# JAL: Annual Report 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/jal-annual-report-2026--c7c0402c-6ae1-4ea7-9146-6180087fd705 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146615 Publisher: asx Original announcement: 2026-09-30T07:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:12:57.988Z Atlas analysis updated: 2026-09-30T08:12:57.988Z - Company: Jameson Resources Limited - Ticker: JAL - Exchange: ASX - Region: British Columbia, Canada - Primary commodity: Coal - Secondary commodities: None reported - Document categories: Permitting, Resource update, Capital raise - Extracted: 2026-09-30 08:12:58 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Jameson Resources Limited reported significant progress on its Crown Mountain Hard Coking Coal Project in British Columbia, Canada, during FY2026, including receiving the Section 27 Notice for environmental approval and reaffirming a 57.5Mt run-of-mine reserve with a post-tax NPV of US$549M. The company also completed several capital raises totaling over $4.6M to fund project development and continued to strengthen its partnership with Indigenous Nations. Post-period, an additional $9.73M was raised through an entitlement offer. Reasoning: The company made significant progress on environmental approvals for its Crown Mountain Hard Coking Coal Project, reaffirmed strong project economics through a Feasibility Update, and secured funding through multiple placements, all within a favorable market for steelmaking coal. - Positive factor: Permitting Milestone - Positive factor: Project Economics - Positive factor: Favorable Market Conditions - Positive factor: Funding Secured - Positive factor: Indigenous Engagement - Negative factor: Continued Funding Needs - Negative factor: Project Still in Permitting Phase - Negative factor: Cut-off Undisclosed - Negative factor: No QP/CP Disclosure Facts used in scoring: 8 ## Classification and evidence **Permitting Milestone** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The British Columbia Environmental Assessment Office issued its Section 27 Notice in May 2026, confirming completion of the Environmental Application Review. Evidence · text > British Columbia Environmental Assessment Office issuing its Section 27 Notice in May 2026, confirming completion of the Environmental Application Review. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The 2025 Feasibility Update reaffirmed Crown Mountain as a compelling, low-cost development with a 57.5Mt run-of-mine reserve. Evidence · text > 2025 Feasibility Update, which reaffirmed Crown Mountain as a compelling, low-cost development with a post-tax NPV of US$549M, a 57.5Mt run-of-mine reserve **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company completed a series of placements during the year to fund progression of the environmental approvals and continued Indigenous engagement. Evidence · text > Jameson completed a series of placements during the year to fund progression of the environmental approvals and continued Indigenous engagement **Indigenous Engagement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Company strengthened its partnership with the Yaq̓it ʔa·knuqⱡi'it First Nation and other Indigenous Nations, signing an Early Training and Employment Initiative. Evidence · text > the Company strengthened its partnership with the Yaq̓it ʔa·knuqⱡi'it First Nation and other Indigenous Nations and secured further funding to carry the Project through its next phase. **Project Economics** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The 2025 Feasibility Update reaffirmed a post-tax NPV of US$549M and a life-of-mine FOB cost of approximately US$103/t. Evidence · text > reaffirmed Crown Mountain as a compelling, low-cost development with a post-tax NPV of US$549M, a 57.5Mt run-of-mine reserve and a 15-year mine life at average annual exports of around 1.96Mtpa. **Favorable Market Conditions** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The seaborne steelmaking coal market faces a structural supply gap, with demand set to grow, creating a favourable backdrop for premium steelmaking coal. Evidence · text > These achievements come against a favourable macro environment, with the seaborne steelmaking coal market facing a structural supply gap. **Open Pit Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Crown Mountain is described as an 'advanced, low-cost open-cut development'. Evidence · text > Crown Mountain is an advanced, low-cost open-cut development located in the world-renowned Elk Valley coalfield of south-east British Columbia **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not disclose the cut-off grade used for the 57.5Mt run-of-mine reserve. Evidence · text > 57.5Mt run-of-mine reserve **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: The document does not explicitly state that a Qualified Person or Competent Person signed off on the 2025 Feasibility Update or resource estimate. Evidence · text > An independent Feasibility Update completed in May 2025 reviewed the economic inputs to that study ## Extracted facts Stored fact records: 1. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/jal-annual-report-2026--c7c0402c-6ae1-4ea7-9146-6180087fd705#fact-resource-facts-0) Crown Mountain Hard Coking Coal Project · coal #### Identity - Project: Crown Mountain Hard Coking Coal Project - Commodity: coal - Region: canada\_bc - Reported Region: British Columbia, Canada - Ticker: JAL #### Resource scope - Estimate type: reserve - QP Signed: No - Resource group id: resource:307a2584f347f5a5e803 #### Resource Data - Tonnes: 57500000 #### Prior Estimate - Resource Date: 2025-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The 2025 Feasibility Update reaffirmed a substantial run-of-mine reserve, supporting a long mine life and strong project economics. - Positive factor: Project Economics - Positive factor: Mine Life - Negative factor: Cut-off Undisclosed - Negative factor: No QP/CP Disclosure Evidence · text > 57.5Mt run-of-mine reserve #### 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 **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.