# DSM: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/dsm-annual-report-to-shareholders--3d73c839-d9f2-4a31-b74f-888d31f76e6d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146713 Publisher: asx Original announcement: 2026-09-30T08:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:22:39.724Z Atlas analysis updated: 2026-09-30T09:22:39.724Z - Company: Desert Minerals Ltd - Ticker: DSM - Exchange: ASX - Region: Unavailable - Primary commodity: Lithium - Secondary commodities: Gold - Document categories: Resource update, Capital raise, Other, Drill results - Extracted: 2026-09-30 09:22:40 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Desert Minerals Ltd released its annual report, highlighting its first year as a listed company following an IPO in October 2025. The company announced a maiden JORC-compliant Mineral Resource Estimate for its Scotty Lithium Project in Nevada, comprising 139.8 Mt at 1,002 ppm Li \(Indicated\) and 125.1 Mt at 1,011 ppm Li \(Inferred\). Exploration activities continued at both the Scotty Lithium and Mt Monger Gold projects, with historical high-grade gold intercepts noted at Mt Monger. The company successfully raised $6.0 million through its IPO and a subsequent placement to fund ongoing exploration, though it reported a loss and noted a material uncertainty regarding its ability to continue as a going concern without further funding. Reasoning: Desert Minerals Ltd announced its maiden JORC-compliant Mineral Resource Estimate for the Scotty Lithium Project, establishing a significant Indicated and Inferred resource, which is a material positive development. This, combined with successful capital raises and ongoing exploration, provides a positive outlook despite the company's current loss and reliance on future funding, as highlighted by the going concern note. - Positive factor: Maiden JORC-compliant Mineral Resource Estimate for Scotty Lithium Project - Positive factor: Significant Indicated and Inferred resource established for lithium - Positive factor: Successful capital raises \(IPO and placement\) providing funding for exploration - Positive factor: High-grade historical gold intercepts at Mt Monger - Positive factor: Exploration Target defined for Scotty Lithium, indicating further potential - Positive factor: MRE is JORC compliant and signed off by a Qualified Person - Negative factor: Company reported a loss for the year - Negative factor: Material uncertainty regarding going concern without further funding - Negative factor: All MRE is Indicated/Inferred, with no Measured category - Negative factor: Reliance on future funding for continued operations - Negative factor: Historical drill results are not new information Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **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 document announces the first formal Mineral Resource Estimate for the Scotty Lithium Project. Evidence · text > on 25 August 2026 the Company announced a maiden JORC \(2012\) Mineral Resource Estimate for the Scotty Lithium Project **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Mineral Resource Estimate includes a significant portion classified as Indicated, indicating reasonable geological confidence. Evidence · text > 139.8 million tonnes at 1,002 ppm lithium in the Indicated category **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource Estimate includes a portion classified as Inferred, which is a speculative category with lower geological confidence. Evidence · text > 125.1 million tonnes at 1,011 ppm lithium in the Inferred category **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is explicitly stated to be JORC \(2012 Edition\) compliant. Evidence · text > maiden JORC \(2012\) Mineral Resource Estimate **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 Mineral Resource Estimate is supported by a Competent Person, Jacob Anderson, who is a Certified Professional Geologist and a Member of the Australasian Institute of Mining and Metallurgy. Evidence · text > information and supporting documentation compiled by Jacob Anderson, a Competent Person who is a Certified Professional Geologist \(CPG\) and a Member of the Australasian Institute of Mining and Metallurgy. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 750 ppm Lithium used for the Mineral Resource Estimate is clearly stated. Evidence · text > above a 750ppm Lithium cut-off **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document mentions 'Historical intercepts' and 'previously reported' drill results without presenting new assay data for them. Evidence · text > Historical intercepts in the broader project area include 8 m at 31.84 g/t Au from 66 m **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The historical gold intercepts of 190.06 g/t Au and 111.4 g/t Au are exceptionally high-grade. Evidence · text > including 1 m at 190.06 g/t ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/dsm-annual-report-to-shareholders--3d73c839-d9f2-4a31-b74f-888d31f76e6d#fact-drill-facts-2) Mt Monger North · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Monger North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: DSM #### Geometry - Grade: 111.4 - Grade Unit: g/t - Intercept: 1 m #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-interval represents an exceptionally high-grade gold intercept, demonstrating bonanza-grade potential, but its historical nature and narrow width limit its novelty and immediate impact. - Positive factor: Exceptionally high-grade gold intercept \(bonanza grade\) - Negative factor: Historical data, not new results - Negative factor: Narrow intercept length - Negative factor: No hole ID provided Evidence · text > including 1 m at 111.4 g/t #### 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 ### SC23-003 [Link to this fact](https://atlas-staging.minestarters.com/news/dsm-annual-report-to-shareholders--3d73c839-d9f2-4a31-b74f-888d31f76e6d#fact-drill-facts-3) Scotty · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: SC23-003 - Project: Scotty - Commodity: lithium - Region: usa\_nv - Reported Region: usa\_nv - Ticker: DSM #### Geometry - Grade: 1237 - Grade Unit: ppm - Intercept: 124.97 m #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical drill intercept shows a significant length of good-grade lithium mineralization, supporting the potential of the defined Exploration Target, but it is not a new result and is not part of the current MRE. - Positive factor: Significant intercept length and good grade for lithium - Positive factor: Supports the potential of the Exploration Target - Negative factor: Historical data, not new results - Negative factor: Sits outside the current Mineral Resource boundary Evidence · text > SC23-003 \(124.97 m at 1,237 ppm Li\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/dsm-annual-report-to-shareholders--3d73c839-d9f2-4a31-b74f-888d31f76e6d#fact-resource-facts-0) Scotty Lithium Project · lithium #### Identity - Project: Scotty Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: DSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jacob Anderson - Resource group id: resource:b34a60062608d8ec94c2 - Deposit or zone: Volcanic Clay \(VC\) domain #### Resource Data - Category: indicated - Tonnes: 139800000 - Grade: 1002 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-24 #### Lab - Laboratory: ALS Geochemistry, Reno #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Indicated Mineral Resource of 139.8 Mt at 1,002 ppm lithium is a significant and material positive for the project, establishing a high-confidence resource base in a key commodity. - Positive factor: Maiden resource estimate for lithium - Positive factor: Significant tonnage and grade in the Indicated category - Positive factor: JORC compliant and QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1,002 Context: 139.8 #### 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/dsm-annual-report-to-shareholders--3d73c839-d9f2-4a31-b74f-888d31f76e6d#fact-resource-facts-1) Scotty Lithium Project · lithium #### Identity - Project: Scotty Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: DSM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jacob Anderson - Resource group id: resource:11be935eb6d978d1930a - Deposit or zone: Volcanic Clay \(VC\) domain #### Resource Data - Category: inferred - Tonnes: 125100000 - Grade: 1011 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-07-24 #### Lab - Laboratory: ALS Geochemistry, Reno #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource of 125.1 Mt at 1,011 ppm lithium adds significant scale to the project, indicating substantial exploration potential, though with lower geological confidence than the Indicated portion. - Positive factor: Maiden resource estimate for lithium - Positive factor: Significant tonnage and grade in the Inferred category - Positive factor: JORC compliant and QP signed - Positive factor: Cut-off grade disclosed Evidence · table > 1,011 Context: 125.1 #### 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 ## 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.