# HOR: DSO Operations Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147111 Publisher: asx Original announcement: 2026-09-30T23:38:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T00:20:08.909Z Atlas analysis updated: 2026-10-01T00:20:08.909Z - Company: Horseshoe Metals Limited - Ticker: HOR - Exchange: ASX - Region: Western Australia - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Production, Agreement transaction - Extracted: 2026-10-01 00:20:09 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Horseshoe Metals has provided an update on its Direct Shipping Ore \(DSO\) operations at the Horseshoe Lights Copper Project in Western Australia. The company is undertaking XRF grade control work to consolidate high-grade DSO stockpiles for immediate sale and expects to prepare multiple 500-tonne stockpiles for sale in Q4 2026 and Q1 2027. Additionally, Horseshoe has received multiple non-binding indicative offers from potential offtake partners, with binding agreements expected in the coming weeks. The release also includes historical JORC 2012 compliant Mineral Resource Estimates for the Horseshoe Lights and Kumarina projects. Reasoning: The company is making tangible progress on its DSO strategy, including preparing stockpiles and receiving offtake interest, which is positive for near-term revenue. However, key commercial terms are not yet finalized, and the resource updates are re-releases of historical data, limiting the overall novelty and immediate impact. - Positive factor: Progress on DSO operations and stockpiling - Positive factor: Receipt of multiple non-binding offtake offers - Positive factor: JORC 2012 compliant resource estimates - Negative factor: Offtake offers are non-binding and terms are not disclosed - Negative factor: XRF grade control results are pending - Negative factor: Resource estimates are historical re-releases and not new information Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an update on the Mineral Resource Estimates for the Horseshoe Lights and Kumarina Projects. Evidence · text > Horseshoe Metals Limited \(ASX: HOR\) \(the ‘Company’\) is pleased to provide an update on DSO preparation activities at its 100%-owned Horseshoe Lights Copper-Gold Project in Western Australia. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimates for both projects meet the reporting requirements of the 2012 Edition of the JORC Code. Evidence · text > The above Mineral Resource Estimates all meet the reporting requirements of the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. **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 Michael Fotios, a member of the Australian Institute of Mining and Metallurgy, is named as the Competent Person responsible for reviewing the information. Evidence · text > The information in this report that relates to the Exploration Results, Exploration Targets and Mineral Resources at the Horseshoe Lights and Kumarina Projects is based on information reviewed by Mr Michael Fotios, who is a member of the Australian Institute of Mining and Metallurgy. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date for the resource estimates is June 30, 2026, but the original disclosures for the in-situ deposit were from 2013 and for stockpiles from 2015, indicating the data is not new. Evidence · text > AS AT 30 June 2026 **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 document explicitly states that the company is not aware of any new information or data that materially affects the information included in the original market announcements for the resource estimates. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. **Production Update** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides an update on Direct Shipping Ore \(DSO\) operations, including grade control work and stockpiling activities. Evidence · text > DSO Operations Update **Offtake Discussions** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company is reviewing multiple non-binding indicative offers from potential offtake partners for its DSO material. Evidence · text > Multiple non-binding indicative offers received from well-known potential offtake partners for DSO material; expected to be finalised near-term. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-0) Horseshoe Lights Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:cfec7c7dd025744748cc - Deposit or zone: In-situ Deposit #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 1.04 - Grade Unit: % - Contained Metal: 18000 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a Measured resource, indicating high geological confidence, and is JORC 2012 compliant with QP sign-off. However, it is a re-release of historical data, reducing its novelty. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 1.04 Context: 1.73 #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-1) Horseshoe Lights Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:cfec7c7dd025744748cc - Deposit or zone: In-situ Deposit #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0 - Grade Unit: g/t - Contained Metal: 1900 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: While a Measured resource, the gold grade is negligible, indicating it's not a primary target for gold. It's a re-release of historical data. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Very low gold grade \(0.0 g/t\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.0 Context: 1.73 #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-2) Horseshoe Lights Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:cfec7c7dd025744748cc - Deposit or zone: In-situ Deposit #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 28.8 - Contained Unit: k oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a Measured resource, but the silver grade is very low, suggesting it's a minor byproduct. It's a re-release of historical data. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Very low silver grade \(0.5 g/t\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.5 Context: 1.73 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-3) Horseshoe Lights Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:226794ac529321931731 - Deposit or zone: In-situ Deposit #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 23200 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource for copper provides reasonable confidence, is JORC 2012 compliant and QP signed. However, its novelty is low as it's a re-release of historical data. - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.95 Context: 2.43 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-4) Horseshoe Lights Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:226794ac529321931731 - Deposit or zone: In-situ Deposit #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0 - Grade Unit: g/t - Contained Metal: 3400 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource has a negligible gold grade, indicating it's not a primary gold target. It's a re-release of historical data. - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Very low gold grade \(0.0 g/t\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.0 Context: 2.43 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-5) Horseshoe Lights Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:226794ac529321931731 - Deposit or zone: In-situ Deposit #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 52.2 - Contained Unit: k oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource has a very low silver grade, suggesting it's a minor byproduct. It's a re-release of historical data. - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Very low silver grade \(0.7 g/t\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.7 Context: 2.43 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-6) Horseshoe Lights Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:89854676d7e60ad8c7c2 - Deposit or zone: In-situ Deposit #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 87400 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource for copper has lower geological confidence and is a re-release of historical data, limiting its novelty. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 1.01 Context: 8.69 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-7) Horseshoe Lights Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:89854676d7e60ad8c7c2 - Deposit or zone: In-situ Deposit #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 30700 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource has a low gold grade and lower geological confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low gold grade \(0.1 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.1 Context: 8.69 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-8) Horseshoe Lights Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:89854676d7e60ad8c7c2 - Deposit or zone: In-situ Deposit #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 712.4 - Contained Unit: k oz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource has a low silver grade and lower geological confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low silver grade \(2.6 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 2.6 Context: 8.69 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-9) Horseshoe Lights Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:ca254ae7bc1eb02e4b7c - Deposit or zone: Flotation Tailings #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 0.48 - Grade Unit: % - Contained Metal: 6800 - Contained Unit: t - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from flotation tailings has a low copper grade and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Inferred category has lower confidence - Negative factor: Low copper grade \(0.48%\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.48 Context: 1.421 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-10) Horseshoe Lights Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:ca254ae7bc1eb02e4b7c - Deposit or zone: Flotation Tailings #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 0.34 - Grade Unit: g/t - Contained Metal: 15300 - Contained Unit: oz - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from flotation tailings has a low gold grade and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low gold grade \(0.34 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.34 Context: 1.421 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-11) Horseshoe Lights Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:ca254ae7bc1eb02e4b7c - Deposit or zone: Flotation Tailings #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 6.5 - Grade Unit: g/t - Contained Metal: 294.8 - Contained Unit: k oz - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from flotation tailings has a low silver grade and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low silver grade \(6.5 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 6.5 Context: 1.421 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-12) Horseshoe Lights Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:d724a7817da29d3aaea6 - Deposit or zone: M15 Stockpiles #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 2650 - Contained Unit: t - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from M15 stockpiles has small tonnage and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Inferred category has lower confidence - Negative factor: Small tonnage \(0.243 Mt\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 1.10 Context: 0.243 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-13) Horseshoe Lights Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:d724a7817da29d3aaea6 - Deposit or zone: M15 Stockpiles #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 0.17 - Grade Unit: g/t - Contained Metal: 1300 - Contained Unit: oz - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from M15 stockpiles has a low gold grade and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low gold grade \(0.17 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.17 Context: 0.243 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-14) Horseshoe Lights Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horseshoe Lights Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:d724a7817da29d3aaea6 - Deposit or zone: M15 Stockpiles #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 4.7 - Grade Unit: g/t - Contained Metal: 36.7 - Contained Unit: k oz - Cutoff Grade: 0 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-03-09T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource from M15 stockpiles has a low silver grade and lower confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Low silver grade \(4.7 g/t\) - Negative factor: Inferred category has lower confidence - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 4.7 Context: 0.243 #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-15) Kumarina Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kumarina Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:ce7d31a0d360387f07c4 - Deposit or zone: Rinaldi Prospect #### Resource Data - Category: measured - Tonnes: 415000 - Grade: 1.46 - Grade Unit: % - Contained Metal: 6100 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a Measured resource for copper, indicating high geological confidence, and is JORC 2012 compliant with QP sign-off. However, it is a re-release of historical data, reducing its novelty. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 1.46 Context: 415,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-16) Kumarina Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kumarina Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:4666e8a2604c4d6406ca - Deposit or zone: Rinaldi Prospect #### Resource Data - Category: indicated - Tonnes: 307000 - Grade: 1.16 - Grade Unit: % - Contained Metal: 3500 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource for copper provides reasonable confidence, is JORC 2012 compliant and QP signed. However, its novelty is low as it's a re-release of historical data. - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 1.16 Context: 307,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-operations-update--b5353f6d-f254-4f3e-8385-a028fd3a2f4b#fact-resource-facts-17) Kumarina Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kumarina Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Fotios - Resource group id: resource:77231e77e1906b6ae463 - Deposit or zone: Rinaldi Prospect #### Resource Data - Category: inferred - Tonnes: 114000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 1000 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-07-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource for copper has small tonnage and lower geological confidence, and is a re-release of historical data. - Positive factor: JORC 2012 compliant - Positive factor: QP signed - Negative factor: Inferred category has lower confidence - Negative factor: Small tonnage \(0.114 Mt\) - Negative factor: Estimate is a historical re-release, not new information Evidence · table > 0.9 Context: 114,000 #### 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 ## 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.