# HTM: Annual Report to Shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146387

Publisher: asx

Original announcement: 2026-09-30T06:23:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T07:23:07.324Z

Atlas analysis updated: 2026-09-30T07:23:07.324Z

- Company: High-Tech Metals Limited

- Ticker: HTM

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Drill results, Metallurgy

- Extracted: 2026-09-30 07:23:08 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

High-Tech Metals Limited's annual report for FY2026 details significant progress across its gold projects in Western Australia, including positive drill results from Mt Fisher and high-grade intercepts from Wagtail. Metallurgical testwork confirmed free-milling gold and high recoveries for both projects, de-risking future development. The company also updated its Wagtail Mineral Resource Estimate, which underpins ongoing development studies, and strengthened its balance sheet with successful capital raises, ending the year with $9.8 million in cash.

Reasoning: The annual report highlights significant progress in exploration, resource definition, and metallurgical testwork for its gold projects in Western Australia, supported by a strong cash position from recent capital raises, indicating positive momentum towards development. The updated Wagtail MRE and Mt Fisher drill results are key positive developments.

- Positive factor: Strong cash position after successful capital raises

- Positive factor: Positive drill results from Mt Fisher, including high-grade intercepts

- Positive factor: Favorable metallurgical testwork results for both Mt Fisher and Wagtail, confirming free-milling gold and high recoveries

- Positive factor: Updated Wagtail MRE underpins development studies

- Positive factor: Progress towards near-term gold production at Wagtail and Mt Fisher

- Positive factor: Expansion of Mt Eureka ownership

- Negative factor: Continued net loss and cash outflows from operating activities \(typical for an exploration company\)

- Negative factor: Werner Lake Cobalt Project remains in early stages with no exploration activities yet

Facts used in scoring: 12

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The document explicitly states that the Mineral Resource Estimates are JORC \(2012\) compliant.

Evidence · text

> JORC \(2012\) Mineral Resource Estimate

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The report includes Competent Person's Statements for Exploration Results and Mineral Resource Estimates, with named CPs who are members of recognized professional associations.

Evidence · text

> Competent Person’s Statement

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document refers to an 'updated Wagtail Gold MRE' and 'updated Mineral Resource Estimate for Mt Fisher was expected in August 2026', indicating revisions to existing estimates.

Evidence · text

> Updated Wagtail Gold MRE Underpins Development Studies

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: Several resource facts are classified as 'Inferred', indicating lower geological confidence.

Evidence · table

> Inferred

Context: 294,100

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: Several resource facts are classified as 'Indicated', indicating reasonable geological confidence.

Evidence · table

> Indicated

Context: 129,100

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: One resource fact is classified as 'Measured', indicating the highest level of geological confidence.

Evidence · table

> Measured

Context: 41,300

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The drill results are reported by a Competent Person, which implies adherence to QA/QC protocols, and the document states that 'all material assumptions and technical parameters underpinning the Exploration Results... continue to apply'.

Evidence · text

> The Company confirms that it is not aware of any new information or data that materially affects the information included in those original market announcements, and that all material assumptions and technical parameters underpinning the Exploration Results and Mineral Resource Estimates in those announcements continue to apply and have not materially changed.

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The Mt Fisher drilling program was designed to 'Extend mineralisation north, south and down dip of the current resource'.

Evidence · text

> Extend mineralisation north, south and down dip of the current resource.

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: The Mt Fisher drilling program was designed to 'Infill areas of limited drilling density to improve resource confidence'.

Evidence · text

> Infill areas of limited drilling density to improve resource confidence.

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Mt Fisher achieved up to 93% gold recovery and Wagtail achieved up to 97.2% gold recovery, which are high for their respective processing routes.

Evidence · text

> combined gravity and cyanide recoveries of up to ~93% achieved

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: Metallurgical testwork confirmed that Mt Fisher and Wagtail mineralisation is free-milling and non-refractory.

Evidence · text

> Mt Fisher mineralisation is free-milling and non-refractory

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The metallurgical testwork for Wagtail was completed on a 'master composite sample' and for Mt Fisher on 'historic stockpile material', indicating bench-scale or preliminary testwork rather than pilot scale.

Evidence · text

> completed on a master composite sample generated from recent drilling at Wagtail

**Low Reagent Consumption**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Wagtail testwork showed 'low cyanide and lime consumption throughout the test program'.

Evidence · text

> low cyanide and lime consumption throughout the test program

**Rapid Leach Kinetics**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Wagtail testwork showed 'Rapid leach kinetics, with essentially all cyanide-recoverable gold extracted within the first 8 hours'.

Evidence · text

> Rapid leach kinetics, with essentially all cyanide-recoverable gold extracted within the first 8 hours

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

**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: 12. Some facts used in scoring do not have a stored record.

## Resource Estimates (11)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-0)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:30224faaf58fe7a9dfaa
- Deposit or zone: Mt Fisher

#### Resource Data

- Category: measured
- Tonnes: 41300
- Grade: 1.94
- Grade Unit: g/t
- Contained Metal: 3
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A small Measured resource, part of a larger project, with high confidence but limited scale.

- Positive factor: Resource is in the Measured category, indicating high confidence

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

Evidence · table

> 1.94

Context: 41,300

#### 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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-1)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:69a089e1a70845896ee8
- Deposit or zone: Mt Fisher

#### Resource Data

- Category: indicated
- Tonnes: 129100
- Grade: 1.97
- Grade Unit: g/t
- Contained Metal: 8
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate Indicated resource, contributing to the overall project, with good confidence.

- Positive factor: Resource is in the Indicated category, indicating good geological confidence

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

Evidence · table

> 1.97

Context: 129,100

#### 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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-2)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:5f97bf9933a3d3d3d714
- Deposit or zone: Mt Fisher

#### Resource Data

- Category: inferred
- Tonnes: 294100
- Grade: 2.53
- Grade Unit: g/t
- Contained Metal: 24
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate Inferred resource with good grade, but lower confidence due to its category.

- Positive factor: Higher grade for an Inferred resource

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

Evidence · table

> 2.53

Context: 294,100

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-3)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:ba4cd407dfad479ef060
- Deposit or zone: Damsel

#### Resource Data

- Category: indicated
- Tonnes: 726200
- Grade: 1.87
- Grade Unit: g/t
- Contained Metal: 44
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A substantial Indicated resource contributing significantly to the project's overall gold endowment.

- Positive factor: Significant Indicated resource tonnage, indicating good geological confidence

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

Evidence · table

> 1.87

Context: 726,200

#### 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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-4)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:30b19f84e6f02a2aa379
- Deposit or zone: Damsel

#### Resource Data

- Category: inferred
- Tonnes: 678000
- Grade: 1.43
- Grade Unit: g/t
- Contained Metal: 31
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A large Inferred resource, adding to the project's potential, but with lower confidence.

- Positive factor: Significant Inferred resource tonnage, indicating potential for future growth

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

Evidence · table

> 1.43

Context: 678,000

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-5)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Jane Coll
- Resource group id: resource:ac07c3c4cbee500418c8
- Deposit or zone: Wagtail

#### Resource Data

- Category: indicated
- Tonnes: 77500
- Grade: 3.9
- Grade Unit: g/t
- Contained Metal: 9.5
- Contained Unit: koz
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2026-07-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A high-grade Indicated resource with recent updates, providing a robust basis for development studies, despite the dual cut-off.

- Positive factor: High-grade Indicated resource, supporting production potential

- Positive factor: Updated MRE incorporates recent drilling, increasing confidence

- Positive factor: JORC \(2012\) compliant estimate signed off by an independent Competent Person

- Negative factor: Cut-off grade is dual \(0.5 g/t Au for open pit and 1.6 g/t Au for underground\), which can complicate direct comparison

Evidence · table

> 3.9

Context: 77,500

#### 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

**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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-6)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Jane Coll
- Resource group id: resource:04ae6bad2aabef0091df
- Deposit or zone: Wagtail

#### Resource Data

- Category: inferred
- Tonnes: 28000
- Grade: 3.5
- Grade Unit: g/t
- Contained Metal: 3
- Contained Unit: koz
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2026-07-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A high-grade Inferred resource with potential for growth, but with lower confidence and dual cut-off considerations.

- Positive factor: High-grade Inferred resource, indicating potential for future conversion

- Positive factor: Updated MRE incorporates recent drilling

- Positive factor: JORC \(2012\) compliant estimate signed off by an independent Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

- Negative factor: Cut-off grade is dual \(0.5 g/t Au for open pit and 1.6 g/t Au for underground\), which can complicate direct comparison

Evidence · table

> 3.5

Context: 28,000

#### 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

**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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-7)

Mt Eureka Project · gold

#### Identity

- Project: Mt Eureka Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:e99e39af04cfc3a2d6e0
- Deposit or zone: Taipan

#### Resource Data

- Category: inferred
- Tonnes: 640800
- Grade: 1.21
- Grade Unit: g/t
- Contained Metal: 25
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate-grade Inferred resource, contributing to the project's overall potential but with lower confidence.

- Positive factor: Significant Inferred resource tonnage, indicating exploration potential

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

Evidence · table

> 1.21

Context: 640,800

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-8)

Mt Eureka Project · gold

#### Identity

- Project: Mt Eureka Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:78c523048bb1381fc99b
- Deposit or zone: Southern

#### Resource Data

- Category: indicated
- Tonnes: 488400
- Grade: 1.32
- Grade Unit: g/t
- Contained Metal: 21
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate-grade Indicated resource, adding to the project's overall confidence and potential.

- Positive factor: Significant Indicated resource tonnage, indicating good geological confidence

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

Evidence · table

> 1.32

Context: 488,400

#### 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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-9)

Mt Eureka Project · gold

#### Identity

- Project: Mt Eureka Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:0c9f2217193cee859622
- Deposit or zone: Southern

#### Resource Data

- Category: inferred
- Tonnes: 457600
- Grade: 1.18
- Grade Unit: g/t
- Contained Metal: 17
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate-grade Inferred resource, contributing to the project's potential but with lower confidence.

- Positive factor: Significant Inferred resource tonnage, indicating exploration potential

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

Evidence · table

> 1.18

Context: 457,600

#### 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/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-resource-facts-11)

Mt Eureka Project · gold

#### Identity

- Project: Mt Eureka Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:c1e13bb325e8d50507e0

#### Resource Data

- Category: inferred
- Tonnes: 640800
- Grade: 1.21
- Grade Unit: g/t
- Contained Metal: 25
- Contained Unit: koz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-02-26

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A moderate-grade Inferred resource, contributing to the project's overall potential but with lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Significant Inferred resource tonnage, indicating exploration potential

- Positive factor: JORC \(2012\) compliant estimate signed off by a Competent Person

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence

Evidence · table

> 1.21

Context: 640,800

#### 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

## Metallurgical Results (1)

### gravity and cyanide leach

[Link to this fact](https://atlas-staging.minestarters.com/news/htm-annual-report-to-shareholders--04a90b12-c315-4d77-99ec-679c2c7e975c#fact-metallurgical-facts-10)

Mt Fisher Project · gold

#### Identity

- Project: Mt Fisher Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: HTM

#### Test Work

- Program Status: detailed
- Test Type: gravity and cyanide leach
- Processing Route: gravity and cyanide leach
- Sample: master composite sample generated from recent drilling at Wagtail
- Grind P80: 75 µm

#### Recovery

- Recovery: 97.2 %
- Recovery Basis: actual\_test

#### Lab

- Consultant: JT Metallurgical Services

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Highly encouraging metallurgical testwork results for Wagtail confirm excellent gold recoveries and favorable processing characteristics, significantly de-risking the project and supporting future production.

- Positive factor: Exceptional gold recoveries consistently high across all grind sizes tested

- Positive factor: Confirmed free-milling and non-refractory nature of the ore

- Positive factor: Rapid leach kinetics and low cyanide and lime consumption are highly favorable for operating costs

- Positive factor: Significant gravity recoverable gold content

- Positive factor: No deleterious elements or preg-robbing observed

- Negative factor: Testwork was on a master composite sample, which may not fully capture variability across the deposit

Evidence · text

> overall gold extractions ranging from 96.8% at P80 180μm to 98.7% at P80 75μm, equating to recoveries of up to approximately 97.2%

#### Tags used in scoring

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: processing\_route matches the gravity signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 97.2% is at or above the exceptional band \(95%\)

## 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.