# EMA: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ema-annual-report-to-shareholders--ce89fd22-97db-4263-8652-ca5601171a34 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145515 Publisher: asx Original announcement: 2026-09-29T07:33:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:40:39.899Z Atlas analysis updated: 2026-09-29T14:40:39.899Z - Company: Eminence Minerals Limited - Ticker: EMA - Exchange: ASX - Region: Bahia, Brazil - Primary commodity: Rare earth elements - Secondary commodities: Iron ore - Document categories: Resource update, Drill results, Other - Extracted: 2026-09-29 14:40:40 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Eminence Minerals Limited \(EMA\) released its Annual Report for the year ended June 30, 2026, reporting a reduced loss of $1.29 million. The company restructured its portfolio, divesting the Alturas Antimony Project in Canada and the Mata da Corda Titanium Project in Brazil, and raised A$2.53 million in capital. EMA is now focused on its Hamersley Iron Ore Project in Western Australia, which is currently subject to judicial review regarding heritage approvals, and its Campo Grande and newly acquired Tayra Rare Earth Projects in Bahia, Brazil, where exploration is ongoing. Reasoning: Eminence Minerals has completed a strategic portfolio reset, divesting non-core assets and raising capital, which has significantly improved its cash position. The company is actively advancing new rare earth projects in Brazil with ongoing exploration, although its flagship iron ore project in Australia remains stalled by legal proceedings. - Positive factor: New Project Acquisition - Positive factor: Exploration Program - Negative factor: Legal Dispute Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 3 ## Classification and evidence **Legal Dispute** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company commenced proceedings in the Supreme Court of Western Australia seeking judicial review of the ACHC decision regarding the Hamersley Iron Ore Project. Evidence · text > The Company commenced proceedings in the Supreme Court of Western Australia seeking judicial review of the ACHC decision. **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company received firm commitments to raise A$2.53 million through the issue of fully paid ordinary shares. Evidence · text > In June 2026, the Company received firm commitments to raise A$2.53 million \(before costs\) through the issue of 56,222,223 fully paid ordinary shares at A$0.045 per share. **Divestment** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company completed the accelerated divestment of the Alturas Antimony Project and the Mata da Corda Titanium Project. Evidence · text > During the March 2026 quarter, the Company completed the accelerated divestment of the Alturas Antimony Project in British Columbia to Maxus Mining Inc. **New Project Acquisition** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company lodged three exploration licence applications for the Tayra Rare Earth Project in Brazil. Evidence · text > On 24 August 2026, the Company announced that it had lodged three exploration licence applications with Brazil’s Agência Nacional de Mineração covering approximately 3,697 hectares in the Itarantim–Maiquinique district of southern Bahia, to be advanced collectively as the Tayra Rare Earth Project. **Exploration Program** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company announced the expansion of its auger drilling campaign at the Campo Grande Project. Evidence · text > On 13 August 2026, the Company announced the expansion of its auger drilling campaign at the Campo Grande Project, with a 70-hole program planned at the Northeast Target and a 67-hole program planned at the South Target, and the mobilisation of a second drilling crew. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Hamersley Iron Ore Project has an Inferred Mineral Resource of 108.5 million tonnes. Evidence · text > The Project hosts a JORC-compliant Direct Shipping Ore \(DSO\) Inferred Mineral Resource of 108.5 million tonnes at 58.0% Fe. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources Statement is reported in accordance with the JORC Code, 2012 edition. Evidence · text > The Company’s Mineral Resources Statement has been compiled and is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(the JORC Code, 2012 edition\) **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 has been approved by Ms Sonia Konopa and Mr Mark Pudovskis, who are Competent Persons. Evidence · text > The Mineral Resource Estimate as a whole has, as to the form and content in which it appears in this Annual Report, been approved by Ms Sonia Konopa and Mr Mark Pudovskis. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource Estimate for Hamersley was announced on 6 June 2024, making it over two years old by the report date of September 2026. Evidence · text > The annual Mineral Resource Estimate in respect of the Hamersley Project is based on, and fairly represents, information and supporting documentation prepared by a competent person and announced on ASX on 6 June 2024 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill intercept from Campo Grande is explicitly referenced as being from an ASX announcement dated 22 October 2025. Evidence · text > Drilling across the Northern Block delineated a shallow, laterally continuous rare earth system, with a standout intercept in hole CG\_RC24\_031 of 12 m at 3,691 ppm TREO from 3 m, including a higher-grade core of 3 m at 4,335 ppm TREO from 6 m. In total 33 holes were completed for 970.4 m \(refer ASX announcement dated 22 October 2025\). ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Drill Results (1) ### CG\_RC24\_031 [Link to this fact](https://atlas-staging.minestarters.com/news/ema-annual-report-to-shareholders--ce89fd22-97db-4263-8652-ca5601171a34#fact-drill-facts-1) Campo Grande Rare Earth · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Hole ID: CG\_RC24\_031 - Project: Campo Grande Rare Earth - Commodity: rare earth elements - Region: brazil - Reported Region: brazil - Ticker: EMA #### Geometry - Grade: 4335 - Grade Unit: ppm TREO - Intercept: 3 m - From: 6 m - To: 9 m - Intercept Depth: 6 m #### Classification - Sample Type: drill - Group ID: CG\_RC24\_031:6-9 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-22T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a higher-grade sub-interval from a historical drill intercept, limiting its novelty and materiality in this report. - Negative factor: Stale Data Re-release Evidence · text > including a higher-grade core of 3 m at 4,335 ppm TREO from 6 m Context: CG\_RC24\_031 #### 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) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ema-annual-report-to-shareholders--ce89fd22-97db-4263-8652-ca5601171a34#fact-resource-facts-0) Hamersley Iron Ore Project · iron\_ore #### Identity - Project: Hamersley Iron Ore Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Pilbara, Western Australia - Ticker: EMA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Sonia Konopa, Mr Mark Pudovskis - Resource group id: resource:c6b89fcbbcba82a6463e #### Resource Data - Category: inferred - Tonnes: 108500000 - Grade: 58 - Grade Unit: % - Cutoff Grade: 56.5 - Cutoff Unit: % Fe #### Prior Estimate - Resource Date: 2024-06-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Hamersley Iron Ore Project's resource is JORC compliant and signed off by competent persons, but it is entirely in the Inferred category, the estimate date is over two years old, and the project is currently stalled by legal proceedings regarding heritage approvals. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Legal Dispute Evidence · table > 108.5 Context: Inferred #### 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 **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 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ema-annual-report-to-shareholders--ce89fd22-97db-4263-8652-ca5601171a34#fact-resource-facts-2) Hamersley Iron Ore Project · iron\_ore #### Identity - Project: Hamersley Iron Ore Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Pilbara, Western Australia - Ticker: EMA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Sonia Konopa, Mr Mark Pudovskis - Resource group id: resource:c6b89fcbbcba82a6463e #### Resource Data - Category: inferred - Tonnes: 108500000 - Grade: 58 - Grade Unit: % - Cutoff Grade: 56.5 - Cutoff Unit: % Fe #### Prior Estimate - Resource Date: 2024-06-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Hamersley Iron Ore Project's resource is JORC compliant and signed off by competent persons, but it is entirely in the Inferred category, the estimate date is over two years old, and the project is currently stalled by legal proceedings regarding heritage approvals. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Legal Dispute Evidence · table > 58.0 Context: 108.5 #### 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 **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 2.3 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.