0020:34-35 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 435 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 1 m @ 435 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0020 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-6) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0020 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 295 - Grade Unit: ppm eU₃O₈ - Intercept: 6 m - From: 42 m - To: 48 m - Intercept Depth: 34 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0020:42-48 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 295 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 6 m @ 295 ppm eU₃O₈ from 42 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0020 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-7) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0020 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 485 - Grade Unit: ppm eU₃O₈ - Intercept: 2 m - From: 45 m - To: 47 m - Intercept Depth: 34 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0020:45-47 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 485 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 2 m @ 485 ppm eU₃O₈ from 45m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0024 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-8) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0024 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 467 - Grade Unit: ppm eU₃O₈ - Intercept: 2 m - From: 14 m - To: 16 m - Intercept Depth: 14 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0024:14-16 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 467 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 2 m @ 467 ppm eU₃O₈ from 14 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0024 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-9) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0024 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 635 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 14 m - To: 15 m - Intercept Depth: 14 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0024:14-15 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 635 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 1 m @ 635 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0024 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-10) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0024 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 190 - Grade Unit: ppm eU₃O₈ - Intercept: 12 m - From: 141 m - To: 153 m - Intercept Depth: 14 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0024:141-153 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 190 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 12 m @ 190 ppm eU₃O₈ from 141 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0024 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-11) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0024 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 302 - Grade Unit: ppm eU₃O₈ - Intercept: 4 m - From: 141 m - To: 145 m - Intercept Depth: 14 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0024:141-145 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 302 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 4 m @ 302 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0035 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-12) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0035 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 456 - Grade Unit: ppm eU₃O₈ - Intercept: 4 m - From: 36 m - To: 40 m - Intercept Depth: 36 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0035:36-40 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 456 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 4 m @ 456 ppm eU₃O₈ from 36 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0035 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-13) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0035 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 716 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 36 m - To: 37 m - Intercept Depth: 36 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0035:36-37 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 716 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 1 m @ 716 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0016 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-14) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0016 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 199 - Grade Unit: ppm eU₃O₈ - Intercept: 8 m - From: 66 m - To: 74 m - Intercept Depth: 66 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0016:66-74 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 199 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 8 m @ 199 ppm eU₃O₈ from 66 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0016 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-15) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0016 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 300 - Grade Unit: ppm eU₃O₈ - Intercept: 4 m - From: 66 m - To: 70 m - Intercept Depth: 66 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0016:66-70 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 300 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 4 m @ 300 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0016 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-16) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0016 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 446 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 66 m - To: 67 m - Intercept Depth: 66 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0016:66-67 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 446 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > and 1m @ 446 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0017 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-17) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0017 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 249 - Grade Unit: ppm eU₃O₈ - Intercept: 5 m - From: 33 m - To: 38 m - Intercept Depth: 33 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0017:33-38 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 249 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 5 m @ 249 ppm eU₃O₈ from 33 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0017 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-18) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0017 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 479 - Grade Unit: ppm eU₃O₈ - Intercept: 1 m - From: 33 m - To: 34 m - Intercept Depth: 33 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0017:33-34 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 479 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a higher-grade historical uranium sub-interval, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including 1 m @ 479 ppm eU₃O₈ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### OPRC0038 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-19) Etango North-East · uranium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OPRC0038 - Project: Etango North-East - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: CML #### Geometry - Grade: 209 - Grade Unit: ppm eU₃O₈ - Intercept: 18 m - From: 1 m - To: 19 m - Intercept Depth: 1 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: OPRC0038:1-19 - Mining Method: open\_pit #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 209 - Metal Eq. Unit: ppm eU₃O₈ - Assumptions Disclosed: No #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical uranium intercept from a previous drilling program, re-reported in the annual report without new information or specific QA/QC disclosure. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > 18 m @ 209 ppm eU₃O₈ from 1 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-20) Bailundo Carbonatite Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: niobium - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 2.1 - Grade Unit: % Nb₂O₅ - Intercept: 2.1 m #### Classification - Deposit Type: other - Sample Type: channel #### QA/QC - QA/QC Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade niobium channel sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade channel sample for niobium. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 2.1% Nb₂O₅ \(average of all samples 1.2% Nb₂O₅\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-21) Bailundo Carbonatite Project · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: rare earth elements - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 7.7 - Grade Unit: % TREO - Intercept: 2.1 m #### Classification - Deposit Type: other - Sample Type: channel #### QA/QC - QA/QC Disclosed: No #### Metal Equivalent - Metal Eq. Grade: 7.7 - Metal Eq. Unit: % TREO - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade rare earth element channel sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade channel sample for rare earth elements. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 7.7% TREO \(including up to 1.3% NdPr\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 23 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-22) Bailundo Carbonatite Project · neodymium-praseodymium Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: neodymium-praseodymium - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 1.3 - Grade Unit: % NdPr - Intercept: 2.1 m #### Classification - Deposit Type: other - Sample Type: channel #### QA/QC - QA/QC Disclosed: No #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: % NdPr - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade neodymium-praseodymium channel sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade channel sample for neodymium-praseodymium. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including up to 1.3% NdPr #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 24 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-23) Bailundo Carbonatite Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: niobium - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 1.9 - Grade Unit: % Nb₂O₅ #### Classification - Deposit Type: other - Sample Type: surface #### QA/QC - QA/QC Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade niobium soil sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade soil sample for niobium. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 1.9% Nb₂O₅ \(average of all samples 1.3% Nb₂O₅\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 25 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-24) Bailundo Carbonatite Project · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: rare earth elements - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 2.8 - Grade Unit: % TREO #### Classification - Deposit Type: other - Sample Type: surface #### QA/QC - QA/QC Disclosed: No #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % TREO - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade rare earth element soil sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade soil sample for rare earth elements. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 2.8% TREO \(including up to 0.6% NdPr\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 26 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-25) Bailundo Carbonatite Project · neodymium-praseodymium Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: neodymium-praseodymium - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 0.6 - Grade Unit: % NdPr #### Classification - Deposit Type: other - Sample Type: surface #### QA/QC - QA/QC Disclosed: No #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: % NdPr - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade neodymium-praseodymium soil sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade soil sample for neodymium-praseodymium. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > including up to 0.6% NdPr #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 27 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-26) Bailundo Carbonatite Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: niobium - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 1 - Grade Unit: % Nb₂O₅ #### Classification - Deposit Type: other - Sample Type: surface #### QA/QC - QA/QC Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade niobium rock chip sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade rock chip sample for niobium. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 1.0% Nb₂O₅ #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 28 [Link to this fact](https://atlas-staging.minestarters.com/news/cml-annual-report-to-shareholders-full-year-statutory-accounts--6e25da33-ed4e-40f1-8acc-b575fb3364bb#fact-drill-facts-27) Bailundo Carbonatite Project · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: Bailundo Carbonatite Project - Commodity: rare earth elements - Region: angola - Reported Region: Angola - Ticker: CML #### Geometry - Grade: 1.7 - Grade Unit: % TREO #### Classification - Deposit Type: other - Sample Type: surface #### QA/QC - QA/QC Disclosed: No #### Metal Equivalent - Metal Eq. Grade: 1.7 - Metal Eq. Unit: % TREO - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-04T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a historical high-grade rare earth element rock chip sample from the validation program, re-reported in the annual report without new information or specific QA/QC disclosure. - Positive factor: High-grade rock chip sample for rare earth elements. - Negative factor: Result is historical and re-reported. - Negative factor: No specific QA/QC disclosure for this result. - Negative factor: Metal equivalent assumptions are not disclosed. - Negative factor: Cut-off grade is not disclosed. Evidence · text > up to 1.7% TREO #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## 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.