# PAT: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146846 Publisher: asx Original announcement: 2026-09-30T09:25:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T10:12:37.556Z Atlas analysis updated: 2026-09-30T10:12:37.556Z - Company: Patriot Resources Limited - Ticker: PAT - Exchange: ASX - Region: Peru - Primary commodity: Silver - Secondary commodities: Gold, Copper, Lead, Zinc - Document categories: Resource update, Metallurgy, Agreement transaction - Extracted: 2026-09-30 10:12:38 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Patriot Resources Limited's annual report highlights a maiden Inferred Mineral Resource of 31.4 Moz AgEq for its Tassa Silver-Gold Project in Peru, supported by positive historical metallurgical test work showing 85.05% silver recovery. The company is strategically focusing on Tassa, divesting its Zambian copper and Canadian lithium assets, and has secured key community agreements for drilling. Despite these operational advancements, the company faces a material uncertainty regarding its going concern status, requiring further capital raising, and experienced delays in drilling approvals which impacted share price growth. Reasoning: The report details a maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, positive metallurgical test results, and strategic acquisitions and divestments, alongside progress on community agreements. However, the company faces challenges with delayed drilling approvals and a material uncertainty regarding its ability to continue as a going concern, necessitating further capital raising. - Positive factor: Maiden Mineral Resource Estimate established for Tassa project - Positive factor: Positive historical metallurgical recovery for silver - Positive factor: Successful community agreements secured for Tassa exploration - Positive factor: Strategic acquisitions expanding project portfolio - Positive factor: Validation of historical data for Tassa project - Negative factor: Resource estimate is entirely in the Inferred category - Negative factor: Delayed drilling approvals impacted share price growth - Negative factor: Material uncertainty related to going concern noted by auditor - Negative factor: Company requires further capital raising Low confidence — this extraction should be reviewed alongside the original source. - Rubric flag: Material uncertainty related to going concern — The auditor's report highlights a material uncertainty regarding the group's ability to continue as a going concern, indicating a significant financial risk. - Rubric flag: All Inferred — The maiden resource estimate is entirely in the Inferred category, indicating a lower level of geological confidence. Facts used in scoring: 18 ## Classification and evidence **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (17) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-0) Tassa Silver-Gold Project · silver #### Identity - Project: Tassa Silver-Gold Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Contained Metal: 31.39 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Metal Equivalent - Metal Eq. Grade: 52.68 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, providing a baseline for future development, though its inferred nature limits confidence. - Positive factor: Maiden resource estimate provides a baseline for project valuation - Positive factor: Significant contained metal ounces reported - Negative factor: Resource is entirely in the Inferred category, indicating lower confidence Evidence · table > 52.68 Context: 18.53 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-1) Tassa Silver-Gold Project · silver #### Identity - Project: Tassa Silver-Gold Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 42.73 - Grade Unit: g/t - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contribution to the maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, with silver being the dominant metal. - Positive factor: Silver is the primary commodity and a significant component of the resource - Negative factor: Resource is entirely in the Inferred category Evidence · table > 42.73 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-2) Tassa Silver-Gold Project · gold #### Identity - Project: Tassa Silver-Gold Project - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 0.06 - Grade Unit: g/t - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contribution to the maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, with gold as a minor component. - Negative factor: Gold grade is relatively low - Negative factor: Resource is entirely in the Inferred category Evidence · table > 0.06 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-3) Tassa Silver-Gold Project · copper #### Identity - Project: Tassa Silver-Gold Project - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 468 - Grade Unit: g/t - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contribution to the maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, with copper as a minor component. - Negative factor: Copper grade is relatively low - Negative factor: Resource is entirely in the Inferred category Evidence · table > 468 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-4) Tassa Silver-Gold Project · lead #### Identity - Project: Tassa Silver-Gold Project - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 1212 - Grade Unit: g/t - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contribution to the maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, with lead as a minor component. - Negative factor: Lead grade is relatively low - Negative factor: Resource is entirely in the Inferred category Evidence · table > 1,212 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-5) Tassa Silver-Gold Project · zinc #### Identity - Project: Tassa Silver-Gold Project - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Gotora - Resource group id: resource:ff0fc1ed4ce14da368c1 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 1121 - Grade Unit: g/t - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-02-16 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contribution to the maiden Inferred Mineral Resource for the Tassa Silver-Gold Project, with zinc as a minor component. - Negative factor: Zinc grade is relatively low - Negative factor: Resource is entirely in the Inferred category Evidence · table > 1,121 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-7) #### Identity - Ticker: PAT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A capital raise was successfully completed post-period, providing necessary funding but also highlighting the company's ongoing need for external financing. - Positive factor: Successful capital raise provides funding for operations - Negative factor: Capital raise indicates ongoing need for funding - Negative factor: Potential for shareholder dilution Evidence · text > On 19 August 2026, the Company Issued 51,985,455 shares at $0.055 per share to raise $2,859,200 before costs. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-8) Tassa Silver-Gold Project #### Identity - Project: Tassa Silver-Gold Project - Region: peru - Reported Region: Peru - Ticker: PAT #### Resource scope - Resource group id: resource:3af61be5a686b42c6362 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Secured a five-year Exploration Agreement with the Tassa Community, covering all surface exploration activities, including drilling, which is crucial for project advancement. - Positive factor: Secured a long-term exploration agreement with the Tassa Community - Positive factor: Agreement covers all surface exploration activities, including drilling Evidence · text > Additionally, the Company signed a five year Exploration Agreement with the Tassa Community covering all surface exploration activities, including drilling. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-9) Kitumba 27715 Project #### Identity - Project: Kitumba 27715 Project - Region: zambia - Reported Region: Zambia - Ticker: PAT #### Resource scope - Resource group id: resource:13680944b583a60f01a9 - Ownership percent: 20 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Acquisition of the remaining 20% interest in the Kitumba 27715 licence, consolidating full ownership ahead of drilling. - Positive factor: Consolidates 100% ownership of the Kitumba licence Evidence · text > During the year, the Company acquired the remaining 20% of the 27715-HQ-LEL licence for US$50,000, consolidating 100% ownership ahead of drilling #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-10) Licence 33543-HQ-LEL #### Identity - Project: Licence 33543-HQ-LEL - Region: zambia - Reported Region: Zambia - Ticker: PAT #### Resource scope - Resource group id: resource:9d6759205f9181545829 - Ownership percent: 90 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Acquisition of a 90% interest in a new Zambian licence, strategically positioned near an existing copper project. - Positive factor: Acquisition of a highly prospective licence along strike from a major copper project Evidence · text > On 29 July 2026, the Company announced it had acquired a 90% interest in exploration licence 33543-HQ-LEL in Zambia from MNS Global World Import and Export Limited. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-11) Gorman Lithium Project #### Identity - Project: Gorman Lithium Project - Region: canada - Reported Region: Canada - Ticker: PAT #### Resource scope - Resource group id: resource:1998e6f3f4174490e6d9 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Initiated an expression of interest process for the Gorman Lithium Project, indicating a strategic divestment to focus on core assets. - Positive factor: Divestment aligns with strategic focus on Tassa project Evidence · text > The Company has initiated an expression of interest process for the Gorman Project. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-12) Zambia copper portfolio #### Identity - Project: Zambia copper portfolio - Region: zambia - Reported Region: Zambia - Ticker: PAT #### Resource scope - Resource group id: resource:6a4c916bd713d82dfaac #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Intends to divest the Zambia copper portfolio to become a 100% focused silver and gold Peruvian exploration company. - Positive factor: Divestment aligns with strategic focus on Tassa project Evidence · text > The Company intends to divest its Zambia copper portfolio so that it can be a 100% focussed silver and gold Peruvian exploration company. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-13) Mineral Resource Estimation for the Tassa · silver #### Identity - Project: Mineral Resource Estimation for the Tassa - Commodity: silver - Ticker: PAT #### Resource scope - Estimate type: resource - Resource group id: resource:47818de076b143aab649 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 42.73 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 31.39 - Metal Eq. Unit: moz AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 42.73 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-14) Mineral Resource Estimation for the Tassa · gold #### Identity - Project: Mineral Resource Estimation for the Tassa - Commodity: gold - Ticker: PAT #### Resource scope - Estimate type: resource - Resource group id: resource:47818de076b143aab649 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 0.06 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 31.39 - Metal Eq. Unit: moz AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.06 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-15) Mineral Resource Estimation for the Tassa · copper #### Identity - Project: Mineral Resource Estimation for the Tassa - Commodity: copper - Ticker: PAT #### Resource scope - Estimate type: resource - Resource group id: resource:47818de076b143aab649 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 468 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 31.39 - Metal Eq. Unit: moz AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 468 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-16) Mineral Resource Estimation for the Tassa · lead #### Identity - Project: Mineral Resource Estimation for the Tassa - Commodity: lead - Ticker: PAT #### Resource scope - Estimate type: resource - Resource group id: resource:47818de076b143aab649 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 1212 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 31.39 - Metal Eq. Unit: moz AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1,212 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-resource-facts-17) Mineral Resource Estimation for the Tassa · zinc #### Identity - Project: Mineral Resource Estimation for the Tassa - Commodity: zinc - Ticker: PAT #### Resource scope - Estimate type: resource - Resource group id: resource:47818de076b143aab649 #### Resource Data - Category: inferred - Tonnes: 18530000 - Grade: 1121 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 31.39 - Metal Eq. Unit: moz AgEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1,121 Context: 18.53 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (1) ### cyanidation [Link to this fact](https://atlas-staging.minestarters.com/news/pat-annual-report-to-shareholders--4657a24e-dce2-45b8-8a0c-771ca38708a9#fact-metallurgical-facts-6) Tassa Silver-Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Tassa Silver-Gold Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PAT #### Test Work - Program Status: preliminary - Test Type: cyanidation - Processing Route: cyanidation - Sample: six surface samples #### Recovery - Recovery: 85.05 % - Recovery Basis: actual\_test #### Lab - Laboratory: Northern Metallurgy \(QLD, Australia\) and ALS Chemex \(Peru\) - Consultant: Northern Metallurgy \(QLD, Australia\) #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Positive historical silver recovery results from cyanidation test work, supporting the project's metallurgical viability, though the historical and preliminary nature warrants caution. - Positive factor: High silver recovery achieved in historical test work - Positive factor: Independent metallurgical review supports results - Negative factor: Test work is historical and on surface samples, not necessarily representative of the full resource - Negative factor: Only preliminary test work reported Evidence · text > An independent metallurgical review by Northern Metallurgy \(QLD, Australia\) and ALS Chemex \(Peru\) of historical cyanidation test work, which returned an average silver recovery of 85.05% across six surface samples. ## 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.