# KCN: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149372 Publisher: asx Original announcement: 2026-10-06T22:19:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-06T23:12:09.115Z Atlas analysis updated: 2026-10-06T23:12:09.115Z - Company: Kingsgate Consolidated Limited - Ticker: KCN - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Other, Resource update, Production, Drill results, Metallurgy - Extracted: 2026-10-06 23:12:09 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Kingsgate Consolidated Limited reported a landmark FY2026 with record net profit after tax of A$277.9 million, driven by strong gold and silver production of 86,078 ounces and 766,009 ounces respectively from the Chatree Gold Mine. The company significantly reduced debt, resumed dividend payments, and saw its Nueva Esperanza project's contained gold and silver increase due to higher metal price assumptions and royalty acquisition. The report also highlights ongoing metallurgical testwork for Nueva Esperanza to evaluate a lower-capital heap-leach pathway, showing exceptional recoveries. Reasoning: The annual report details strong operational and financial performance, including record profit and production, significant debt reduction, and the resumption of dividends. Resource updates show positive growth for Nueva Esperanza and expected depletion for Chatree, with overall positive sentiment driven by financial strength and project advancements. - Positive factor: Record net profit after tax of A$277.9 million - Positive factor: Strong gold and silver production from Chatree Gold Mine - Positive factor: Significant reduction in Nebari borrowings to A$14 million outstanding - Positive factor: Resumption of dividends with a 10-cent interim dividend - Positive factor: Increased contained gold and silver for Nueva Esperanza due to higher metal prices and royalty acquisition - Positive factor: Chatree Gold Mine received ISO certifications for HSEC management systems - Positive factor: Inclusion in the S&P/ASX 200 Index - Positive factor: Metallurgical testwork for Nueva Esperanza assessing a lower-capital heap-leach pathway shows exceptional recoveries - Positive factor: Resolution of the long-running TAFTA arbitration - Negative factor: Contained gold and silver for Chatree decreased due to mining depletion - Negative factor: Partial closure of Plant \#1 for seven weeks - Negative factor: Increase in waste material to be moved at Chatree - Negative factor: Exploration activities paused pending licence approval in Thailand Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 46 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides updated Mineral Resources and Ore Reserves estimates for both Chatree and Nueva Esperanza projects as of 30 June 2026, including comparisons to previous estimates. Evidence · text > Mineral Resources and Ore Reserves as at 30 June 2026 **Production Update** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The report details gold and silver production figures for the Chatree Gold Mine for the year ended 30 June 2026, including sales, prices, and processing metrics. Evidence · text > Chatree Gold Mine delivered a strong operational performance during the year ended 30 June 2026, producing 86,078 ounces of gold and 766,009 ounces of silver **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Nueva Esperanza's metallurgical testwork shows gold recoveries of 82% to 90% and silver recoveries of 71% to 88% for a heap leach route, which are exceptional for this processing method. Evidence · text > Nueva Esperanza metallurgical recoveries vary from 82% to 90% for gold and 71% to 88% for silver depending upon the deposit and the mineralogy. **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Chatree's silver recovery of 60.7% is below the weak band for a mill processing route, indicating potential processing challenges. Evidence · text > at an average of 83.0% for gold and 60.7% for silver **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Mineral Resources and Ore Reserves estimates are based on the JORC Code 2012, indicating a high reporting standard. Evidence · text > Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 \(JORC Code\) **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 explicitly names Competent Persons Racquel Kolkert, Mitchell Rohr, and Paul Hetherington who are responsible for the Mineral Resources and Ore Reserves estimates. Evidence · text > Information in this report that relates to the Chatree and South-East Complex Mineral Resources is based on, and fairly represents, information compiled by Racquel Kolkert **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Nueva Esperanza's contained gold increased by 37% and contained silver increased by 31% in Ore Reserves, indicating a significant upgrade in confidence and economic viability. Evidence · text > For Nueva Esperanza, contained gold increased by 37% and contained silver increased by 31% **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Nueva Esperanza's Ore Reserves show a 37% increase in contained gold and a 31% increase in contained silver compared to the previous estimate. Evidence · text > For Nueva Esperanza, contained gold increased by 37% and contained silver increased by 31% **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Chatree's Mineral Resources show a 4% decrease in contained gold and a 7% decrease in contained silver, attributed to mining depletion. Evidence · text > For Chatree, contained gold decreased by 4% and contained silver decreased by 7%, attributed entirely to mining depletion. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Chatree's Ore Reserves show a 9% decrease in contained gold and a 12% decrease in contained silver, attributed to mining depletion. Evidence · text > For Chatree, contained gold decreased by 9% and contained silver decreased by 12%, attributed entirely to mining depletion. **Heap Leach Route** Polarity: neutral Story-specific tag Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The Nueva Esperanza project is testing the viability of using a heap-leach process for its metallurgical testwork. Evidence · text > Drilling has been completed over recent months to test the viability of using a heap-leach process leading to a feasibility study later this year. **Mill Route** Polarity: neutral Story-specific tag Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The Chatree Gold Mine operates Plants \#1 and \#2, which are processing facilities, indicating a mill route for processing. Evidence · text > Crushed ore on the conveyor at Chatree processing plant. **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: 28. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-drill-facts-0) Chatree Gold Mine · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Chatree Gold Mine - Commodity: gold - Region: thailand - Reported Region: thailand - Ticker: KCN #### Geometry - Grade: 0.6 - Grade Unit: g/t #### Classification - Sample Type: drill - Mining Method: open\_pit #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The gold recovery of 83.0% is below the moderate band for a mill processing route, indicating potential for optimization. - Negative factor: Recovery is weak for a mill route Evidence · text > Gold and silver recoveries both improved over the year ended 30 June 2026, at an average of 83.0% for gold #### Tags used in scoring **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: qaqc\_disclosed is true **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 ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-drill-facts-1) Chatree Gold Mine · silver Needs review: drill\_no\_hole\_id #### Identity - Project: Chatree Gold Mine - Commodity: silver - Region: thailand - Reported Region: thailand - Ticker: KCN #### Geometry - Grade: 7.4 - Grade Unit: g/t #### Classification - Sample Type: drill - Mining Method: open\_pit #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The silver recovery of 60.7% is below the weak band for a mill processing route, indicating significant room for improvement or potential processing challenges. - Negative factor: Recovery is below the weak band for a mill route Evidence · text > at an average of 83.0% for gold and 60.7% for silver #### Tags used in scoring **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: qaqc\_disclosed is true **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 ## Resource Estimates (24) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-4) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:2275db215b3c0d504fc8 - Deposit or zone: Open Pit #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 0.76 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured resource grade of 0.76 g/t Au is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.76 Context: 14.1 #### 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 **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-5) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:2275db215b3c0d504fc8 - Deposit or zone: Open Pit #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 6.3 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured resource grade of 6.3 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 6.3 Context: 14.1 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-6) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:99b79eb682ffaf32ee00 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 69100000 - Grade: 0.75 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 0.75 g/t Au is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.75 Context: 69.1 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-7) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:99b79eb682ffaf32ee00 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 69100000 - Grade: 5.6 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 5.6 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 5.6 Context: 69.1 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-8) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:8097e50ff82a52cb4547 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 23600000 - Grade: 0.63 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 0.63 g/t Au is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.63 Context: 23.6 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-9) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:8097e50ff82a52cb4547 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 23600000 - Grade: 3.9 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 3.9 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 3.9 Context: 23.6 #### 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 **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-10) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:eb552f582a6688de0210 - Deposit or zone: Stockpiles #### Resource Data - Category: measured - Tonnes: 4300000 - Grade: 0.42 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured stockpile resource grade of 0.42 g/t Au is weak, and the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.42 Context: 4.3 #### 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 **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-11) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:eb552f582a6688de0210 - Deposit or zone: Stockpiles #### Resource Data - Category: measured - Tonnes: 4300000 - Grade: 7.1 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Measured stockpile resource grade of 7.1 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 7.1 Context: 4.3 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-12) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:6ff992299f0963793fe1 - Deposit or zone: South-East Complex #### Resource Data - Category: indicated - Tonnes: 13000000 - Grade: 0.65 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 0.65 g/t Au for the South-East Complex is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.65 Context: 13.0 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-13) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:6ff992299f0963793fe1 - Deposit or zone: South-East Complex #### Resource Data - Category: indicated - Tonnes: 13000000 - Grade: 4.5 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 4.5 g/t Ag for the South-East Complex is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 4.5 Context: 13.0 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-14) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:cc48c8b5d9230efef0cf - Deposit or zone: South-East Complex #### Resource Data - Category: inferred - Tonnes: 13900000 - Grade: 0.61 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 0.61 g/t Au for the South-East Complex is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 4% due to mining depletion Evidence · table > 0.61 Context: 13.9 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-15) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Racquel Kolkert - Resource group id: resource:cc48c8b5d9230efef0cf - Deposit or zone: South-East Complex #### Resource Data - Category: inferred - Tonnes: 13900000 - Grade: 5.1 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 5.1 g/t Ag for the South-East Complex is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 7% due to mining depletion Evidence · table > 5.1 Context: 13.9 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-18) Nueva Esperanza · gold #### Identity - Project: Nueva Esperanza - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:870ddd25692dfd6f6866 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 26100000 - Grade: 0.34 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 0.34 g/t Au is weak for an open pit, but the project saw a 1% increase in contained gold. - Positive factor: Contained gold increased by 1% Evidence · table > 0.34 Context: 26.1 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-19) Nueva Esperanza · silver #### Identity - Project: Nueva Esperanza - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:870ddd25692dfd6f6866 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 26100000 - Grade: 68 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Indicated resource grade of 68 g/t Ag is moderate, and the project saw a 3% increase in contained silver. - Positive factor: Contained silver increased by 3% Evidence · table > 68 Context: 26.1 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-20) Nueva Esperanza · gold #### Identity - Project: Nueva Esperanza - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:275ee34c017123d49685 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 4700000 - Grade: 0.48 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 0.48 g/t Au is weak for an open pit, but the project saw a 1% increase in contained gold. - Positive factor: Contained gold increased by 1% Evidence · table > 0.48 Context: 4.7 #### 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 **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-21) Nueva Esperanza · silver #### Identity - Project: Nueva Esperanza - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:275ee34c017123d49685 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 4700000 - Grade: 37 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Inferred resource grade of 37 g/t Ag is weak, but the project saw a 3% increase in contained silver. - Positive factor: Contained silver increased by 3% Evidence · table > 37 Context: 4.7 #### 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 **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-24) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:afdbc16c3d90f1ba83f1 - Deposit or zone: Open Pit #### Resource Data - Category: proven - Tonnes: 8100000 - Grade: 0.83 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Proved reserve grade of 0.83 g/t Au is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 9% due to mining depletion Evidence · table > 0.83 Context: 8.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-25) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:afdbc16c3d90f1ba83f1 - Deposit or zone: Open Pit #### Resource Data - Category: proven - Tonnes: 8100000 - Grade: 6.9 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Proved reserve grade of 6.9 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 12% due to mining depletion Evidence · table > 6.9 Context: 8.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-26) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:133c8b60654cd4b35f28 - Deposit or zone: Open Pit #### Resource Data - Category: probable - Tonnes: 33900000 - Grade: 0.81 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Probable reserve grade of 0.81 g/t Au is moderate for an open pit, but the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 9% due to mining depletion Evidence · table > 0.81 Context: 33.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-27) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:133c8b60654cd4b35f28 - Deposit or zone: Open Pit #### Resource Data - Category: probable - Tonnes: 33900000 - Grade: 6.2 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Probable reserve grade of 6.2 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 12% due to mining depletion Evidence · table > 6.2 Context: 33.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-28) Chatree · gold #### Identity - Project: Chatree - Commodity: gold - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:d9599e2420c8d6b6bc0f - Deposit or zone: Stockpiles #### Resource Data - Category: proven - Tonnes: 4300000 - Grade: 0.42 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Proved stockpile reserve grade of 0.42 g/t Au is weak, and the overall contained gold for Chatree decreased due to mining depletion. - Negative factor: Contained gold decreased by 9% due to mining depletion Evidence · table > 0.42 Context: 4.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-29) Chatree · silver #### Identity - Project: Chatree - Commodity: silver - Region: thailand - Reported Region: Thailand - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:d9599e2420c8d6b6bc0f - Deposit or zone: Stockpiles #### Resource Data - Category: proven - Tonnes: 4300000 - Grade: 7.1 - Grade Unit: g/t - Cutoff Grade: 16.16 - Cutoff Unit: NSR$/oz #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Proved stockpile reserve grade of 7.1 g/t Ag is weak, and the overall contained silver for Chatree decreased due to mining depletion. - Negative factor: Contained silver decreased by 12% due to mining depletion Evidence · table > 7.1 Context: 4.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-32) Nueva Esperanza · gold #### Identity - Project: Nueva Esperanza - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:896d65cd4d6e918ce4b5 - Deposit or zone: Open Pit #### Resource Data - Category: probable - Tonnes: 23700000 - Grade: 0.34 - Grade Unit: g/t - Cutoff Grade: 21.5 - Cutoff Unit: NSR$/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Probable reserve grade of 0.34 g/t Au is weak for an open pit, but the project saw a significant 37% increase in contained gold. - Positive factor: Contained gold increased by 37% Evidence · table > 0.34 Context: 23.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-resource-facts-33) Nueva Esperanza · silver #### Identity - Project: Nueva Esperanza - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: KCN #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mitchell Rohr - Resource group id: resource:896d65cd4d6e918ce4b5 - Deposit or zone: Open Pit #### Resource Data - Category: probable - Tonnes: 23700000 - Grade: 68 - Grade Unit: g/t - Cutoff Grade: 21.5 - Cutoff Unit: NSR$/t #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Probable reserve grade of 68 g/t Ag is moderate, and the project saw a significant 31% increase in contained silver. - Positive factor: Contained silver increased by 31% Evidence · table > 68 Context: 23.7 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ## Metallurgical Results (2) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-metallurgical-facts-2) Nueva Esperanza · gold #### Identity - Project: Nueva Esperanza - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: KCN #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: fresh samples of PQ3 drill core from Arqueros, Chimberos and Teterita orebodies #### Recovery - Recovery: 82 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Gold recovery ranging from 82% to 90% is exceptional for a heap leach processing route, indicating strong metallurgical potential for the project's gold component. - Positive factor: Recovery is exceptional for a heap leach route - Positive factor: Testwork supports a lower-capital heap-leach pathway - Negative factor: Recovery basis is unspecified Evidence · text > Nueva Esperanza metallurgical recoveries vary from 82% to 90% for gold #### 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 **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 82% is at or above the exceptional band \(75%\) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/kcn-2026-annual-report--f1ef490c-6f31-4e5a-a19f-305f9d1c51d8#fact-metallurgical-facts-3) Nueva Esperanza · silver #### Identity - Project: Nueva Esperanza - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: KCN #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: fresh samples of PQ3 drill core from Arqueros, Chimberos and Teterita orebodies #### Recovery - Recovery: 71 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Silver recovery ranging from 71% to 88% is exceptional for a heap leach processing route, indicating strong metallurgical potential for the project's silver component. - Positive factor: Recovery is exceptional for a heap leach route - Positive factor: Testwork supports a lower-capital heap-leach pathway - Negative factor: Recovery basis is unspecified Evidence · text > and 71% to 88% for silver depending upon the deposit and the mineralogy. #### 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 **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 71% is below the weak band \(75%\) ## 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.