# MML: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03141928 Publisher: asx Original announcement: 2026-09-21T22:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T23:15:53.073Z Atlas analysis updated: 2026-09-21T23:15:53.073Z - Company: McLaren Minerals Limited - Ticker: MML - Exchange: ASX - Region: Western Australia - Primary commodity: Titanium - Secondary commodities: Zircon, Ilmenite, Rutile, Leucoxene, Heavy mineral - Document categories: Resource update, Capital raise, Agreement transaction - Extracted: 2026-09-21 23:15:53 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary McLaren Minerals Limited released its annual report, highlighting a significant update to the Mineral Resource Estimate for its McLaren Titanium Project, which saw a substantial increase in Indicated resources. The company also completed a positive Pre-Feasibility Study and commenced a Bankable Feasibility Study for the project. Additionally, McLaren Minerals successfully raised over $6 million through various equity offerings and entered into a conditional agreement to acquire the Barossa Zircon Project, expanding its mineral sands portfolio. Reasoning: McLaren Minerals Limited reported an updated Mineral Resource Estimate for its McLaren Titanium Project, showing a substantial increase in Indicated resources, completed a positive Pre-Feasibility Study, commenced a Bankable Feasibility Study, and successfully raised significant capital to fund ongoing activities, alongside acquiring a new project. These are strong positive signals for project advancement and funding, despite the company's ongoing operating loss. - Positive factor: Significant increase in Mineral Resource Estimate, particularly Indicated category, for the McLaren Titanium Project. - Positive factor: Completion of a positive Pre-Feasibility Study \(PFS\) for the McLaren Titanium Project with strong economic metrics. - Positive factor: Commencement of a Bankable Feasibility Study \(BFS\) for the primary project, indicating advancement towards development. - Positive factor: Successful completion of multiple equity raises, securing significant funding for ongoing activities. - Positive factor: Acquisition of the Barossa Zircon Project, diversifying the company's mineral sands portfolio and adding exploration potential. - Negative factor: Continued operating loss, typical for an exploration and development company. - Negative factor: Reliance on additional capital for future activities, indicating potential for further dilution. - Negative factor: Barossa Zircon Project acquisition remains conditional, introducing transaction risk. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 15 ## 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 is reported under the JORC Code. Evidence · text > The information in this report that relates to Exploration Results is based on, and fairly reflects, information compiled by Mr Adam Grogan, a Competent Person, who is contracted to McLaren, is a Member of the Australian Institute of Geoscientists \(MAIG\). Mr Grogan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results \(JORC Code\). **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 Exploration Results are signed off by Mr Adam Grogan, a Competent Person. Evidence · text > The information in this report that relates to Exploration Results is based on, and fairly reflects, information compiled by Mr Adam Grogan, a Competent Person, who is contracted to McLaren, is a Member of the Australian Institute of Geoscientists \(MAIG\). **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated Mineral Resource Estimate for the McLaren Titanium Project shows an increase in total Mineral Resource and a substantial increase in the Indicated Resource component. Evidence · text > In November 2025, the Group announced an updated Mineral Resource Estimate for the McLaren Titanium Project, increasing the total Mineral Resource to 529 million tonnes at 4.5% heavy mineral in the Indicated and Inferred categories. The updated estimate included a substantial increase in the Indicated Resource component to 249 million tonnes, supporting the advancement of development studies. **Equity Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed multiple equity raisings during the year, including a placement, entitlement offer, and Share Purchase Plan, raising approximately $6.06 million. Evidence · text > Collectively, these equity raisings generated gross proceeds of approximately $6.06 million during the year. **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document includes a Competent Person Statement referencing the JORC Code, which implies QA/QC procedures. Evidence · text > The information in this report that relates to Exploration Results is based on, and fairly reflects, information compiled by Mr Adam Grogan, a Competent Person, who is contracted to McLaren, is a Member of the Australian Institute of Geoscientists \(MAIG\). Mr Grogan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results \(JORC Code\). **Conditional Acquisition** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The acquisition of the Barossa Zircon Project is subject to Ministerial consent and legal transfer of tenure, meaning it is not yet completed. Evidence · text > At 30 June 2026, completion remained subject to Ministerial consent and legal transfer of the relevant tenure to the Company. ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Resource Estimates (15) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-0) McLaren Titanium Project · heavy mineral #### Identity - Project: McLaren Titanium Project - Commodity: heavy mineral - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:7e54aa144490323450b5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: indicated - Tonnes: 249000000 - Grade: 4.7 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Indicated Mineral Resource of 249 Mt at 4.70% HM represents a substantial and high-confidence portion of the resource, crucial for advancing development studies. - Positive factor: Substantial tonnage in the Indicated category, supporting development studies. - Positive factor: Good grade for heavy mineral sands deposit. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. Evidence · table > 4.70 Context: 249 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-1) McLaren Titanium Project · ilmenite #### Identity - Project: McLaren Titanium Project - Commodity: ilmenite - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:7e54aa144490323450b5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: indicated - Tonnes: 249000000 - Grade: 29.8 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 29.8% ilmenite content within the heavy mineral for the Indicated resource is a key component for the titanium project. - Positive factor: Significant ilmenite content within the heavy mineral assemblage, indicating potential for titanium production. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. Evidence · table > 29.8 Context: 249 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-2) McLaren Titanium Project · rutile #### Identity - Project: McLaren Titanium Project - Commodity: rutile - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:7e54aa144490323450b5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: indicated - Tonnes: 249000000 - Grade: 0.7 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 0.7% rutile content within the heavy mineral for the Indicated resource adds value to the project. - Positive factor: Rutile is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. Evidence · table > 0.7 Context: 249 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-3) McLaren Titanium Project · leucoxene #### Identity - Project: McLaren Titanium Project - Commodity: leucoxene - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:7e54aa144490323450b5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: indicated - Tonnes: 249000000 - Grade: 1.9 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 1.9% leucoxene content within the heavy mineral for the Indicated resource adds value to the project. - Positive factor: Leucoxene is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. Evidence · table > 1.9 Context: 249 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-4) McLaren Titanium Project · zircon #### Identity - Project: McLaren Titanium Project - Commodity: zircon - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:7e54aa144490323450b5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: indicated - Tonnes: 249000000 - Grade: 0.6 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 0.6% zircon content within the heavy mineral for the Indicated resource adds value to the project. - Positive factor: Zircon is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. Evidence · table > 0.6 Context: 249 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-5) McLaren Titanium Project · heavy mineral #### Identity - Project: McLaren Titanium Project - Commodity: heavy mineral - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:8a7467b1c59e70384de5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: inferred - Tonnes: 280000000 - Grade: 4.2 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The Inferred Mineral Resource of 280 Mt at 4.20% HM indicates substantial potential, though it requires further drilling to upgrade confidence. - Positive factor: Large tonnage in the Inferred category, indicating significant exploration potential. - Positive factor: Good grade for heavy mineral sands deposit. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. - Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone. Evidence · table > 4.20 Context: 280 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-6) McLaren Titanium Project · ilmenite #### Identity - Project: McLaren Titanium Project - Commodity: ilmenite - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:8a7467b1c59e70384de5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: inferred - Tonnes: 280000000 - Grade: 27.8 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 27.8% ilmenite content within the heavy mineral for the Inferred resource is a key component for the titanium project, but requires further confidence. - Positive factor: Significant ilmenite content within the heavy mineral assemblage, indicating potential for titanium production. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 27.8 Context: 280 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-7) McLaren Titanium Project · rutile #### Identity - Project: McLaren Titanium Project - Commodity: rutile - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:8a7467b1c59e70384de5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: inferred - Tonnes: 280000000 - Grade: 0.7 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 0.7% rutile content within the heavy mineral for the Inferred resource adds value to the project, but requires further confidence. - Positive factor: Rutile is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.7 Context: 280 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-8) McLaren Titanium Project · leucoxene #### Identity - Project: McLaren Titanium Project - Commodity: leucoxene - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:8a7467b1c59e70384de5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: inferred - Tonnes: 280000000 - Grade: 1.8 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 1.8% leucoxene content within the heavy mineral for the Inferred resource adds value to the project, but requires further confidence. - Positive factor: Leucoxene is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.8 Context: 280 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-9) McLaren Titanium Project · zircon #### Identity - Project: McLaren Titanium Project - Commodity: zircon - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Adam Grogan - Resource group id: resource:8a7467b1c59e70384de5 - Deposit or zone: McLaren HM Deposit #### Resource Data - Category: inferred - Tonnes: 280000000 - Grade: 0.5 - Grade Unit: % of HM - Cutoff Grade: 2 - Cutoff Unit: % HM #### Prior Estimate - Resource Date: 2025-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The 0.5% zircon content within the heavy mineral for the Inferred resource adds value to the project, but requires further confidence. - Positive factor: Zircon is a valuable heavy mineral, contributing to the overall project economics. - Positive factor: JORC compliant and QP signed, indicating high reporting standards. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.5 Context: 280 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-10) McLaren Titanium Project · titanium #### Identity - Project: McLaren Titanium Project - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MML #### Resource scope - QP Signed: Yes - Resource group id: resource:6ccf26dbe9e5f7fc1995 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial drilling program was completed to support the Bankable Feasibility Study and resource update, which is a positive step towards project development, though results are still pending. - Positive factor: Large drilling program completed, indicating significant investment in resource definition. - Positive factor: Program aimed at updating MRE and contributing to maiden Ore Reserve, de-risking the project. - Positive factor: QA/QC disclosure via JORC Competent Person statement. - Negative factor: Assay results are being progressively released, meaning full picture is not yet available. Evidence · text > a major drilling program comprising 663 holes for 11,568 metres completed in late June 2026 #### 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 **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 **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 12 [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-11) #### Identity - Ticker: MML #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The August 2025 placement successfully raised AUD 837,000, contributing to the company's funding for ongoing activities. - Positive factor: Successful capital raise providing funds for project advancement and working capital. - Positive factor: Director participation on the same terms as other investors. Evidence · text > In August 2025, the Company raised approximately $837,000 before costs through the issue of 37,221,357 ordinary shares at $0.023 per share. #### 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 13 [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-12) #### Identity - Ticker: MML #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The December 2025 entitlement offer successfully raised AUD 3.58 million, providing significant funding for the company's operations and project development. - Positive factor: Significant capital raise providing substantial funds for project advancement and working capital. - Positive factor: Broad participation through an entitlement offer. Evidence · text > In December 2025, the Company completed a non-renounceable entitlement offer, issuing 198,734,794 ordinary shares at $0.018 per share and raising approximately $3.58 million before costs. #### 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 14 [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-13) #### Identity - Ticker: MML #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The May 2026 Share Purchase Plan and associated placements successfully raised AUD 1.65 million, further strengthening the company's financial position. - Positive factor: Successful capital raise, fully underwritten, providing additional funds for project advancement. - Positive factor: Combination of SPP and placements indicates strong market support. Evidence · text > In May 2026, the Company raised a further $1.65 million before costs through a fully underwritten Share Purchase Plan and associated placements. #### 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 15 [Link to this fact](https://atlas-staging.minestarters.com/news/mml-annual-report-to-shareholders--a96567cb-af1b-42b5-8cc6-9ccbd0909e02#fact-resource-facts-14) Barossa Zircon Project · zircon #### Identity - Project: Barossa Zircon Project - Commodity: zircon - Region: australia\_sa - Reported Region: South Australia - Ticker: MML #### Resource scope - Resource group id: resource:c8b9e0e44b65eda8d68c #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The conditional acquisition of the Barossa Zircon Project adds a new, zircon-rich mineral sands project to the company's portfolio, offering diversification and exploration upside, though completion is pending. - Positive factor: Acquisition of a new project diversifies the company's portfolio and provides additional exploration potential. - Positive factor: Project is zircon-rich, adding a different product range. - Positive factor: Historical work identified high-grade heavy mineral intersections. - Negative factor: Acquisition is conditional and not yet completed, introducing uncertainty. - Negative factor: Consideration includes future milestone payments and a royalty, which could impact future cash flows. Evidence · text > In December 2025, the Company entered into agreements with Iluka Resources Limited to acquire an additional project located in the eastern Eucla Basin of South Australia. This project, now known as the Barossa Zircon Project, will be acquired under a Tenement Sale Agreement. At 30 June 2026, completion remained subject to Ministerial consent and legal transfer of the relevant tenure to the Company. #### 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 ## 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.