# MLS: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142239 Publisher: asx Original announcement: 2026-09-22T05:26:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T06:10:24.864Z Atlas analysis updated: 2026-09-22T06:10:24.864Z - Company: Metals Australia Ltd - Ticker: MLS - Exchange: ASX - Region: Unavailable - Primary commodity: Graphite - Secondary commodities: Copper, Gold, Bismuth, Vanadium, Titanium, Nickel, Cobalt, Zinc, Iron ore - Document categories: Resource update, Metallurgy, Drill results - Extracted: 2026-09-22 06:10:25 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Metals Australia Ltd reported a world-class Mineral Resource and a maiden Ore Reserve for its Lac Carheil Graphite project in Quebec, Canada, with strong economic outcomes demonstrated by a Preliminary Economic Assessment \(PEA\) and Prefeasibility Study \(PFS\). The company also conducted successful drilling programs at its Manindi Vanadium-Titanium-Magnetite project in Western Australia, extending mineralization, and identified highly anomalous copper zones at the Warrego East project in the Northern Territory. The annual report highlights significant progress across its critical minerals portfolio in Australia and Canada. Reasoning: Metals Australia Ltd reported a world-class Mineral Resource and a maiden Ore Reserve for its Lac Carheil Graphite project, supported by strong economic studies \(PEA and PFS\). Additionally, successful exploration programs were conducted at the Manindi VTM and Warrego East projects, extending known mineralization and identifying new targets, indicating significant progress across its critical minerals portfolio. - Positive factor: World-class graphite resource and maiden ore reserve reported for Lac Carheil - Positive factor: Strong economic studies \(PEA/PFS\) for the Lac Carheil Graphite project demonstrating significant value - Positive factor: Successful drilling programs extending mineralization at Manindi VTM project - Positive factor: Identification of highly anomalous copper zones at Warrego East project - Positive factor: JORC compliance and QP/CP sign-offs for resource and reserve estimates - Negative factor: Relinquishment of claims in Quebec resulting in impairment of exploration assets - Negative factor: Inferred resources treated as waste in the PFS for Ore Reserve calculation, limiting initial economic scope - Negative factor: Numerous Lac Carheil claims expiring in late 2026, requiring renewal or further action Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 21 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate and Ore Reserve are reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > The information in this Report that relates to the current Mineral Resource Estimate is based on, and fairly reflects, information compiled by Mr David Williams and Mr Chris Ramsay. Mr Williams \(B.Sc. Hons\) is a full-time employee of ERM and is a Member of the Australian Institute of Geoscientists \(RPGeo\). Mr Ramsay \(BSc \(Geol\), M.App.Proj.Mngt, FAusIMM\) is a Fellow of the Australasian Institute of Mining and Metallurgy, is the General Manager of Geology at Metals Australia Ltd and holds shares in the company. Mr Williams is fully independent of Metals Australia. Mr Williams and Mr Ramsay have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\). **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 Mineral Resource Estimate and Ore Reserve are signed off by Competent Persons Mr David Williams, Mr Chris Ramsay, and Arturo Urdaneta, P. Eng. Evidence · text > The information in this Report that relates to the current Mineral Resource Estimate is based on, and fairly reflects, information compiled by Mr David Williams and Mr Chris Ramsay. **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: A maiden Probable Ore Reserve of 21.51 Mt at 11.14% Cg for 2.40 Mt of contained graphite was reported. Evidence · text > As part of the study, the Company reported its Maiden Ore Reserve4 of 21.5 million tonnes grading 11.14% Cg for 2.40 million tonnes \(Mt\) of contained graphite. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The maiden Ore Reserve represents an 86% conversion of Indicated Mineral Resource into Probable Ore Reserve. Evidence · text > represents an 86% conversion of indicated Mineral Resource into Probable Ore Reserve4. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Ore Reserve Estimate is based on a 4.0% Cg cut-off grade. Evidence · text > The Ore Reserve Estimate is based on a Cg 4.0% COG. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: A Preliminary Economic Assessment \(PEA\) was finalised and published for the downstream Battery Anode Material Refinery. Evidence · text > The Preliminary Economic Assessment \(PEA\)3 was finalised and published during April. **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: A Prefeasibility Study \(PFS\) for the upstream open cut mine and flake graphite concentrate plant was finalised and published. Evidence · text > The Prefeasibility Study \(PFS\)4 for the upstream open cut mine and flake graphite concentrate plant was finalised and published in June **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Manindi West significantly extended the original discovery zone over 1,000m along strike. Evidence · text > The original discovery zone10,11 has now been significantly extended, while a new, separate zone now indicates that further identified zones within the tenements – including 3 remaining untested targets – may all contain similar mineralisation. **Exploration Drilling** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Drilling programs were completed at Warrego East and Corvette River to test targets and advance exploration. Evidence · text > During the year, the Company completed an exploratory drilling program to test five undercover targets in proximity to two major mines in the region5 **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The Warrego East project identified anomalous bismuth, cobalt, and zinc alongside copper, which can be penalty elements in some concentrates. Evidence · text > The new results from Target 1 yielded highly anomalous levels of copper, together with bismuth, cobalt and zinc - broadly and at depth. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Drill Results (5) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-drill-facts-10) Manindi West VTM · vanadium Needs review: drill\_no\_hole\_id #### Identity - Project: Manindi West VTM - Commodity: vanadium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MLS #### Geometry - Intercept: 61 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Target \#2 - Loc. Source: document #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: A 61m intercept in a new target area at Manindi West provides confidence in the potential for additional mineralization beyond the discovery zone. - Positive factor: New zone of mineralization identified - Positive factor: Significant intercept length - Negative factor: Single hole result Evidence · text > A single RC drill hole tested magnetic Target \#2 \(see Figure 4\) and successfully intersected 61m of mineralised intervals #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not 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/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-drill-facts-14) Warrego East · iron\_ore Needs review: drill\_no\_hole\_id #### Identity - Project: Warrego East - Commodity: iron\_ore - Region: australia\_nt - Reported Region: australia\_nt - Ticker: MLS #### Geometry - Grade: 24 - Grade Unit: % #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Target 1 - Loc. Source: document #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Iron enrichment to 24% Fe at Warrego East Target 1 supports the interpretation of a deeper ironstone-associated mineralization, which is characteristic of the region's deposits. - Positive factor: Iron enrichment indicates potential for ironstone-associated mineralization Evidence · text > The mineralisation intersected also includes iron \(Fe\) enrichment to 24% Fe \(WERC15\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not 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 3 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-drill-facts-15) Warrego East · copper Needs review: drill\_no\_hole\_id #### Identity - Project: Warrego East - Commodity: copper - Region: australia\_nt - Reported Region: australia\_nt - Ticker: MLS #### Geometry - Grade: 135 - Grade Unit: ppm Cu - Intercept: 2 m - From: 116 m - To: 118 m - Intercept Depth: 116 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Warrego\_East:116-118 #### Location - Location: Target 2 - Loc. Source: document #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Anomalous copper \(135 ppm\) over 2m at Target 2 indicates further mineralization potential, though at lower grades than Target 1. - Positive factor: Anomalous copper identified in new target Evidence · text > 2m @ 135 ppm Cu, 115 ppm Zn from 116m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not 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 4 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-drill-facts-16) Warrego East · zinc Needs review: drill\_no\_hole\_id #### Identity - Project: Warrego East - Commodity: zinc - Region: australia\_nt - Reported Region: australia\_nt - Ticker: MLS #### Geometry - Grade: 115 - Grade Unit: ppm Zn - Intercept: 2 m - From: 116 m - To: 118 m - Intercept Depth: 116 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Warrego\_East:116-118 #### Location - Location: Target 2 - Loc. Source: document #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Anomalous zinc \(115 ppm\) over 2m at Target 2 indicates further mineralization potential, though at lower grades than Target 1. - Positive factor: Anomalous zinc identified in new target Evidence · text > 2m @ 135 ppm Cu, 115 ppm Zn from 116m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not 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 5 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-drill-facts-17) Warrego East · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Warrego East - Commodity: gold - Region: australia\_nt - Reported Region: australia\_nt - Ticker: MLS #### Geometry - Grade: 0.083 - Grade Unit: g/t - From: 120 m - Intercept Depth: 120 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Target 2 - Loc. Source: document #### Compositing - Dilution Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Anomalous gold values were identified at Target 2, indicating some gold presence, but at a low grade. - Positive factor: Anomalous gold identified - Negative factor: Low grade Evidence · text > anomalous gold values of up to 0.083 g/t Au from 120m in WERC022 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not 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 (8) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-0) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr David Williams, Mr Chris Ramsay - Resource group id: resource:1ba24615f24be0190d6a #### Resource Data - Category: indicated - Tonnes: 24800000 - Grade: 11.3 - Grade Unit: % TGC - Contained Metal: 2.8 - Contained Unit: mt #### Prior Estimate - Resource Date: 2025-08-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The indicated resource of 24.8 Mt at 11.3% TGC for 2.8 Mt contained graphite represents a high-confidence portion of a world-class resource, supporting future economic studies. - Positive factor: High confidence resource category - Positive factor: Significant contained metal - Positive factor: JORC compliant and QP signed Evidence · text > Indicated: 24.8 Mt @ 11.3% for 2.8 Mt #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-1) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr David Williams, Mr Chris Ramsay - Resource group id: resource:281afe7756b4feaeadec #### Resource Data - Category: inferred - Tonnes: 25200000 - Grade: 9.1 - Grade Unit: % TGC - Contained Metal: 2.3 - Contained Unit: mt #### Prior Estimate - Resource Date: 2025-08-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The inferred resource of 25.2 Mt at 9.1% TGC for 2.3 Mt contained graphite significantly contributes to the overall resource scale, indicating substantial future potential, though with lower geological confidence. - Positive factor: Significant contained metal - Positive factor: Adds to overall resource scale - Negative factor: Lower confidence resource category Evidence · text > Inferred: 25.2 Mt @ 9.1% TGC for 2.3 Mt #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-2) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arturo Urdaneta - Resource group id: resource:0857ea1109dadec840ce #### Resource Data - Category: probable - Tonnes: 21510000 - Grade: 11.14 - Grade Unit: % Cg - Contained Metal: 2400000 - Contained Unit: t - Cutoff Grade: 4 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-26 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The maiden Probable Ore Reserve of 21.51 Mt at 11.14% Cg for 2.40 Mt contained graphite demonstrates the economic viability of the project, with a high conversion rate from the Indicated Resource. - Positive factor: Maiden Ore Reserve establishes economic viability - Positive factor: High conversion rate from Indicated Resource - Positive factor: JORC compliant and QP signed - Negative factor: Inferred resources treated as waste Evidence · table > 21.51 Context: PROBABLE #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-9) Manindi West VTM Project · vanadium #### Identity - Project: Manindi West VTM Project - Commodity: vanadium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MLS #### Resource scope - Estimate type: resource - Resource group id: resource:b99fe7a6879b64ca9536 #### Resource Data - Category: measured #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Successful drilling at Manindi West extended VTM mineralization over 1,000m strike length with thick intercepts, indicating significant resource potential. - Positive factor: Extended mineralization over significant strike length - Positive factor: Thick mineralized widths - Positive factor: Shallow cover Evidence · text > The program demonstrated thick, continuous VTM Mineralised intervals extending over 1,000m along strike length, with mineralised widths of between 75 to 95m and relatively shallow cover measured. #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-13) Warrego East · copper #### Identity - Project: Warrego East - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: MLS #### Resource scope - Resource group id: resource:5ab7193a373cbf92401d #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Drilling at Warrego East Target 1 revealed highly anomalous copper, bismuth, cobalt, and zinc, suggesting a deeper ironstone-associated mineralization similar to the nearby Warrego deposit. - Positive factor: Highly anomalous copper identified - Positive factor: Broad and deep mineralization - Positive factor: Suggests deeper bedrock source Evidence · text > The new results from Target 1 yielded highly anomalous levels of copper, together with bismuth, cobalt and zinc - broadly and at depth. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-18) Corvette River Gold and Base Metals Projects · gold Historical result Needs review: historical\_restatement #### Identity - Project: Corvette River Gold and Base Metals Projects - Commodity: gold - Region: canada\_qc - Reported Region: Quebec - Ticker: MLS #### Resource scope - Resource group id: resource:4af8627dac46173c4341 #### Resource Data - Grade: 4.42 - Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Gold results up to 4.42 g/t at West Eade confirm significant gold mineralization, building on historical high-grade findings. - Positive factor: High-grade gold results - Positive factor: Defined gold corridor - Negative factor: Historical results are higher Evidence · text > West Eade: The prospect includes gold results to 4.42 g/t – with historical results up to 11.5 g/t. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-19) Corvette River Gold and Base Metals Projects · gold #### Identity - Project: Corvette River Gold and Base Metals Projects - Commodity: gold - Region: canada\_qc - Reported Region: Quebec - Ticker: MLS #### Resource scope - Resource group id: resource:4af8627dac46173c4341 #### Resource Data - Grade: 0.83 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Gold results up to 0.83 g/t over a 400m corridor at East Eade indicate mineralization, though current results are lower than historical highs. - Positive factor: Gold mineralization over significant corridor - Negative factor: Lower grade than West Eade - Negative factor: Historical results are much higher Evidence · text > East Eade: Up to 0.83 g/t gold over a gold corridor of around 400m within a BIF unit. Historical gold results of up to 29.7 g/t gold have been recorded within the area. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-resource-facts-20) Corvette River Gold and Base Metals Projects · gold #### Identity - Project: Corvette River Gold and Base Metals Projects - Commodity: gold - Region: canada\_qc - Reported Region: Quebec - Ticker: MLS #### Resource scope - Resource group id: resource:4af8627dac46173c4341 #### Resource Data - Grade: 3.85 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Results of 3.85 g/t gold at Felicie Prospect validate previous historical findings, confirming consistent high-grade mineralization. - Positive factor: Validation of historical high-grade gold results Evidence · text > Felicie Prospect: results validated historical findings with gold identified at similar levels – 3.85 g/t compared to 4.16 g/t #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (8) ### PEA [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-3) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PEA - Processing Route: modularised processing approach converting concentrate to BAM products - Sample: downstream Battery Anode Material \(BAM\) refinery #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Preliminary Economic Assessment \(PEA\) for the downstream BAM refinery shows a very strong pre-tax NPV of $2.93 billion AUD, indicating significant economic potential and supporting further development. - Positive factor: Very strong pre-tax NPV - Positive factor: Supports acceleration of feasibility study - Positive factor: Long project life Evidence · text > Project pre-tax Net Present Value \(NPV-8\) of $2.05 billion USD \(8% discount basis – ‘NPV-8‘\) \[$2.93 billion AUD\] #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PEA [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-4) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PEA - Processing Route: modularised processing approach converting concentrate to BAM products - Sample: downstream Battery Anode Material \(BAM\) refinery #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The after-tax NPV of $1.98 billion AUD from the PEA further reinforces the strong economic potential of the downstream BAM refinery project. - Positive factor: Significant after-tax NPV - Positive factor: Strong economic indicator Evidence · text > After tax NPV-8 is significant at $1.39 billion USD \[$1.98 billion AUD\] #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PEA [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-5) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PEA - Processing Route: modularised processing approach converting concentrate to BAM products - Sample: downstream Battery Anode Material \(BAM\) refinery #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: An IRR of 25.6% indicates a highly attractive return on investment for the BAM refinery project. - Positive factor: High Internal Rate of Return - Positive factor: Attractive project economics Evidence · text > Internal Rate of Return \(IRR\) of 25.6% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PFS [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-6) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PFS - Processing Route: Open Cut Mine and a Flake Graphite concentrate plant - Sample: Upstream open cut mine and flake graphite concentrate plant #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Prefeasibility Study \(PFS\) for the upstream mine and concentrate plant shows a strong pre-tax NPV of AUD $790.8 million, confirming robust project economics. - Positive factor: Strong pre-tax NPV for upstream project - Positive factor: Supports project economics Evidence · text > pre-tax Net Present Value \(NPV-8\) of AUD $790.8 million \(8% discount basis\) \[USD $553 million\] #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PFS [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-7) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PFS - Processing Route: Open Cut Mine and a Flake Graphite concentrate plant - Sample: Upstream open cut mine and flake graphite concentrate plant #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The after-tax NPV of AUD $572.0 million from the PFS further solidifies the economic viability of the upstream project. - Positive factor: Significant after-tax NPV - Positive factor: Strong economic indicator Evidence · text > After-tax NPV-8 is significant at AUD $572.0 million \[USD $400 million\] #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PFS [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-8) Lac Carheil Graphite project · graphite #### Identity - Project: Lac Carheil Graphite project - Commodity: graphite - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MLS #### Test Work - Program Status: preliminary - Test Type: PFS - Processing Route: Open Cut Mine and a Flake Graphite concentrate plant - Sample: Upstream open cut mine and flake graphite concentrate plant #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: An IRR of 22.0% indicates a robust return on investment for the upstream graphite project. - Positive factor: Strong Internal Rate of Return - Positive factor: Attractive project economics Evidence · text > Internal Rate of Return \(IRR\) of 22.0% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-11) Manindi West VTM Project · titanium #### Identity - Project: Manindi West VTM Project - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MLS #### Test Work - Program Status: optimization - Sample: ilmenite concentrate containing TiO2 #### Recovery - Conc. Grade: 47 - Conc. Grade Unit: % TiO2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The project has identified a market for ilmenite concentrate at $268-$289 USD/t for ≥47% TiO2, though the focus is on improving the TiO2 grade for higher value products. - Positive factor: Identified market for ilmenite concentrate - Negative factor: Lower value compared to high purity TiO2 Evidence · text > pricing for ilmenite concentrate is currently $268 to $289 USD/t19 for TiO2 ≥ 47% ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/mls-annual-report-to-shareholders--515d80b9-a718-4e9c-a844-31f5be05999f#fact-metallurgical-facts-12) Manindi West VTM Project · titanium #### Identity - Project: Manindi West VTM Project - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MLS #### Test Work - Program Status: optimization - Sample: high purity TiO2 product #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: High purity TiO2 commands a significant price premium \(US$1,890/t to US$2,393/t\), driving the company's focus on improving concentrate grade for this higher-value product. - Positive factor: Significant price premium for high purity product - Positive factor: Potential for value addition Evidence · text > Pricing for high purity TiO2 currently ranges from US$1,890/t18, in the USA to US$2,393/t18 in Japan. ## 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.