# CTO: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146487 Publisher: asx Original announcement: 2026-09-30T06:58:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:13:34.670Z Atlas analysis updated: 2026-09-30T07:13:34.670Z - Company: Citigold Corporation Limited - Ticker: CTO - Exchange: ASX - Region: Queensland, Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Agreement transaction, Capital raise - Extracted: 2026-09-30 07:13:35 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary Citigold Corporation Limited's 2026 Annual Report highlights its focus on restarting the Charters Towers Gold Project in Queensland, Australia, which hosts a significant historical gold resource. The company reported an Inferred Mineral Resource of 32 Mt at 14 g/t Au for 14 Moz gold and Probable Ore Reserves of 2.5 Mt at 7.7 g/t Au for 620 koz gold, both based on a 2020 JORC-compliant estimate that remained unchanged during the year. Post-year-end, Citigold secured a A$4.5 million share placement, improving its liquidity and repaying a secured loan, and entered a joint venture with Native Mineral Resources Holdings Limited for the Stockholm area to advance exploration. Reasoning: The annual report highlights a substantial historical gold resource and strategic steps taken post-year-end, such as a capital raise and a joint venture, which are positive for project advancement and financial stability. However, the resource figures are stale, and the project remains in care and maintenance, awaiting significant funding for restart. - Positive factor: Large historical gold resource provides significant project potential. - Positive factor: Completion of a share placement improved the company's liquidity and reduced debt. - Positive factor: Execution of a joint venture agreement provides a pathway for advancing exploration on a project area. - Positive factor: The company is actively working towards restarting a world-class gold mine. - Negative factor: The mineral resource and ore reserve estimates are historical \(2020\) and have not been updated, indicating no new geological data. - Negative factor: A significant portion of the resource is in the Inferred category, which carries lower geological confidence. - Negative factor: The company remains in care and maintenance, with mining restart contingent on securing substantial capital funding. - Negative factor: The company reported a working capital deficiency at year-end, although partially addressed by post-year-end placement. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## 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 mineral resource and ore reserve estimates are explicitly stated as remaining unchanged since the 2020 report, indicating no new geological data has been incorporated. Evidence · text > Mineral Resources and Ore Reserves remained unchanged during the year as no gold production or infill drilling was undertaken. The material geological assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed during the year. **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The largest component of the resource is the Inferred Mineral Resource of 14 million ounces, which is the least confident category. Evidence · table > Inferred Mineral Resources\* 32,000,000 14 g/t 3.0g/t 14,000,000 Context: CATEGORY TONNES GRADE CUT-OFF CONTAINED OUNCES **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The technical report for the mineral resources and ore reserves was prepared in accordance with the JORC Code 2012. Evidence · text > This independent Technical Report has been prepared in accordance with the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 \('the JORC Code'\). **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 report includes a Competent Person Statement, naming Mr Christopher Alan John Towsey and Mr Garry Foord as Competent Persons who have consented to the inclusion of the information. Evidence · text > Competent Person Statement: The following statements apply in respect of the information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves: The information is based on, and accurately reflects, information compiled by team leader Mr Christopher Alan John Towsey... Mr Towsey and Mr Foord have consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears. **Joint Venture** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company executed a Joint Venture Agreement with Native Mineral Resources Holdings Limited for the Stockholm area. Evidence · text > A significant development following year end was the execution of a Joint Venture Agreement with Native Mineral Resources Holdings Limited for the Stockholm area. **Funding Secured** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed a $4.5 million share placement subsequent to year-end, providing additional capital. Evidence · text > Following year end, Citigold completed a $4.5 million share placement, with part of the proceeds applied to repayment of the Company’s secured loan facility. **Debt Reduction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Part of the proceeds from the share placement were used to repay a secured loan facility. Evidence · text > Of the placement proceeds, $2.0 million was applied in full and final settlement of a secured loan facility, with the Company receiving the remaining $2.5 million. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-0) Charters Towers Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Charters Towers Gold Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: CTO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher Alan John Towsey, Mr Garry Foord - Resource group id: resource:462e43193f2f872acd19 #### Resource Data - Category: inferred - Tonnes: 32000000 - Grade: 14 - Grade Unit: g/t - Contained Metal: 14000000 - Contained Unit: oz - Cutoff Grade: 3 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2020-12-09 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-12-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial gold resource, but its Inferred classification and historical nature \(unchanged since 2020\) temper its immediate positive impact, as it requires further work to upgrade confidence. - Positive factor: Represents a very large gold resource, indicating significant potential. - Negative factor: The estimate is historical \(2020\) and has not been updated, reducing its novelty. - Negative factor: Inferred resources have the lowest level of geological confidence and cannot be used for economic studies. Evidence · table > Inferred Mineral Resources\* 32,000,000 14 g/t 3.0g/t 14,000,000 Context: CATEGORY TONNES GRADE CUT-OFF CONTAINED OUNCES #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-1) Charters Towers Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Charters Towers Gold Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: CTO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher Alan John Towsey, Mr Garry Foord - Resource group id: resource:7b22fae81d6bc3c31571 #### Resource Data - Category: indicated - Tonnes: 3200000 - Grade: 7.7 - Grade Unit: g/t - Contained Metal: 780000 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2020-12-09 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-12-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Indicated Mineral Resource provides a solid foundation for future studies, but its historical nature means it does not represent new information in this report. - Positive factor: Indicated resources provide a reasonable level of geological confidence, suitable for pre-feasibility studies. - Negative factor: The estimate is historical \(2020\) and has not been updated, reducing its novelty. Evidence · table > Indicated Mineral Resources \(includes Probable Ore Reserves\) 3,200,000 7.7 g/t 4.0 g/t 780,000 Context: CATEGORY TONNES GRADE CUT-OFF CONTAINED OUNCES #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.8 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-2) Charters Towers Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Charters Towers Gold Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: CTO #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher Alan John Towsey, Mr Garry Foord - Resource group id: resource:2715f30f730628ba9a71 #### Resource Data - Category: probable - Tonnes: 2500000 - Grade: 7.7 - Grade Unit: g/t - Contained Metal: 620000 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2020-12-09 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-12-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Probable Ore Reserve indicates a portion of the resource is economically viable, which is a positive for the project's restart plans, but the data is not new. - Positive factor: Probable Ore Reserves demonstrate economic viability and can support mine planning. - Negative factor: The estimate is historical \(2020\) and has not been updated, reducing its novelty. Evidence · table > Probable Ore Reserves \(derived from and contained within Indicated Mineral Resource\) 2,500,000 7.7g/t 4.0 g/t 620,000 Context: CATEGORY TONNES GRADE CUT-OFF CONTAINED OUNCES #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.8 years before this release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-3) Stockholm area \(Charters Towers Gold Project\) #### Identity - Project: Stockholm area \(Charters Towers Gold Project\) - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: CTO #### Resource scope - Resource group id: resource:7269f5b041c9d8b5ae78 #### Prior Estimate - Resource Date: 2026-09-03 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The joint venture agreement is a new and positive development, allowing for the advancement of a project area with a partner, which can help unlock value and reduce Citigold's direct financial burden. - Positive factor: Establishes a partnership to advance exploration and potential mining, de-risking the project for Citigold. - Positive factor: Provides a pathway for proving-up drilling and potential future mining activities without immediate capital outlay from Citigold. Evidence · text > On 3 September 2026, the Company announced that it had entered into a binding unincorporated joint venture agreement with Native Mineral Resources Holdings Limited over four mining leases at Charters Towers, Queensland. Under the agreement, NMR has the exclusive right to undertake exploration and proving-up drilling and, subject to the results, may elect to proceed with mining and processing. Citigold remains the registered holder of the tenements, with agreed project costs recoverable from gross smelt proceeds and any remaining surplus shared equally between Citigold and NMR. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-4) #### Identity - Ticker: CTO #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The share placement is a material and positive event, providing crucial funding for debt repayment and working capital, which strengthens the company's financial position post-year-end. - Positive factor: Significantly improved the company's liquidity position. - Positive factor: Repaid a secured loan facility, reducing financial risk and obligations. - Positive factor: Provided additional working capital for ongoing operations. Evidence · text > Subsequent to 30 June 2026, the Company completed a $4.5 million share placement. Of the placement proceeds, $2.0 million was applied in full and final settlement of a secured loan facility, with the Company receiving the remaining $2.5 million. For further information, see ASX announcement dated 20 August 2026. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cto-annual-report-to-shareholders--42aa767b-b5ff-4cc5-a335-87463d8ee028#fact-resource-facts-5) Perth #### Identity - Project: Perth - Region: australia - Reported Region: Australia - Ticker: CTO #### Resource scope - Estimate type: reserve - Resource group id: resource:d774aae6897d6b433c12 #### Resource Data - Category: indicated #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Explicit resource disclosure recovered from source prose. Evidence · text > For conversion of Indicated Mineral Resources to Probable Reserves, a lower cut-off #### Tags used in scoring **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: For conversion of Indicated Mineral Resources to Probable Reserves, a lower cut-off Evidence · text > For conversion of Indicated Mineral Resources to Probable Reserves, a lower cut-off Context: Perth, Australia **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.