# CNJ: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146082

Publisher: asx

Original announcement: 2026-09-30T02:08:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T03:09:40.061Z

Atlas analysis updated: 2026-09-30T03:09:40.061Z

- Company: Conico Ltd

- Ticker: CNJ

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Cobalt

- Secondary commodities: Nickel, Manganese, Scandium, Copper, Platinum, Gold, Lead, Zinc, Rare earth elements

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

- Extracted: 2026-09-30 03:09:40 UTC

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas summary

Conico Ltd's annual report for the year ended June 30, 2026, details a successful recapitalisation that has left the company debt-free and funded for near-term exploration. Despite reporting a significant net loss of $13.87 million, the company plans to conduct drilling at its Mt Thirsty Project in Western Australia to integrate scandium into the existing cobalt-nickel-manganese JORC Resource, building on promising historical intercepts. Additionally, new licence applications for rare earth elements and gold-PGE projects were lodged in East Greenland, although existing Greenland assets faced impairment due to a lack of field activities during the year.

Reasoning: The company successfully completed a recapitalisation, resolving legacy liabilities and securing funding for future exploration, particularly for scandium at Mt Thirsty and new projects in Greenland. However, a substantial net loss and impairment of Greenland assets temper the positive outlook, and reported drill results are historical.

- Positive factor: Recapitalisation completed, company debt-free and funded for near-term exploration.

- Positive factor: Planned drilling at Mt Thirsty to incorporate scandium into Mineral Resource.

- Positive factor: New licence applications lodged in Greenland for REE and Au-PGE.

- Negative factor: Significant net loss of $13.87 million for the year.

- Negative factor: Greenland exploration and evaluation assets impaired due to inactivity.

- Negative factor: No field activities undertaken at Greenland projects during the year.

- Negative factor: Drill results reported are historical \(2023\), not new assays.

- Negative factor: Mt Thirsty JORC Resource category not specified \(Measured, Indicated, Inferred\).

Facts used in scoring: 31

## Classification and evidence

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The JORC Resource estimate has an effective date of April 26, 2023, making it over two years old by the report date of September 30, 2026.

Evidence · text

> JORC Resource of 66.2 million tonnes ... \(see ASX Announcement: CNJ 26/4/2023\)

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: The document does not explicitly name a Qualified Person or Competent Person responsible for the JORC Resource estimate.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: The cut-off grade used for the JORC Resource estimate is not disclosed in the document.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The JORC Resource estimate does not specify the resource category \(Measured, Indicated, or Inferred\), implying a lower confidence level.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

**Stale Data Re-release**

Polarity: negative

Story-specific tag

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The drill intercepts reported are from Phase 1 drilling in 2022 and were previously announced on January 23, 2023, making them historical data.

Evidence · text

> Key drill intercepts confirming scandium mineralisation \(CNJ ASX announcement 23 January 2023\) include:

**Apparent Width Only**

Polarity: negative

Story-specific tag

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

Why it applies: The reported drill intercepts are given as downhole lengths without any mention of true width or drill orientation.

Evidence · text

> MTRC011DA: 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9 g/t Sc from 45m

**Capital Raise**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The company completed a comprehensive recapitalisation, raising new equity and settling liabilities.

Evidence · text

> During the year the Company completed a comprehensive recapitalisation and corporate restructure. It raised $2.9 million \(before costs\) in new equity and issued shares to settle a further $1.625 million of liabilities.

**Debt Restructuring**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The recapitalisation involved settling converting loans and other liabilities by issuing shares, making the company debt-free.

Evidence · text

> The recapitalisation resolved the Company's legacy legal and financial obligations and leaves it debt free and funded to progress its near-term exploration objectives.

## Extracted facts

Stored fact records: 21. Some facts used in scoring do not have a stored record.

## Drill Results (18)

### MTRC011DA

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-3)

Mt Thirsty · cobalt

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC011DA
- Project: Mt Thirsty
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.45
- Grade Unit: %
- Intercept: 15 m
- From: 45 m
- To: 60 m
- Intercept Depth: 45 m

#### Classification

- Sample Type: drill
- Group ID: MTRC011DA:45-60

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high grades for multiple commodities, particularly scandium, supporting the project's potential, but it is not new information.

- Positive factor: High grades for cobalt, nickel, manganese, and scandium.

- Positive factor: Scandium grades are significant.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC011DA: 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9 g/t Sc from 45m \(upper zone\)

#### 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

### MTRC011DA

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-4)

Mt Thirsty · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC011DA
- Project: Mt Thirsty
- Commodity: nickel
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.91
- Grade Unit: %
- Intercept: 15 m
- From: 45 m
- To: 60 m
- Intercept Depth: 45 m

#### Classification

- Sample Type: drill
- Group ID: MTRC011DA:45-60

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high grades for multiple commodities, particularly scandium, supporting the project's potential, but it is not new information.

- Positive factor: High grades for cobalt, nickel, manganese, and scandium.

- Positive factor: Scandium grades are significant.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC011DA: 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9 g/t Sc from 45m \(upper zone\)

#### 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

### MTRC011DA

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-5)

Mt Thirsty · manganese

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC011DA
- Project: Mt Thirsty
- Commodity: manganese
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 5.42
- Grade Unit: %
- Intercept: 15 m
- From: 45 m
- To: 60 m
- Intercept Depth: 45 m

#### Classification

- Sample Type: drill
- Group ID: MTRC011DA:45-60

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high grades for multiple commodities, particularly scandium, supporting the project's potential, but it is not new information.

- Positive factor: High grades for cobalt, nickel, manganese, and scandium.

- Positive factor: Scandium grades are significant.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC011DA: 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9 g/t Sc from 45m \(upper zone\)

#### 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

### MTRC011DA

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-6)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC011DA
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 40.9
- Grade Unit: g/t
- Intercept: 15 m
- From: 45 m
- To: 60 m
- Intercept Depth: 45 m

#### Classification

- Sample Type: drill
- Group ID: MTRC011DA:45-60

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high grades for multiple commodities, particularly scandium, supporting the project's potential, but it is not new information.

- Positive factor: High grades for cobalt, nickel, manganese, and scandium.

- Positive factor: Scandium grades are significant.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC011DA: 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9 g/t Sc from 45m \(upper zone\)

#### 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

### MTRC005D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-7)

Mt Thirsty · cobalt

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC005D
- Project: Mt Thirsty
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.08
- Grade Unit: %
- Intercept: 48 m
- From: 2 m
- To: 50 m
- Intercept Depth: 2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC005D:2-50

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC005D: 48.0m @ 0.08% Co, 0.44% Ni, 0.13% Mn and 47.6 g/t Sc from 2m, including 6m @ 57.4 g/t Sc from 5m \(near-surface upper zone\)

#### 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

### MTRC005D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-8)

Mt Thirsty · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC005D
- Project: Mt Thirsty
- Commodity: nickel
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.44
- Grade Unit: %
- Intercept: 48 m
- From: 2 m
- To: 50 m
- Intercept Depth: 2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC005D:2-50

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC005D: 48.0m @ 0.08% Co, 0.44% Ni, 0.13% Mn and 47.6 g/t Sc from 2m, including 6m @ 57.4 g/t Sc from 5m \(near-surface upper zone\)

#### 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

### MTRC005D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-9)

Mt Thirsty · manganese

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC005D
- Project: Mt Thirsty
- Commodity: manganese
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.13
- Grade Unit: %
- Intercept: 48 m
- From: 2 m
- To: 50 m
- Intercept Depth: 2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC005D:2-50

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC005D: 48.0m @ 0.08% Co, 0.44% Ni, 0.13% Mn and 47.6 g/t Sc from 2m, including 6m @ 57.4 g/t Sc from 5m \(near-surface upper zone\)

#### 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

### MTRC005D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-10)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC005D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 47.6
- Grade Unit: g/t
- Intercept: 48 m
- From: 2 m
- To: 50 m
- Intercept Depth: 2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC005D:2-50

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC005D: 48.0m @ 0.08% Co, 0.44% Ni, 0.13% Mn and 47.6 g/t Sc from 2m, including 6m @ 57.4 g/t Sc from 5m \(near-surface upper zone\)

#### 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

### MTRC005D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-11)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC005D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 57.4
- Grade Unit: g/t
- Intercept: 6 m
- From: 5 m
- To: 11 m
- Intercept Depth: 2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC005D:5-11

#### Location

- Location: Upper Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical sub-interval shows an exceptionally high scandium grade, highlighting a high-grade core within the broader mineralization, but it is not new information.

- Positive factor: Very high scandium grade within a broader intercept.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> including 6m @ 57.4 g/t Sc from 5m \(near-surface upper zone\)

#### 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

### MTRC006D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-12)

Mt Thirsty · cobalt

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC006D
- Project: Mt Thirsty
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.05
- Grade Unit: %
- Intercept: 70 m
- From: 3 m
- To: 73 m
- Intercept Depth: 3 m

#### Classification

- Sample Type: drill
- Group ID: MTRC006D:3-73

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC006D: 70m @ 0.05% Co, 0.45% Ni, 0.47% Mn and 36.3 g/t Sc from 3m, including 26m @ 28.2 g/t Sc from 47m

#### 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

### MTRC006D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-13)

Mt Thirsty · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC006D
- Project: Mt Thirsty
- Commodity: nickel
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.45
- Grade Unit: %
- Intercept: 70 m
- From: 3 m
- To: 73 m
- Intercept Depth: 3 m

#### Classification

- Sample Type: drill
- Group ID: MTRC006D:3-73

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC006D: 70m @ 0.05% Co, 0.45% Ni, 0.47% Mn and 36.3 g/t Sc from 3m, including 26m @ 28.2 g/t Sc from 47m

#### 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

### MTRC006D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-14)

Mt Thirsty · manganese

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC006D
- Project: Mt Thirsty
- Commodity: manganese
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.47
- Grade Unit: %
- Intercept: 70 m
- From: 3 m
- To: 73 m
- Intercept Depth: 3 m

#### Classification

- Sample Type: drill
- Group ID: MTRC006D:3-73

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC006D: 70m @ 0.05% Co, 0.45% Ni, 0.47% Mn and 36.3 g/t Sc from 3m, including 26m @ 28.2 g/t Sc from 47m

#### 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

### MTRC006D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-15)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC006D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 36.3
- Grade Unit: g/t
- Intercept: 70 m
- From: 3 m
- To: 73 m
- Intercept Depth: 3 m

#### Classification

- Sample Type: drill
- Group ID: MTRC006D:3-73

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical near-surface intercept shows good scandium grades over a significant width, indicating potential, but it is not new information.

- Positive factor: Significant intercept length with good scandium grades.

- Positive factor: Near-surface mineralization.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC006D: 70m @ 0.05% Co, 0.45% Ni, 0.47% Mn and 36.3 g/t Sc from 3m, including 26m @ 28.2 g/t Sc from 47m

#### 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

### MTRC006D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-16)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC006D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 28.2
- Grade Unit: g/t
- Intercept: 26 m
- From: 47 m
- To: 73 m
- Intercept Depth: 3 m

#### Classification

- Sample Type: drill
- Group ID: MTRC006D:47-73

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical sub-interval shows a good scandium grade within the broader mineralization, but it is not new information.

- Positive factor: Good scandium grade within a broader intercept.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> including 26m @ 28.2 g/t Sc from 47m

#### 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

### MTRC009D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-17)

Mt Thirsty · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC009D
- Project: Mt Thirsty
- Commodity: nickel
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.28
- Grade Unit: %
- Intercept: 21.8 m
- From: 268.2 m
- To: 290 m
- Intercept Depth: 268.2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC009D:268.2-290

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high scandium and good nickel grades at a deeper level, indicating potential for a lower zone, but it is not new information.

- Positive factor: High scandium grade at depth.

- Positive factor: Good nickel grade.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC009D: 21.8m @ 0.28% Ni and 49.8 g/t Sc from 268.2m \(lower zone\)

#### 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

### MTRC009D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-18)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC009D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 49.8
- Grade Unit: g/t
- Intercept: 21.8 m
- From: 268.2 m
- To: 290 m
- Intercept Depth: 268.2 m

#### Classification

- Sample Type: drill
- Group ID: MTRC009D:268.2-290

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows high scandium and good nickel grades at a deeper level, indicating potential for a lower zone, but it is not new information.

- Positive factor: High scandium grade at depth.

- Positive factor: Good nickel grade.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC009D: 21.8m @ 0.28% Ni and 49.8 g/t Sc from 268.2m \(lower zone\)

#### 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

### MTRC007D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-19)

Mt Thirsty · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC007D
- Project: Mt Thirsty
- Commodity: nickel
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 0.26
- Grade Unit: %
- Intercept: 33.5 m
- From: 237.5 m
- To: 271 m
- Intercept Depth: 237.5 m

#### Classification

- Sample Type: drill
- Group ID: MTRC007D:237.5-271

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows good scandium and nickel grades over a significant width at depth, indicating potential for a lower zone, but it is not new information.

- Positive factor: Good scandium and nickel grades at depth.

- Positive factor: Significant intercept length.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC007D: 33.5m @ 0.26% Ni and 35.8 g/t Sc from 237.5m \(lower zone\)

#### 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

### MTRC007D

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-drill-facts-20)

Mt Thirsty · scandium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: MTRC007D
- Project: Mt Thirsty
- Commodity: scandium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: CNJ

#### Geometry

- Grade: 35.8
- Grade Unit: g/t
- Intercept: 33.5 m
- From: 237.5 m
- To: 271 m
- Intercept Depth: 237.5 m

#### Classification

- Sample Type: drill
- Group ID: MTRC007D:237.5-271

#### Location

- Location: Lower Zone
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-01-23T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows good scandium and nickel grades over a significant width at depth, indicating potential for a lower zone, but it is not new information.

- Positive factor: Good scandium and nickel grades at depth.

- Positive factor: Significant intercept length.

- Negative factor: Results are historical, from 2023, reducing novelty.

Evidence · text

> MTRC007D: 33.5m @ 0.26% Ni and 35.8 g/t Sc from 237.5m \(lower zone\)

#### 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

## Resource Estimates (3)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-resource-facts-0)

Mt Thirsty Project · cobalt

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mt Thirsty Project
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: CNJ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:190b4019391cbb5932ae

#### Resource Data

- Tonnes: 66200000
- Grade: 0.06
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2023-04-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-04-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a historical resource estimate from 2023, and the specific resource category \(Measured, Indicated, Inferred\) is not disclosed, which limits its current utility and confidence.

- Negative factor: Resource category \(Measured, Indicated, Inferred\) not specified, limiting confidence.

- Negative factor: Estimate is historical, from 2023, reducing novelty.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

#### 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

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**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

**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 3.4 years before this release

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-resource-facts-1)

Mt Thirsty Project · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mt Thirsty Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: CNJ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:190b4019391cbb5932ae

#### Resource Data

- Tonnes: 66200000
- Grade: 0.43
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2023-04-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-04-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a historical resource estimate from 2023, and the specific resource category \(Measured, Indicated, Inferred\) is not disclosed, which limits its current utility and confidence.

- Negative factor: Resource category \(Measured, Indicated, Inferred\) not specified, limiting confidence.

- Negative factor: Estimate is historical, from 2023, reducing novelty.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

#### 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

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**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

**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 3.4 years before this release

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/cnj-annual-report-to-shareholders--1bd78fa7-6b74-4358-9a31-49bb98971f89#fact-resource-facts-2)

Mt Thirsty Project · manganese

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mt Thirsty Project
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: CNJ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- Resource group id: resource:190b4019391cbb5932ae

#### Resource Data

- Tonnes: 66200000
- Grade: 0.45
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2023-04-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-04-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a historical resource estimate from 2023, and the specific resource category \(Measured, Indicated, Inferred\) is not disclosed, which limits its current utility and confidence.

- Negative factor: Resource category \(Measured, Indicated, Inferred\) not specified, limiting confidence.

- Negative factor: Estimate is historical, from 2023, reducing novelty.

Evidence · text

> JORC Resource of 66.2 million tonnes @ 0.06% cobalt, 0.43% nickel and 0.45% manganese \(see ASX Announcement: CNJ 26/4/2023\)

#### 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

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**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

**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 3.4 years before this 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.