# NPM: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146069 Publisher: asx Original announcement: 2026-09-30T01:59:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T02:13:40.080Z Atlas analysis updated: 2026-09-30T02:13:40.080Z - Company: NewPeak Metals Limited - Ticker: NPM - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Zinc, Silver, Lead, Uranium, Rare earth elements, Scandium - Document categories: Drill results, Other - Extracted: 2026-09-30 02:13:40 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary NewPeak Metals Limited reported a profit of $4.36 million for the year ended June 30, 2026, a significant improvement from the previous year's loss. The company announced new drill results from its Las Opeñas Gold Project in Argentina, including very long polymetallic intercepts of gold, zinc, and silver, and successful drilling at the Tansey Gold Project in Queensland. However, the auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern due to ongoing funding requirements and liquidity challenges. Reasoning: While the company reported a profit and new polymetallic drill results at Las Opeñas show significant intercept lengths and improved zinc/silver grades, the material uncertainty regarding going concern and the decline in share price temper the overall positive outlook. The divestment considerations for multiple projects also suggest financial constraints or a narrowing strategic focus. - Positive factor: Company reported a profit for the year, reversing previous losses. - Positive factor: New drill results at Las Opeñas indicate a large-scale polymetallic system with very long intercepts, particularly strong for zinc and silver compared to prior results. - Positive factor: Successful drilling at Tansey extended historic gold mineralization. - Negative factor: Auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern. - Negative factor: Individual gold grades at Las Opeñas are generally low, and metal equivalent assumptions are not fully disclosed. - Negative factor: Company is considering divestment options for several projects \(Tansey, Cachi, Treuer Range, George River\), indicating a potential lack of funding or strategic shift away from these assets. - Negative factor: Share price declined significantly during the financial year. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 37 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document states that reports were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, implying QA/QC procedures and QP/CP sign-off. Evidence · text > The reports were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The metal equivalent grades \(AuEq\) are reported with the constituent metals and their grades, but without disclosing the price, recovery, or payability assumptions used in the calculation. Evidence · text > 0.42g/t AuEq \(incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag & 0.10% Pb\) **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: All reported drill intercepts are given as downhole lengths without any mention of true width or drill orientation, meaning the apparent width may overstate the true thickness. Evidence · text > All 663m @ 0.42g/t AuEq **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The Las Opeñas drill results include very long intercepts \(e.g., 663m, 657m\) from surface, indicating a large-scale polymetallic system, which is exceptional for exploration-stage drilling. Evidence · text > discovery of a large-scale gold-zinc-silver system from surface, with polymetallic mineralisation extending through the entirety of two >650m holes. **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The Las Opeñas results define a 'clear vector for the next phase of drilling' and indicate a 'large-scale' system, suggesting extension beyond previously known limits. Evidence · text > gold grades are increasing westwards across the recently drilled area, defining a clear vector for the next phase of drilling. **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: Drilling at Tansey focused on 'targeting extension of historic mineralisation adjacent to and beneath the South Burnett Mine', which is characteristic of infill drilling to define known mineralization. Evidence · text > Drilling focused on an area immediately surrounding this mine, which produced gold between 1934-1942 from an underground mine over 80m deep. Historically, gold mineralisation was reported as present in quartz and quartz-calcite veins in graphitic mudstone adjacent to and within andesitic dyke rock. **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The Cachi Gold Project results are explicitly referenced as 'NewPeak’s maiden drill results included 27.25m @ 0.81g/t gold and 67.1g/t silver from 25.25m. Refer to NewPeak ASX Announcement dated 14 May 2021 for source data.', indicating a re-release of historical data. Evidence · text > NewPeak’s maiden drill results included 27.25m @ 0.81g/t gold and 67.1g/t silver from 25.25m. Refer to NewPeak ASX Announcement dated 14 May 2021 for source data. ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Drill Results (37) ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-0) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.16 - Grade Unit: g/t - Intercept: 663 m - From: 0 m - To: 663 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-663 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.42 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept length is exceptional, suggesting a large system, but the gold grade is low. The polymetallic nature is a key positive, but the lack of full AuEq assumptions and true width disclosure are minor negatives. - Positive factor: Very long intercept length \(663m\) from surface, indicating broad mineralization. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.16 g/t\) is weak for an epithermal deposit. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 663m @ 0.42g/t AuEq \(incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag & 0.10% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-1) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.65 - Grade Unit: % - Intercept: 663 m - From: 0 m - To: 663 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-663 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.42 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and improved zinc grade compared to prior results are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(663m\) from surface, indicating broad mineralization. - Positive factor: Zinc grade \(0.65%\) is higher than the prior average \(0.51%\) and best grade \(0.51%\) for the project, and the GT product is significantly higher. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 663m @ 0.42g/t AuEq \(incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag & 0.10% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-2) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 4.53 - Grade Unit: g/t - Intercept: 663 m - From: 0 m - To: 663 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-663 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.42 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and improved silver grade compared to prior results are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(663m\) from surface, indicating broad mineralization. - Positive factor: Silver grade \(4.53 g/t\) is higher than the prior average \(3.14 g/t\) and best grade \(3.14 g/t\) for the project, and the GT product is significantly higher. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 663m @ 0.42g/t AuEq \(incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag & 0.10% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-3) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.1 - Grade Unit: % - Intercept: 663 m - From: 0 m - To: 663 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-663 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.42 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length is positive, but the lead grade is low and below prior results. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(663m\) from surface, indicating broad mineralization. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Lead grade \(0.10%\) is lower than the prior average \(0.14%\) and best grade \(0.14%\) for the project. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 663m @ 0.42g/t AuEq \(incl. 0.16g/t Au, 0.65% Zn, 4.53g/t Ag & 0.10% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-4) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.34 - Grade Unit: g/t - Intercept: 283 m - From: 7 m - To: 290 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:7-290 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.67 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and higher AuEq grade are positive, but the gold grade itself is weak and below prior best. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(283m\) with a higher gold equivalent grade \(0.67 g/t AuEq\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.34 g/t\) is weak for an epithermal deposit and below the prior best grade \(0.67 g/t\). - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 283m @ 0.67g/t AuEq \(incl. 0.34g/t Au, 0.84% Zn, 5.02g/t Ag & 0.14% Pb\) from 7m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-5) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.84 - Grade Unit: % - Intercept: 283 m - From: 7 m - To: 290 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:7-290 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.67 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong zinc grade, significantly exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(283m\) with a strong zinc grade \(0.84%\), significantly higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 283m @ 0.67g/t AuEq \(incl. 0.34g/t Au, 0.84% Zn, 5.02g/t Ag & 0.14% Pb\) from 7m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-6) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 5.02 - Grade Unit: g/t - Intercept: 283 m - From: 7 m - To: 290 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:7-290 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.67 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong silver grade, significantly exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(283m\) with a strong silver grade \(5.02 g/t\), significantly higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 283m @ 0.67g/t AuEq \(incl. 0.34g/t Au, 0.84% Zn, 5.02g/t Ag & 0.14% Pb\) from 7m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-7) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.14 - Grade Unit: % - Intercept: 283 m - From: 7 m - To: 290 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:7-290 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.67 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and lead grade matching prior results are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(283m\). - Positive factor: Lead grade \(0.14%\) matches the prior average and best grade for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 283m @ 0.67g/t AuEq \(incl. 0.34g/t Au, 0.84% Zn, 5.02g/t Ag & 0.14% Pb\) from 7m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-8) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.23 - Grade Unit: g/t - Intercept: 465 m - From: 0 m - To: 465 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-465 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept length is exceptional, suggesting a large system, but the gold grade is low. The polymetallic nature is a key positive, but the lack of full AuEq assumptions and true width disclosure are minor negatives. - Positive factor: Very long intercept length \(465m\) from surface, indicating broad mineralization. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.23 g/t\) is weak for an epithermal deposit. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 465m @ 0.50g/t AuEq \(incl. 0.23g/t Au, 0.70% Zn, 4.17g/t Ag & 0.11% Pb\) from surface. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-9) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.7 - Grade Unit: % - Intercept: 465 m - From: 0 m - To: 465 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-465 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and improved zinc grade compared to prior results are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(465m\) from surface, indicating broad mineralization. - Positive factor: Zinc grade \(0.70%\) is higher than the prior average \(0.51%\) and best grade \(0.51%\) for the project, and the GT product is significantly higher. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 465m @ 0.50g/t AuEq \(incl. 0.23g/t Au, 0.70% Zn, 4.17g/t Ag & 0.11% Pb\) from surface. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-10) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 4.17 - Grade Unit: g/t - Intercept: 465 m - From: 0 m - To: 465 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-465 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and improved silver grade compared to prior results are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(465m\) from surface, indicating broad mineralization. - Positive factor: Silver grade \(4.17 g/t\) is higher than the prior average \(3.14 g/t\) and best grade \(3.14 g/t\) for the project, and the GT product is significantly higher. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 465m @ 0.50g/t AuEq \(incl. 0.23g/t Au, 0.70% Zn, 4.17g/t Ag & 0.11% Pb\) from surface. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-023 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-11) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-023 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.11 - Grade Unit: % - Intercept: 465 m - From: 0 m - To: 465 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-023:0-465 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length is positive, but the lead grade is low and below prior results. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(465m\) from surface, indicating broad mineralization. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Lead grade \(0.11%\) is lower than the prior average \(0.14%\) and best grade \(0.14%\) for the project. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 465m @ 0.50g/t AuEq \(incl. 0.23g/t Au, 0.70% Zn, 4.17g/t Ag & 0.11% Pb\) from surface. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-12) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.1 - Grade Unit: g/t - Intercept: 657 m - From: 0 m - To: 657 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:0-657 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept length is exceptional, suggesting a large system, but the gold grade is very low. The polymetallic nature is a key positive, but the lack of full AuEq assumptions and true width disclosure are minor negatives. - Positive factor: Very long intercept length \(657m\) from surface, indicating broad mineralization. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.10 g/t\) is weak for an epithermal deposit and below the prior average \(0.448 g/t\). - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 657m @ 0.30g/t AuEq \(incl. 0.10g/t Au, 0.51% Zn, 3.14g/t Ag and 0.14% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-13) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.51 - Grade Unit: % - Intercept: 657 m - From: 0 m - To: 657 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:0-657 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and consistent zinc grade are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(657m\) from surface, indicating broad mineralization. - Positive factor: Zinc grade \(0.51%\) matches the prior average and best grade for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 657m @ 0.30g/t AuEq \(incl. 0.10g/t Au, 0.51% Zn, 3.14g/t Ag and 0.14% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-14) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 3.14 - Grade Unit: g/t - Intercept: 657 m - From: 0 m - To: 657 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:0-657 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and consistent silver grade are positive, suggesting a significant polymetallic system. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(657m\) from surface, indicating broad mineralization. - Positive factor: Silver grade \(3.14 g/t\) matches the prior average and best grade for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 657m @ 0.30g/t AuEq \(incl. 0.10g/t Au, 0.51% Zn, 3.14g/t Ag and 0.14% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-15) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.14 - Grade Unit: % - Intercept: 657 m - From: 0 m - To: 657 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:0-657 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exceptional intercept length and consistent lead grade are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Very long intercept length \(657m\) from surface, indicating broad mineralization. - Positive factor: Lead grade \(0.14%\) matches the prior average and best grade for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > All 657m @ 0.30g/t AuEq \(incl. 0.10g/t Au, 0.51% Zn, 3.14g/t Ag and 0.14% Pb\) from surface #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-16) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.32 - Grade Unit: g/t - Intercept: 117 m - From: 77 m - To: 194 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-194 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and higher AuEq grade are positive, but the gold grade itself is weak and below prior best. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(117m\) with a higher gold equivalent grade \(0.60 g/t AuEq\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.32 g/t\) is weak for an epithermal deposit and below the prior best grade \(0.67 g/t\). - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 117m @ 0.60g/t AuEq \(incl. 0.32g/t Au, 0.66% Zn, 3.46g/t Ag & 0.16% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-17) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.66 - Grade Unit: % - Intercept: 117 m - From: 77 m - To: 194 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-194 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong zinc grade, exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(117m\) with a strong zinc grade \(0.66%\), higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 117m @ 0.60g/t AuEq \(incl. 0.32g/t Au, 0.66% Zn, 3.46g/t Ag & 0.16% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-18) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 3.46 - Grade Unit: g/t - Intercept: 117 m - From: 77 m - To: 194 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-194 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong silver grade, exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(117m\) with a strong silver grade \(3.46 g/t\), higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 117m @ 0.60g/t AuEq \(incl. 0.32g/t Au, 0.66% Zn, 3.46g/t Ag & 0.16% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-19) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.16 - Grade Unit: % - Intercept: 117 m - From: 77 m - To: 194 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-194 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and improved lead grade are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(117m\). - Positive factor: Lead grade \(0.16%\) is higher than the prior average and best grade \(0.14%\) for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 117m @ 0.60g/t AuEq \(incl. 0.32g/t Au, 0.66% Zn, 3.46g/t Ag & 0.16% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-20) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.25 - Grade Unit: g/t - Intercept: 202 m - From: 77 m - To: 279 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-279 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and higher AuEq grade are positive, but the gold grade itself is weak and below prior best. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(202m\) with a higher gold equivalent grade \(0.50 g/t AuEq\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.25 g/t\) is weak for an epithermal deposit and below the prior best grade \(0.67 g/t\). - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 202m @ 0.50g/t AuEq \(incl. 0.25g/t Au, 0.61% Zn, 3.15g/t Ag & 0.19% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-21) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.61 - Grade Unit: % - Intercept: 202 m - From: 77 m - To: 279 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-279 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong zinc grade, exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(202m\) with a strong zinc grade \(0.61%\), higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 202m @ 0.50g/t AuEq \(incl. 0.25g/t Au, 0.61% Zn, 3.15g/t Ag & 0.19% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-22) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 3.15 - Grade Unit: g/t - Intercept: 202 m - From: 77 m - To: 279 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-279 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and strong silver grade, exceeding prior results, are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(202m\) with a strong silver grade \(3.15 g/t\), higher than prior average and best grades. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 202m @ 0.50g/t AuEq \(incl. 0.25g/t Au, 0.61% Zn, 3.15g/t Ag & 0.19% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-23) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.19 - Grade Unit: % - Intercept: 202 m - From: 77 m - To: 279 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-279 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and improved lead grade are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(202m\). - Positive factor: Lead grade \(0.19%\) is higher than the prior average and best grade \(0.14%\) for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 202m @ 0.50g/t AuEq \(incl. 0.25g/t Au, 0.61% Zn, 3.15g/t Ag & 0.19% Pb\) from 77m #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-24) Las Opeñas · gold #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.2 - Grade Unit: g/t - Intercept: 284 m - From: 77 m - To: 361 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-361 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.4 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and higher AuEq grade are positive, but the gold grade itself is weak and below prior best. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(284m\) with a higher gold equivalent grade \(0.40 g/t AuEq\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Gold grade \(0.20 g/t\) is weak for an epithermal deposit and below the prior best grade \(0.67 g/t\). - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 284m @ 0.40g/t AuEq \(incl. 0.20g/t Au, 0.48% Zn, 2.52g/t Ag and 0.16% Pb\) from 77m. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-25) Las Opeñas · zinc #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: zinc - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.48 - Grade Unit: % - Intercept: 284 m - From: 77 m - To: 361 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-361 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.4 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept is positive, but the zinc grade is slightly below prior results. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(284m\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Zinc grade \(0.48%\) is slightly below the prior average and best grade \(0.51%\) for the project. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 284m @ 0.40g/t AuEq \(incl. 0.20g/t Au, 0.48% Zn, 2.52g/t Ag and 0.16% Pb\) from 77m. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-26) Las Opeñas · silver #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 2.52 - Grade Unit: g/t - Intercept: 284 m - From: 77 m - To: 361 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-361 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.4 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept is positive, but the silver grade is slightly below prior results. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(284m\). - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Silver grade \(2.52 g/t\) is slightly below the prior average and best grade \(3.14 g/t\) for the project. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 284m @ 0.40g/t AuEq \(incl. 0.20g/t Au, 0.48% Zn, 2.52g/t Ag and 0.16% Pb\) from 77m. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### 26-LODH-027 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-27) Las Opeñas · lead #### Identity - Hole ID: 26-LODH-027 - Project: Las Opeñas - Commodity: lead - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.16 - Grade Unit: % - Intercept: 284 m - From: 77 m - To: 361 m - Intercept Depth: 0 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 26-LODH-027:77-361 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.4 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The long intercept and improved lead grade are positive. Lack of full AuEq assumptions and true width are minor negatives. - Positive factor: Long intercept length \(284m\). - Positive factor: Lead grade \(0.16%\) is higher than the prior average and best grade \(0.14%\) for the project. - Positive factor: Part of a newly discovered large-scale polymetallic system. - Negative factor: Metal equivalent assumptions are not fully disclosed, reducing transparency. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 284m @ 0.40g/t AuEq \(incl. 0.20g/t Au, 0.48% Zn, 2.52g/t Ag and 0.16% Pb\) from 77m. #### 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 **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions ### SBD003 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-28) Tansey · gold #### Identity - Hole ID: SBD003 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 0.75 - Grade Unit: g/t - Intercept: 43 m - From: 157 m - To: 200 m - Intercept Depth: 157 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD003:157-200 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(43m\) with a gold grade \(0.75 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 43m @ 0.75g/t Au from 157m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD003 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-29) Tansey · gold #### Identity - Hole ID: SBD003 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 1.41 - Grade Unit: g/t - Intercept: 16 m - From: 185 m - To: 201 m - Intercept Depth: 157 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD003:185-201 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(16m\) with a gold grade \(1.41 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > incl. 16m @ 1.41g/t Au from 185m \(SBD003\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD001 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-30) Tansey · gold #### Identity - Hole ID: SBD001 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 0.68 - Grade Unit: g/t - Intercept: 41 m - From: 229 m - To: 270 m - Intercept Depth: 229 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD001:229-270 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(41m\) with a gold grade \(0.68 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 41m @ 0.68g/t Au from 229m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD001 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-31) Tansey · gold #### Identity - Hole ID: SBD001 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 1.14 - Grade Unit: g/t - Intercept: 9 m - From: 229 m - To: 238 m - Intercept Depth: 229 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD001:229-238 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(9m\) with a gold grade \(1.14 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > incl. 9m @ 1.14g/t Au from 229m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD001 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-32) Tansey · gold #### Identity - Hole ID: SBD001 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 0.97 - Grade Unit: g/t - Intercept: 18 m - From: 252 m - To: 270 m - Intercept Depth: 229 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD001:252-270 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(18m\) with a gold grade \(0.97 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > and 18m @ 0.97g/t Au from 252m \(SBD001\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD004 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-33) Tansey · gold #### Identity - Hole ID: SBD004 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 0.56 - Grade Unit: g/t - Intercept: 28 m - From: 107 m - To: 135 m - Intercept Depth: 107 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD004:107-135 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(28m\) with a gold grade \(0.56 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > 28m @ 0.56g/t Au from 107m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### SBD004 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-34) Tansey · gold #### Identity - Hole ID: SBD004 - Project: Tansey - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: NPM #### Geometry - Grade: 0.81 - Grade Unit: g/t - Intercept: 10 m - From: 124 m - To: 134 m - Intercept Depth: 107 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Group ID: SBD004:124-134 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The intercept confirms extension of historic mineralization, which is a positive for resource definition, but the grade is weak. - Positive factor: Moderate intercept length \(10m\) with a gold grade \(0.81 g/t\) that confirms extension of historic mineralization. - Positive factor: Successful infill drilling to extend known mineralization. - Negative factor: Gold grade is weak for an orogenic deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > incl. 10m @ 0.81g/t from 124m \(SBD004\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### Fact 36 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-35) Cachi · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Cachi - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 0.81 - Grade Unit: g/t - Intercept: 27.25 m - From: 25.25 m - To: 52.5 m - Intercept Depth: 25.25 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: Cachi:25.25-52.5 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-05-14T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-release of historical data, so novelty is low. The gold grade is weak, but it confirms historical mineralization. - Positive factor: Historical intercept shows gold mineralization in the project area. - Negative factor: This is a re-release of historical data with no new assays or interpretation, reducing novelty. - Negative factor: Gold grade \(0.81 g/t\) is weak for an epithermal deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > NewPeak’s maiden drill results included 27.25m @ 0.81g/t gold and 67.1g/t silver from 25.25m. Refer to NewPeak ASX Announcement dated 14 May 2021 for source data. #### 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 37 [Link to this fact](https://atlas-staging.minestarters.com/news/npm-annual-report-to-shareholders--dacea882-89bd-454d-b94f-099a2d590bc6#fact-drill-facts-36) Cachi · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Cachi - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NPM #### Geometry - Grade: 67.1 - Grade Unit: g/t - Intercept: 27.25 m - From: 25.25 m - To: 52.5 m - Intercept Depth: 25.25 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: Cachi:25.25-52.5 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2021-05-14T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-release of historical data, so novelty is low. The silver grade is weak, but it confirms historical mineralization. - Positive factor: Historical intercept shows silver mineralization in the project area. - Negative factor: This is a re-release of historical data with no new assays or interpretation, reducing novelty. - Negative factor: Silver grade \(67.1 g/t\) is weak for an epithermal deposit. - Negative factor: True width not disclosed, implying apparent width only. Evidence · text > NewPeak’s maiden drill results included 27.25m @ 0.81g/t gold and 67.1g/t silver from 25.25m. Refer to NewPeak ASX Announcement dated 14 May 2021 for source data. #### 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 ## 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.