# DES: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/des-annual-report-to-shareholders--c3e1d793-1889-4f30-ad28-2a53bbcaf40c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142151 Publisher: asx Original announcement: 2026-09-22T01:38:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T02:11:34.909Z Atlas analysis updated: 2026-09-22T02:11:34.909Z - Company: DeSoto Resources Limited - Ticker: DES - Exchange: ASX - Region: Guinea - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Agreement transaction, Drill results, Other - Extracted: 2026-09-22 02:11:35 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary DeSoto Resources Limited's 2026 Annual Report highlights a year of active gold exploration in Guinea's Siguiri Basin, significantly expanding its landholding to 1,300 km2. Key achievements include forming an exploration alliance with Fortuna Mining, successfully raising A$14.0 million, and advancing multiple gold targets with encouraging drill and sampling results. Despite these operational advancements, the company reported a substantial loss of $15.0 million and wrote off $6.3 million in exploration expenditure for its Northern Territory projects. Reasoning: DeSoto Resources Limited's 2026 Annual Report details a year of significant operational growth and strategic development in its Guinea gold portfolio, including major land acquisitions, a new exploration alliance, and successful capital raising, despite reporting a substantial financial loss and exploration write-offs. - Positive factor: Significant landholding expansion in Guinea - Positive factor: Formation of a strategic exploration alliance with Fortuna Mining - Positive factor: Successful capital raise of A$14.0 million - Positive factor: Active exploration programs with encouraging drill and sampling results - Positive factor: Maiden RC drilling confirmed a large gold system - Negative factor: Substantial net loss for the year \($15.0 million\) - Negative factor: Significant exploration expenditure write-off \($6.3 million\) for Northern Territory projects - Negative factor: Foreign jurisdiction risk in Guinea - Negative factor: Tenure renewal risks in Guinea Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The Annual Report includes a Competent Persons Statement confirming compliance with JORC 2012. Evidence · text > Competent Persons Statement The information in this Annual Report that relates to exploration results is based on and fairly represents information and supporting documentation prepared by Ms Rebecca Morgan. Ms Morgan is a consultant to the company, is a member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee \(JORC\) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms Morgan consents to the inclusion in this Annual Report of the matters based on this information in the form and context in which they appear. **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The reported channel sampling and drill intercepts do not state the cut-off grade used for compositing. Evidence · text > channel sampling within artisanal workings returned encouraging results from the Kodjarani and Koba prospects, including 2m @ 23.31g/t Au, 2.5m @ 3.57g/t Au, 1.3m @ 2.88g/t Au, 1.3m @ 2.52g/t Au and 4m @ 1.95g/t Au **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document re-reports historical RC drill results from Timbakouna without new assays or reinterpretation. Evidence · text > Historical RC results included 18m @ 11.8g/t Au from 48m, including 1m @ 78.84g/t Au and 3m @ 40.4g/t Au **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The Koba project is positioned by its proximity to the Tri-K and Bankan-Kiniero gold deposits. Evidence · text > Koba lies within DeSoto’s south-central project block between the Tri-K and Bankan-Kiniero gold deposits and was prioritised using the Company’s mineral systems approach. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/des-annual-report-to-shareholders--c3e1d793-1889-4f30-ad28-2a53bbcaf40c#fact-drill-facts-5) Tole · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Tole - Commodity: gold - Region: guinea - Reported Region: guinea - Ticker: DES #### Geometry - Grade: 18 - Grade Unit: g/t - Intercept: 8 m - From: 0 m - To: 8 m - Intercept Depth: 0 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Tole:0-8 #### 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: High-grade gold intercept from surface at Tole indicates strong mineralization. - Positive factor: High grade - Positive factor: Shallow intercept Evidence · text > The work included the reported intersection of 8 m @ 18 g/t Au from surface at Tole #### 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/des-annual-report-to-shareholders--c3e1d793-1889-4f30-ad28-2a53bbcaf40c#fact-drill-facts-11) Timbakouna · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Timbakouna - Commodity: gold - Region: guinea - Reported Region: guinea - Ticker: DES #### Geometry - Grade: 11.8 - Grade Unit: g/t - Intercept: 18 m - From: 48 m - To: 66 m - Intercept Depth: 48 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Timbakouna:48-66 #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical high-grade RC intercept at Timbakouna indicates significant gold mineralization, providing context for current exploration. - Positive factor: High grade - Positive factor: Significant width - Negative factor: Historical data Evidence · text > Historical RC results included 18m @ 11.8g/t Au from 48m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/des-annual-report-to-shareholders--c3e1d793-1889-4f30-ad28-2a53bbcaf40c#fact-drill-facts-12) Timbakouna · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Timbakouna - Commodity: gold - Region: guinea - Reported Region: guinea - Ticker: DES #### Geometry - Grade: 78.84 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical bonanza-grade intercept within a broader zone at Timbakouna highlights high-grade potential. - Positive factor: Bonanza grade - Positive factor: Historical data indicates high-grade potential - Negative factor: Historical data Evidence · text > including 1m @ 78.84g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/des-annual-report-to-shareholders--c3e1d793-1889-4f30-ad28-2a53bbcaf40c#fact-drill-facts-13) Timbakouna · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Timbakouna - Commodity: gold - Region: guinea - Reported Region: guinea - Ticker: DES #### Geometry - Grade: 40.4 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical bonanza-grade intercept within a broader zone at Timbakouna highlights high-grade potential. - Positive factor: Bonanza grade - Positive factor: Historical data indicates high-grade potential - Negative factor: Historical data Evidence · text > and 3m @ 40.4g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## 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.