# DBO: Annual Report 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142402 Publisher: asx Original announcement: 2026-09-22T09:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T10:11:30.506Z Atlas analysis updated: 2026-09-22T10:11:30.506Z - Company: DIABLO RESOURCES LIMITED - Ticker: DBO - Exchange: ASX - Region: United States - Primary commodity: Silver - Secondary commodities: Copper, Antimony, Gold - Document categories: Drill results, Agreement transaction, Other - Extracted: 2026-09-22 10:11:31 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Diablo Resources Limited reported its annual financial results for the year ended June 30, 2026, showing a loss but highlighting significant operational advancements. The company progressed exploration at its Phoenix Copper Project, including maiden drilling at Stateline and further drilling at Philadelphia, confirming shallow copper-oxide mineralization with high-grade intercepts. Post-year-end, Diablo completed a 'transformational acquisition' of the high-grade Horn Silver Project in Utah, a historic silver-gold mine, significantly expanding its critical minerals portfolio and strengthening its district-scale position. Reasoning: The company reported a financial loss and a going concern warning, but also announced positive exploration drill results confirming mineralization and a significant, 'transformational' acquisition of a high-grade silver project, enhancing its critical minerals portfolio. - Positive factor: Confirmation of copper mineralization in maiden drill program - Positive factor: High-grade copper intercepts at Philadelphia - Positive factor: Transformational acquisition of a historic high-grade silver-gold mine - Positive factor: Strengthening of district-scale position in critical minerals - Negative factor: Material uncertainty related to going concern - Negative factor: No QA/QC disclosure for drill results - Negative factor: Apparent width only reported for drill intercepts Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 10 ## Classification and evidence **Maiden Drilling** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document explicitly states 'maiden drilling program testing near-surface copper-oxide mineralisation at Stateline'. Evidence · text > Work during the period consisted of maiden drilling program testing near-surface copper-oxide mineralisation at Stateline **Shallow Mineralization** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document describes the Philadelphia drilling as confirming a 'shallow copper-oxide system'. Evidence · text > confirming shallow copper-oxide system with strong structural association and open along strike. **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document does not disclose any QA/QC procedures, certified labs, or QP sign-off for the drill results. Evidence · text > Eight wide-spaced drill holes \(722 m in total\) confirmed copper over ~300 m of strike, including intercepts of - 9.2 m @ 0.26% Cu, 18 g/t Ag, - 6.1 m @ 0.55% Cu, 6 g/t Ag, and - 12.2 m @ 0.35% Cu, 13 g/t Ag. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The drill intercepts are given as downhole lengths without any mention of true width or drill orientation. Evidence · text > Eight wide-spaced drill holes \(722 m in total\) confirmed copper over ~300 m of strike, including intercepts of - 9.2 m @ 0.26% Cu, 18 g/t Ag, - 6.1 m @ 0.55% Cu, 6 g/t Ag, and - 12.2 m @ 0.35% Cu, 13 g/t Ag. **Strategic Acquisition** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The acquisition of the Horn Silver Project is described as a 'transformational acquisition' for the company. Evidence · text > The period included a transformational acquisition of a high-grade US silver project **High Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Horn Silver Project is described as a 'historic high-grade silver-gold mine that produced 17 Moz silver at an average grade of 604 g/t Ag'. Evidence · text > securing a historic high-grade silver-gold mine \(Horn Silver Mine\) that produced 17 Moz silver at an average grade of 604 g/t Ag **District Scale Potential** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The acquisition of the Horn Silver Project is stated to be 'strengthening the company’s district-scale position'. Evidence · text > strengthening the company’s district-scale position through a major silver acquisition at the Horn Silver Project subsequent to year end. **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The Horn Silver Project is noted to be 'located only 15 km from Star Range', implying value from proximity to another company asset. Evidence · text > located only 15 km from Star Range ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Drill Results (10) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-0) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 0.26 - Grade Unit: % - Intercept: 9.2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed copper mineralization at a moderate grade for porphyry copper, indicating initial success for the exploration program. - Positive factor: Maiden drilling confirmed copper mineralization - Positive factor: Grade is moderate for porphyry copper - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 9.2 m @ 0.26% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-1) Phoenix · silver Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: silver - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 18 - Grade Unit: g/t - Intercept: 9.2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed silver mineralization, but the grade is weak, contributing less to the overall prospectivity. - Positive factor: Maiden drilling confirmed silver mineralization - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure - Negative factor: Grade is weak for silver Evidence · text > 18 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-2) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 0.55 - Grade Unit: % - Intercept: 6.1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed copper mineralization with a strong grade for porphyry copper, adding to the positive initial results. - Positive factor: Maiden drilling confirmed copper mineralization - Positive factor: Grade is strong for porphyry copper - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 6.1 m @ 0.55% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-3) Phoenix · silver Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: silver - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 6 - Grade Unit: g/t - Intercept: 6.1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed silver mineralization, but the grade is weak, contributing less to the overall prospectivity. - Positive factor: Maiden drilling confirmed silver mineralization - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure - Negative factor: Grade is weak for silver Evidence · text > 6 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-4) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 0.35 - Grade Unit: % - Intercept: 12.2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed copper mineralization at a moderate grade for porphyry copper, indicating initial success for the exploration program. - Positive factor: Maiden drilling confirmed copper mineralization - Positive factor: Grade is moderate for porphyry copper - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 12.2 m @ 0.35% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-5) Phoenix · silver Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: silver - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 13 - Grade Unit: g/t - Intercept: 12.2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Stateline - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Maiden drilling confirmed silver mineralization, but the grade is weak, contributing less to the overall prospectivity. - Positive factor: Maiden drilling confirmed silver mineralization - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure - Negative factor: Grade is weak for silver Evidence · text > 13 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-6) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 1.02 - Grade Unit: % - Intercept: 10.5 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Philadelphia - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Drilling confirmed a shallow copper-oxide system with an exceptional copper grade, indicating strong mineralization. - Positive factor: Exceptional copper grade for porphyry copper - Positive factor: Confirmed shallow copper-oxide system - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 10.5 m @ 1.02% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-7) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 3.99 - Grade Unit: % - Intercept: 1.5 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Philadelphia - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This high-grade sub-interval shows exceptional copper grades within the shallow copper-oxide system, highlighting significant mineralization. - Positive factor: Exceptional copper grade for porphyry copper - Positive factor: Confirmed shallow copper-oxide system - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 1.5 m @ 3.99% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-8) Phoenix · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Phoenix - Commodity: copper - Region: usa\_id - Reported Region: usa\_id - Ticker: DBO #### Geometry - Grade: 1.33 - Grade Unit: % - Intercept: 1.5 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Philadelphia - Loc. Source: document #### QA/QC - QP Signed: No - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Drilling confirmed a shallow copper-oxide system with an exceptional copper grade, indicating strong mineralization. - Positive factor: Exceptional copper grade for porphyry copper - Positive factor: Confirmed shallow copper-oxide system - Negative factor: Apparent width only reported - Negative factor: No QA/QC disclosure Evidence · text > 1.5 m @ 1.33% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/dbo-annual-report-2026--a86c153c-5656-4efc-bfcc-042d937a74f4#fact-drill-facts-9) Horn Silver Project #### Identity - Project: Horn Silver Project - Region: usa\_ut - Reported Region: Utah - Ticker: DBO #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The acquisition of the Horn Silver Project is described as 'transformational' and brings a historic high-grade silver-gold mine into the company's portfolio, significantly enhancing its critical minerals strategy and district-scale position. - Positive factor: Transformational acquisition of a high-grade silver project - Positive factor: Historic production of 17 Moz silver at 604 g/t Ag - Positive factor: Strengthens district-scale position - Positive factor: Favourable permitting conditions with patented claims Evidence · text > On 17 August 2026, the Company announced it had completed the acquisition of Antler Resources LLC \(the Acquisition\), securing 80% ownership of 101 unpatented claims and the option rights over 101 patented claims at the Horn Silver Project in Utah, USA and has exercised the Option over the Horn Silver Project patented claims, with all conditions precedent under the Option Agreement now satisfied. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## 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.