# PLS: Corporate Presentation - The next phase of Pilgangoora Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153067 Publisher: asx Original announcement: 2026-10-15T21:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-15T22:35:08.922Z Atlas analysis updated: 2026-10-15T22:35:08.922Z - Company: Unavailable - Ticker: PLS - Exchange: ASX - Region: Unavailable - Primary commodity: Lithium - Secondary commodities: Tantalum, Iron ore - Document categories: Resource update, Other, Metallurgy - Extracted: 2026-10-15 22:35:09 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Pilbara Minerals has announced a significant update to its Pilgangoora Ore Reserve, reporting a 23% increase in tonnes and a 31% increase in contained lithium, including a maiden underground Ore Reserve. This update underpins the Final Investment Decision for the P2000 expansion project, which is expected to boost spodumene concentrate production to ~2Mtpa with attractive economics, including an incremental post-tax NPV of A$2.7 billion and an IRR of 29.5%. The expansion leverages improved processing to unlock previously uneconomic material, reduce operating costs, and extend the mine life. Reasoning: The document announces a substantial increase in Ore Reserves and contained lithium, including a maiden underground reserve, which underpins the Final Investment Decision for a major expansion project with strong economic returns and improved processing. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Strong Project Economics - Positive factor: Maiden Underground Reserve Facts used in scoring: 62 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document's primary focus is on the updated Pilgangoora Ore Reserve, including a significant increase in tonnes and contained lithium. Evidence · text > Ore Reserve Update **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Ore Reserve tonnes increased by 23% from the previous estimate. Evidence · text > 23% growth in reserve tonnes **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The contained lithium in the Ore Reserve increased by 31%. Evidence · text > 31% growth in contained lithium **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The document reports a maiden underground Ore Reserve, adding a new category of reserve to the project. Evidence · text > maiden underground Ore Reserve **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document states that the Ore Reserves have been prepared by Competent Persons Mr Ross Jaine and Mr Simon Kusabs in accordance with the JORC Code. Evidence · text > prepared by Competent Persons \(Mr Ross Jaine\) for open pit and stockpile ore reserves and \(Mr Simon Kusabs\) for underground ore reserves in accordance with the JORC Code. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Ore Reserves and Mineral Resources are reported in accordance with the JORC Code \(2012 edition\). Evidence · text > reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves \(2012 edition\) \(“JORC Code”\) **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: The document states a '~70% lithium recovery' as a 'Target lithia recovery' rather than an actual achieved test result. Evidence · text > ~70% lithium recovery Target lithia recovery through the wet plant. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document announces a 'maiden underground Ore Reserve', which is the first formal reserve estimate for this component. Evidence · text > maiden underground Ore Reserve **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 62. Some facts used in scoring do not have a stored record. ## Resource Estimates (61) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-0) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:16f38f2ce22b84c6218e - Deposit or zone: Open Pit #### Resource Data - Category: measured - Tonnes: 14000000 - Grade: 1.29 - Grade Unit: % - Contained Metal: 0.2 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured open pit resource of 14 Mt at 1.29% Li2O contributes to the overall resource, indicating high confidence in this portion of the deposit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.29 Context: 14 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-1) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:16f38f2ce22b84c6218e - Deposit or zone: Open Pit #### Resource Data - Category: measured - Tonnes: 14000000 - Grade: 104 - Grade Unit: ppm - Contained Metal: 3 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured open pit resource includes 104 ppm Ta2O5, providing a byproduct credit to the overall resource. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 104 Context: 14 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-2) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:16f38f2ce22b84c6218e - Deposit or zone: Open Pit #### Resource Data - Category: measured - Tonnes: 14000000 - Grade: 0.42 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured open pit resource includes 0.42% Fe2O3, which is a minor component. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.42 Context: 14 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-3) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:161a3deb158c4ea0a34a - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 186000000 - Grade: 1.24 - Grade Unit: % - Contained Metal: 2.3 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated open pit resource of 186 Mt at 1.24% Li2O forms a significant portion of the overall resource, providing reasonable geological confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.24 Context: 186 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-4) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:161a3deb158c4ea0a34a - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 186000000 - Grade: 109 - Grade Unit: ppm - Contained Metal: 45 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated open pit resource includes 109 ppm Ta2O5, contributing to byproduct potential. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 109 Context: 186 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-5) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:161a3deb158c4ea0a34a - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 186000000 - Grade: 0.52 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated open pit resource includes 0.52% Fe2O3, which is a minor component. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.52 Context: 186 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-6) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:8e4830479062be179181 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 1.19 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The inferred open pit resource of 11 Mt at 1.19% Li2O is a speculative category with lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 1.19 Context: 11 #### 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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-7) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:8e4830479062be179181 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 89 - Grade Unit: ppm - Contained Metal: 2 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The inferred open pit resource includes 89 ppm Ta2O5, which is a minor byproduct in a speculative category. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 89 Context: 11 #### 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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-8) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:8e4830479062be179181 - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 0.65 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The inferred open pit resource includes 0.65% Fe2O3, which is a minor component in a speculative category. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.65 Context: 11 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-9) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:b34aab0dca10b3a20b59 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 131000000 - Grade: 1.45 - Grade Unit: % - Contained Metal: 1.9 - Contained Unit: mt - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden indicated underground resource of 131 Mt at 1.45% Li2O represents a significant new component of the overall resource, demonstrating potential for future underground mining. - Positive factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.45 Context: 131 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-10) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:b34aab0dca10b3a20b59 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 131000000 - Grade: 135 - Grade Unit: ppm - Contained Metal: 39 - Contained Unit: mlb - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden indicated underground resource includes 135 ppm Ta2O5, adding byproduct potential to this new resource component. - Positive factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 135 Context: 131 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-11) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:b34aab0dca10b3a20b59 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 131000000 - Grade: 0.51 - Grade Unit: % - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden indicated underground resource includes 0.51% Fe2O3, which is a minor component. - Positive factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.51 Context: 131 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-12) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:bf235a1932dcd1a9966c - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 1.41 - Grade Unit: % - Contained Metal: 0.7 - Contained Unit: mt - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden inferred underground resource of 51 Mt at 1.41% Li2O is a speculative category but adds to the overall potential of the underground component. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 1.41 Context: 51 #### 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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-13) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:bf235a1932dcd1a9966c - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 142 - Grade Unit: ppm - Contained Metal: 16 - Contained Unit: mlb - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden inferred underground resource includes 142 ppm Ta2O5, adding byproduct potential to this new resource component. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 142 Context: 51 #### 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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-14) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:bf235a1932dcd1a9966c - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 0.46 - Grade Unit: % - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden inferred underground resource includes 0.46% Fe2O3, which is a minor component. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.46 Context: 51 #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-15) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:3993462fdd8d02087f6b - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 1.16 - Grade Unit: % - Contained Metal: 0 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured stockpile resource of 2 Mt at 1.16% Li2O provides a readily available source of material. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.16 Context: 2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-16) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:3993462fdd8d02087f6b - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 108 - Grade Unit: ppm - Contained Metal: 0 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured stockpile resource includes 108 ppm Ta2O5, providing a minor byproduct credit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 108 Context: 2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-17) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:3993462fdd8d02087f6b - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: measured - Tonnes: 2000000 - Grade: 1.14 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The measured stockpile resource includes 1.14% Fe2O3, which is a minor component. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.14 Context: 2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-18) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:91f442b731cf18c3af92 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: indicated - Tonnes: 9000000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated stockpile resource of 9 Mt at 0.95% Li2O provides additional material with reasonable confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.95 Context: 9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-19) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:91f442b731cf18c3af92 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: indicated - Tonnes: 9000000 - Grade: 100 - Grade Unit: ppm - Contained Metal: 2 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated stockpile resource includes 100 ppm Ta2O5, providing a minor byproduct credit. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 100 Context: 9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-20) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:91f442b731cf18c3af92 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: indicated - Tonnes: 9000000 - Grade: 3.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The indicated stockpile resource includes 3.60% Fe2O3, which is a minor component. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 3.60 Context: 9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-21) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:4bafa0b7bc4a1f882ebc - Deposit or zone: Pilgangoora #### Resource Data - Category: measured - Tonnes: 15000000 - Grade: 1.28 - Grade Unit: % - Contained Metal: 0.2 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total measured resource for Pilgangoora is 15 Mt at 1.28% Li2O, indicating a high level of confidence for this portion of the deposit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.28 Context: 15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-22) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:4bafa0b7bc4a1f882ebc - Deposit or zone: Pilgangoora #### Resource Data - Category: measured - Tonnes: 15000000 - Grade: 104 - Grade Unit: ppm - Contained Metal: 4 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total measured resource for Pilgangoora includes 104 ppm Ta2O5, providing a byproduct credit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 104 Context: 15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-23) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:4bafa0b7bc4a1f882ebc - Deposit or zone: Pilgangoora #### Resource Data - Category: measured - Tonnes: 15000000 - Grade: 0.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total measured resource for Pilgangoora includes 0.50% Fe2O3, which is a minor component. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.50 Context: 15 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-24) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:739cc758e58e2e1d5880 - Deposit or zone: Pilgangoora #### Resource Data - Category: indicated - Tonnes: 326000000 - Grade: 1.32 - Grade Unit: % - Contained Metal: 4.3 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total indicated resource for Pilgangoora is 326 Mt at 1.32% Li2O, representing a substantial and high-confidence portion of the overall resource. - Positive factor: Indicated Resource - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.32 Context: 326 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-25) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:739cc758e58e2e1d5880 - Deposit or zone: Pilgangoora #### Resource Data - Category: indicated - Tonnes: 326000000 - Grade: 119 - Grade Unit: ppm - Contained Metal: 86 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total indicated resource for Pilgangoora includes 119 ppm Ta2O5, contributing to byproduct potential. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 119 Context: 326 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-26) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:739cc758e58e2e1d5880 - Deposit or zone: Pilgangoora #### Resource Data - Category: indicated - Tonnes: 326000000 - Grade: 0.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total indicated resource for Pilgangoora includes 0.60% Fe2O3, which is a minor component. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.60 Context: 326 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-27) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:db071fb5258db3d77f62 - Deposit or zone: Pilgangoora #### Resource Data - Category: inferred - Tonnes: 62000000 - Grade: 1.37 - Grade Unit: % - Contained Metal: 0.8 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total inferred resource for Pilgangoora is 62 Mt at 1.37% Li2O, representing a speculative but significant portion of the overall resource. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 1.37 Context: 62 #### 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 **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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-28) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:db071fb5258db3d77f62 - Deposit or zone: Pilgangoora #### Resource Data - Category: inferred - Tonnes: 62000000 - Grade: 132 - Grade Unit: ppm - Contained Metal: 18 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total inferred resource for Pilgangoora includes 132 ppm Ta2O5, contributing to byproduct potential in a speculative category. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 132 Context: 62 #### 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 **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/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-29) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:db071fb5258db3d77f62 - Deposit or zone: Pilgangoora #### Resource Data - Category: inferred - Tonnes: 62000000 - Grade: 0.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total inferred resource for Pilgangoora includes 0.50% Fe2O3, which is a minor component in a speculative category. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.50 Context: 62 #### 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 **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 ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-30) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:1aec8e7e32f83d93a6a2 - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 403000000 - Grade: 1.33 - Grade Unit: % - Contained Metal: 5.3 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total Pilgangoora Mineral Resource of 403 Mt at 1.33% Li2O represents a significant and updated estimate for the project. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.33 Context: 403 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-31) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:1aec8e7e32f83d93a6a2 - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 403000000 - Grade: 121 - Grade Unit: ppm - Contained Metal: 107 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total Pilgangoora Mineral Resource includes 121 ppm Ta2O5, adding to the overall byproduct potential. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 121 Context: 403 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-32) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:1aec8e7e32f83d93a6a2 - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 403000000 - Grade: 0.58 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total Pilgangoora Mineral Resource includes 0.58% Fe2O3, which is a minor component. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.58 Context: 403 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-33) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a4ff07d8b54fc9227946 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: proven - Tonnes: 13200000 - Grade: 1.24 - Grade Unit: % - Contained Metal: 0.2 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved open pit reserve of 13.2 Mt at 1.24% Li2O represents a high-confidence, economically viable portion of the deposit. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.24 Context: 13.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-34) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a4ff07d8b54fc9227946 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: proven - Tonnes: 13200000 - Grade: 98 - Grade Unit: ppm - Contained Metal: 3 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved open pit reserve includes 98 ppm Ta2O5, providing a byproduct credit. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 98 Context: 13.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-35) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a4ff07d8b54fc9227946 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: proven - Tonnes: 13200000 - Grade: 1 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved open pit reserve includes 1.00% Fe2O3, which is a minor component. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.00 Context: 13.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-36) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:40c6a96f8c89f17f6a83 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: probable - Tonnes: 181000000 - Grade: 1.18 - Grade Unit: % - Contained Metal: 2.1 - Contained Unit: mt - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable open pit reserve of 181.0 Mt at 1.18% Li2O forms a significant portion of the overall reserve, indicating reasonable economic viability. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.18 Context: 181.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-37) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:40c6a96f8c89f17f6a83 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: probable - Tonnes: 181000000 - Grade: 103 - Grade Unit: ppm - Contained Metal: 41 - Contained Unit: mlb - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable open pit reserve includes 103 ppm Ta2O5, contributing to byproduct potential. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 103 Context: 181.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-38) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:40c6a96f8c89f17f6a83 - Deposit or zone: Open Pit In-situ #### Resource Data - Category: probable - Tonnes: 181000000 - Grade: 1.23 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable open pit reserve includes 1.23% Fe2O3, which is a minor component. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.23 Context: 181.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-39) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a13be290a15739efcefe - Deposit or zone: Underground In-situ #### Resource Data - Category: probable - Tonnes: 46500000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 0.7 - Contained Unit: mt - Cutoff Grade: 1.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden probable underground reserve of 46.5 Mt at 1.50% Li2O represents a significant new, economically viable component of the overall reserve. - Positive factor: Probable Reserve - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.50 Context: 46.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-40) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a13be290a15739efcefe - Deposit or zone: Underground In-situ #### Resource Data - Category: probable - Tonnes: 46500000 - Grade: 135 - Grade Unit: ppm - Contained Metal: 14 - Contained Unit: mlb - Cutoff Grade: 1.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden probable underground reserve includes 135 ppm Ta2O5, adding byproduct potential to this new reserve component. - Positive factor: Probable Reserve - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 135 Context: 46.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-41) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:a13be290a15739efcefe - Deposit or zone: Underground In-situ #### Resource Data - Category: probable - Tonnes: 46500000 - Grade: 0.72 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The maiden probable underground reserve includes 0.72% Fe2O3, which is a minor component. - Positive factor: Probable Reserve - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.72 Context: 46.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-42) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:65c302e9fbfda965bdb2 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: proven - Tonnes: 1600000 - Grade: 1.17 - Grade Unit: % - Contained Metal: 0 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved stockpile reserve of 1.6 Mt at 1.17% Li2O provides a high-confidence, readily available source of material. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.17 Context: 1.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-43) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:65c302e9fbfda965bdb2 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: proven - Tonnes: 1600000 - Grade: 109 - Grade Unit: ppm - Contained Metal: 0 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved stockpile reserve includes 109 ppm Ta2O5, providing a minor byproduct credit. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 109 Context: 1.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-44) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:65c302e9fbfda965bdb2 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: proven - Tonnes: 1600000 - Grade: 0.87 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The proved stockpile reserve includes 0.87% Fe2O3, which is a minor component. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.87 Context: 1.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-45) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:f84399fb7672fa9f71e4 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: probable - Tonnes: 6900000 - Grade: 1.18 - Grade Unit: % - Contained Metal: 0.1 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable stockpile reserve of 6.9 Mt at 1.18% Li2O provides additional economically viable material. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.18 Context: 6.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-46) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:f84399fb7672fa9f71e4 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: probable - Tonnes: 6900000 - Grade: 112 - Grade Unit: ppm - Contained Metal: 2 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable stockpile reserve includes 112 ppm Ta2O5, providing a minor byproduct credit. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 112 Context: 6.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-47) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:f84399fb7672fa9f71e4 - Deposit or zone: Stockpiles - Material type: stockpile #### Resource Data - Category: probable - Tonnes: 6900000 - Grade: 2.06 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The probable stockpile reserve includes 2.06% Fe2O3, which is a minor component. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 2.06 Context: 6.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-48) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:62005c7b61e4710a19a7 - Deposit or zone: Pilgangoora #### Resource Data - Category: proven - Tonnes: 14800000 - Grade: 1.23 - Grade Unit: % - Contained Metal: 0.2 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total proved reserve for Pilgangoora is 14.8 Mt at 1.23% Li2O, representing a high-confidence, economically viable portion of the deposit. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.23 Context: 14.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-49) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:62005c7b61e4710a19a7 - Deposit or zone: Pilgangoora #### Resource Data - Category: proven - Tonnes: 14800000 - Grade: 99 - Grade Unit: ppm - Contained Metal: 3 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total proved reserve for Pilgangoora includes 99 ppm Ta2O5, providing a byproduct credit. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 99 Context: 14.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-50) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:62005c7b61e4710a19a7 - Deposit or zone: Pilgangoora #### Resource Data - Category: proven - Tonnes: 14800000 - Grade: 0.99 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total proved reserve for Pilgangoora includes 0.99% Fe2O3, which is a minor component. - Positive factor: Proven Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 0.99 Context: 14.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-51) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:e07717ff978306da1d15 - Deposit or zone: Pilgangoora #### Resource Data - Category: probable - Tonnes: 234400000 - Grade: 1.24 - Grade Unit: % - Contained Metal: 2.9 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total probable reserve for Pilgangoora is 234.4 Mt at 1.24% Li2O, representing a substantial and economically viable portion of the overall reserve. - Positive factor: Probable Reserve - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.24 Context: 234.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-52) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:e07717ff978306da1d15 - Deposit or zone: Pilgangoora #### Resource Data - Category: probable - Tonnes: 234400000 - Grade: 109 - Grade Unit: ppm - Contained Metal: 56 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total probable reserve for Pilgangoora includes 109 ppm Ta2O5, contributing to byproduct potential. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 109 Context: 234.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-53) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:e07717ff978306da1d15 - Deposit or zone: Pilgangoora #### Resource Data - Category: probable - Tonnes: 234400000 - Grade: 1.16 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The total probable reserve for Pilgangoora includes 1.16% Fe2O3, which is a minor component. - Positive factor: Probable Reserve - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.16 Context: 234.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-54) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:2af9a2bb999c408a16ff - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 249200000 - Grade: 1.24 - Grade Unit: % - Contained Metal: 3.1 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 202700000 - Prior Grade: 1.16 - Prior Contained Metal: 2.351 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The updated total Pilgangoora Ore Reserve of 249.2 Mt at 1.24% Li2O represents a significant 23% increase in tonnes and 31% increase in contained lithium compared to the prior estimate, underpinning the P2000 expansion. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.24 Context: 249.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 249200000 against 202700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.24 against 1.16 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 3.1 against 2.351 previously ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-55) Pilgangoora · tantalum #### Identity - Project: Pilgangoora - Commodity: tantalum - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:2af9a2bb999c408a16ff - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 249200000 - Grade: 109 - Grade Unit: ppm - Contained Metal: 60 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The updated total Pilgangoora Ore Reserve includes 109 ppm Ta2O5, contributing to byproduct potential for the expanded operation. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 109 Context: 249.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Pilgangoora [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-56) Pilgangoora · iron\_ore #### Identity - Project: Pilgangoora - Commodity: iron\_ore - Ticker: PLS #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ross Jaine, Simon Kusabs - Resource group id: resource:2af9a2bb999c408a16ff - Deposit or zone: Pilgangoora #### Resource Data - Tonnes: 249200000 - Grade: 1.15 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The updated total Pilgangoora Ore Reserve includes 1.15% Fe2O3, which is a minor component. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 1.15 Context: 249.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 58 [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-57) P2000 Project #### Identity - Project: P2000 Project - Ticker: PLS #### Resource scope - Resource group id: resource:bc76bcd75c469153e374 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The P2000 Project has an incremental post-tax NPV of A$2.7 billion at an 8% real discount rate, indicating strong economic viability for the expansion. - Positive factor: Strong Project Economics Evidence · text > Incremental net present value3 A$2.7B 8% real, post-tax discount rate #### 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 59 [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-58) P2000 Project #### Identity - Project: P2000 Project - Ticker: PLS #### Resource scope - Resource group id: resource:bc76bcd75c469153e374 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The P2000 Project boasts an incremental post-tax IRR of 29.5%, indicating a highly attractive return on investment. - Positive factor: Strong Project Economics Evidence · text > Incremental internal rate of return3 29.5% On cash flows post-tax #### 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 60 [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-59) P2000 Project #### Identity - Project: P2000 Project - Ticker: PLS #### Resource scope - Resource group id: resource:bc76bcd75c469153e374 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The P2000 Project has an estimated capital expenditure of A$1.9 billion, representing a significant investment for the expansion. Evidence · text > P2000 Project capex ~A$1.9B #### 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 61 [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-resource-facts-60) Pilgangoora #### Identity - Project: Pilgangoora - Ticker: PLS #### Resource scope - Resource group id: resource:b41bf4df2fe3a4006b73 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The projected 10-year average unit operating cost of ~A$620/t FOB positions Pilgangoora as a cost-competitive producer. - Positive factor: Low Operating Costs Evidence · text > Unit operating costs \(FOB\)2 ~A$620/t 10-year average unit operating costs \(FOB, real\) #### 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 ## Metallurgical Results (1) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/pls-corporate-presentation-the-next-phase-of-pilgangoora--5f697cb3-ff18-4d08-a066-50e2bf84c30f#fact-metallurgical-facts-61) Pilgangoora · lithium #### Identity - Project: Pilgangoora - Commodity: lithium - Ticker: PLS #### Test Work - Test Type: flotation - Processing Route: whole-of-ore flotation #### Recovery - Recovery: 70 % - Recovery Basis: unspecified #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: The document states a target lithium recovery of 70% through the wet plant using whole-of-ore flotation, which is a moderate recovery for lithium but is presented as a target rather than an achieved test result. - Negative factor: Theoretical Recovery Only Evidence · text > ~70% lithium recovery Target lithia recovery through the wet plant. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation 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.