# POD: Annual Report to Shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143411

Publisher: asx

Original announcement: 2026-09-24T05:03:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-24T06:12:37.624Z

Atlas analysis updated: 2026-09-24T06:12:37.624Z

- Company: Podium Minerals Limited

- Ticker: POD

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Platinum

- Secondary commodities: Palladium, Rhodium, Iridium, Gold, Copper, Nickel, Cobalt, Iron ore, Magnesium, Aluminium, Silicon, Chromium, Calcium, Manganese

- Document categories: Resource update, Metallurgy, Drill results

- Extracted: 2026-09-24 06:12:38 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Podium Minerals Limited's 2026 Annual Report highlights significant progress, including a metallurgical breakthrough for its Parks Reef PGM Project, achieving 80% 3E PGM recovery and improved copper recovery with a more efficient flowsheet. The company also announced a maiden JORC-compliant Mineral Resource Estimate for the Range Well Nickel Project, adding 363 Mt at 0.73% Ni, with 68% in the Indicated category. These advancements, alongside confirmed depth continuity at Parks Reef and successful capital raises, position the company for future development.

Reasoning: The annual report details significant advancements in metallurgical processing for the Parks Reef PGM Project, including an optimized flowsheet achieving 80% 3E PGM recovery and improved copper recovery. It also announces a substantial maiden JORC-compliant nickel resource for the adjacent Range Well project, with a high proportion of Indicated resources. These developments, coupled with confirmed depth continuity at Parks Reef and strong financial backing, represent material de-risking and growth for the company, despite the Parks Reef PGM resource remaining in the Inferred category.

- Positive factor: Significant metallurgical breakthrough with high PGM and copper recoveries achieved through an optimized flowsheet, reducing circuit size and power requirements.

- Positive factor: Maiden JORC-compliant Mineral Resource Estimate for Range Well Nickel Project adds substantial nickel resources, with a strong Indicated component.

- Positive factor: Confirmation of Parks Reef PGM mineralization continuity at depth \(up to 500m\) and potential for further extension, supporting long-life project potential.

- Positive factor: Strong shareholder support demonstrated by oversubscribed entitlement offer and underwritten share purchase plan.

- Negative factor: Parks Reef PGM and Cu-Au zones remain entirely in the Inferred category, indicating lower geological confidence.

- Negative factor: The metallurgical recovery for 3E PGMs, while improved, is still at the lower end of what might be considered strong for some processing routes, though contextually positive for PGMs.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 48

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Range Well Mineral Resource Estimate is explicitly stated as JORC Code compliant, indicating a high reporting standard.

Evidence · text

> maiden JORC Code Mineral Resource Estimate for Range Well

**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 Range Well Mineral Resource Estimate was prepared by Mr Dmitry Pertel, Principal Resource Geologist with AMC Consultants Pty Ltd, who qualifies as a Competent Person under the JORC Code.

Evidence · text

> Mr Dmitry Pertel, Principal Resource Geologist with AMC Consultants Pty Ltd \(AMC\). Mr Pertel conducted site visits and reviewed the geology, data collection, geological interpretation, Mineral Resource estimation methodology and exploration potential associated with the Range Well deposit. Mr Pertel is a Member of the AIG and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\).

**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 Range Well Nickel Project's Mineral Resource Estimate is explicitly referred to as a 'maiden JORC Code Mineral Resource Estimate'.

Evidence · text

> maiden JORC Code Mineral Resource Estimate for Range Well

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Range Well MRE includes 247 million tonnes in the Indicated category, representing a significant portion of the total resource.

Evidence · text

> The resource comprises 247 million tonnes in the Indicated category

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Range Well MRE includes 116 million tonnes in the Inferred category, indicating a portion of the resource with lower geological confidence.

Evidence · text

> and 116 million tonnes in the Inferred category.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The Range Well MRE explicitly states a 0.5% Ni cut-off grade.

Evidence · text

> 0.5% Ni cut-off grade

**Open Pit Mining**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Range Well deposit's flat-lying to gently undulating geometry is deemed amenable to open-pit mining.

Evidence · text

> the flat-lying to gently undulating geometry is deemed amenable to open-pit mining.

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: The initial Flotation Circuit 3E recovery was 51%, which is below the weak band for gold \(80%\) and indicates room for improvement.

Evidence · table

> 51%

Context: Flotation Circuit 3E recovery

**Recovery Improving**

Polarity: positive

Definition: Recovery improved versus a like-for-like prior test program on the same domain and route.

Why it applies: Flotation Circuit 3E recovery increased by 31% \(from 51% to 67%\) and copper recovery increased by 55% \(from 47% to 73%\) relative to the Phase 2 baseline, demonstrating significant improvement.

Evidence · text

> Flotation Circuit 3E recovery increased by 31% relative to the Phase 2 baseline, from 51% to 67%, while copper recovery increased from 47% to 73%.

**Pilot Scale Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: The metallurgical work describes a 'Concentrator flowsheet' and 'Phase 3 performance optimisation work' which implies continuous operation and significant scale beyond bench tests, though not explicitly called 'pilot plant'.

Evidence · text

> Podium announced a Concentrator flowsheet capable of recovering approximately 80% of platinum, palladium and gold from representative bulk sulphide feed

**QA/QC Disclosed**

Polarity: positive

Story-specific tag

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The document mentions an 'extensive test work program conducted at international metallurgical laboratories, CM Solutions', indicating professional oversight of the metallurgical testing.

Evidence · text

> extensive test work program conducted at international metallurgical laboratories, CM Solutions

**Deleterious Elements Present**

Polarity: negative

Story-specific tag

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: The document highlights 'ultra-low' deleterious chrome content, indicating that chrome is a relevant element to manage in the concentrate.

Evidence · text

> Deleterious chrome content in the combined product is ultra-low, at approximately 0.12%

**Step-Out Extension**

Polarity: positive

Story-specific tag

Definition: Mineralization extended beyond the previously known limit.

Why it applies: Deep diamond drilling provided further evidence of the continuity of Parks Reef mineralisation to approximately 450–500 metres below surface, extending beyond the current resource model depth of 250 metres.

Evidence · text

> six deep diamond holes, together with three holes from historical deep drilling, provide further evidence of the continuity of Parks Reef mineralisation to approximately 450–500 metres below surface.

**Apparent Width Only**

Polarity: negative

Story-specific tag

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The drill intercepts are reported as downhole lengths \(e.g., '2.4m @ 2.52 g/t'\) without explicit mention of true width or drill orientation relative to the mineralization.

Evidence · text

> 2.4m @ 2.52 g/t 5E PGE from 96m

**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 \("concentrator"\)

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 2 distinct composites were tested

## Extracted facts

Stored fact records: 48. Some facts used in scoring do not have a stored record.

## Drill Results (1)

### PRDD022

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-drill-facts-34)

Parks Reef · platinum

#### Identity

- Hole ID: PRDD022
- Project: Parks Reef
- Commodity: platinum
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: POD

#### Geometry

- Grade: 2.37
- Grade Unit: g/t
- Intercept: 6 m
- From: 69 m
- To: 75 m
- Intercept Depth: 64 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: PRDD022:69-75

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This sub-interval shows a higher-grade zone within the broader intercept, enhancing its overall value.

- Positive factor: Higher-grade sub-interval for 5E PGEs.

- Positive factor: Confirms continuity of mineralization at expected depths.

Evidence · text

> including 6.0m @ 2.37 g/t from 69.0m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (44)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-0)

Parks Reef Project · gold

#### Identity

- Project: Parks Reef Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:2641df8ea9093658061c
- Deposit or zone: Cu-Au Zone

#### Resource Data

- Category: inferred
- Tonnes: 60000000
- Grade: 0.13
- Grade Unit: g/t
- Contained Metal: 0.3
- Contained Unit: moz
- Cutoff Grade: 0.1
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-05-19

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a new Inferred resource for the Copper-Gold Zone, contributing to the overall project scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Adds to the overall mineral endowment of the project.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.13

Context: 60

#### 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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-1)

Parks Reef Project · copper

#### Identity

- Project: Parks Reef Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:2641df8ea9093658061c
- Deposit or zone: Cu-Au Zone

#### Resource Data

- Category: inferred
- Tonnes: 60000000
- Grade: 0.23
- Grade Unit: %
- Contained Metal: 140
- Contained Unit: kt
- Cutoff Grade: 0.1
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-05-19

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a new Inferred resource for the Copper-Gold Zone, contributing to the overall project scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Adds to the overall mineral endowment of the project.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.23

Context: 60

#### 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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-2)

Parks Reef Project · nickel

#### Identity

- Project: Parks Reef Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:2641df8ea9093658061c
- Deposit or zone: Cu-Au Zone

#### Resource Data

- Category: inferred
- Tonnes: 60000000
- Grade: 0.01
- Grade Unit: %
- Contained Metal: 60
- Contained Unit: kt
- Cutoff Grade: 0.1
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-05-19

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a new Inferred resource for the Copper-Gold Zone, contributing to the overall project scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Adds to the overall mineral endowment of the project.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.01

Context: 60

#### 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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-3)

Parks Reef Project · cobalt

#### Identity

- Project: Parks Reef Project
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:2641df8ea9093658061c
- Deposit or zone: Cu-Au Zone

#### Resource Data

- Category: inferred
- Tonnes: 60000000
- Grade: 0.018
- Grade Unit: %
- Contained Metal: 11
- Contained Unit: kt
- Cutoff Grade: 0.1
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-05-19

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a new Inferred resource for the Copper-Gold Zone, contributing to the overall project scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Adds to the overall mineral endowment of the project.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.018

Context: 60

#### 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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-4)

Parks Reef Project · platinum

#### Identity

- Project: Parks Reef Project
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.62
- Grade Unit: g/t
- Contained Metal: 3.7
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a significant Inferred resource for platinum within the PGM Zone, contributing to the project's overall scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Large tonnage and contained metal for platinum.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.62

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-5)

Parks Reef Project · palladium

#### Identity

- Project: Parks Reef Project
- Commodity: palladium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.55
- Grade Unit: g/t
- Contained Metal: 3.2
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a significant Inferred resource for palladium within the PGM Zone, contributing to the project's overall scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Large tonnage and contained metal for palladium.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.55

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-6)

Parks Reef Project · rhodium

#### Identity

- Project: Parks Reef Project
- Commodity: rhodium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.05
- Grade Unit: g/t
- Contained Metal: 0.3
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for rhodium within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall PGM basket.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.05

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-7)

Parks Reef Project · iridium

#### Identity

- Project: Parks Reef Project
- Commodity: iridium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.02
- Grade Unit: g/t
- Contained Metal: 0.1
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for iridium within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall PGM basket.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.02

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-8)

Parks Reef Project · gold

#### Identity

- Project: Parks Reef Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.06
- Grade Unit: g/t
- Contained Metal: 0.4
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for gold within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall PGM basket.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.06

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-9)

Parks Reef Project · platinum

#### Identity

- Project: Parks Reef Project
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 7.6
- Contained Unit: moz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a significant Inferred resource for 5E PGMs within the PGM Zone, contributing to the project's overall scale, but its Inferred classification limits its immediate economic impact.

- Positive factor: Large tonnage and contained metal for 5E PGMs.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 1.30

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-10)

Parks Reef Project · copper

#### Identity

- Project: Parks Reef Project
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.06
- Grade Unit: %
- Contained Metal: 103
- Contained Unit: kt
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for copper within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall polymetallic endowment.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.06

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-11)

Parks Reef Project · nickel

#### Identity

- Project: Parks Reef Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.08
- Grade Unit: %
- Contained Metal: 143
- Contained Unit: kt
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for nickel within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall polymetallic endowment.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.08

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-12)

Parks Reef Project · cobalt

#### Identity

- Project: Parks Reef Project
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Lynn Widenbar
- Resource group id: resource:52632b02d16c97015577
- Deposit or zone: PGM Zone

#### Resource Data

- Category: inferred
- Tonnes: 183000000
- Grade: 0.015
- Grade Unit: %
- Contained Metal: 27
- Contained Unit: kt
- Cutoff Grade: 0.5
- Cutoff Unit: g/t 5E PGMs

#### Prior Estimate

- Resource Date: 2024-04-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is an Inferred resource for cobalt within the PGM Zone, adding to the polymetallic nature of the project, but its Inferred classification limits its immediate economic impact.

- Positive factor: Contributes to the overall polymetallic endowment.

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.015

Context: 183

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-13)

Range Well Nickel Project · nickel

#### Identity

- Project: Range Well Nickel Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.74
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a substantial maiden Indicated resource for nickel, significantly adding to the company's asset base with good confidence and grade for a laterite deposit.

- Positive factor: Maiden resource estimate adds significant nickel to the company's portfolio.

- Positive factor: High proportion of Indicated resources \(68% of total\) provides strong geological confidence.

- Positive factor: Grade of 0.74% Ni is good for a laterite deposit amenable to open-pit mining.

Evidence · table

> 0.74

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-14)

Range Well Nickel Project · cobalt

#### Identity

- Project: Range Well Nickel Project
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.05
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a substantial maiden Indicated resource for cobalt, adding to the polymetallic nature of the Range Well project with good confidence.

- Positive factor: Maiden resource estimate adds significant cobalt as a byproduct.

- Positive factor: High proportion of Indicated resources provides strong geological confidence.

Evidence · table

> 0.05

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-15)

Range Well Nickel Project · iron\_ore

#### Identity

- Project: Range Well Nickel Project
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 19.6
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for iron, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 19.6

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-16)

Range Well Nickel Project · magnesium

#### Identity

- Project: Range Well Nickel Project
- Commodity: magnesium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 2.8
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for magnesium, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 2.8

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-17)

Range Well Nickel Project · aluminium

#### Identity

- Project: Range Well Nickel Project
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 1.3
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for aluminium, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 1.3

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-18)

Range Well Nickel Project · silicon

#### Identity

- Project: Range Well Nickel Project
- Commodity: silicon
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 24.9
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for silicon, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 24.9

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-19)

Range Well Nickel Project · chromium

#### Identity

- Project: Range Well Nickel Project
- Commodity: chromium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 1.3
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for chromium, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 1.3

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-20)

Range Well Nickel Project · calcium

#### Identity

- Project: Range Well Nickel Project
- Commodity: calcium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.3
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for calcium, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 0.3

Context: 247

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-21)

Range Well Nickel Project · manganese

#### Identity

- Project: Range Well Nickel Project
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:c0318387701008745dbd
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.2
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Indicated resource for manganese, providing a complete elemental profile for the Range Well project.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

Evidence · table

> 0.2

Context: 247

#### 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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-22)

Range Well Nickel Project · nickel

#### Identity

- Project: Range Well Nickel Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.69
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a substantial maiden Inferred resource for nickel, significantly adding to the company's asset base, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate adds significant nickel to the company's portfolio.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.69

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-23)

Range Well Nickel Project · cobalt

#### Identity

- Project: Range Well Nickel Project
- Commodity: cobalt
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.04
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a substantial maiden Inferred resource for cobalt, adding to the polymetallic nature of the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate adds significant cobalt as a byproduct.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.04

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-24)

Range Well Nickel Project · iron\_ore

#### Identity

- Project: Range Well Nickel Project
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 17.9
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for iron, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 17.9

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-25)

Range Well Nickel Project · magnesium

#### Identity

- Project: Range Well Nickel Project
- Commodity: magnesium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 2.2
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for magnesium, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 2.2

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-26)

Range Well Nickel Project · aluminium

#### Identity

- Project: Range Well Nickel Project
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 1.4
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for aluminium, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 1.4

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-27)

Range Well Nickel Project · silicon

#### Identity

- Project: Range Well Nickel Project
- Commodity: silicon
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 26.9
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for silicon, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 26.9

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-28)

Range Well Nickel Project · chromium

#### Identity

- Project: Range Well Nickel Project
- Commodity: chromium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.7
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for chromium, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.7

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-29)

Range Well Nickel Project · calcium

#### Identity

- Project: Range Well Nickel Project
- Commodity: calcium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.3
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for calcium, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.3

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-30)

Range Well Nickel Project · manganese

#### Identity

- Project: Range Well Nickel Project
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:f6ec0f1a0603076178ac
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.2
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a maiden Inferred resource for manganese, providing a complete elemental profile for the Range Well project, though its Inferred classification limits its immediate economic impact.

- Positive factor: Maiden resource estimate provides comprehensive elemental breakdown.

- Negative factor: Resource is in the Inferred category, indicating lower geological confidence.

Evidence · table

> 0.2

Context: 116

#### 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

### Range Well

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-31)

Range Well Nickel Project · nickel

#### Identity

- Project: Range Well Nickel Project
- Commodity: nickel
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dmitry Pertel
- Resource group id: resource:4370e9f03323696a581d
- Deposit or zone: Range Well
- Material type: laterite

#### Resource Data

- Tonnes: 363000000
- Grade: 0.73
- Grade Unit: %
- Contained Metal: 2.63
- Contained Unit: mt
- Cutoff Grade: 0.5
- Cutoff Unit: % Ni

#### Prior Estimate

- Resource Date: 2026-03-24

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This is a substantial maiden resource for nickel, significantly adding to the company's asset base with a large contained metal figure.

- Positive factor: Maiden resource estimate adds significant nickel to the company's portfolio.

- Positive factor: Large contained metal of 2.63 Mt nickel.

Evidence · text

> maiden JORC-compliant Mineral Resource Estimate for Range Well of 363 million tonnes at 0.73% Ni for 2.63 million tonnes of contained nickel

#### Tags used in scoring

**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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-36)

MRE for Range Well · nickel

#### Identity

- Project: MRE for Range Well
- Commodity: nickel
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:28278b11d0ea7e298806

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.74
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.74

Context: 247

#### 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

**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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-37)

MRE for Range Well · cobalt

#### Identity

- Project: MRE for Range Well
- Commodity: cobalt
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:28278b11d0ea7e298806

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 0.05
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.05

Context: 247

#### 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

**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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-38)

MRE for Range Well · iron\_ore

#### Identity

- Project: MRE for Range Well
- Commodity: iron\_ore
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:28278b11d0ea7e298806

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 19.6
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 19.6

Context: 247

#### 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

**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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-39)

MRE for Range Well · chromium

#### Identity

- Project: MRE for Range Well
- Commodity: chromium
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:28278b11d0ea7e298806

#### Resource Data

- Category: indicated
- Tonnes: 247000000
- Grade: 1.3
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 1.3

Context: 247

#### 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

**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/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-40)

MRE for Range Well · nickel

#### Identity

- Project: MRE for Range Well
- Commodity: nickel
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:a20b8d43cb12a60cff60

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.69
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.69

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-41)

MRE for Range Well · cobalt

#### Identity

- Project: MRE for Range Well
- Commodity: cobalt
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:a20b8d43cb12a60cff60

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.04
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.04

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-42)

MRE for Range Well · iron\_ore

#### Identity

- Project: MRE for Range Well
- Commodity: iron\_ore
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:a20b8d43cb12a60cff60

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 17.9
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 17.9

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-43)

MRE for Range Well · chromium

#### Identity

- Project: MRE for Range Well
- Commodity: chromium
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:a20b8d43cb12a60cff60

#### Resource Data

- Category: inferred
- Tonnes: 116000000
- Grade: 0.7
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.7

Context: 116

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-44)

MRE for Range Well · nickel

#### Identity

- Project: MRE for Range Well
- Commodity: nickel
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:338aac279d74c6e9981c

#### Resource Data

- Category: inferred
- Tonnes: 363000000
- Grade: 0.73
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.73

Context: 363

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-45)

MRE for Range Well · cobalt

#### Identity

- Project: MRE for Range Well
- Commodity: cobalt
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:338aac279d74c6e9981c

#### Resource Data

- Category: inferred
- Tonnes: 363000000
- Grade: 0.05
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.05

Context: 363

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-46)

MRE for Range Well · iron\_ore

#### Identity

- Project: MRE for Range Well
- Commodity: iron\_ore
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:338aac279d74c6e9981c

#### Resource Data

- Category: inferred
- Tonnes: 363000000
- Grade: 19
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 19.0

Context: 363

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-resource-facts-47)

MRE for Range Well · chromium

#### Identity

- Project: MRE for Range Well
- Commodity: chromium
- Ticker: POD

#### Resource scope

- Estimate type: resource
- Resource group id: resource:338aac279d74c6e9981c

#### Resource Data

- Category: inferred
- Tonnes: 363000000
- Grade: 1.1
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 1.1

Context: 363

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## Metallurgical Results (3)

### flowsheet test

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-metallurgical-facts-32)

Parks Reef · platinum

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef
- Commodity: platinum
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: detailed
- Test Type: flowsheet test
- Processing Route: Overall Concentrator
- Sample: PRDD009 bulk sulphide composite

#### Recovery

- Recovery: 80 %
- Recovery Basis: actual\_test
- Conc. Grade: 82
- Conc. Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This represents the baseline overall concentrator recovery before optimization, which was maintained after optimization.

- Positive factor: Achieved high overall PGM recovery.

Evidence · table

> ~80%

Context: Pre-optimisation \(PRDD009\)

#### 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 mill\_cil signal

### flowsheet test

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-metallurgical-facts-33)

Parks Reef · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Parks Reef
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: detailed
- Test Type: flowsheet test
- Processing Route: Overall Concentrator
- Sample: PRDD009 bulk sulphide composite

#### Recovery

- Recovery: 52 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2025-10-01T00:00:00.000Z

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: This represents the baseline overall concentrator copper recovery before optimization, which was subsequently improved upon.

- Negative factor: Lower recovery compared to the overall concentrator performance, indicating room for improvement.

Evidence · table

> 52%

Context: Pre-optimisation \(PRDD009\)

#### 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 mill\_cil signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 52% is below the weak band \(80%\)

### flowsheet test

[Link to this fact](https://atlas-staging.minestarters.com/news/pod-annual-report-to-shareholders--bf329e06-25a5-4bbb-8cb3-3db3e491e855#fact-metallurgical-facts-35)

Parks Reef · copper

#### Identity

- Project: Parks Reef
- Commodity: copper
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: POD

#### Test Work

- Program Status: optimization
- Test Type: flowsheet test
- Processing Route: Overall Concentrator
- Sample: PRDD012 bulk sulphide composite \(high-grade hanging wall and footwall blend\)

#### Recovery

- Recovery: 81 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-24T00:00:00.000Z

Reasoning: Overall concentrator performance significantly improved copper recovery while simplifying the flowsheet, representing a fundamental architectural improvement.

- Positive factor: Significant increase in overall Concentrator copper recovery \(+55% relative\).

- Positive factor: Materially simpler, smaller, and lower-intensity process flowsheet with reduced capital and operating costs.

Evidence · table

> 81%

Context: Post-optimisation \(PRDD012\)

#### 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 mill\_cil 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.