# LM8: BHP Reports Kambalda Nickel Concentrator Transaction Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149532 Publisher: asx Original announcement: 2026-10-07T01:04:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-07T02:11:46.265Z Atlas analysis updated: 2026-10-07T02:11:46.265Z - Company: Lunnon Metals Limited - Ticker: LM8 - Exchange: ASX - Region: Western Australia - Primary commodity: Nickel - Secondary commodities: Copper, Cobalt, Palladium, Platinum - Document categories: Agreement transaction, Resource update - Extracted: 2026-10-07 02:11:47 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Lunnon Metals has noted an agreement where BHP will sell the Kambalda Nickel Concentrator to Gold Fields, the company's largest shareholder. The company is investigating potential opportunities arising from this change in ownership and has restated its Baker nickel Mineral Resource. Reasoning: The announcement primarily discusses a major transaction involving the company's largest shareholder and the local concentrator, while restating the company's nickel resource to provide context. - Positive factor: Strategic alignment with largest shareholder Gold Fields - Positive factor: Potential for improved concentrator access/opportunities - Positive factor: High-grade nickel resource maintained - Negative factor: Transaction is subject to regulatory approvals and completion in 2027 Facts used in scoring: 18 ## 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 restates the Baker nickel Mineral Resource estimate for context. Evidence · text > Between Baker and Foster, the Company reports a Mineral Resource estimate \(MRE\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be in accordance with the JORC Code \(2012\). Evidence · text > in accordance with the JORC Code \(2012\) **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: Competent Persons \(Aaron Wehrle and Stephen Law\) are named and consent to the inclusion of their information. Evidence · text > Mr Wehrle... is a full-time employee of the Company... to qualify as Competent Person ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-0) Baker · nickel #### Identity - Project: Baker - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 3.4 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Measured nickel resource at Baker deposit. - Positive factor: High grade intercept Evidence · table > 3.4 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-1) Baker · copper #### Identity - Project: Baker - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 0.28 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Copper byproduct grade in measured resource. Evidence · table > 0.28 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-2) Baker · cobalt #### Identity - Project: Baker - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 0.07 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Cobalt byproduct grade in measured resource. Evidence · table > 0.07 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-3) Baker · arsenic #### Identity - Project: Baker - Commodity: arsenic - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 9 - Grade Unit: ppm - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Arsenic level in measured resource. Evidence · table > 9 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-4) Baker · palladium #### Identity - Project: Baker - Commodity: palladium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 0.7 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Palladium byproduct grade in measured resource. Evidence · table > 0.70 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-5) Baker · platinum #### Identity - Project: Baker - Commodity: platinum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:8e2f4b363c82eb62db25 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: measured - Tonnes: 110000 - Grade: 0.27 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Platinum byproduct grade in measured resource. Evidence · table > 0.27 Context: 110,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-6) Baker · nickel #### Identity - Project: Baker - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 3.7 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Indicated nickel resource at Baker deposit. Evidence · table > 3.7 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-7) Baker · copper #### Identity - Project: Baker - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 0.31 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Copper byproduct grade in indicated resource. Evidence · table > 0.31 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-8) Baker · cobalt #### Identity - Project: Baker - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 0.07 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Cobalt byproduct grade in indicated resource. Evidence · table > 0.07 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-9) Baker · arsenic #### Identity - Project: Baker - Commodity: arsenic - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 81 - Grade Unit: ppm - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Arsenic level in indicated resource. Evidence · table > 81 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-10) Baker · palladium #### Identity - Project: Baker - Commodity: palladium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 0.64 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Palladium byproduct grade in indicated resource. Evidence · table > 0.64 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-11) Baker · platinum #### Identity - Project: Baker - Commodity: platinum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:ef076e23fdedf992fd23 - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 622000 - Grade: 0.27 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Platinum byproduct grade in indicated resource. Evidence · table > 0.27 Context: 622,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-12) Baker · nickel #### Identity - Project: Baker - Commodity: nickel - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 2.4 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Inferred nickel resource at Baker deposit. Evidence · table > 2.4 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-13) Baker · copper #### Identity - Project: Baker - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 0.15 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Copper byproduct grade in inferred resource. Evidence · table > 0.15 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-14) Baker · cobalt #### Identity - Project: Baker - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 0.05 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Cobalt byproduct grade in inferred resource. Evidence · table > 0.05 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-15) Baker · arsenic #### Identity - Project: Baker - Commodity: arsenic - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 8 - Grade Unit: ppm - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Arsenic level in inferred resource. Evidence · table > 8 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-16) Baker · palladium #### Identity - Project: Baker - Commodity: palladium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 0.46 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Palladium byproduct grade in inferred resource. Evidence · table > 0.46 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm8-bhp-reports-kambalda-nickel-concentrator-transaction--d6c61ca7-711b-4f68-b7ef-54148634ce58#fact-resource-facts-17) Baker · platinum #### Identity - Project: Baker - Commodity: platinum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM8 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Aaron Wehrle, Stephen Law - Resource group id: resource:42bdb95cd88bb2128f9e - Deposit or zone: Baker - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 298000 - Grade: 0.18 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-07T00:00:00.000Z Reasoning: Platinum byproduct grade in inferred resource. Evidence · table > 0.18 Context: 298,000 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. 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.