MMA: Sydney Mining Club Presentation

Original announcement by asx on Oct 1, 2026

Bullish

Company: Maronan Metals Limited
Ticker: MMA
Exchange: ASX
Region: Queensland
Primary commodity: Silver
Secondary commodities: Lead, Copper, Gold, Zinc
Document categories: Resource update, Capital raise, Permitting, Metallurgy
Extracted: 2026-10-01 02:24:01 UTC

Atlas analysis published: Oct 1, 2026

Minestarters Atlas analysis

Summary

Maronan Metals Limited presented an investor update for its Maronan Silver Project in Queensland, highlighting a significant mineral endowment of 33.1 Mt Silver-Lead Resource (115 Moz Ag, 2 Mt Pb) and 32.0 Mt Copper-Gold Resource (271 kt Cu, 649 koz Au). The company reported compelling Preliminary Economic Assessment (PEA) results, with an NPV8% of A$908 million at spot prices, based on a small portion of the total resource. Recent achievements include a A$22 million strategic placement by Kinterra Capital, the granting of a Mineral Development Licence, and positive metallurgical testwork results for both silver-lead and copper-gold.

Reasoning: The presentation provides a highly positive overview of the Maronan Project, emphasizing its substantial resource base, strong economic potential, strategic investment, and significant progress in permitting and technical studies. While some data is re-presented, the overall update on project de-risking and advancement is very strong.

Positive factors

Significant mineral endowment across silver-lead and copper-gold resources
Compelling PEA economics, especially at spot prices, demonstrating project viability
Strategic A$22M placement by Kinterra Capital, providing strong institutional validation and funding for PFS
Mineral Development Licence granted, de-risking the project's pathway to production
Positive metallurgical testwork results for both silver-lead and copper-gold, indicating high recoveries and good concentrate quality
Ongoing 40,000m drill program aimed at upgrading resources and supporting a Prefeasibility Study

Negative factors

Resource estimates and some metallurgical results are re-presented from earlier releases, limiting novelty of the data itself
PEA is based on a small portion of the total resource, and the PFS is still underway, meaning full project economics are not yet finalized

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 30

Classification and evidence

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: the document describes a flotation route ("flotation")

Extracted facts

Stored fact records: 30. Some facts used in scoring do not have a stored record.

Resource Estimates (26)

indicatedMaronan Project · leadTonnes: 5300000Grade: 5.2Grade Unit: %Contained Metal: 275000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:6b3692d9a7aaa55f1e2d
Ownership percent: 100 %

Resource Data

Category: indicated
Tonnes: 5300000
Grade: 5.2
Grade Unit: %
Contained Metal: 275000
Contained Unit: t
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This indicated lead resource represents a substantial and well-defined portion of the project, contributing positively to overall project confidence.

Positive factors

Significant tonnage and grade for an indicated resource
Indicated category provides good geological confidence

Negative factors

Estimate is from June 2025, limiting novelty

Evidence · table

“5.2”

Context: 5.3

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedMaronan Project · silverTonnes: 5300000Grade: 116Grade Unit: g/tContained Metal: 19.6Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:6b3692d9a7aaa55f1e2d
Ownership percent: 100 %

Resource Data

Category: indicated
Tonnes: 5300000
Grade: 116
Grade Unit: g/t
Contained Metal: 19.6
Contained Unit: moz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This indicated silver resource is a key component of the project's value, with a high grade and substantial contained ounces, supporting the project's economic potential.

Positive factors

High silver grade and significant contained metal for an indicated resource
Indicated category provides good geological confidence

Negative factors

Estimate is from June 2025, limiting novelty

Evidence · table

“116”

Context: 5.3

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · leadTonnes: 6900000Grade: 4.8Grade Unit: %Contained Metal: 335000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:22fa383521685cbed205
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 6900000
Grade: 4.8
Grade Unit: %
Contained Metal: 335000
Contained Unit: t
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This inferred lead resource expands the project's scale, but its lower confidence category means further drilling is required to upgrade it.

Positive factors

Adds significant tonnage and contained metal to the overall resource

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“4.8”

Context: 6.9

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 6900000Grade: 109Grade Unit: g/tContained Metal: 24.2Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:22fa383521685cbed205
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 6900000
Grade: 109
Grade Unit: g/t
Contained Metal: 24.2
Contained Unit: moz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This inferred silver resource significantly contributes to the project's overall silver endowment, but its lower confidence requires further work for de-risking.

Positive factors

High silver grade and significant contained metal in the inferred category
Adds substantial ounces to the overall resource

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“109”

Context: 6.9

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · leadTonnes: 21000000Grade: 6.5Grade Unit: %Contained Metal: 1370000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:07cc765f2bd078e5e94a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 21000000
Grade: 6.5
Grade Unit: %
Contained Metal: 1370000
Contained Unit: t
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This large inferred lead resource outside the Starter Zone highlights significant exploration upside and potential for future resource growth, though it requires further definition.

Positive factors

Very large tonnage and contained metal, indicating significant potential outside the Starter Zone

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“6.5”

Context: 21.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 21000000Grade: 106Grade Unit: g/tContained Metal: 70.9Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:07cc765f2bd078e5e94a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 21000000
Grade: 106
Grade Unit: g/t
Contained Metal: 70.9
Contained Unit: moz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This large inferred silver resource outside the Starter Zone represents substantial future potential, but its inferred status means it requires further drilling to improve confidence.

Positive factors

Very large tonnage and contained silver, indicating significant potential outside the Starter Zone

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“106”

Context: 21.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · leadTonnes: 33100000Grade: 6Grade Unit: %Contained Metal: 1970000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:9467284c520a95405c75
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 33100000
Grade: 6
Grade Unit: %
Contained Metal: 1970000
Contained Unit: t
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The global silver-lead resource demonstrates substantial scale, with a large contained lead component, providing a strong foundation for future development.

Positive factors

Very large total contained lead, indicating a significant project scale

Negative factors

A significant portion is in the inferred category, requiring further de-risking
Estimate is from June 2025, limiting novelty

Evidence · table

“6.0”

Context: 33.1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 33100000Grade: 108Grade Unit: g/tContained Metal: 114.5Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:9467284c520a95405c75
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 33100000
Grade: 108
Grade Unit: g/t
Contained Metal: 114.5
Contained Unit: moz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The global silver-lead resource highlights the project's world-class silver endowment, with a very large contained silver component, underpinning its economic potential.

Positive factors

Very large total contained silver, indicating a significant project scale and high value potential

Negative factors

A significant portion is in the inferred category, requiring further de-risking
Estimate is from June 2025, limiting novelty

Evidence · table

“108”

Context: 33.1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · leadTonnes: 12200000Grade: 5Grade Unit: %Contained Metal: 610000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:d2f5e8276611db56d13a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 12200000
Grade: 5
Grade Unit: %
Contained Metal: 610000
Contained Unit: t
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The Starter Zone lead resource provides a solid foundation for initial economic studies, but its combined category suggests a need for further confidence building.

Positive factors

Significant contained lead in the Starter Zone, forming the basis for the PEA

Negative factors

Combined Indicated + Inferred category is treated as inferred, indicating lower confidence for a portion
Estimate is from June 2025, limiting novelty

Evidence · table

“5.0”

Context: 12.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 12200000Grade: 112Grade Unit: g/tContained Metal: 43.8Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:d2f5e8276611db56d13a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 12200000
Grade: 112
Grade Unit: g/t
Contained Metal: 43.8
Contained Unit: moz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The Starter Zone silver resource is a high-grade component of the project, providing strong support for the initial economic assessment.

Positive factors

High silver grade and significant contained metal in the Starter Zone, underpinning the PEA

Negative factors

Combined Indicated + Inferred category is treated as inferred, indicating lower confidence for a portion
Estimate is from June 2025, limiting novelty

Evidence · table

“112”

Context: 12.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 12200000Grade: 0.1Grade Unit: g/tContained Metal: 39000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:d2f5e8276611db56d13a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 12200000
Grade: 0.1
Grade Unit: g/t
Contained Metal: 39000
Contained Unit: oz
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The gold component in the Starter Zone is a minor byproduct, contributing to the polymetallic nature but not a primary driver of value.

Positive factors

Adds a gold credit to the polymetallic Starter Zone resource

Negative factors

Low gold grade, indicating it's a minor byproduct
Combined Indicated + Inferred category is treated as inferred, indicating lower confidence for a portion
Estimate is from June 2025, limiting novelty

Evidence · table

“0.1”

Context: 12.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · zincTonnes: 12200000Grade: 0.14Grade Unit: %Contained Metal: 17.7Contained Unit: ktView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: zinc
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:d2f5e8276611db56d13a
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 12200000
Grade: 0.14
Grade Unit: %
Contained Metal: 17.7
Contained Unit: kt
Cutoff Grade: 3
Cutoff Unit: % Lead

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The zinc component in the Starter Zone is a minor byproduct, adding to the polymetallic nature but not a primary value driver.

Positive factors

Adds a zinc credit to the polymetallic Starter Zone resource

Negative factors

Low zinc grade, indicating it's a minor byproduct
Combined Indicated + Inferred category is treated as inferred, indicating lower confidence for a portion
Estimate is from June 2025, limiting novelty

Evidence · table

“0.14”

Context: 12.2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · copperTonnes: 1100000Grade: 0.79Grade Unit: %Contained Metal: 9000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: copper
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:772751a3413bf398515c
Material type: Leached
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 1100000
Grade: 0.79
Grade Unit: %
Contained Metal: 9000
Contained Unit: t
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This leached copper resource provides a valuable component to the overall copper-gold resource, with a reasonable grade for its material type.

Positive factors

Good copper grade for a leached material type

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.79”

Context: 1.1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 1100000Grade: 0.71Grade Unit: g/tContained Metal: 26000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:772751a3413bf398515c
Material type: Leached
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 1100000
Grade: 0.71
Grade Unit: g/t
Contained Metal: 26000
Contained Unit: oz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The gold component in the leached material adds a valuable credit to the copper resource, enhancing its overall economic potential.

Positive factors

Good gold grade for a leached material type, adding value to the copper resource

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.71”

Context: 1.1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 1100000Grade: 9Grade Unit: g/tContained Metal: 0.3Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:772751a3413bf398515c
Material type: Leached
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 1100000
Grade: 9
Grade Unit: g/t
Contained Metal: 0.3
Contained Unit: moz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The silver component in the leached material is a minor byproduct, contributing to the polymetallic nature but not a primary driver of value.

Positive factors

Adds a silver credit to the leached copper-gold resource

Negative factors

Low silver grade, indicating it's a minor byproduct
Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“9”

Context: 1.1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · copperTonnes: 2300000Grade: 0.63Grade Unit: %Contained Metal: 14000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: copper
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:90e6cd88ba850ff96cb8
Material type: transitional
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 2300000
Grade: 0.63
Grade Unit: %
Contained Metal: 14000
Contained Unit: t
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This transitional copper resource contributes to the project's overall copper endowment, but its inferred status and lower grade compared to fresh material indicate a need for further definition.

Positive factors

Adds to the overall copper resource in the transitional zone

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.63”

Context: 2.3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 2300000Grade: 0.45Grade Unit: g/tContained Metal: 33000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:90e6cd88ba850ff96cb8
Material type: transitional
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 2300000
Grade: 0.45
Grade Unit: g/t
Contained Metal: 33000
Contained Unit: oz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The gold component in the transitional material adds to the overall gold resource, but its inferred status and moderate grade suggest it's a secondary contributor.

Positive factors

Adds to the overall gold resource in the transitional zone

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.45”

Context: 2.3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 2300000Grade: 7Grade Unit: g/tContained Metal: 0.5Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:90e6cd88ba850ff96cb8
Material type: transitional
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 2300000
Grade: 7
Grade Unit: g/t
Contained Metal: 0.5
Contained Unit: moz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The silver component in the transitional material is a minor byproduct, contributing to the polymetallic nature but not a primary driver of value.

Positive factors

Adds a silver credit to the transitional copper-gold resource

Negative factors

Low silver grade, indicating it's a minor byproduct
Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“7”

Context: 2.3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · copperTonnes: 28600000Grade: 0.87Grade Unit: %Contained Metal: 248000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: copper
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:fbffba32e07d7b697832
Material type: fresh
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 28600000
Grade: 0.87
Grade Unit: %
Contained Metal: 248000
Contained Unit: t
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This large inferred fresh copper resource is the most significant component of the copper-gold endowment, providing substantial scale and grade for future development.

Positive factors

Very large tonnage and contained copper in the fresh material, forming the bulk of the copper-gold resource
Good copper grade for a fresh material type

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.87”

Context: 28.6

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 28600000Grade: 0.64Grade Unit: g/tContained Metal: 591000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:fbffba32e07d7b697832
Material type: fresh
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 28600000
Grade: 0.64
Grade Unit: g/t
Contained Metal: 591000
Contained Unit: oz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The gold component in the fresh material is a significant credit, enhancing the overall value of the copper-gold resource.

Positive factors

Significant contained gold in the fresh material, adding substantial value to the copper resource
Good gold grade for a fresh material type

Negative factors

Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“0.64”

Context: 28.6

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 28600000Grade: 7Grade Unit: g/tContained Metal: 6.6Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:fbffba32e07d7b697832
Material type: fresh
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 28600000
Grade: 7
Grade Unit: g/t
Contained Metal: 6.6
Contained Unit: moz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The silver component in the fresh material is a minor byproduct, contributing to the polymetallic nature but not a primary driver of value.

Positive factors

Adds a silver credit to the fresh copper-gold resource

Negative factors

Low silver grade, indicating it's a minor byproduct
Inferred category has lower geological confidence
Estimate is from June 2025, limiting novelty

Evidence · table

“7”

Context: 28.6

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · copperTonnes: 32000000Grade: 0.85Grade Unit: %Contained Metal: 271000Contained Unit: tView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: copper
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:c9d6b6ade5c8da0c594b
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 32000000
Grade: 0.85
Grade Unit: %
Contained Metal: 271000
Contained Unit: t
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The global copper-gold resource demonstrates substantial scale, with a large contained copper component, providing a strong foundation for future development.

Positive factors

Very large total contained copper, indicating a significant project scale
Good overall copper grade

Negative factors

A significant portion is in the inferred category, requiring further de-risking
Estimate is from June 2025, limiting novelty

Evidence · table

“0.85”

Context: 32.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 32000000Grade: 0.63Grade Unit: g/tContained Metal: 649000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:c9d6b6ade5c8da0c594b
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 32000000
Grade: 0.63
Grade Unit: g/t
Contained Metal: 649000
Contained Unit: oz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The global copper-gold resource includes a substantial gold component, significantly enhancing the project's overall value proposition.

Positive factors

Very large total contained gold, adding significant value to the copper resource
Good overall gold grade

Negative factors

A significant portion is in the inferred category, requiring further de-risking
Estimate is from June 2025, limiting novelty

Evidence · table

“0.63”

Context: 32.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · silverTonnes: 32000000Grade: 7Grade Unit: g/tContained Metal: 7.4Contained Unit: mozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:c9d6b6ade5c8da0c594b
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 32000000
Grade: 7
Grade Unit: g/t
Contained Metal: 7.4
Contained Unit: moz
Cutoff Grade: 0.4
Cutoff Unit: % Copper

Prior Estimate

Resource Date: 2025-06-06

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The silver component in the global copper-gold resource is a minor byproduct, contributing to the polymetallic nature but not a primary driver of value.

Positive factors

Adds a silver credit to the global copper-gold resource

Negative factors

Low silver grade, indicating it's a minor byproduct
A significant portion is in the inferred category, requiring further de-risking
Estimate is from June 2025, limiting novelty

Evidence · table

“7”

Context: 32.0

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredMaronan Project · goldTonnes: 1800000Grade: 1.24Grade Unit: g/tContained Metal: 72000Contained Unit: ozView all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Estimate type: resource
Reporting standards: jorc
Resource group id: resource:479137efc4e5bcbfd96c
Material type: fresh
Ownership percent: 100 %

Resource Data

Category: inferred
Tonnes: 1800000
Grade: 1.24
Grade Unit: g/t
Contained Metal: 72000
Contained Unit: oz
Cutoff Grade: 1
Cutoff Unit: g/t Gold

Prior Estimate

Resource Date: 2024-03-12

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: This inferred gold-only resource provides an additional gold component, but its smaller scale and inferred status suggest it's a secondary focus compared to the larger polymetallic resources.

Positive factors

Adds a standalone gold resource component

Negative factors

Inferred category has lower geological confidence
Estimate is from March 2024, limiting novelty
Relatively small tonnage compared to other resources

Evidence · table

“1.24”

Context: 1.8

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Stale Estimatenegative

Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.6 years before this release

Fact 26Maronan ProjectView all details

Link to this fact

Identity

Project: Maronan Project
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Resource scope

Reporting standards: jorc
Resource group id: resource:c5e41460729cba618466
Ownership percent: 100 %

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The progress towards lodging the Mining Licence application is a positive step, showing continued advancement of the project through the regulatory process.

Positive factors

Mining Licence application is on track for lodgement, indicating continued progress towards production
Engagement with Queensland Office of the Coordinator General for Coordinated Project Status

Negative factors

Application is still in preparation, not yet lodged or approved

Evidence · text

“Mining Licence application on track for submitting by end of 2026”

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Metallurgical Results (4)

flotationMaronan Project · leadRecovery: 90 %View all details

Link to this fact

Identity

Project: Maronan Project
Commodity: lead
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: Lead Flotation

Recovery

Recovery: 90 %
Recovery Basis: actual_test
Conc. Grade: 70
Conc. Grade Unit: %

Lab

Laboratory: AMML Lab in Gosford

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The lead flotation testwork demonstrates exceptional recovery and concentrate quality, significantly de-risking the processing pathway for the silver-lead resource.

Positive factors

Very high lead recovery, indicating efficient processing
Very high-grade concentrate, which is highly desirable for smelters

Evidence · text

“Pb Rec > 90 % • Very High-Grade Concentrate – > 70% Lead”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

flotationMaronan Project · silverRecovery: 90 %View all details

Link to this fact

Identity

Project: Maronan Project
Commodity: silver
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: Lead Flotation

Recovery

Recovery: 90 %
Recovery Basis: actual_test
Conc. Grade: 1500
Conc. Grade Unit: g/t

Lab

Laboratory: AMML Lab in Gosford

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The silver recovery in the lead flotation circuit is excellent, producing a very high-grade silver concentrate, which is a strong positive for project economics.

Positive factors

Very high silver recovery, indicating efficient processing
Very high-grade silver in concentrate, adding significant value

Evidence · text

“Ag Rec > 90 % • Very High-Grade Concentrate – > 1,500 g/t Silver”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

High Recoverypositive

Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 90% is at or above the exceptional band (90%)

flotationMaronan Project · copperRecovery: 90 %View all details

Link to this fact

Identity

Project: Maronan Project
Commodity: copper
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: Copper Flotation

Recovery

Recovery: 90 %
Recovery Basis: actual_test
Conc. Grade: 25
Conc. Grade Unit: %

Lab

Laboratory: AMML Lab in Gosford

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The copper flotation testwork shows strong recovery and a good quality concentrate, supporting the viability of the copper-gold resource.

Positive factors

High copper recovery, indicating efficient processing
Good quality concentrate grade, desirable for smelters

Evidence · text

“Cu Rec > 90% • Good quality concentrates – 23 – 27 % Cu”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

flotationMaronan Project · goldRecovery: 84 %View all details

Link to this fact

Identity

Project: Maronan Project
Commodity: gold
Region: australia_qld
Reported Region: Queensland
Ticker: MMA

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: Copper Flotation

Recovery

Recovery: 84 %
Recovery Basis: actual_test
Conc. Grade: 12.5
Conc. Grade Unit: g/t

Lab

Laboratory: AMML Lab in Gosford

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-10-01T00:00:00.000Z

Reasoning: The gold recovery in the copper flotation circuit is strong, producing a valuable gold credit in the concentrate and enhancing overall project economics.

Positive factors

Strong gold recovery, adding significant value to the copper concentrate
Good gold grade in concentrate

Evidence · text

“Au Rec 80 – 88 % Rec • Good quality concentrates – 10 – 15 g/t Au”

Tags used in scoring

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: processing_route matches the flotation signal

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.