# DYM: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142433

Publisher: asx

Original announcement: 2026-09-22T22:11:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-22T23:24:16.860Z

Atlas analysis updated: 2026-09-22T23:24:16.860Z

- Company: Dynamic Metals Limited

- Ticker: DYM

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: Copper, Lithium, Fluorspar, Cobalt

- Document categories: Drill results, Agreement transaction, Other

- Extracted: 2026-09-22 23:24:17 UTC

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas summary

The Annual Report for Dynamic Metals Limited highlights a year of disciplined exploration and strategic portfolio management in Western Australia. Key operational achievements include diamond drilling at the Cognac West Gold Prospect, which extended gold mineralization to 300m depth with notable intercepts, and the advancement of the Meentheena Fluorspar Project. The company also strengthened its lithium joint venture with Mineral Resources Limited and divested non-core gold assets to optimize its portfolio. Despite these positive developments, the company recorded a substantial financial loss and received an auditor's warning about a material uncertainty regarding its ability to continue as a going concern.

Reasoning: The report presents mixed signals. Encouraging gold and copper drill results at Cognac West extend known mineralization, and strategic portfolio management \(lithium JV, gold asset divestment\) provides capital and focus. However, the company reported a significant financial loss and the auditor raised a material uncertainty regarding its going concern status, indicating financial challenges despite operational progress.

- Positive factor: Extension of gold mineralization at Cognac West

- Positive factor: Strategic portfolio management through JV and divestments

- Positive factor: Advancement of critical minerals project \(Fluorspar\)

- Negative factor: Significant financial loss reported

- Negative factor: Auditor's material uncertainty regarding going concern

- Negative factor: Drill intercepts are apparent width only

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 14

## Classification and evidence

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 3.5 g/t Au in WDRD082 exceeds the strong gold grade threshold of 2 g/t for gold.

Evidence · text

> 1m @ 3.5g/t gold

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 3.1 g/t Au in WDRD082 exceeds the strong gold grade threshold of 2 g/t for gold.

Evidence · text

> 0.8m @ 3.1g/t gold

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 4.3 g/t Au in WDRD083 exceeds the strong gold grade threshold of 2 g/t for gold.

Evidence · text

> 0.6m @ 4.3g/t gold

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 1.06% Cu in WDR041 exceeds the strong copper grade threshold of 1% for copper.

Evidence · text

> 1m @ 1.06% Cu

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: Diamond drilling extended gold mineralisation to approximately 300 metres below surface, beyond previously tested zones.

Evidence · text

> Initial assays received during the June quarter extended gold mineralisation to approximately 300 metres below surface

**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 report includes a Competent Persons Statement by Mrs Karen Wellman, who consents to the inclusion of exploration results.

Evidence · text

> The information in this report that relates to Exploration Results is based on information compiled by Mrs Karen Wellman. Mrs Wellman is an employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mrs Wellman has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration, and to the activity being undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.’ Mrs Wellman consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

**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 reported as downhole lengths \(e.g., '4m @ 1.5g/t Au'\) without any mention of true width or drill orientation relative to mineralization.

Evidence · text

> 4m @ 1.5g/t Au including 1m @ 3.5g/t Au from 311m \(WDRD082\)

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: Cobalt is reported alongside copper in drill intercept WDR041, indicating a polymetallic system where cobalt could be a penalty element.

Evidence · text

> 1,610ppm Co from 60m in WDR041

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The Chalice South Prospect is explicitly positioned in relation to the nearby Chalice Gold Mine, leveraging its proximity to a known deposit.

Evidence · text

> The Chalice South prospect is located south of the Chalice Gold Mine \(Corazon Mining ASX: CZN\). The local geology is characterised by north-north-west striking, west dipping intercalated mafic and volcanic rock units, bounded by the Pioneer Dome to the east. The area has been subject to various iterations of surface geochemistry, shallow exploration drilling and specific deeper drilling since the discovery of the Chalice gold deposit. Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor that hosts the Chalice gold deposit.

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: Phase 2 drilling at Anomaly B included infill drilling to confirm broad mineralised zones.

Evidence · text

> Anomaly B: Step-out and infill drilling confirmed broad mineralised zones

## Extracted facts

Stored fact records: 14. Some facts used in scoring do not have a stored record.

## Drill Results (14)

### WDRD082

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-0)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD082
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 1.5
- Grade Unit: g/t
- Intercept: 4 m
- From: 311 m
- To: 315 m
- Intercept Depth: 302 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD082:311-315

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows moderate gold grades and extends the known gold system to a significant depth, indicating continuity, though the width is narrow and true width is not stated.

- Positive factor: Moderate gold grade

- Positive factor: Extends mineralization to depth

- Negative factor: Apparent width only

- Negative factor: Narrow intercept

Evidence · text

> 4m @ 1.5g/t Au including 1m @ 3.5g/t Au from 311m \(WDRD082\)

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDRD082

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-1)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD082
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 3.5
- Grade Unit: g/t
- Intercept: 1 m
- From: 311 m
- To: 312 m
- Intercept Depth: 302 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD082:311-312

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This high-grade sub-interval within a deeper intercept is a strong result, confirming significant gold presence at depth, though it is very narrow and true width is not stated.

- Positive factor: Strong gold grade \(sub-interval\)

- Positive factor: Extends mineralization to depth

- Negative factor: Apparent width only

- Negative factor: Very narrow intercept

Evidence · text

> 1m @ 3.5g/t Au from 311m \(WDRD082\)

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDRD082

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-2)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD082
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 1.9
- Grade Unit: g/t
- Intercept: 2 m
- From: 302 m
- To: 304 m
- Intercept Depth: 302 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD082:302-304

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows moderate gold grades and extends the known gold system to a significant depth, indicating continuity, though the width is narrow and true width is not stated.

- Positive factor: Moderate gold grade

- Positive factor: Extends mineralization to depth

- Negative factor: Apparent width only

- Negative factor: Narrow intercept

Evidence · text

> 2m @ 1.9g/t Au including 0.8m @ 3.1g/t from 302m \(WDRD082\)

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDRD082

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-3)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD082
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 3.1
- Grade Unit: g/t
- Intercept: 0.8 m
- From: 302 m
- To: 302.8 m
- Intercept Depth: 302 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD082:302-302.8

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This high-grade sub-interval within a deeper intercept is a strong result, confirming significant gold presence at depth, though it is very narrow and true width is not stated.

- Positive factor: Strong gold grade \(sub-interval\)

- Positive factor: Extends mineralization to depth

- Negative factor: Apparent width only

- Negative factor: Very narrow intercept

Evidence · text

> 0.8m @ 3.1g/t from 302m \(WDRD082\)

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDRD083

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-4)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD083
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 2.5
- Grade Unit: g/t
- Intercept: 1.5 m
- From: 60.9 m
- To: 62.4 m
- Intercept Depth: 60.9 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD083:60.9-62.4

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows strong gold grades, confirming mineralization, though the width is narrow and true width is not stated.

- Positive factor: Strong gold grade

- Positive factor: Confirms mineralization

- Negative factor: Apparent width only

- Negative factor: Narrow intercept

Evidence · text

> 1.5m @ 2.5g/t including 0.6m @ 4.3g/t from 60.9m \(WDRD083\)

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDRD083

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-5)

Widgiemooltha · gold

#### Identity

- Hole ID: WDRD083
- Project: Widgiemooltha
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 4.3
- Grade Unit: g/t
- Intercept: 0.6 m
- From: 60.9 m
- To: 61.5 m
- Intercept Depth: 60.9 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDRD083:60.9-61.5

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This high-grade sub-interval is a strong result, confirming significant gold presence, though it is very narrow and true width is not stated.

- Positive factor: Strong gold grade \(sub-interval\)

- Positive factor: Confirms mineralization

- Negative factor: Apparent width only

- Negative factor: Very narrow intercept

Evidence · text

> 0.6m @ 4.3g/t gold, was returned from WDRD083

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDR041

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-6)

Widgiemooltha · copper

#### Identity

- Hole ID: WDR041
- Project: Widgiemooltha
- Commodity: copper
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 0.44
- Grade Unit: %
- Intercept: 5 m
- From: 60 m
- To: 65 m
- Intercept Depth: 60 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDR041:60-65

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: cobalt

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept represents the first reported copper anomalism at Cognac West, broadening the prospect's potential, though the grade is moderate and true width is not stated.

- Positive factor: Moderate copper grade

- Positive factor: First reported copper anomalism at prospect

- Negative factor: Apparent width only

- Negative factor: Narrow intercept

- Negative factor: Cobalt present

Evidence · text

> 5m @ 0.44% Cu including 1m @ 1.06% Cu and 1,610ppm Co from 60m in WDR041

#### 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

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDR041

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-7)

Widgiemooltha · copper

#### Identity

- Hole ID: WDR041
- Project: Widgiemooltha
- Commodity: copper
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 1.06
- Grade Unit: %
- Intercept: 1 m
- From: 60 m
- To: 61 m
- Intercept Depth: 60 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDR041:60-61

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: cobalt

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This high-grade copper sub-interval is a strong result and part of the first reported copper anomalism at Cognac West, though it is very narrow and true width is not stated.

- Positive factor: Strong copper grade \(sub-interval\)

- Positive factor: First reported copper anomalism at prospect

- Negative factor: Apparent width only

- Negative factor: Very narrow intercept

- Negative factor: Cobalt present

Evidence · text

> 1m @ 1.06% Cu and 1,610ppm Co from 60m in WDR041

#### 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

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDR041

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-8)

Widgiemooltha · cobalt

#### Identity

- Hole ID: WDR041
- Project: Widgiemooltha
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 1610
- Grade Unit: ppm
- Intercept: 1 m
- From: 60 m
- To: 61 m
- Intercept Depth: 60 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDR041:60-61

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: cobalt

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Cobalt is reported alongside copper in this narrow intercept, indicating a polymetallic system, but its economic significance is unclear and it could be a penalty element.

- Positive factor: Cobalt reported alongside copper

- Positive factor: First reported copper anomalism at prospect

- Negative factor: Apparent width only

- Negative factor: Very narrow intercept

- Negative factor: Cobalt can be a penalty element

Evidence · text

> 1,610ppm Co from 60m in WDR041

#### 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

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### WDR039

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-9)

Widgiemooltha · copper

#### Identity

- Hole ID: WDR039
- Project: Widgiemooltha
- Commodity: copper
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: DYM

#### Geometry

- Grade: 0.43
- Grade Unit: %
- Intercept: 4 m
- From: 120 m
- To: 124 m
- Intercept Depth: 60 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: WDR039:120-124

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: cobalt

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows moderate copper grades, contributing to the first reported copper anomalism at Cognac West, though the width is narrow and true width is not stated.

- Positive factor: Moderate copper grade

- Positive factor: First reported copper anomalism at prospect

- Negative factor: Apparent width only

- Negative factor: Narrow intercept

Evidence · text

> 4m @ 0.43% Cu from 120m in WDR039

#### 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

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-10)

Widgiemooltha Project · lithium

#### Identity

- Project: Widgiemooltha Project
- Commodity: lithium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: DYM

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The formalization and amendment of the lithium JV with Mineral Resources Limited is a positive strategic move, securing significant funding for lithium exploration while allowing Dynamic to retain other mineral rights and extending the earn-in period.

- Positive factor: Secures partner funding for lithium exploration

- Positive factor: Retains 100% non-lithium rights

- Positive factor: Extended earn-in period provides flexibility

Evidence · text

> We also strengthened the framework governing our lithium partnership with Mineral Resources Limited through the execution of a formal joint venture agreement and mineral rights sharing agreement. The revised arrangements extended the earn-in period, refined the joint venture tenure to focus on the ground considered most prospective for lithium and confirmed a $14 million Stage 2 expenditure commitment. Dynamic retains 100% ownership of all non-lithium mineral rights across the relevant tenure, while MinRes funds lithium exploration under the joint venture.

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-11)

Widgiemooltha Project · gold

#### Identity

- Project: Widgiemooltha Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: DYM

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The divestment of non-core gold assets provides immediate capital and retains exposure to future exploration success through a royalty and deferred payments, aligning with portfolio management strategy.

- Positive factor: Immediate cash and equity consideration

- Positive factor: Retains exposure to future upside via royalty and deferred payments

- Positive factor: Allows focus on core assets

Evidence · text

> After the reporting period, Dynamic entered into a binding Heads of Agreement with Corazon Mining Limited \(ASX: CZN\) \(Corazon\) for the divestment of certain non-core gold tenements within the Company’s Widgiemooltha Project for up to $3.5 million plus a royalty. Under the transaction, Corazon acquired 100% interest in exploration licence E15/1802 and the grant of exclusive gold rights over E15/1705 and E15/1721, providing Dynamic with immediate cash and equity consideration, while retaining exposure to future exploration success through deferred milestone payments, Corazon shares and a gold royalty.

#### 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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-12)

Widgiemooltha Project · gold

#### Identity

- Project: Widgiemooltha Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: DYM

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This deferred payment provides a future cash inflow contingent on the partner's success in defining a JORC-compliant resource, aligning Dynamic's interests with the project's development.

- Positive factor: Potential for significant deferred cash payment

- Positive factor: Tied to resource growth by partner

Evidence · text

> $1.0 million in cash following Corazon announcing a JORC-reported Mineral Resource Estimate across the transaction tenements of at least 150,000 ounces of gold in the Inferred category or higher, at a grade of not less than 0.5g/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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/dym-annual-report-to-shareholders--0ca008bc-b640-4864-98c3-e0b623a80fda#fact-drill-facts-13)

Widgiemooltha Project · gold

#### Identity

- Project: Widgiemooltha Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: DYM

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This deferred payment provides a future cash inflow contingent on the partner's success in defining a larger JORC-compliant resource, further aligning Dynamic's interests with the project's development.

- Positive factor: Potential for significant deferred cash payment

- Positive factor: Tied to resource growth by partner

Evidence · text

> $1.0 million in cash following Corazon announcing a JORC-reported Mineral Resource Estimate across the transaction tenements of at least 300,000 ounces of gold in the Inferred category or higher, at a grade of not less than 0.5g/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

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Dynamic’s exploration licence 15/1721 is coincident with 14km of greenstone geology and the same structural corridor tha"

## 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.