# CST: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142386 Publisher: asx Original announcement: 2026-09-22T08:49:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T09:04:58.447Z Atlas analysis updated: 2026-09-22T09:04:58.447Z - Company: CASTILE RESOURCES LTD - Ticker: CST - Exchange: ASX - Region: Northern Territory - Primary commodity: Gold - Secondary commodities: Copper, Bismuth, Cobalt, Magnetite, Silver, Lead, Zinc - Document categories: Resource update, Other - Extracted: 2026-09-22 09:04:59 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Castile Resources Ltd's annual report for the year ended June 2026 details a transformational year, marked by a 41% increase in the Rover 1 Mineral Resource and the release of a highly positive Scoping Study valuing the project at A$1.07 billion pre-tax NPV8. The company also successfully raised A$8.4 million and advanced pilot plant metallurgical testing, positioning Rover 1 for future development. While significant progress has been made, the Scoping Study's reliance on Inferred Resources for a portion of the mine plan and the need for further funding for development are noted as key considerations. Reasoning: The annual report highlights a substantial 41% increase in the Rover 1 Mineral Resource, underpinning a highly positive Scoping Study with a pre-tax NPV8 of A$1.07 billion. This significant resource growth and strong economic assessment, coupled with ongoing pilot plant testing and strategic infrastructure development, indicate strong progress towards project development. However, the reliance on Inferred Resources for a portion of the mine plan and the need for future funding introduce some risk. - Positive factor: Significant increase in Rover 1 Mineral Resource tonnage and contained metal - Positive factor: Strong economic viability confirmed by Scoping Study with high NPV8 and IRR - Positive factor: Pilot plant testing commenced to validate metallurgical recoveries - Positive factor: Strategic infrastructure development at Middle Arm Sustainable Development Precinct \(MASDP\) for downstream processing - Positive factor: Successful capital raise strengthening balance sheet - Negative factor: Approximately 30% of the mine plan in the Scoping Study is drawn from Inferred Mineral Resources, which carry lower geological confidence - Negative factor: Scoping Study is preliminary and insufficient to support Ore Reserve estimation - Negative factor: Future funding required for development, with no certainty of availability on non-dilutive terms Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 29 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Rover 1 Mineral Resource increased by 41% to 7.86 Mt compared to the prior estimate of 5.58 Mt. Evidence · text > The updated JORC 2012 Mineral Resource Estimate, announced 20 October 2025, increased contained tonnage by 41% to 7.86 Mt **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained bismuth increased by 51% and contained cobalt by 30% in the Rover 1 Mineral Resource update. Evidence · text > Contained bismuth totalled 8,900 t \(+51%\), cobalt 5,200 t \(+30%\) and magnetite 1.88 Mt \(+45%\) against the prior estimate \(below\). **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The Rover 1 Mineral Resource was updated at a 1.0 g/t AuEq cut-off, down from the prior 2.0 g/t AuEq cut-off. Evidence · text > at a revised 1.0 g/t AuEq cut-off \(down from the 2.0 g/t AuEq cut-off used in the 2024 annual estimate below\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Rover 1 Mineral Resource Estimate is stated to be JORC 2012 compliant. Evidence · text > The updated JORC 2012 Mineral Resource Estimate, announced 20 October 2025 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The annual Mineral Resource statement is based on information compiled by Mr Mark Savage, a Competent Person under JORC 2012, and the Ore Reserve statement by Mr Michael Poepjes, also a Competent Person. Evidence · text > This annual Mineral Resource statement is based on, and fairly represents, information compiled by Mr Mark Savage BSc \(Hons\) MAusIMM, a full-time employee of Castile Resources Limited who qualifies as a Competent Person under the 2012 JORC Code. This annual Ore Reserve statement is based on information compiled by Mr Michael Poepjes, MAusIMM, also a full-time employee of the Company and a qualifying Competent Person. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Approximately 30% of the mine plan modelled in the Scoping Study is drawn from Inferred Mineral Resources, which carry a lower level of geological confidence. Evidence · text > approximately 30% of the mine plan modelled in the Study is drawn from Inferred Mineral Resources, which carry a lower level of geological confidence than Indicated Mineral Resources **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Rover Project Ore Reserve was first announced in December 2022 and was not re-estimated during the year, making it over 3 years old by the report date. Evidence · text > The Rover Project Ore Reserve, first announced as part of the Rover 1 Preliminary Feasibility Study Outcomes on 5 December 2022, was not re-estimated during the year. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Rover 1 Scoping Study is the first formal economic assessment of the updated resource, establishing a baseline for future development. Evidence · text > the release of the 2026 Rover 1 Scoping Study, valuing Rover 1 at A$1.07 billion pre-tax NPV8 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Rover 1 Mineral Resource was materially upgraded during the year, representing a revised estimate for an existing resource. Evidence · text > The Rover 1 Mineral Resource was materially upgraded during the year. **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The Rover Project Ore Reserve was announced as part of the Rover 1 Preliminary Feasibility Study Outcomes. Evidence · text > The Rover Project Ore Reserve, first announced as part of the Rover 1 Preliminary Feasibility Study Outcomes on 5 December 2022 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The Bankable Feasibility Study \(BFS\) is progressing and is due for completion later in calendar 2026, which will incorporate final capital and operating cost estimates and completed Pilot Plant results. Evidence · text > The BFS itself, incorporating final capital and operating cost estimates and completed Pilot Plant results, remains on track for completion later in calendar 2026. ## Extracted facts Stored fact records: 29. Some facts used in scoring do not have a stored record. ## Resource Estimates (29) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-0) Rover 1 · gold Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:0599c9362e1520c8d9f5 #### Resource Data - Category: indicated - Tonnes: 5650000 - Grade: 1.38 - Grade Unit: g/t - Contained Metal: 251100 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 1.76 - Prior Contained Metal: 315200 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated gold resource for Rover 1 shows a substantial tonnage increase, contributing significantly to the project's economic viability as demonstrated by the Scoping Study. Although the grade is lower than the prior estimate, the overall contained metal and project economics are positive. - Positive factor: Significant tonnage increase \(41%\) compared to prior estimate - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower average gold grade compared to prior estimate Evidence · table > 1.38 Context: 5.65 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.38 against 1.76 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 251100 against 315200 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 251100 from 315200 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-1) Rover 1 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:0599c9362e1520c8d9f5 #### Resource Data - Category: indicated - Tonnes: 5650000 - Grade: 1.3 - Grade Unit: % - Contained Metal: 73200 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 1.49 - Prior Contained Metal: 83200 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated copper resource for Rover 1 shows a substantial tonnage increase, contributing significantly to the project's economic viability. While the grade and contained metal are lower than the prior estimate, the overall resource growth is positive. - Positive factor: Significant tonnage increase \(41%\) compared to prior estimate - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower average copper grade and contained metal compared to prior estimate Evidence · table > 1.30 Context: 5.65 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.3 against 1.49 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 73200 against 83200 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 73200 from 83200 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-2) Rover 1 · bismuth #### Identity - Project: Rover 1 - Commodity: bismuth - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:0599c9362e1520c8d9f5 #### Resource Data - Category: indicated - Tonnes: 5650000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 8900 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 0.11 - Prior Contained Metal: 5900 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated bismuth resource for Rover 1 shows a substantial increase in contained metal, significantly contributing to the project's economic viability and identified as a key new value stream in the Scoping Study. - Positive factor: Significant tonnage increase \(41%\) compared to prior estimate - Positive factor: Contained bismuth increased by 51% - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate Evidence · table > 0.11 Context: 5.65 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 8900 against 5900 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-3) Rover 1 · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: cobalt - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:0599c9362e1520c8d9f5 #### Resource Data - Category: indicated - Tonnes: 5650000 - Grade: 0.07 - Grade Unit: % - Contained Metal: 5200 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 0.07 - Prior Contained Metal: 4000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated cobalt resource for Rover 1 shows a substantial increase in contained metal, contributing positively to the project's diversified product portfolio and economic viability. - Positive factor: Significant tonnage increase \(41%\) compared to prior estimate - Positive factor: Contained cobalt increased by 30% - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate Evidence · table > 0.07 Context: 5.65 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 5200 against 4000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-4) Rover 1 · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: magnetite - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:0599c9362e1520c8d9f5 #### Resource Data - Category: indicated - Tonnes: 5650000 - Grade: 24.2 - Grade Unit: % - Contained Metal: 1880000 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 23.2 - Prior Contained Metal: 1295000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Indicated magnetite resource for Rover 1 shows a substantial increase in contained metal, adding to the project's diversified product portfolio and economic viability. - Positive factor: Significant tonnage increase \(41%\) compared to prior estimate - Positive factor: Contained magnetite increased by 45% - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate Evidence · table > 24.2 Context: 5.65 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1880000 against 1295000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-5) Rover 1 · gold Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:1b262d57bbf20b1b4250 #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 1.27 - Grade Unit: g/t - Contained Metal: 90200 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 1.76 - Prior Contained Metal: 315200 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred gold resource for Rover 1 contributes to the overall resource growth and project economics, but its lower confidence category and reduced grade compared to the prior estimate warrant caution. - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Lower average gold grade compared to prior estimate Evidence · table > 1.27 Context: 2.21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2210000 against 5580000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.27 against 1.76 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 90200 against 315200 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-6) Rover 1 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:1b262d57bbf20b1b4250 #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 24300 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 - Prior Tonnes: 5580000 - Prior Grade: 1.49 - Prior Contained Metal: 83200 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred copper resource for Rover 1 contributes to the overall resource, but its lower confidence category and reduced grade/contained metal compared to the prior estimate warrant caution. - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Lower average copper grade and contained metal compared to prior estimate Evidence · table > 1.10 Context: 2.21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2210000 against 5580000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.1 against 1.49 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 24300 against 83200 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-7) Rover 1 · bismuth #### Identity - Project: Rover 1 - Commodity: bismuth - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:1b262d57bbf20b1b4250 #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 0.12 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred bismuth resource for Rover 1 contributes to the overall resource and project economics, but its lower confidence category warrants caution. - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower geological confidence due to Inferred category Evidence · table > 0.12 Context: 2.21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-8) Rover 1 · cobalt #### Identity - Project: Rover 1 - Commodity: cobalt - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:1b262d57bbf20b1b4250 #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 0.06 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred cobalt resource for Rover 1 contributes to the overall resource and project economics, but its lower confidence category warrants caution. - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower geological confidence due to Inferred category Evidence · table > 0.06 Context: 2.21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-9) Rover 1 · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Rover 1 - Commodity: magnetite - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:1b262d57bbf20b1b4250 #### Resource Data - Category: inferred - Tonnes: 2210000 - Grade: 23.5 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-10-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Inferred magnetite resource for Rover 1 contributes to the overall resource and project economics, but its lower confidence category warrants caution. - Positive factor: Resource update directly underpins a strong Scoping Study NPV8 - Positive factor: QP/CP signed off on the estimate - Negative factor: Lower geological confidence due to Inferred category Evidence · table > 23.5 Context: 2.21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-10) Rover 4 · gold Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bab864eaaddd9a60ac87 #### Resource Data - Category: indicated - Tonnes: 50600 - Grade: 0.38 - Grade Unit: g/t - Contained Metal: 600 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small, low-grade Indicated gold resource that has been previously reported and not updated, indicating low novelty and materiality. - Negative factor: Low grade for gold - Negative factor: Small tonnage - Negative factor: Stale data re-released with no new information Evidence · table > 0.38 Context: 50.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-11) Rover 4 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bab864eaaddd9a60ac87 #### Resource Data - Category: indicated - Tonnes: 50600 - Grade: 1.9 - Grade Unit: % - Contained Metal: 1000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small Indicated copper resource with a moderate grade that has been previously reported and not updated, indicating low novelty and materiality. - Positive factor: Moderate copper grade - Negative factor: Small tonnage - Negative factor: Stale data re-released with no new information Evidence · table > 1.90 Context: 50.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-12) Rover 4 · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: cobalt - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bab864eaaddd9a60ac87 #### Resource Data - Category: indicated - Tonnes: 50600 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small, low-grade Indicated cobalt resource that has been previously reported and not updated, indicating low novelty and materiality. - Negative factor: Low grade for cobalt - Negative factor: Small tonnage - Negative factor: Stale data re-released with no new information Evidence · table > 0.03 Context: 50.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-13) Rover 4 · gold Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bd31998e21aa8a93f5f9 #### Resource Data - Category: inferred - Tonnes: 307600 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 5900 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small, low-grade Inferred gold resource that has been previously reported and not updated, indicating low novelty and materiality. - Negative factor: Low grade for gold - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 0.60 Context: 307.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-14) Rover 4 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bd31998e21aa8a93f5f9 #### Resource Data - Category: inferred - Tonnes: 307600 - Grade: 1.81 - Grade Unit: % - Contained Metal: 5600 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small Inferred copper resource with a moderate grade that has been previously reported and not updated, indicating low novelty and materiality. - Positive factor: Moderate copper grade - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 1.81 Context: 307.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-15) Rover 4 · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Rover 4 - Commodity: cobalt - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:bd31998e21aa8a93f5f9 #### Resource Data - Category: inferred - Tonnes: 307600 - Grade: 0.01 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: g/t AuEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small, low-grade Inferred cobalt resource that has been previously reported and not updated, indicating low novelty and materiality. - Negative factor: Low grade for cobalt - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 0.01 Context: 307.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-16) Explorer 108 · silver Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:314074ed1cfdce0aea37 #### Resource Data - Category: indicated - Tonnes: 8440000 - Grade: 14.32 - Grade Unit: g/t - Contained Metal: 3886000 - Contained Unit: oz - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Indicated silver resource with a low grade that has been previously reported and not updated, indicating low novelty. - Positive factor: Moderate tonnage for Indicated category - Negative factor: Low grade for silver - Negative factor: Stale data re-released with no new information Evidence · table > 14.32 Context: 8.44 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-17) Explorer 108 · lead Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:314074ed1cfdce0aea37 #### Resource Data - Category: indicated - Tonnes: 8440000 - Grade: 2.05 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Indicated lead resource with a low grade that has been previously reported and not updated, indicating low novelty. - Positive factor: Moderate tonnage for Indicated category - Negative factor: Low grade for lead - Negative factor: Stale data re-released with no new information Evidence · table > 2.05 Context: 8.44 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-18) Explorer 108 · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:314074ed1cfdce0aea37 #### Resource Data - Category: indicated - Tonnes: 8440000 - Grade: 3.41 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Indicated zinc resource with a low grade that has been previously reported and not updated, indicating low novelty. - Positive factor: Moderate tonnage for Indicated category - Negative factor: Low grade for zinc - Negative factor: Stale data re-released with no new information Evidence · table > 3.41 Context: 8.44 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-19) Explorer 108 · silver Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:28d2050a808c2b235ca8 #### Resource Data - Category: inferred - Tonnes: 3430000 - Grade: 3.32 - Grade Unit: g/t - Contained Metal: 365600 - Contained Unit: oz - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Inferred silver resource with a low grade that has been previously reported and not updated, indicating low novelty. - Negative factor: Low grade for silver - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 3.32 Context: 3.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-20) Explorer 108 · lead Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:28d2050a808c2b235ca8 #### Resource Data - Category: inferred - Tonnes: 3430000 - Grade: 1.88 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Inferred lead resource with a low grade that has been previously reported and not updated, indicating low novelty. - Negative factor: Low grade for lead - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 1.88 Context: 3.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-21) Explorer 108 · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:28d2050a808c2b235ca8 #### Resource Data - Category: inferred - Tonnes: 3430000 - Grade: 2.81 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Pb+Zn COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Inferred zinc resource with a low grade that has been previously reported and not updated, indicating low novelty. - Negative factor: Low grade for zinc - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 2.81 Context: 3.43 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-22) Explorer 108 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 108 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:6ee6bf3811949cb7a5ab #### Resource Data - Category: inferred - Tonnes: 5690000 - Grade: 0.36 - Grade Unit: % - Contained Metal: 20300 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a moderate tonnage Inferred copper resource with a low grade that has been previously reported and not updated, indicating low novelty. - Negative factor: Low grade for copper - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · text > an additional 5.69 Mt at 0.36% Cu, 20,300 t contained copper, is also reported at a 0.1% Cu cut-off #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-23) Explorer 142 · gold Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 142 - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:e3ddc4a2ea85f948bdbc #### Resource Data - Category: inferred - Tonnes: 175600 - Grade: 0.21 - Grade Unit: g/t - Contained Metal: 1200 - Contained Unit: oz - Cutoff Grade: 2.5 - Cutoff Unit: % Cu COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small, very low-grade Inferred gold resource that has been previously reported and not updated, indicating low novelty and materiality. - Negative factor: Very low grade for gold - Negative factor: Small tonnage - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 0.21 Context: 175.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-24) Explorer 142 · copper Historical result Needs review: historical\_restatement #### Identity - Project: Explorer 142 - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Savage - Resource group id: resource:e3ddc4a2ea85f948bdbc #### Resource Data - Category: inferred - Tonnes: 175600 - Grade: 5.21 - Grade Unit: % - Contained Metal: 9150 - Contained Unit: t - Cutoff Grade: 2.5 - Cutoff Unit: % Cu COG #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a small Inferred copper resource with a high grade that has been previously reported and not updated, indicating low novelty. - Positive factor: High grade for copper - Negative factor: Small tonnage - Negative factor: Lower geological confidence due to Inferred category - Negative factor: Stale data re-released with no new information Evidence · table > 5.21 Context: 175.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-25) Rover Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Rover Project - Commodity: gold - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Poepjes - Resource group id: resource:83849e9e10ce42833452 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 2.02 - Grade Unit: g/t - Contained Metal: 201800 - Contained Unit: oz #### Prior Estimate - Resource Date: 2022-12-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Probable Ore Reserve for gold, while representing a high confidence category, is historical and has not been updated, indicating low novelty. - Positive factor: Moderate tonnage and grade for a Probable Reserve - Negative factor: Stale data re-released with no new information - Negative factor: Not re-estimated during the year Evidence · table > 2.02 Context: 3.11 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-26) Rover Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Rover Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Poepjes - Resource group id: resource:83849e9e10ce42833452 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 1.52 - Grade Unit: % - Contained Metal: 47400 - Contained Unit: t #### Prior Estimate - Resource Date: 2022-12-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Probable Ore Reserve for copper, while representing a high confidence category, is historical and has not been updated, indicating low novelty. - Positive factor: Moderate tonnage and grade for a Probable Reserve - Negative factor: Stale data re-released with no new information - Negative factor: Not re-estimated during the year Evidence · table > 1.52 Context: 3.11 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-27) Rover Project · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Rover Project - Commodity: cobalt - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Poepjes - Resource group id: resource:83849e9e10ce42833452 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2022-12-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Probable Ore Reserve for cobalt, while representing a high confidence category, is historical and has not been updated, indicating low novelty. - Positive factor: Moderate tonnage for a Probable Reserve - Negative factor: Stale data re-released with no new information - Negative factor: Not re-estimated during the year Evidence · table > 0.07 Context: 3.11 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cst-annual-report-to-shareholders--a4ee9e21-e4ba-4603-bf71-469c9aadb9b4#fact-resource-facts-28) Rover Project · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Rover Project - Commodity: magnetite - Region: australia\_nt - Reported Region: Northern Territory - Ticker: CST #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Poepjes - Resource group id: resource:83849e9e10ce42833452 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 22.92 - Grade Unit: % #### Prior Estimate - Resource Date: 2022-12-05 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This Probable Ore Reserve for magnetite, while representing a high confidence category, is historical and has not been updated, indicating low novelty. - Positive factor: Moderate tonnage for a Probable Reserve - Negative factor: Stale data re-released with no new information - Negative factor: Not re-estimated during the year Evidence · table > 22.92 Context: 3.11 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.8 years before this release ## 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.