# PR2: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146791 Publisher: asx Original announcement: 2026-09-30T08:56:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:13:45.040Z Atlas analysis updated: 2026-09-30T09:13:45.040Z - Company: Piche Resources Limited - Ticker: PR2 - Exchange: ASX - Region: Chubut Province, Argentina - Primary commodity: Gold - Secondary commodities: Silver, Uranium, Rare earth oxides - Document categories: Drill results, Permitting, Other - Extracted: 2026-09-30 09:13:45 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary Piche Resources Limited's annual report highlights a successful maiden RC drilling program at the Cerro Chacón Gold/Silver Project in Argentina, with high-grade gold and silver intercepts at the Toro Hosco prospect, including 1 m @ 2.75 g/t Au and 1 m @ 456.67 g/t Ag. The company also secured environmental approval for its Sierra Cuadrada Uranium Project. Despite these exploration successes, the company reported significant losses and noted a going concern, indicating ongoing financial challenges, and completed a capital raise subsequent to year-end. Reasoning: Piche Resources reported positive maiden drill results from its Cerro Chacón project, including high-grade gold and silver, and secured EIA approval for its Sierra Cuadrada Uranium Project. However, other drill targets yielded low results, and the company continues to report significant losses and a going concern note, indicating ongoing financial risk. - Positive factor: High-grade gold and silver intercepts at Toro Hosco - Positive factor: Maiden drilling program success - Positive factor: Validation of surface exploration results - Positive factor: Environmental Impact Assessment \(EIA\) approval for Sierra Cuadrada Uranium Project - Negative factor: Low gold values at Chacón Grid - Negative factor: Inconclusive results at La Javiela - Negative factor: Significant financial losses - Negative factor: Going concern note in financial statements Low confidence — this extraction should be reviewed alongside the original source. - Rubric flag: going\_concern\_risk — The financial statements are prepared on a going concern basis, but the company reported significant losses and negative operating cash flows, with reliance on future capital raises. Facts used in scoring: 7 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 456.67 g/t Ag in THRC006 is well above the strong threshold for silver in epithermal deposits. Evidence · text > 1 m @ 456.67 g/t Ag in THRC006 **Strong Intercept** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The intercept of 2.75 g/t Au in THRC002 exceeds the strong threshold for epithermal gold. Evidence · text > 1 m @ 2.75 g/t Au in THRC002 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release states that all samples were submitted to Alex Stewart International Argentina S.A. in Mendoza for analysis. Evidence · text > All samples were submitted to Alex Stewart International Argentina S.A. in Mendoza for analysis **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The reported intercepts are given as downhole widths \(1m\) with no true width or drill orientation information. Evidence · text > 1 m @ 2.75 g/t Au in THRC002 **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Toro Hosco confirmed a low-sulphidation epithermal gold–silver system extending over approximately 10 km², indicating an extension of known mineralization. Evidence · text > Confirmed a significant low-sulphidation epithermal gold–silver system at Toro Hosco, extending over approximately 10 km² **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The rare earth results for the Ashburton project are from 'Previous rock-chip sampling' and 'Historical drilling', not new assays from this report. Evidence · text > Previous rock-chip sampling returned up to 11.38% Total Rare Earth Oxides \(TREO\) at the Livanto Prospect. Historical drilling has also confirmed shallow, widespread TREO mineralisation ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Drill Results (7) ### THRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-0) Cerro Chacón · gold #### Identity - Hole ID: THRC002 - Project: Cerro Chacón - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: PR2 #### Geometry - Grade: 2.75 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Mining Method: unknown #### QA/QC - Laboratory: Alex Stewart International Argentina S.A. - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a strong gold intercept from a maiden drilling program, confirming a significant epithermal system and validating surface anomalies. - Positive factor: High-grade gold intercept - Positive factor: Maiden drilling success - Positive factor: Validates surface exploration results Evidence · text > 1 m @ 2.75 g/t Au in THRC002 #### 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 ### THRC007 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-1) Cerro Chacón · gold #### Identity - Hole ID: THRC007 - Project: Cerro Chacón - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: PR2 #### Geometry - Grade: 1.49 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Mining Method: unknown #### QA/QC - Laboratory: Alex Stewart International Argentina S.A. - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a good gold intercept from a maiden drilling program, confirming a significant epithermal system and validating surface anomalies. - Positive factor: Good gold intercept - Positive factor: Maiden drilling success - Positive factor: Validates surface exploration results Evidence · text > 1 m @ 1.49 g/t Au and 68.23 g/t Ag in THRC007 #### 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 ### THRC007 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-2) Cerro Chacón · silver #### Identity - Hole ID: THRC007 - Project: Cerro Chacón - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: PR2 #### Geometry - Grade: 68.23 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Mining Method: unknown #### QA/QC - Laboratory: Alex Stewart International Argentina S.A. - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a good silver intercept from a maiden drilling program, confirming a significant epithermal system and validating surface anomalies. - Positive factor: Good silver intercept - Positive factor: Maiden drilling success - Positive factor: Validates surface exploration results Evidence · text > 1 m @ 1.49 g/t Au and 68.23 g/t Ag in THRC007 #### 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 ### THRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-3) Cerro Chacón · silver #### Identity - Hole ID: THRC006 - Project: Cerro Chacón - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: PR2 #### Geometry - Grade: 456.67 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Mining Method: unknown #### QA/QC - Laboratory: Alex Stewart International Argentina S.A. - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-grade silver intercept from a maiden drilling program, confirming a significant epithermal system and validating surface anomalies. - Positive factor: High-grade silver intercept - Positive factor: Maiden drilling success - Positive factor: Validates surface exploration results Evidence · text > 1 m @ 456.67 g/t Ag in THRC006 #### 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 ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-4) Cerro Chacón · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Cerro Chacón - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: PR2 #### Geometry - Grade: 0.4 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Mining Method: unknown #### QA/QC - Laboratory: Alex Stewart International Argentina S.A. - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept from Chacón Grid shows low gold values and did not reproduce the tenor indicated by surface anomalies, suggesting structural discontinuity. - Positive factor: Maiden drilling provides geological information - Negative factor: Low gold values - Negative factor: Did not reproduce surface tenor - Negative factor: Structurally discontinuous mineralisation Evidence · text > 1 m @ 0.40 g/t Au #### 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 ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-5) Sierra Cuadrada Uranium Project · uranium #### Identity - Project: Sierra Cuadrada Uranium Project - Commodity: uranium - Region: argentina - Reported Region: Chubut Province, Argentina - Ticker: PR2 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Approval of the EIA is a significant milestone, enabling future drilling and exploration activities at the Sierra Cuadrada Uranium Project. - Positive factor: Key milestone for future drilling - Positive factor: Enables exploration progress Evidence · text > Secured approval of the Exploration Environmental Impact Assessment \(EIA\) for the Sierra Cuadrada Uranium Project #### 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 ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/pr2-annual-report-to-shareholders--7c9ca5ef-8a4f-49f5-9104-7493c8e4cad2#fact-drill-facts-6) Ashburton Uranium Project · rare\_earth\_oxides Historical result Needs review: historical\_restatement #### Identity - Project: Ashburton Uranium Project - Commodity: rare\_earth\_oxides - Region: australia\_wa - Reported Region: Western Australia - Ticker: PR2 #### Geometry - Grade: 11.38 - Grade Unit: % #### Classification - Sample Type: surface #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High-grade historical rock-chip results for rare earth oxides at Livanto Prospect highlight the project's potential, though these are not new findings. - Positive factor: High-grade historical rock chip sample - Positive factor: Extensive mineralisation confirmed by historical drilling - Negative factor: Historical data, not new results Evidence · text > Previous rock-chip sampling returned up to 11.38% Total Rare Earth Oxides \(TREO\) at the Livanto Prospect. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.