# HVY: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147941 Publisher: asx Original announcement: 2026-10-02T05:39:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T06:10:19.717Z Atlas analysis updated: 2026-10-02T06:10:19.717Z - Company: Heavy Minerals Limited - Ticker: HVY - Exchange: ASX - Region: Unavailable - Primary commodity: Garnet - Secondary commodities: Ilmenite - Document categories: Other, Resource update, Capital raise - Extracted: 2026-10-02 06:10:20 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Heavy Minerals Limited reported a significant loss for the year ended June 30, 2026, and faces a material uncertainty regarding its ability to continue as a going concern due to a net working capital deficit. Despite financial challenges, the company made substantial progress on its projects, including completing a Pre-Feasibility Study for the Port Gregory Garnet Project, which returned a post-tax NPV of A$322.8 million and a 47.6% IRR, along with a maiden Probable Ore Reserve of 85.5 Mt at 4.43% THM. Additionally, the company secured a binding Tailings Processing Agreement for the Kanmantoo Garnet Project, targeting initial production in H1 2027. Reasoning: Despite positive operational advancements including a strong Port Gregory PFS and a Kanmantoo production agreement, the company reported a substantial financial loss and received an auditor's warning regarding its ability to continue as a going concern, indicating significant financial risk. - Positive factor: Strong Pre-Feasibility Study results for Port Gregory - Positive factor: Maiden Probable Ore Reserve for Port Gregory - Positive factor: Binding Tailings Processing Agreement for Kanmantoo - Positive factor: Targeting near-term production at Kanmantoo - Negative factor: Significant net loss for the year - Negative factor: Material uncertainty regarding continuation as a going concern - Negative factor: Net working capital deficit - Negative factor: Preliminary nature of project funding discussions Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern due to net loss and working capital deficit. Evidence · text > Material Uncertainty Regarding Continuation as a Going Concern ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556#fact-resource-facts-0) Port Gregory Garnet Project · garnet Historical result Needs review: historical\_restatement #### Identity - Project: Port Gregory Garnet Project - Commodity: garnet - Region: australia\_wa - Reported Region: Western Australia - Ticker: HVY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:dd62070cfe1b93c05bd3 #### Resource Data - Category: measured - Tonnes: 126000000 - Grade: 3.8 - Grade Unit: % THM - Contained Metal: 5.9 - Contained Unit: mt - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-07-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-10T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty. - Negative factor: Stale Data Re-release Evidence · text > Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556#fact-resource-facts-1) Port Gregory Garnet Project · garnet Historical result Needs review: historical\_restatement #### Identity - Project: Port Gregory Garnet Project - Commodity: garnet - Region: australia\_wa - Reported Region: Western Australia - Ticker: HVY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:0aae078f8755350b9eaf #### Resource Data - Category: indicated - Tonnes: 20000000 - Grade: 6.5 - Grade Unit: % THM - Contained Metal: 5.9 - Contained Unit: mt - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-07-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-10T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty. - Negative factor: Stale Data Re-release Evidence · text > Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556#fact-resource-facts-2) Port Gregory Garnet Project · garnet Historical result Needs review: historical\_restatement #### Identity - Project: Port Gregory Garnet Project - Commodity: garnet - Region: australia\_wa - Reported Region: Western Australia - Ticker: HVY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:16c9ffe42e70d6fe53c3 #### Resource Data - Category: inferred - Tonnes: 20000000 - Grade: 2.9 - Grade Unit: % THM - Contained Metal: 5.9 - Contained Unit: mt - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-07-10 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-10T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty. - Negative factor: Stale Data Re-release Evidence · text > Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet. #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556#fact-resource-facts-3) Port Gregory Garnet Project · garnet #### Identity - Project: Port Gregory Garnet Project - Commodity: garnet - Region: australia\_wa - Reported Region: Western Australia - Ticker: HVY #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adrian Jones - Resource group id: resource:3c8e889d43a51f2fa7b5 #### Resource Data - Category: probable - Tonnes: 85500000 - Grade: 4.43 - Grade Unit: % THM - Contained Metal: 3.3 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The announcement of a maiden Probable Ore Reserve for the Port Gregory project is a significant de-risking event, indicating economic viability and advancing the project towards development. - Positive factor: Maiden Probable Ore Reserve - Positive factor: JORC Compliant Evidence · text > maiden Probable Ore Reserve of 85.5 Mt at 4.43% THM for 3.3 Mt of contained garnet \(effective 8 July 2026\) #### Tags used in scoring **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hvy-annual-report-to-shareholders--58434fd3-6c85-418d-ac3c-45984da8f556#fact-resource-facts-4) Inhambane Heavy Mineral Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Inhambane Heavy Mineral Project - Commodity: ilmenite - Region: mozambique - Reported Region: Mozambique - Ticker: HVY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:99dea0e073e94bc6ee24 #### Resource Data - Category: inferred - Tonnes: 90000000 - Grade: 3 - Grade Unit: % THM #### Prior Estimate - Resource Date: 2021-12-06 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-06T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a restatement of a previously reported Inferred Mineral Resource, indicating low novelty and early stage of confidence. - Negative factor: Stale Data Re-release - Negative factor: All Inferred Evidence · text > ilmenite-dominated JORC \(2012\) Inferred Mineral Resource of 90 million tonnes @ 3.0% THM. #### Tags used in scoring **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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.8 years before this release ## 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.