# FLG: Khao Soon - Large Scale Tungsten, Southeast Asia Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147023 Publisher: asx Original announcement: 2026-09-30T23:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T00:24:37.872Z Atlas analysis updated: 2026-10-01T00:24:37.872Z - Company: Flagship Minerals Limited - Ticker: FLG - Exchange: ASX - Region: Nakhon Si Thammarat Province, Southern Thailand - Primary commodity: Tungsten - Secondary commodities: None reported - Document categories: Drill results, Other - Extracted: 2026-10-01 00:24:38 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Flagship Minerals Limited announced a JORC \(2012\) compliant Exploration Target for its 100% held Khao Soon Tungsten Project in southern Thailand, estimating 22 to 40 million tonnes at 0.15% to 0.30% WO3. The project, considered a large-scale and strategically positioned tungsten asset, is supported by historical and recent drilling, and the company is exploring options for sale, spin-out, or joint venture to generate non-dilutive capital for its core gold and copper projects. Reasoning: The announcement of a JORC-compliant Exploration Target for a large-scale tungsten project is a significant positive, indicating substantial potential, though its conceptual nature and noted drilling challenges warrant a moderate confidence level. The company's intent to divest or JV the 'non-core' asset also introduces uncertainty. - Positive factor: Large scale potential - Positive factor: Strategic commodity \(tungsten\) - Positive factor: JORC \(2012\) compliant Exploration Target - Positive factor: Near-surface mineralization amenable to open pit - Positive factor: Supported by drilling and surface geochemistry - Positive factor: High-grade drill intercepts - Negative factor: Conceptual in nature \(Exploration Target, not a resource\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource - Negative factor: Limitations due to drill core recovery and drill spacing - Negative factor: Reliance on historical drilling data for some targets - Negative factor: Project is considered 'non-core' by the company Facts used in scoring: 5 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Drill Results (5) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98#fact-drill-facts-0) Khao Soon Tungsten Project · tungsten #### Identity - Project: Khao Soon Tungsten Project - Commodity: tungsten - Region: nakhon si thammarat province, southern thailand - Reported Region: Nakhon Si Thammarat Province, Southern Thailand - Ticker: FLG #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The overall Exploration Target indicates significant potential for a strategic commodity, but its conceptual nature and noted challenges warrant a moderate confidence. - Positive factor: Large scale potential - Positive factor: Strategic commodity \(tungsten\) - Positive factor: JORC \(2012\) compliant - Positive factor: Near-surface mineralization amenable to open pit - Positive factor: Supported by drilling and surface geochemistry - Negative factor: Conceptual in nature \(Exploration Target, not a resource\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource - Negative factor: Limitations due to drill core recovery and drill spacing - Negative factor: Reliance on historical drilling data Evidence · text > The Khao Soon Tungsten Project Exploration Target is in the range of: 22 to 40 million tonnes at 0.15% and 0.30% WO3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "o The Exploration Targets are adjacent to the historical Khao Soon tungsten mine, also held by Flagship, where historic " ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98#fact-drill-facts-1) Khao Soon Tungsten Project · tungsten #### Identity - Project: Khao Soon Tungsten Project - Commodity: tungsten - Region: nakhon si thammarat province, southern thailand - Reported Region: Nakhon Si Thammarat Province, Southern Thailand - Ticker: FLG #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Than Pho West shows good potential within the overall Exploration Target, with a moderate grade range for tungsten. - Positive factor: Significant tonnage and grade range for a specific zone - Positive factor: JORC \(2012\) compliant - Positive factor: Supported by drilling and soil geochemistry - Negative factor: Conceptual in nature \(Exploration Target\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource Evidence · table > 0.20 Context: 9 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "o The Exploration Targets are adjacent to the historical Khao Soon tungsten mine, also held by Flagship, where historic " ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98#fact-drill-facts-2) Khao Soon Tungsten Project · tungsten #### Identity - Project: Khao Soon Tungsten Project - Commodity: tungsten - Region: nakhon si thammarat province, southern thailand - Reported Region: Nakhon Si Thammarat Province, Southern Thailand - Ticker: FLG #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Last Hill presents a notable Exploration Target with a good grade range, but the lack of bedrock intersection in initial drilling and conceptual nature reduce confidence. - Positive factor: Significant tonnage and grade range for a specific zone - Positive factor: JORC \(2012\) compliant - Positive factor: Large soil anomaly remains unexplained and inadequately tested - Negative factor: Conceptual in nature \(Exploration Target\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource - Negative factor: Single drillhole failed to intersect bedrock mineralization Evidence · table > 0.20 Context: 5 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "o The Exploration Targets are adjacent to the historical Khao Soon tungsten mine, also held by Flagship, where historic " ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98#fact-drill-facts-3) Khao Soon Tungsten Project · tungsten #### Identity - Project: Khao Soon Tungsten Project - Commodity: tungsten - Region: nakhon si thammarat province, southern thailand - Reported Region: Nakhon Si Thammarat Province, Southern Thailand - Ticker: FLG #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Than Pho Ridge contributes to the overall Exploration Target with a moderate tonnage and grade range, but the conceptual nature and narrow zones limit its immediate impact. - Positive factor: Defined tonnage and grade range for a specific zone - Positive factor: JORC \(2012\) compliant - Positive factor: Supported by broad-spaced diamond drilling - Negative factor: Conceptual in nature \(Exploration Target\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource - Negative factor: Relatively narrow and moderately dipping zones Evidence · table > 0.15 Context: 2 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "o The Exploration Targets are adjacent to the historical Khao Soon tungsten mine, also held by Flagship, where historic " ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/flg-khao-soon-large-scale-tungsten-southeast-asia--6f68377b-b46d-4637-a1a5-506b0074bb98#fact-drill-facts-4) Khao Soon Tungsten Project · tungsten #### Identity - Project: Khao Soon Tungsten Project - Commodity: tungsten - Region: nakhon si thammarat province, southern thailand - Reported Region: Nakhon Si Thammarat Province, Southern Thailand - Ticker: FLG #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Target 2 adds to the overall Exploration Target, but the conceptual nature and a failed deep drill intersection temper the positive outlook. - Positive factor: Defined tonnage and grade range for a specific zone - Positive factor: JORC \(2012\) compliant - Positive factor: Supported by historical and recent drilling - Negative factor: Conceptual in nature \(Exploration Target\) - Negative factor: Uncertainty if further exploration will result in a Mineral Resource - Negative factor: One drillhole failed to intersect mineralization in target zone at depth Evidence · table > 0.15 Context: 3 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "o The Exploration Targets are adjacent to the historical Khao Soon tungsten mine, also held by Flagship, where historic " ## 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.