# PSL: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/psl-annual-report-to-shareholders--22004f94-3292-4f42-a9ab-7af78c471655 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146725 Publisher: asx Original announcement: 2026-09-30T08:32:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:28:33.289Z Atlas analysis updated: 2026-09-30T09:28:33.289Z - Company: Paterson Resources Limited - Ticker: PSL - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-30 09:28:33 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Paterson Resources Limited announced a significant update to its Grace Gold-Copper Project's Mineral Resource Estimate, increasing contained gold by 189.8% to 200,000 ounces at a higher grade of 1.79 g/t Au. Preliminary metallurgical test work indicates high gold recoveries of up to 96.7% using conventional processing. The company plans further drilling to upgrade the resource and advance a Scoping Study. Reasoning: Paterson Resources Limited reported a substantial increase in its Grace Gold-Copper Project's Mineral Resource Estimate, with contained gold nearly tripling and average grade improving significantly. This is complemented by very high preliminary gold recoveries, indicating positive project economics, despite the resource remaining largely Inferred and the metallurgical work being preliminary. - Positive factor: Significant increase in contained gold \(189.8%\) and tonnage \(117.6%\) in the updated Mineral Resource Estimate. - Positive factor: Average resource grade improved by 32.6% in the updated MRE. - Positive factor: Preliminary metallurgical test work indicates exceptional gold recoveries of up to 96.7% using conventional processing. - Positive factor: The resource estimate is JORC 2012 compliant. - Negative factor: The updated MRE is still predominantly in the Inferred category, indicating lower geological confidence. - Negative factor: Metallurgical test work is preliminary, implying bench-scale, which has lower predictive power for commercial operations. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 3 ## Classification and evidence **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The MRE was significantly increased during the year to 3.46Mt @ 1.79g/t Au for 200,000oz of contained gold, representing a 189.8% increase in contained gold. Evidence · text > The MRE was significantly increased during the year to 3.46Mt @ 1.79g/t Au for 200,000oz of contained gold. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated MRE shows an increase of 1.87 Mt in tonnage compared to the prior estimate. Evidence · table > +1.87 Context: Increase **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The updated MRE shows an increase of 0.44 g/t Au in grade compared to the prior estimate. Evidence · table > +0.44 Context: Increase **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The company is working towards establishing a JORC 2012 compliant resource and the MRE is presented in comparison to a JORC 2012 estimate. Evidence · text > working towards establishing a JORC 2012 compliant resource **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The prior resource was an Inferred Mineral Resource, and the drilling campaign is designed to 'extend the classification to a JORC 2012 Indicated MRE', implying the current MRE is still predominantly Inferred. Evidence · text > Inferred Mineral Resource of 1.59Mt @ 1.35g/t Au for 69,000oz **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Indicative recoveries up to 96.7% for gold mineralisation are considered exceptional for conventional processing. Evidence · text > indicative recoveries up to 96.7% **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Gold mineralisation is indicated to be amenable to conventional processing. Evidence · text > gold mineralisation is amenable to conventional processing **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The test work is described as 'Preliminary metallurgical test work', suggesting it is not yet at a pilot or locked-cycle scale. Evidence · text > Preliminary metallurgical test work ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/psl-annual-report-to-shareholders--22004f94-3292-4f42-a9ab-7af78c471655#fact-resource-facts-0) Grace Gold-Copper Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Grace Gold-Copper Project - Commodity: gold - Region: australia\_wa - Reported Region: Paterson Province, Western Australia - Ticker: PSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:bae29d000ce882f1366e #### Resource Data - Category: inferred - Tonnes: 1590000 - Grade: 1.35 - Grade Unit: g/t - Contained Metal: 69000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2020-05-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-05-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical resource estimate provided for comparison with the new update. Evidence · text > The historic drilling has allowed the calculation of an Inferred Mineral Resource of 1.59Mt @ 1.35g/t Au for 69,000oz, as outlined in Table A \(PSL ASX Announcement 22 May 2020 – Entitlement Issue Prospectus\). #### 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 **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 QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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 6.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/psl-annual-report-to-shareholders--22004f94-3292-4f42-a9ab-7af78c471655#fact-resource-facts-1) Grace Gold-Copper Project · gold #### Identity - Project: Grace Gold-Copper Project - Commodity: gold - Region: australia\_wa - Reported Region: Paterson Province, Western Australia - Ticker: PSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:84716232c806e6a478bb - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3460000 - Grade: 1.79 - Grade Unit: g/t - Contained Metal: 200000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 1590000 - Prior Grade: 1.35 - Prior Contained Metal: 69000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Mineral Resource Estimate shows a substantial increase in contained gold and tonnage, along with an improved average grade, representing significant growth for the project. - Positive factor: Significant increase in contained gold \(189.8%\) and tonnage \(117.6%\) compared to the prior estimate. - Positive factor: Average resource grade improved by 32.6% compared to the prior estimate. - Positive factor: The resource estimate is JORC 2012 compliant. - Negative factor: The updated MRE is still predominantly in the Inferred category, indicating lower geological confidence. Evidence · table > 3.46 Context: 2026 Updated MRE #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3460000 against 1590000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.79 against 1.35 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 200000 against 69000 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/psl-annual-report-to-shareholders--22004f94-3292-4f42-a9ab-7af78c471655#fact-metallurgical-facts-2) Grace Gold-Copper Project · gold #### Identity - Project: Grace Gold-Copper Project - Commodity: gold - Region: australia\_wa - Reported Region: Paterson Province, Western Australia - Ticker: PSL #### Test Work - Program Status: preliminary - Processing Route: conventional processing #### Recovery - Recovery: 96.7 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Preliminary metallurgical test work shows very high gold recoveries, which is a strong positive indicator for the project's economic viability, although the preliminary nature of the tests warrants some caution. - Positive factor: Exceptional gold recovery of 96.7% is indicated, which is above the exceptional band for conventional processing. - Positive factor: Gold mineralisation is amenable to conventional processing, suggesting a free-milling ore type. - Negative factor: The test work is described as 'preliminary', implying it is likely bench-scale and may not fully represent commercial performance. Evidence · text > Preliminary metallurgical test work indicates gold mineralisation is amenable to conventional processing, with indicative recoveries up to 96.7%. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96.7% is at or above the exceptional band \(95%\) ## 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.