# NMT: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153494 Publisher: asx Original announcement: 2026-10-16T05:21:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-16T06:12:00.236Z Atlas analysis updated: 2026-10-16T06:12:00.236Z - Company: Neometals Ltd - Ticker: NMT - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Copper, Lithium, Vanadium, Titanium, Potash, Silver - Document categories: Other, Resource update, Drill results - Extracted: 2026-10-16 06:12:00 UTC Narrative sentiment: -0.30 · Bearish ## Minestarters Atlas summary Neometals Ltd's Annual Report for FY2026 highlights a mixed financial performance with a significant loss and a material uncertainty regarding its ability to continue as a going concern, exacerbated by a failed capital raising. Despite these challenges, the company updated its Mineral Resource Estimate for the Ironclad Gold deposit, maintaining total tonnage and grade while refining domain classifications, and reported progress across its Barrambie Gold and Copper, Utah Brine, and technology projects. The report also details the strategic divestment of its Primobius interest and ongoing efforts to secure funding and optimize its portfolio. Reasoning: The company reported a material uncertainty regarding its going concern status and a significant financial loss, compounded by a failed capital raise. While project updates show progress and strategic portfolio optimization, the lack of overall growth in the Ironclad Gold MRE and the reliance on external funding for key projects introduce considerable risk. - Positive factor: Updated Mineral Resource Estimate for Ironclad Gold, providing detailed domain breakdown. - Positive factor: Progress on Barrambie Gold & Copper Project, including potential contractor-funded development pathway. - Positive factor: Strategic divestment of Primobius to reduce capital intensity and retain revenue-linked participation. - Positive factor: Advancement of ELi PROCESS® and Vanadium Recovery Project with external partners and funding. - Negative factor: Material uncertainty related to the company's ability to continue as a going concern. - Negative factor: Significant financial loss for the year ended 30 June 2026. - Negative factor: Failed capital funding outcome from Omaha Value Holdings, Inc. for $5 million subscription. - Negative factor: Total tonnage and grade of the Ironclad Gold MRE remain unchanged from the prior estimate. - Negative factor: Barrambie Titanium and Vanadium MRE is historical \(effective date 2018\) and unchanged. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an 'Updated Ironclad Gold Mineral Resource Estimate' as of 10 March 2026, detailing tonnage and grade by domain. Evidence · text > Updated Ironclad Gold Mineral Resource Estimate **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Ironclad Gold MRE is stated to be 'JORC-compliant' and the Barrambie Titanium and Vanadium MRE refers to 'JORC 2012 standards'. Evidence · text > JORC-compliant resource base **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 Ironclad Gold MRE is approved by Clay Gordon, a Competent Person, and the Barrambie Titanium and Vanadium MRE is approved by Jeremy Peters, a Competent Person. Evidence · text > approved by Mr Jeremy Peters, who consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Mr Peters is a Director of Burnt Shirt Pty Ltd, a geological and mining engineering consultancy and a Member of the Australasian Institute of Mining and Metallurgy \(Member No. 110311\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Ironclad Gold MRE explicitly states a '0.5g/t Au block cut-off'. Evidence · text > Reported above 0.5g/t Au block cut-off **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Barrambie Titanium and Vanadium Mineral Resource Estimate is dated 17 April 2018 and explicitly states 'There has been no change... since the 2025 Annual Statement'. Evidence · text > Barrambie Titanium and Vanadium Mineral Resource Estimate as at 17 April 2018 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Barrambie Titanium and Vanadium Mineral Resource Estimate has an effective date of 17 April 2018, which is more than 2 years old. Evidence · text > Barrambie Titanium and Vanadium Mineral Resource Estimate as at 17 April 2018 **Going Concern Uncertainty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a 'Material Uncertainty Related to Going Concern' due to incurred losses and net cash outflows, requiring additional funding. Evidence · text > Material Uncertainty Related to Going Concern **Capital Raise Failure** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company reported that Omaha Value Holdings, Inc. failed to settle its $5m subscription agreement, leading to unpaid Tranche 2 placement monies. Evidence · text > Omaha Value Holdings, Inc. \(OVH\) failed to settle its $5m subscription agreement. **Portfolio Optimization** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company states it 'simplified its portfolio, reduced its exposure to capital-intensive commercialisation activities and concentrated resources on opportunities where the next value-creating milestone is visible'. Evidence · text > Simplifying the portfolio, accelerating Barrambie and preserving high-value optionality **Strategic Divestment** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Neometals completed the divestment of its 50% interests in Primobius, transferring future commercialisation and funding responsibility. Evidence · text > Neometals completed the divestment of its 50% interests in Primobius ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Drill Results (8) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-8) Barrambie Gold & · copper Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Barrambie Gold & - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 1.72 - Grade Unit: % - Intercept: 7 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical high-grade copper intercept from Rinaldi, confirming mineralization but not new information. - Positive factor: Grade of 1.72% copper is strong for a VMS deposit. - Positive factor: Intercept length of 7m is moderate. - Negative factor: Results are historical and not new to this report. - Negative factor: No hole ID or specific date provided in this document. Evidence · text > 7 m @ 1.72% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-9) Barrambie Gold & · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Barrambie Gold & - Commodity: silver - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 25.9 - Grade Unit: g/t - Intercept: 7 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical silver intercept associated with copper mineralization at Rinaldi, but not new information. - Positive factor: Intercept length of 7m is moderate. - Negative factor: Results are historical and not new to this report. - Negative factor: No hole ID or specific date provided in this document. Evidence · text > 25.9 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-10) Barrambie Gold & · copper Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Barrambie Gold & - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 1.26 - Grade Unit: % - Intercept: 5 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical high-grade copper intercept from Rinaldi, confirming mineralization but not new information. - Positive factor: Grade of 1.26% copper is strong for a VMS deposit. - Negative factor: Results are historical and not new to this report. - Negative factor: No hole ID or specific date provided in this document. Evidence · text > 5 m @ 1.26% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-11) Barrambie Gold & · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Barrambie Gold & - Commodity: silver - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 20.8 - Grade Unit: g/t - Intercept: 5 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical silver intercept associated with copper mineralization at Rinaldi, but not new information. - Negative factor: Results are historical and not new to this report. - Negative factor: No hole ID or specific date provided in this document. Evidence · text > 20.8 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26RCRC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-12) Barrambie Gold & · copper Historical result Needs review: ungrounded #### Identity - Hole ID: 26RCRC009 - Project: Barrambie Gold & - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 1.56 - Grade Unit: % - Intercept: 6 m - From: 101 m - To: 107 m - Intercept Depth: 101 m #### Classification - Sample Type: drill - Group ID: 26RCRC009:101-107 #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-10-15T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical high-grade copper intercept from Rinaldi, confirming mineralization but not new information. - Positive factor: Grade of 1.56% copper is strong for a VMS deposit. - Positive factor: Intercept length of 6m is moderate. - Negative factor: Results are historical and not new to this report. Evidence · text > 6 m @ 1.56% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26RCRC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-13) Barrambie Gold & · silver Historical result Needs review: ungrounded #### Identity - Hole ID: 26RCRC009 - Project: Barrambie Gold & - Commodity: silver - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 20.8 - Grade Unit: g/t - Intercept: 6 m - From: 101 m - To: 107 m - Intercept Depth: 101 m #### Classification - Sample Type: drill - Group ID: 26RCRC009:101-107 #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-10-15T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical silver intercept associated with copper mineralization at Rinaldi, but not new information. - Positive factor: Intercept length of 6m is moderate. - Negative factor: Results are historical and not new to this report. Evidence · text > 20.8 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26RCRC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-14) Barrambie Gold & · copper Historical result Needs review: ungrounded #### Identity - Hole ID: 26RCRC009 - Project: Barrambie Gold & - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 2.96 - Grade Unit: % - Intercept: 1 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-10-15T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical bonanza-grade copper sub-interval from Rinaldi, but over a narrow width and not new information. - Positive factor: Grade of 2.96% copper is exceptional for a VMS deposit. - Negative factor: Results are historical and not new to this report. - Negative factor: Intercept length of 1m is narrow. Evidence · text > 1 m @ 2.96% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 26RCRC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-drill-facts-15) Barrambie Gold & · silver Historical result Needs review: ungrounded #### Identity - Hole ID: 26RCRC009 - Project: Barrambie Gold & - Commodity: silver - Region: australia\_wa - Reported Region: australia\_wa - Ticker: NMT #### Geometry - Grade: 40.2 - Grade Unit: g/t - Intercept: 1 m #### Classification - Sample Type: drill #### Location - Location: Rinaldi - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-10-15T00:00:00.000Z #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: Historical silver sub-interval from Rinaldi, but over a narrow width and not new information. - Positive factor: Grade of 40.2 g/t silver is weak for a VMS deposit. - Negative factor: Results are historical and not new to this report. - Negative factor: Intercept length of 1m is narrow. Evidence · text > 40.2 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-0) Barrambie Gold \(Ironclad\) · gold #### Identity - Project: Barrambie Gold \(Ironclad\) - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Clay Gordon - Resource group id: resource:3c60e635c5932eb720f6 - Deposit or zone: Higher-grade Domain #### Resource Data - Category: indicated - Tonnes: 145000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This indicated resource in the higher-grade domain contributes to the overall Ironclad MRE, supporting potential development. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Grade of 2.0 g/t gold is considered economic for open pit mining. - Positive factor: Part of an updated MRE, providing new internal detail. Evidence · table > 2.0 Context: 145,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-1) Barrambie Gold \(Ironclad\) · gold #### Identity - Project: Barrambie Gold \(Ironclad\) - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Clay Gordon - Resource group id: resource:b0e73729508d5b906f4e - Deposit or zone: Higher-grade Domain #### Resource Data - Category: inferred - Tonnes: 35000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This inferred resource in the higher-grade domain adds to the overall MRE but has lower confidence than indicated resources. - Positive factor: Grade of 2.1 g/t gold is considered economic for open pit mining. - Positive factor: Part of an updated MRE, providing new internal detail. - Negative factor: Inferred resource category has lower geological confidence. Evidence · table > 2.1 Context: 35,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-2) Barrambie Gold \(Ironclad\) · gold #### Identity - Project: Barrambie Gold \(Ironclad\) - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Clay Gordon - Resource group id: resource:2c590fc1de71ece52e34 - Deposit or zone: Lower-grade Domain #### Resource Data - Category: indicated - Tonnes: 100000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 2800 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This indicated resource in the lower-grade domain contributes to the overall MRE but with a lower average grade. - Positive factor: Indicated resource category provides reasonable geological confidence. - Positive factor: Part of an updated MRE, providing new internal detail. - Negative factor: Grade of 0.9 g/t gold is at the lower end of economic viability for open pit mining. Evidence · table > 0.9 Context: 100,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-3) Barrambie Gold \(Ironclad\) · gold #### Identity - Project: Barrambie Gold \(Ironclad\) - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Clay Gordon - Resource group id: resource:0971985ccf1d279b80d2 - Deposit or zone: Lower-grade Domain #### Resource Data - Category: inferred - Tonnes: 5000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 200 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This small inferred resource in the lower-grade domain contributes marginally to the overall MRE with low confidence and grade. - Positive factor: Part of an updated MRE, providing new internal detail. - Negative factor: Inferred resource category has lower geological confidence. - Negative factor: Grade of 0.9 g/t gold is at the lower end of economic viability for open pit mining. Evidence · table > 0.9 Context: 5,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-4) Barrambie Titanium and Vanadium · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Barrambie Titanium and Vanadium - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jeremy Peters - Resource group id: resource:7c6d2c8bda4700a16e9e #### Resource Data - Category: indicated - Tonnes: 187100000 - Grade: 9.61 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % TiO2 #### Prior Estimate - Resource Date: 2018-04-17 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This is a historical indicated resource for titanium, with no updates since 2018, reducing its current relevance. - Negative factor: Estimate is historical, with an effective date of 2018, raising concerns about data currency. - Negative factor: No change in the resource estimate since 2025, indicating lack of recent progress. Evidence · table > 9.61 Context: 187.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-5) Barrambie Titanium and Vanadium · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barrambie Titanium and Vanadium - Commodity: vanadium - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jeremy Peters - Resource group id: resource:7c6d2c8bda4700a16e9e #### Resource Data - Category: indicated - Tonnes: 187100000 - Grade: 0.46 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2018-04-17 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This is a historical indicated resource for vanadium, with no updates since 2018, reducing its current relevance. - Negative factor: Estimate is historical, with an effective date of 2018, raising concerns about data currency. - Negative factor: No change in the resource estimate since 2025, indicating lack of recent progress. Evidence · table > 0.46 Context: 187.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-6) Barrambie Titanium and Vanadium · titanium Historical result Needs review: historical\_restatement #### Identity - Project: Barrambie Titanium and Vanadium - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jeremy Peters - Resource group id: resource:a19151d98369fa137274 #### Resource Data - Category: inferred - Tonnes: 93000000 - Grade: 8.31 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % TiO2 #### Prior Estimate - Resource Date: 2018-04-17 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This is a historical inferred resource for titanium, with no updates since 2018 and lower confidence. - Negative factor: Estimate is historical, with an effective date of 2018, raising concerns about data currency. - Negative factor: Inferred resource category has lower geological confidence. - Negative factor: No change in the resource estimate since 2025, indicating lack of recent progress. Evidence · table > 8.31 Context: 93.0 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nmt-annual-report-to-shareholders--bd136f26-9eab-4896-b427-7d344e35d285#fact-resource-facts-7) Barrambie Titanium and Vanadium · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Barrambie Titanium and Vanadium - Commodity: vanadium - Region: australia\_wa - Reported Region: Western Australia - Ticker: NMT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Jeremy Peters - Resource group id: resource:a19151d98369fa137274 #### Resource Data - Category: inferred - Tonnes: 93000000 - Grade: 0.4 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2018-04-17 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: This is a historical inferred resource for vanadium, with no updates since 2018 and lower confidence. - Negative factor: Estimate is historical, with an effective date of 2018, raising concerns about data currency. - Negative factor: Inferred resource category has lower geological confidence. - Negative factor: No change in the resource estimate since 2025, indicating lack of recent progress. Evidence · table > 0.40 Context: 93.0 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.5 years before this release ## 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.