PUR: 2026 Annual Report
Original announcement by asx on
- Company
- Pursuit Minerals Limited
- Ticker
- PUR
- Exchange
- ASX
- Region
- Salta, Argentina
- Primary commodity
- Lithium
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy, Other, Drill results
- Extracted
- 2026-09-30 07:20:59 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Pursuit Minerals Limited reported a net profit for the year ended June 2026, driven by significant progress on its Rio Grande Sur Lithium Project. The company completed a Pre-Feasibility Study outlining a 5,000tpa lithium carbonate operation with strong economics, including a post-tax NPV of US$364 million and an IRR of 22.4%. The project's Mineral Resource Estimate was updated to 1.264Mt LCE (a 14% increase), and a Maiden Probable Ore Reserve of 125kt LCE was declared, supported by successful pilot plant production of high-purity lithium carbonate. However, the company noted a material uncertainty regarding its ability to continue as a going concern.
Reasoning: The company has made significant progress on its flagship lithium project, moving it closer to development with strong economic fundamentals and a maiden reserve, and achieving high-purity product from its pilot plant. However, the average resource grade has declined compared to prior estimates, and the company has noted a material uncertainty regarding its ability to continue as a going concern.
Positive factors
- Strong PFS economics (NPV, IRR, low operating costs)
- Material increase in contained lithium resource
- Maiden Probable Ore Reserve declared
- High-purity lithium carbonate produced from pilot plant
- JORC (2012) compliant estimates with QP sign-off
Negative factors
- Average resource grade declined compared to prior estimates
- Material uncertainty regarding ability to continue as a going concern
- Historical drill results re-released with no new assays
Facts used in scoring: 9
Classification and evidence
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports '705kt LCE in the Indicated category' for the Rio Grande Sur Lithium Project.
Evidence · text
“705kt LCE in the Indicated category”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports '559kt LCE in the Inferred category' for the Rio Grande Sur Lithium Project.
Evidence · text
“559kt LCE in the Inferred category”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The updated JORC Mineral Resource Estimate represents a 'material increase from the previous estimate' and a '~14% increase in total contained lithium'.
Evidence · text
“material increase from the previous estimate. The resource comprises 705kt LCE in the Indicated category at 443 mg/L lithium and 559kt LCE in the Inferred category at 405 mg/L lithium. This upgrade reflects a ~14% increase in total contained lithium”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The updated JORC Mineral Resource Estimate represents a 'material increase from the previous estimate' and a '~14% increase in total contained lithium'.
Evidence · text
“material increase from the previous estimate. The resource comprises 705kt LCE in the Indicated category at 443 mg/L lithium and 559kt LCE in the Inferred category at 405 mg/L lithium. This upgrade reflects a ~14% increase in total contained lithium”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The updated JORC Mineral Resource Estimate represents a 'material increase from the previous estimate' and a '~14% increase in total contained lithium'.
Evidence · text
“material increase from the previous estimate. The resource comprises 705kt LCE in the Indicated category at 443 mg/L lithium and 559kt LCE in the Inferred category at 405 mg/L lithium. This upgrade reflects a ~14% increase in total contained lithium”
QP/CP Signedpositive
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 estimation was completed by independent competent person Mr. Leandro Sastre, B.Sc. in Geology, AIG CP (Geo).
Evidence · text
“The estimation was completed by independent competent person Mr. Leandro Sastre, B.Sc. in Geology, AIG CP (Geo).”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The document refers to the 'updated JORC (2012) Mineral Resource Estimate' and 'in accordance with JORC Code (2012) Clause 29'.
Evidence · text
“updated JORC (2012) Mineral Resource Estimate”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document states 'No cut-off grade was applied. Lowest lithium grade obtained was 360 mg/l' for the resource and 'conservative lithium cut-off grade of 360 mg/L' for the reserve.
Evidence · text
“No cut-off grade was applied. Lowest lithium grade obtained was 360 mg/l”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document states 'Maiden Probable Ore Reserve of approximately 125kt LCE'.
Evidence · text
“Maiden Probable Ore Reserve of approximately 125kt LCE”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an 'updated JORC (2012) Mineral Resource Estimate' for the Rio Grande Sur Lithium Project.
Evidence · text
“updated JORC (2012) Mineral Resource Estimate”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: The average resource grade of 424.14 mg/L Li for the updated estimate is lower than the prior average grade of 681.35 mg/L Li for the Rio Grande Sur project from RAG comparables.
Evidence · table
“424.14”
Context: Total
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The pilot plant successfully increased product purity to 99.5% Li₂CO₃, indicating a high-quality final product.
Evidence · text
“successfully increased product purity to 99.5%.”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The company has a 'Lithium Carbonate Pilot Plant' and is 'progressing the pilot plant toward operation'.
Evidence · text
“Lithium Carbonate Pilot Plant”
Going Concern Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The financial statements note 'material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern'.
Evidence · text
“material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern”
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The document refers to 'Historical drilling confirms system fertility' and 'previously reported intercepts' for the Sascha Marcelina Gold Project.
Evidence · text
“Historical drilling confirms system fertility, returning high-grade gold intercepts directly beneath strong surface geochemical anomalies, including 0.27 m at 10.74 g/t Au and 1.55 m at 8.92 g/t Au”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Drill Results (3)
Fact 1Sascha Marcelina · goldGrade: 10.74Grade Unit: g/tIntercept: 0.27 mHistorical resultNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Sascha Marcelina
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PUR
Geometry
- Grade
- 10.74
- Grade Unit
- g/t
- Intercept
- 0.27 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Mining Method
- underground
QA/QC
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This is a high-grade historical gold intercept, but its very narrow width and historical nature limit its current materiality and novelty.
Positive factors
- High-grade gold intercept
Negative factors
- Very narrow intercept length
- Historical data, not new results
- No QA/QC disclosure
Evidence · text
“0.27 m at 10.74 g/t Au”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Fact 2Sascha Marcelina · goldGrade: 8.92Grade Unit: g/tIntercept: 1.55 mHistorical resultNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Sascha Marcelina
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PUR
Geometry
- Grade
- 8.92
- Grade Unit
- g/t
- Intercept
- 1.55 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Mining Method
- underground
QA/QC
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical high-grade gold intercept provides some indication of prospectivity but is not new information and lacks QA/QC details.
Positive factors
- High-grade gold intercept
Negative factors
- Narrow intercept length for epithermal deposit
- Historical data, not new results
- No QA/QC disclosure
Evidence · text
“1.55 m at 8.92 g/t Au”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
PEL-DDH-005Sascha Marcelina · goldIntercept: 0.9 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- PEL-DDH-005
- Project
- Sascha Marcelina
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PUR
Geometry
- Intercept
- 0.9 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Mining Method
- underground
QA/QC
- QA/QC Disclosed
- Yes
- QA/QC Methods
- standards, blanks
Metal Equivalent
- Metal Eq. Grade
- 5.48
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: This historical gold equivalent intercept is high-grade but its narrow width, historical nature, and lack of metal equivalent assumptions reduce its current materiality.
Positive factors
- High-grade gold equivalent intercept
Negative factors
- Narrow intercept length
- Historical data, not new results
- Metal equivalent assumptions not disclosed
- No QA/QC disclosure
Evidence · text
“0.9 metres at 5.48 g/t AuEq”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (5)
indicatedRio Grande Sur Lithium Project · lithiumTonnes: 299410920Grade: 442.67Grade Unit: mg/LContained Metal: 705Contained Unit: kt lceHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Rio Grande Sur Lithium Project
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Salta, Argentina
- Ticker
- PUR
Resource scope
- Estimate type
- resource
- Effective date
- 2026-01-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Leandro Sastre
- Resource group id
- resource:00b9076675b44bc62549
Resource Data
- Category
- indicated
- Tonnes
- 299410920
- Grade
- 442.67
- Grade Unit
- mg/L
- Contained Metal
- 705
- Contained Unit
- kt lce
- Cutoff Grade
- 360
- Cutoff Unit
- mg/L Li
Prior Estimate
- Resource Date
- 2026-01-23
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Indicated Mineral Resource of 705kt LCE represents a significant portion of the updated estimate, providing a strong foundation for future development, although the average grade is lower than previous estimates.
Positive factors
- Significant indicated resource tonnage
- JORC (2012) compliant estimate
- QP sign-off
- Material increase in contained lithium
Negative factors
- Average resource grade declined compared to prior estimates
Evidence · table
“705”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredRio Grande Sur Lithium Project · lithiumTonnes: 258930080Grade: 405.27Grade Unit: mg/LContained Metal: 559Contained Unit: kt lceHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Rio Grande Sur Lithium Project
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Salta, Argentina
- Ticker
- PUR
Resource scope
- Estimate type
- resource
- Effective date
- 2026-01-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Leandro Sastre
- Resource group id
- resource:1bcf49c9472123ee3469
Resource Data
- Category
- inferred
- Tonnes
- 258930080
- Grade
- 405.27
- Grade Unit
- mg/L
- Contained Metal
- 559
- Contained Unit
- kt lce
- Cutoff Grade
- 360
- Cutoff Unit
- mg/L Li
Prior Estimate
- Resource Date
- 2026-01-23
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The Inferred Mineral Resource of 559kt LCE contributes to the project's overall scale but is a lower confidence category, and the average grade is lower than previous estimates.
Positive factors
- Adds to overall resource scale
- JORC (2012) compliant estimate
- QP sign-off
Negative factors
- Inferred category is speculative
- Average resource grade declined compared to prior estimates
Evidence · table
“559”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
probableRio Grande Sur Lithium Project · lithiumTonnes: 35000000Grade: 670Grade Unit: mg/LContained Metal: 125000Contained Unit: t lceView all detailsHide details
Identity
- Project
- Rio Grande Sur Lithium Project
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Salta, Argentina
- Ticker
- PUR
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-01-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Leandro Sastre
- Resource group id
- resource:d4b97605e5aabba5e4a8
Resource Data
- Category
- probable
- Tonnes
- 35000000
- Grade
- 670
- Grade Unit
- mg/L
- Contained Metal
- 125000
- Contained Unit
- t lce
- Cutoff Grade
- 360
- Cutoff Unit
- mg/L Li
Prior Estimate
- Resource Date
- 2026-01-23
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The declaration of a Maiden Probable Ore Reserve of 125kt LCE is a highly material and novel development, confirming the economic viability of the project based on the Pre-Feasibility Study.
Positive factors
- Maiden Probable Ore Reserve demonstrates economic viability
- Based on a 25-year mine life from PFS
- JORC (2012) compliant estimate
- QP sign-off
Evidence · table
“~125,000”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Fact 4Sascha Marcelina Gold Project · goldGrade: 160Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sascha Marcelina Gold Project
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- PUR
Resource scope
- Resource group id
- resource:419b577495bc894373ba
Resource Data
- Grade
- 160
- Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A very high-grade historical surface gold sample indicates strong prospectivity but is not a drill intercept and lacks newness and QA/QC details.
Positive factors
- Very high-grade surface gold sample
Negative factors
- Surface sample, not drill intercept
- Historical data, not new results
- No QA/QC disclosure
Evidence · text
“rock chip values of up to 160 g/t Au”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 5Sascha Marcelina Gold Project · silverGrade: 780Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Sascha Marcelina Gold Project
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- PUR
Resource scope
- Resource group id
- resource:419b577495bc894373ba
Resource Data
- Grade
- 780
- Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: A very high-grade historical surface silver sample indicates strong prospectivity but is not a drill intercept and lacks newness and QA/QC details.
Positive factors
- Very high-grade surface silver sample
Negative factors
- Surface sample, not drill intercept
- Historical data, not new results
- No QA/QC disclosure
Evidence · text
“rock chip values of up to 780 g/t Ag”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (1)
pilot plantRio Grande Sur Lithium Project · lithiumView all detailsHide details
Identity
- Project
- Rio Grande Sur Lithium Project
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Salta, Argentina
- Ticker
- PUR
Test Work
- Program Status
- optimization
- Test Type
- pilot plant
- Processing Route
- conventional processing flowsheet, fractional crystallisation (FX) and ion exchange (IX)
- Sample
- Rio Grande Sur brine
Recovery
- Recovery Basis
- actual_test
- Conc. Grade
- 99.5
- Conc. Grade Unit
- % Li₂CO₃
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-30T00:00:00.000Z
Reasoning: The successful production of 99.5% high-purity lithium carbonate from the pilot plant is a significant technical achievement, de-risking the project's processing pathway and validating its commercial potential.
Positive factors
- Achieved high-purity battery-grade lithium carbonate
- Pilot plant scale demonstrates process viability
- Positions company among select group of ASX-listed lithium producers
Evidence · text
“successfully increased product purity to 99.5%.”
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
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.