# HOR: DSO Sampling and Site Upgrades Advance Horseshoe Lights Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150013 Publisher: asx Original announcement: 2026-10-07T22:51:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-07T23:14:47.068Z Atlas analysis updated: 2026-10-07T23:14:47.068Z - Company: Horseshoe Metals Limited - Ticker: HOR - Exchange: ASX - Region: Western Australia - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Other, Metallurgy, Resource update - Extracted: 2026-10-07 23:14:47 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Horseshoe Metals is advancing its Direct Shipping Ore \(DSO\) strategy at the Horseshoe Lights Copper-Gold Project through stockpile sampling and site infrastructure upgrades. The company has received non-binding indicative offtake offers and is preparing metallurgical samples for upcoming column leach testing. Reasoning: The announcement details operational progress including DSO sampling, site infrastructure upgrades, and metallurgical preparation, which supports the near-term DSO sale strategy. - Positive factor: advancement of DSO strategy - Positive factor: receipt of non-binding offtake offers - Positive factor: infrastructure upgrades completed - Positive factor: metallurgical sample preparation underway - Negative factor: XRF grade control results still pending Facts used in scoring: 19 ## Classification and evidence **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The company is advancing activities at its existing Horseshoe Lights project to facilitate DSO sales. Evidence · text > Horseshoe Lights Copper-Gold Project in Western Australia. **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leaching"\) **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: 19. 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-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-1) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:49ee260198a263739802 - Mining method: combined #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 1.04 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-2) gold #### Identity - Commodity: gold - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:49ee260198a263739802 - Mining method: combined #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-3) silver #### Identity - Commodity: silver - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:49ee260198a263739802 - Mining method: combined #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.5 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-4) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:82c6b91666bb3a6a0789 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0.95 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-5) gold #### Identity - Commodity: gold - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:82c6b91666bb3a6a0789 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-6) silver #### Identity - Commodity: silver - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:82c6b91666bb3a6a0789 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 2430000 - Grade: 0.7 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-7) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:27e74f3ef2b71cb9e260 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 1.01 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-8) gold #### Identity - Commodity: gold - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:27e74f3ef2b71cb9e260 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 0.1 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-9) silver #### Identity - Commodity: silver - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:27e74f3ef2b71cb9e260 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8690000 - Grade: 2.6 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-10) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:98a2446bacdad9edb494 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 0.48 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-11) gold #### Identity - Commodity: gold - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:98a2446bacdad9edb494 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 0.34 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-12) silver #### Identity - Commodity: silver - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:98a2446bacdad9edb494 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1421000 - Grade: 6.5 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-13) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d48d2dc13b92cc04c501 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 1.1 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-14) gold #### Identity - Commodity: gold - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d48d2dc13b92cc04c501 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 0.17 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-15) silver #### Identity - Commodity: silver - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d48d2dc13b92cc04c501 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 243000 - Grade: 4.7 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-16) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:1e7004469d223bc6e57b - Mining method: combined #### Resource Data - Category: measured - Tonnes: 415000 - Grade: 1.46 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-17) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:5458f43a91b935538f45 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 307000 - Grade: 1.16 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-resource-facts-18) copper #### Identity - Commodity: copper - Ticker: HOR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:7add90b7c909707dc598 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 114000 - Grade: 0.9 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ## Metallurgical Results (1) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/hor-dso-sampling-and-site-upgrades-advance-horseshoe-lights--b7dcbe2d-712f-4a78-b0f8-2b9ba883458b#fact-metallurgical-facts-0) Horseshoe Lights Copper-Gold Project · copper #### Identity - Project: Horseshoe Lights Copper-Gold Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: HOR #### Test Work - Program Status: preliminary - Test Type: column leach - Sample: oxide copper samples from RC drilling at the Motters Zone #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Preparation of composite samples for upcoming column leach testing to evaluate processing options. - Positive factor: preparing for future metallurgical testing Evidence · text > Preparation of one-tonne composite samples from Motters RC drilling progressing ahead of future column leach test work. #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ## 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.