# PEC: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pec-annual-report-to-shareholders--d8dd8803-87e2-4226-be50-656cf80826ec Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03144385 Publisher: asx Original announcement: 2026-09-27T22:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:57:13.579Z Atlas analysis updated: 2026-09-29T18:57:13.579Z - Company: Perpetual Resources Ltd - Ticker: PEC - Exchange: ASX - Region: Unavailable - Primary commodity: Unavailable - Secondary commodities: None reported - Document categories: Capital raise, Agreement transaction, Other, Metallurgy - Extracted: 2026-09-29 18:57:14 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Perpetual Resources Ltd reported a net loss of $2.97 million for FY2026 and noted a material uncertainty regarding its going concern status, despite successfully raising $4.1 million through placements. The company advanced its critical minerals strategy by acquiring the Nevada Scheelite tungsten project in the US and progressing its Brazilian exploration portfolio, including planned diamond drilling at Igrejinha and encouraging rock-chip results at Renaldinho and Paraíba. However, historical data for Nevada Scheelite remains unverified, and significant exploration expenditure was written off for relinquished tenements. Reasoning: The annual report presents a mixed picture, with strategic acquisitions and successful capital raises offset by a substantial financial loss, going concern uncertainty, and the early-stage, unverified nature of key project data. While exploration is advancing, significant write-offs and unmet metallurgical targets temper the positive developments. - Positive factor: Acquisition of Nevada Scheelite tungsten project expands portfolio into a new jurisdiction. - Positive factor: Successful capital raises provide funding for ongoing operations and acquisitions. - Positive factor: Positive metallurgical test work for Beharra Silica Sand project shows reduced iron impurities. - Negative factor: Significant net loss for the year and material uncertainty regarding going concern status. - Negative factor: Historical data for Nevada Scheelite is unverified and does not constitute a JORC resource, indicating early project stage. - Negative factor: Significant exploration expenditure written off for relinquished tenements in Brazil. - Negative factor: Beharra test work did not achieve the sub-100 ppm Fe2O3 threshold for solar glass, requiring further work. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **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: 1. Some facts used in scoring do not have a stored record. ## Metallurgical Results (1) ### laboratory test [Link to this fact](https://atlas-staging.minestarters.com/news/pec-annual-report-to-shareholders--d8dd8803-87e2-4226-be50-656cf80826ec#fact-metallurgical-facts-2) Beharra Silica Sand Project · silica #### Identity - Project: Beharra Silica Sand Project - Commodity: silica - Ticker: PEC #### Test Work - Program Status: preliminary - Test Type: laboratory test - Processing Route: conventional flowsheet incorporating classification, gravity separation and high-gradient magnetic separation - Sample: Beharra sand #### Recovery - Head Grade: 150 - Head Grade Unit: ppm Fe2O3 - Conc. Grade: 110 - Conc. Grade Unit: ppm Fe2O3 #### Lab - Laboratory: ANZAPLAN #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Metallurgical test work successfully reduced iron impurities in Beharra silica sand, indicating improved product quality and a viable processing route, though it fell short of the highest-value market specification. - Positive factor: Successful reduction of iron impurities to a lower range \(110-120 ppm Fe2O3\) is a positive step for product quality. - Positive factor: Recommendation of a conventional flowsheet suggests a viable processing path. - Negative factor: The achieved results did not meet the sub-100 ppm Fe2O3 threshold for solar glass, limiting potential premium applications. Evidence · text > ANZAPLAN test work reported on 29 May 2026 reduced iron impurities in Beharra sand to approximately 110–120 ppm Fe₂O₃, compared with about 150 ppm in earlier test work. A conventional flowsheet incorporating classification, gravity separation and high-gradient magnetic separation was recommended. #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.