# EM2: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155880 Publisher: asx Original announcement: 2026-10-22T05:51:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-22T06:10:25.517Z Atlas analysis updated: 2026-10-22T06:10:25.517Z - Company: Eagle Mountain Mining Limited - Ticker: EM2 - Exchange: ASX - Region: Arizona, USA - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Agreement transaction, Capital raise, Resource update - Extracted: 2026-10-22 06:10:26 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Eagle Mountain Mining Limited's 2026 Annual Report highlights the successful re-acquisition of its Oracle Ridge Copper Project and the formation of a significant joint venture with Nittetsu Mining Co. of Japan. Nittetsu will sole-fund US$16.5 million in exploration costs, with Eagle Mountain free-carried, and the company also restructured its debt and completed a capital raise. The Oracle Ridge project includes a historical Mineral Resource Estimate of 28.2 Mt at 1.35% Cu, 11.06 g/t Ag, and 0.16 g/t Au. Reasoning: Eagle Mountain Mining successfully re-acquired its key Oracle Ridge project and secured a significant joint venture partner \(Nittetsu Mining Co.\) who will sole-fund substantial exploration, significantly de-risking the project and validating its quality. This was supported by a successful capital raise and debt restructuring. - Positive factor: Successful re-acquisition of the Oracle Ridge project. - Positive factor: Formation of a joint venture with Nittetsu Mining Co., a reputable partner. - Positive factor: Nittetsu to sole-fund US$16.5 million in exploration costs, making Eagle Mountain free-carried. - Positive factor: Extinguishment of US$7.25 million debt to Vincere at a discounted US$2.5 million. - Positive factor: Successful completion of a capital raise to support strategic initiatives. - Positive factor: Oracle Ridge project benefits from existing infrastructure and a substantial historical MRE. - Negative factor: The Mineral Resource Estimate is historical \(November 2023\) and has not been updated. - Negative factor: Limited work was completed at the Silver Mountain project during the year. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 21 ## Classification and evidence **Joint Venture Formed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company entered a Joint Venture with Nittetsu Mining Co. of Japan regarding the Oracle Ridge Project. Evidence · text > In April 2026 the Company entered a Joint Venture with Nittetsu Mining Co. of Japan \(Nittetsu\) regarding the Oracle Ridge Project. **Free Carried Interest** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Eagle Mountain retains a 20% interest, free-carried until a US$20 million expenditure milestone is met. Evidence · text > Eagle Mountain retains a 20% interest, free-carried until a US$20 million expenditure milestone is met. **Debt Restructuring** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company renegotiated its loan with Vincere, providing a right to extinguish the US$7.25 million principal by repayment of US$2.5 million. Evidence · text > A renegotiation of the loan owing to Vincere Resource Holdings LLC \(Vincere\), providing a 12-month extension to the US$1.5 million repayment due on 25 November 2025 and a 12-month right to extinguish the US$7.25 million principal by repayment of US$2.5 million **Project Re-acquired** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company announced three agreements structured to provide Eagle Mountain an opportunity of re-acquiring the Oracle Ridge mine. Evidence · text > On 5 November 2025, the Company announced three agreements structured to provide Eagle Mountain an opportunity of re-acquiring the Oracle Ridge mine **Collaboration MOU** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company announced the signing of a non-binding Memorandum of Understanding \(MOU\) with Nittetsu to identify and evaluate new mineral project opportunities. Evidence · text > On 21 July 2026 the Company announced the signing of a non-binding Memorandum of Understanding \(MOU\) with Nittetsu. **Placement Completed** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The placement to sophisticated and professional investors raised approximately $1,655,000. Evidence · text > The placement to sophisticated and professional investors raised approximately $1,655,000 before costs at $0.009 per share **Entitlement Offer Completed** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The entitlement offer raised approximately A$1.98 million before costs. Evidence · text > Shareholders’ applications raised approximately $1.079 million; the subsequent shortfall offer raised an additional $899,000 for a total of approximately A$1.98 million before costs. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Statement has been compiled in accordance with the JORC Code 2012. Evidence · text > The Company’s Mineral Resource Statement has been compiled in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code 2012\) **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: Mr. Fabio Vergara is a Competent Person as defined in the 2012 Edition of the JORC Code and consents to the inclusion of information relating to Mineral Resources. Evidence · text > Mr. Fabio Vergara, who is a member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(JORC Code 2012\). **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The MRE is from November 2023 and the annual report is dated October 2026, making the estimate nearly three years old. Evidence · text > November 2023 Oracle Ridge Project Mineral Resource Estimate **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The MRE was re-acquired by the Company in April 2026 and there has been no change to the MRE since it was last reported in the Company’s 30 June 2024 Annual Report. Evidence · text > However, there has been no change to the MRE since it was last reported in the Company’s 30 June 2024 Annual Report. The MRE was re-acquired by the Company in April 2026 ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Resource Estimates (15) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-6) Oracle Ridge Copper Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:06daaa0609e551cdc16f #### Resource Data - Category: measured - Tonnes: 3100000 - Grade: 1.4 - Grade Unit: % - Contained Metal: 43000 - Contained Unit: t - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Measured resource for copper at Oracle Ridge shows high confidence and a strong grade, but its historical nature and re-presentation reduce its novelty. - Positive factor: Measured category indicates high geological confidence. - Positive factor: Grade of 1.40% Cu is strong for a copper deposit. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 1.40 Context: 3.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 2.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-7) Oracle Ridge Copper Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:06daaa0609e551cdc16f #### Resource Data - Category: measured - Tonnes: 3100000 - Grade: 13.93 - Grade Unit: g/t - Contained Metal: 1.4 - Contained Unit: moz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Measured resource for silver at Oracle Ridge, while historical, indicates byproduct potential with high confidence. - Positive factor: Measured category indicates high geological confidence. - Positive factor: Silver grade of 13.93 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 13.93 Context: 3.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 2.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-8) Oracle Ridge Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:06daaa0609e551cdc16f #### Resource Data - Category: measured - Tonnes: 3100000 - Grade: 0.18 - Grade Unit: g/t - Contained Metal: 18 - Contained Unit: koz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Measured resource for gold at Oracle Ridge, while historical, indicates byproduct potential with high confidence. - Positive factor: Measured category indicates high geological confidence. - Positive factor: Gold grade of 0.18 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 0.18 Context: 3.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-9) Oracle Ridge Copper Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a17b8aada0d527d2ba08 #### Resource Data - Category: indicated - Tonnes: 12200000 - Grade: 1.36 - Grade Unit: % - Contained Metal: 166000 - Contained Unit: t - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Indicated resource for copper at Oracle Ridge shows good confidence and a strong grade, but its historical nature and re-presentation reduce its novelty. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: Grade of 1.36% Cu is strong for a copper deposit. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 1.36 Context: 12.2 #### 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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-10) Oracle Ridge Copper Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a17b8aada0d527d2ba08 #### Resource Data - Category: indicated - Tonnes: 12200000 - Grade: 11.96 - Grade Unit: g/t - Contained Metal: 4.7 - Contained Unit: moz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Indicated resource for silver at Oracle Ridge, while historical, indicates byproduct potential with reasonable confidence. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: Silver grade of 11.96 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 11.96 Context: 12.2 #### 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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-11) Oracle Ridge Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a17b8aada0d527d2ba08 #### Resource Data - Category: indicated - Tonnes: 12200000 - Grade: 0.18 - Grade Unit: g/t - Contained Metal: 71 - Contained Unit: koz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Indicated resource for gold at Oracle Ridge, while historical, indicates byproduct potential with reasonable confidence. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: Gold grade of 0.18 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 0.18 Context: 12.2 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-12) Oracle Ridge Copper Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a3234d2406d04cffaff0 #### Resource Data - Category: inferred - Tonnes: 13000000 - Grade: 1.32 - Grade Unit: % - Contained Metal: 171000 - Contained Unit: t - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Inferred resource for copper at Oracle Ridge, while showing a strong grade, has lower confidence due to its category and historical nature. - Positive factor: Grade of 1.32% Cu is strong for a copper deposit. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 1.32 Context: 13.0 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-13) Oracle Ridge Copper Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a3234d2406d04cffaff0 #### Resource Data - Category: inferred - Tonnes: 13000000 - Grade: 9.53 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: moz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Inferred resource for silver at Oracle Ridge, while indicating byproduct potential, has lower confidence due to its category and historical nature. - Positive factor: Silver grade of 9.53 g/t provides byproduct potential. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 9.53 Context: 13.0 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-14) Oracle Ridge Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:a3234d2406d04cffaff0 #### Resource Data - Category: inferred - Tonnes: 13000000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 53 - Contained Unit: koz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The Inferred resource for gold at Oracle Ridge, while indicating byproduct potential, has lower confidence due to its category and historical nature. - Positive factor: Gold grade of 0.13 g/t provides byproduct potential. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 0.13 Context: 13.0 #### 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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-15) Oracle Ridge Copper Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:61bf3048a49350426ae0 #### Resource Data - Category: indicated - Tonnes: 15300000 - Grade: 1.37 - Grade Unit: % - Contained Metal: 209000 - Contained Unit: t - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The combined M+I resource for copper at Oracle Ridge shows good confidence and a strong grade, but its historical nature and re-presentation reduce its novelty. - Positive factor: Combined Measured and Indicated resource provides good confidence. - Positive factor: Grade of 1.37% Cu is strong for a copper deposit. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 1.37 Context: 15.3 #### 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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-16) Oracle Ridge Copper Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:61bf3048a49350426ae0 #### Resource Data - Category: indicated - Tonnes: 15300000 - Grade: 12.35 - Grade Unit: g/t - Contained Metal: 6.1 - Contained Unit: moz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The combined M+I resource for silver at Oracle Ridge, while historical, indicates byproduct potential with good confidence. - Positive factor: Combined Measured and Indicated resource provides good confidence. - Positive factor: Silver grade of 12.35 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 12.35 Context: 15.3 #### 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 2.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-17) Oracle Ridge Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:61bf3048a49350426ae0 #### Resource Data - Category: indicated - Tonnes: 15300000 - Grade: 0.18 - Grade Unit: g/t - Contained Metal: 89 - Contained Unit: koz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The combined M+I resource for gold at Oracle Ridge, while historical, indicates byproduct potential with good confidence. - Positive factor: Combined Measured and Indicated resource provides good confidence. - Positive factor: Gold grade of 0.18 g/t provides byproduct potential. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 0.18 Context: 15.3 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-18) Oracle Ridge Copper Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:05c81759241bee30162c #### Resource Data - Category: inferred - Tonnes: 28200000 - Grade: 1.35 - Grade Unit: % - Contained Metal: 380000 - Contained Unit: t - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The total resource for copper at Oracle Ridge is substantial with a strong grade, but the high proportion of Inferred material and its historical nature reduce confidence and novelty. - Positive factor: Total resource of 28.2 Mt at 1.35% Cu is substantial. - Positive factor: Grade of 1.35% Cu is strong for a copper deposit. - Negative factor: A significant portion of the total resource is in the Inferred category. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 1.35 Context: 28.2 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-19) Oracle Ridge Copper Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:05c81759241bee30162c #### Resource Data - Category: inferred - Tonnes: 28200000 - Grade: 11.06 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: moz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The total resource for silver at Oracle Ridge is substantial, but the high proportion of Inferred material and its historical nature reduce confidence and novelty. - Positive factor: Total contained silver of 10.0 MOz is substantial. - Positive factor: Silver grade of 11.06 g/t provides byproduct potential. - Negative factor: A significant portion of the total resource is in the Inferred category. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 11.06 Context: 28.2 #### 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 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/em2-2026-annual-report--8a9599d8-e7b7-40b6-81b2-fc63c41429af#fact-resource-facts-20) Oracle Ridge Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Oracle Ridge Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: EM2 #### Resource scope - Estimate type: resource - Effective date: 2023-11-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alex Lukomskyj, Fabio Vergara - Resource group id: resource:05c81759241bee30162c #### Resource Data - Category: inferred - Tonnes: 28200000 - Grade: 0.16 - Grade Unit: g/t - Contained Metal: 142 - Contained Unit: koz - Cutoff Grade: 0.8 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2023-11-21 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-11-21T00:00:00.000Z #### Dates - Event date: 2026-10-22T00:00:00.000Z Reasoning: The total resource for gold at Oracle Ridge is substantial, but the high proportion of Inferred material and its historical nature reduce confidence and novelty. - Positive factor: Total contained gold of 142 kOz is substantial. - Positive factor: Gold grade of 0.16 g/t provides byproduct potential. - Negative factor: A significant portion of the total resource is in the Inferred category. - Negative factor: The estimate is historical and has not been updated. - Negative factor: The estimate is being re-presented, not newly announced. Evidence · table > 0.16 Context: 28.2 #### 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 2.9 years before this 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.