# FL1: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146640 Publisher: asx Original announcement: 2026-09-30T07:56:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:20:41.552Z Atlas analysis updated: 2026-09-30T08:20:41.552Z - Company: First Lithium Limited - Ticker: FL1 - Exchange: ASX - Region: Mali - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Drill results, Capital raise, Permitting, Other, Metallurgy - Extracted: 2026-09-30 08:20:42 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary First Lithium Limited reported a reduced net loss of $220,045 for the year ended June 30, 2026, down from $2.5 million in the prior year. The company successfully secured additional funding through convertible loan agreements, with $1.2 million announced in July 2026 and prior loans of $2 million converted into shares and options. Operational highlights included re-reporting high-grade lithium drill intercepts from the Mali Lithium Project and positive metallurgical testwork results, though these were from 2025. The company's permit renewals for the Faraba and Gouna licenses in Mali are pending, which introduces material uncertainty regarding the carrying value of exploration assets. Reasoning: The annual report shows a reduced net loss and successful capital raises, which are positive for the company's financial stability. Historical high-grade drill results and positive metallurgical testwork are re-reported, indicating good project potential. However, the company faces increased net current liabilities and material uncertainty due to pending permit renewals, and the operational results are not new, leading to a mixed but slightly positive outlook. - Positive factor: Reduced net loss compared to prior year - Positive factor: Successful capital raises providing funding - Positive factor: Historical high-grade lithium drill intercepts re-reported - Positive factor: Historical positive metallurgical testwork results re-reported - Positive factor: Progress confirmed on permit renewal applications - Negative factor: Increased net current liabilities - Negative factor: Permit renewals are pending, introducing material uncertainty - Negative factor: Operational results \(drilling, metallurgy\) are historical and not new for this reporting period - Negative factor: Capital raises involve convertible debt and dilution Facts used in scoring: 23 ## Classification and evidence **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results and metallurgical testwork results are explicitly stated as 'reported in 2025', indicating they are historical and not new for this annual report. Evidence · text > As reported in 2025 **Apparent Width Only** Polarity: negative Story-specific tag 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 given as downhole lengths \(e.g., '41.0m intersection'\) without any mention of true width or drill orientation, meaning the reported length may overstate true thickness. Evidence · text > 41.0m intersection @ 1.91% Li2O **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 6.6m at 2.79% Li2O is exceptionally high-grade for lithium, well above the typical strong threshold for pegmatite deposits. Evidence · text > Including 6.6m intersection at 2.79% Li2O \(from 138.3m\) **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: A recovery of 80% for lithium flotation is considered strong to exceptional for this processing route. Evidence · text > a Li2O concentrate grade of 6.8% at a recovery of 80% was achieved with flotation testwork **Bench Scale Only** Polarity: negative Story-specific tag Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described as 'scoping study level testwork', indicating it is preliminary and not at a more advanced scale like pilot plant. Evidence · text > The objective of the scoping study level testwork **Permit Renewal Pending** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Both the Faraba and Gouna exploration permits are listed with a status of 'Pending Renewal' and their validity dates have passed. Evidence · text > Faraba PR 1375/18 Intermin Lithium SARL 16/4/2018 16/4/2024 Pending Renewal **Convertible Debt** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has entered into multiple loan agreements that allow for conversion into fully paid ordinary shares, indicating convertible debt financing. Evidence · text > The lender may elect to convert any amounts owing \(including accrued interest\) into fully paid ordinary shares in the Company **Maiden Resource** Polarity: neutral Story-specific tag Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The company states that the 'maiden JORC Mineral Resource estimate' is expected to be completed and issued in the December 2026 Quarter. Evidence · text > MAIDEN MINERAL RESOURCE ESTIMATE \(MRE\) The reporting consultants and the competent person have revised the expected timing for the maiden MRE, and believe it should be completed and issued to the Company in the December 2026 Quarter. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Drill Results (17) ### BRCD12 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-0) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD12 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.91 - Grade Unit: % - Intercept: 41 m - From: 81 m - To: 122 m - Intercept Depth: 81 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD12:81-122 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a significant width, which is very positive for the project's potential, though its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.91% Li2O\) for a pegmatite deposit - Positive factor: Significant intercept length \(41.0m\) - Positive factor: Indicates strong mineralization at the Blakala prospect - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD12 with 41.0m intersection @ 1.91% Li2O \(from 81.0m\) #### 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 ### BRCD04 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-1) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD04 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 2.03 - Grade Unit: % - Intercept: 20 m - From: 69 m - To: 89 m - Intercept Depth: 69 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD04:69-89 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept presents a very high lithium grade over a good width, indicating strong mineralization, but its novelty is low as it's a re-reported result. - Positive factor: Very high lithium grade \(2.03% Li2O\) - Positive factor: Good intercept length \(20.0m\) - Positive factor: Confirms strong mineralization at the Blakala prospect - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD04 with 20.0m intersection @ 2.03% Li2O \(from 69.0m\) #### 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 ### BRCD01 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-2) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD01 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.79 - Grade Unit: % - Intercept: 37 m - From: 88 m - To: 125 m - Intercept Depth: 88 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD01:88-125 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a substantial width, reinforcing the project's potential, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.79% Li2O\) - Positive factor: Significant intercept length \(37.0m\) - Positive factor: Supports continuity of mineralization at the Blakala prospect - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD01 with 37.0m intersection @ 1.79% Li2O \(from 88.0m\) #### 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 ### BRCD07 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-3) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD07 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.79 - Grade Unit: % - Intercept: 22.75 m - From: 75 m - To: 97.75 m - Intercept Depth: 75 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD07:75-97.75 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a good width, adding to the positive historical results, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.79% Li2O\) - Positive factor: Good intercept length \(22.75m\) - Positive factor: Contributes to the overall positive picture of the Blakala prospect - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD07 with 22.75m intersection @ 1.79% Li2O \(from 75.0m\) #### 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 ### BRCD09 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-4) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD09 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.7 - Grade Unit: % - Intercept: 32.6 m - From: 99 m - To: 131.6 m - Intercept Depth: 99 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD09:99-131.6 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a significant width, with even higher-grade sub-intervals, which is positive for the project, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.70% Li2O\) - Positive factor: Significant intercept length \(32.6m\) - Positive factor: Includes higher-grade sub-intervals - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD09 with 32.6m intersection @ 1.70% Li2O \(from 99.0m\) #### 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 ### BRCD09 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-5) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD09 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 2.02 - Grade Unit: % - Intercept: 14 m - From: 99 m - To: 113 m - Intercept Depth: 99 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD09:99-113 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-interval shows a very high lithium grade over a good width, highlighting a bonanza zone within the broader mineralization, but its novelty is low as it's a re-reported result. - Positive factor: Very high lithium grade \(2.02% Li2O\) - Positive factor: Good intercept length \(14.0m\) - Positive factor: Represents a high-grade sub-interval within a broader zone - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > Including 14.0m intersection at 2.02% Li2O \(from 99.0m\) #### 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 ### BRCD09 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-6) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD09 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.91 - Grade Unit: % - Intercept: 10.3 m - From: 120.7 m - To: 131 m - Intercept Depth: 120.7 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD09:120.7-131 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-interval shows a high lithium grade over a good width, further demonstrating the high-grade nature of the mineralization, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.91% Li2O\) - Positive factor: Good intercept length \(10.3m\) - Positive factor: Represents another high-grade sub-interval within a broader zone - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > Including 10.3m intersection at 1.91% Li2O \(from 120.7m\) #### 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 ### BRCD11 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-7) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD11 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.66 - Grade Unit: % - Intercept: 29.7 m - From: 115.2 m - To: 144.9 m - Intercept Depth: 115.2 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD11:115.2-144.9 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a significant width, with even higher-grade sub-intervals, which is positive for the project, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.66% Li2O\) - Positive factor: Significant intercept length \(29.7m\) - Positive factor: Includes higher-grade sub-intervals - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD11 with 29.7m intersection @ 1.66% Li2O \(from 115.2m\) #### 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 ### BRCD11 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-8) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD11 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.91 - Grade Unit: % - Intercept: 14.5 m - From: 115.2 m - To: 129.7 m - Intercept Depth: 115.2 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD11:115.2-129.7 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-interval shows a high lithium grade over a good width, indicating a strong zone of mineralization, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.91% Li2O\) - Positive factor: Good intercept length \(14.5m\) - Positive factor: Represents a high-grade sub-interval within a broader zone - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > Including 14.5m intersection at 1.91% Li2O \(from 115.2m\) #### 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 ### BRCD11 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-9) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD11 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 2.79 - Grade Unit: % - Intercept: 6.6 m - From: 138.3 m - To: 144.9 m - Intercept Depth: 138.3 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD11:138.3-144.9 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical sub-interval shows an exceptional lithium grade over a good width, indicating a bonanza zone within the broader mineralization, but its novelty is low as it's a re-reported result. - Positive factor: Exceptional lithium grade \(2.79% Li2O\) - Positive factor: Good intercept length \(6.6m\) - Positive factor: Represents a bonanza-grade sub-interval within a broader zone - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > Including 6.6m intersection at 2.79% Li2O \(from 138.3m\) #### 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 ### BRCD21 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-10) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD21 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.53 - Grade Unit: % - Intercept: 24 m - From: 129 m - To: 153 m - Intercept Depth: 129 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD21:129-153 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a good width, confirming strong mineralization in the Eastern Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.53% Li2O\) - Positive factor: Good intercept length \(24.0m\) - Positive factor: Confirms high grades in the Eastern Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD21 with 24.00m intersection @ 1.53% Li2O \(from 129.0m\) #### 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 ### BRCD19 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-11) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD19 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.51 - Grade Unit: % - Intercept: 28.59 m - From: 117 m - To: 145.59 m - Intercept Depth: 117 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD19:117-145.59 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a significant width, supporting the continuity of mineralization in the Eastern Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.51% Li2O\) - Positive factor: Significant intercept length \(28.59m\) - Positive factor: Supports continuity of mineralization in the Eastern Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD19 with 28.59m intersection @ 1.51% Li2O \(from 117.0m\) #### 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 ### BRCD18 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-12) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD18 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.62 - Grade Unit: % - Intercept: 9 m - From: 117 m - To: 126 m - Intercept Depth: 117 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD18:117-126 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a good width, adding to the positive historical results from the Eastern Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.62% Li2O\) - Positive factor: Good intercept length \(9.0m\) - Positive factor: Contributes to the overall positive picture of the Eastern Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD18 with 9.00m intersection @ 1.62% Li2O \(from 117.0m\) #### 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 ### BDFS46 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-13) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BDFS46 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.65 - Grade Unit: % - Intercept: 12.27 m - From: 46 m - To: 58.27 m - Intercept Depth: 46 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BDFS46:46-58.27 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a good width, confirming an extension to the Eastern Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.65% Li2O\) - Positive factor: Good intercept length \(12.27m\) - Positive factor: Confirms additional northern extension to the Eastern Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BDFS46 with 12.27m intersection @ 1.65% Li2O \(from 46.0m\) #### 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 ### BRCD25 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-14) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD25 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.77 - Grade Unit: % - Intercept: 8.34 m - From: 137 m - To: 145.34 m - Intercept Depth: 137 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD25:137-145.34 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a good width, demonstrating depth continuity of the Southern extension of the Main Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.77% Li2O\) - Positive factor: Good intercept length \(8.34m\) - Positive factor: Shows depth continuity of the Southern extension of the Main Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD25 with 8.34m intersection @ 1.77% Li2O \(from 137.0m\) #### 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 ### BRCD28 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-15) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD28 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.68 - Grade Unit: % - Intercept: 25.64 m - From: 137 m - To: 162.64 m - Intercept Depth: 137 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD28:137-162.64 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a high lithium grade over a significant width, indicating strong mineralization at depth in the Western Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: High lithium grade \(1.68% Li2O\) - Positive factor: Significant intercept length \(25.64m\) - Positive factor: Shows mineralization at depth and significant width of the Western Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD28 with 25.64m intersection @ 1.68% Li2O \(from 137.0m\) #### 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 ### BRCD36 [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-drill-facts-16) Mali · lithium Historical result Needs review: historical\_restatement #### Identity - Hole ID: BRCD36 - Project: Mali - Commodity: lithium - Region: mali - Reported Region: mali - Ticker: FL1 #### Geometry - Grade: 1.23 - Grade Unit: % - Intercept: 15 m - From: 96 m - To: 111 m - Intercept Depth: 96 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: BRCD36:96-111 - Mining Method: unknown #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good lithium grade over a good width, further supporting mineralization in the Western Pegmatite, but its novelty is low as it's a re-reported result. - Positive factor: Good lithium grade \(1.23% Li2O\) - Positive factor: Good intercept length \(15.0m\) - Positive factor: Further supports mineralization in the Western Pegmatite - Negative factor: Results are historical, reducing novelty for this report - Negative factor: True width not disclosed Evidence · text > BRCD36 with 15.00m intersection @ 1.23% Li2O \(from 96.0m\) #### 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 ## Metallurgical Results (1) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/fl1-annual-report-to-shareholders--209481a5-5a4f-4713-8588-706e7b612b7c#fact-metallurgical-facts-17) Mali Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Mali Lithium Project - Commodity: lithium - Region: mali - Reported Region: Mali - Ticker: FL1 #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: flotation - Sample: composite sample comprising selected pieces of core with Spodumene making up 98% of the lithium mineralogy #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test - Head Grade: 1.93 - Head Grade Unit: % Li2O - Conc. Grade: 6.8 - Conc. Grade Unit: % Li2O #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical metallurgical testwork shows a high lithium recovery and good concentrate grade via flotation, which is positive for the project's processing viability, but the results are re-reported and from a scoping study level. - Positive factor: High recovery \(80%\) for lithium flotation - Positive factor: Good concentrate grade \(6.8% Li2O\) - Positive factor: Spodumene is the predominant lithium-bearing phase, indicating a conventional processing route - Negative factor: Results are historical, reducing novelty for this report - Negative factor: Testwork is at scoping study level, not advanced scale Evidence · text > a Li2O concentrate grade of 6.8% at a recovery of 80% was achieved with flotation testwork completed on a composite sample comprising selected pieces of core with Spodumene making up 98% of the lithium mineralogy #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 80% is at or above the exceptional band \(80%\) ## 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.