# SCN: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146714 Publisher: asx Original announcement: 2026-09-30T08:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:23:14.795Z Atlas analysis updated: 2026-09-30T09:23:14.795Z - Company: SCORPION MINERALS LIMITED - Ticker: SCN - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper, Zinc, Cobalt, Silver - Document categories: Resource update, Drill results, Capital raise - Extracted: 2026-09-30 09:23:17 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Scorpion Minerals Limited's annual report highlights a mixed operational and financial year. The company reported historical JORC-compliant resource estimates for the Old Prospect gold deposit \(312,395 t @ 2.15 g/t Au\) and the Mt Mulcahy copper deposit \(647,000 t @ 2.4% Cu, 1.8% Zn, 0.1% Co, 20 g/t Ag, 0.2 g/t Au\). New exploration activities included positive gold drill intercepts at Cap Lamp, such as 5m @ 2.59 g/t Au from 6m, and the release of a new gold exploration target for Old Prospect. Financially, the company secured a binding option agreement with Andel Resources, including a $2 million option fee and future funding options, but the report also noted a material uncertainty regarding its ability to continue as a going concern due to an operating loss and working capital deficit. Reasoning: Scorpion Minerals Limited's annual report presents a mixed outlook, with new gold drill results and an exploration target, coupled with a significant funding option agreement for its Old Prospect project. However, the financial statements highlight a material uncertainty regarding the company's ability to continue as a going concern due to ongoing operating losses and a working capital deficit, and the reported resource estimates are historical. - Positive factor: Option agreement for Old Prospect with funding - Positive factor: New gold exploration target at Old Prospect - Positive factor: Positive gold drill intercepts at Cap Lamp - Positive factor: Strategic partnerships established - Positive factor: Government co-funding for airborne magnetic survey - Negative factor: Material uncertainty regarding going concern - Negative factor: Operating loss and working capital deficit - Negative factor: Resource estimates are historical \(2021 and 2014\) - Negative factor: Cut-off grades for resource estimates not disclosed - Negative factor: No true width disclosed for drill intercepts Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 26 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Old Prospect North and South deposits include significant inferred resources, which are speculative and have lower geological confidence. Evidence · text > Inferred 62,637 2.46 4,961 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Old Prospect resource estimate has an effective date of 19 November 2021, which is over two years old. Evidence · text > Refer OZZ ASX release 19 November 2021 and SCN ASX release 23 December 2025 for full details **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not disclose the cut-off grade used for the Old Prospect resource estimate. Evidence · text > Table 1: Mineral Resource Estimate – Old Prospect North and Old Prospect South **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Mt Mulcahy deposit includes a measured resource of 193,000 tonnes, indicating the highest level of geological confidence. Evidence · text > Measured 193,000 3.0 2.3 0.1 25 0.3 5,800 4,400 220 157,000 2,000 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Mt Mulcahy deposit includes an indicated resource of 372,000 tonnes, showing reasonable geological confidence. Evidence · text > Indicated 372,000 2.2 1.7 0.1 19 0.2 8,200 6,300 330 223,000 2,000 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mt Mulcahy resource estimate has an effective date of 25 September 2014, which is over two years old. Evidence · text > Refer SCN ASX release 25 September 2014 for full details, including a list of significant drill intersections for the deposit **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document does not disclose the cut-off grade used for the Mt Mulcahy resource estimate. Evidence · text > Table 3: Mineral Resource Estimate – South Limb Pod \(Mt Mulcahy\) **Polymetallic** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Mt Mulcahy deposit reports grades for multiple commodities including copper, zinc, cobalt, silver, and gold. Evidence · text > 647,000 tonnes @ 2.4% copper, 1.8% Zn, 0.1% Co and 20g/t Ag **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 1m @ 9.52 g/t Au is exceptionally high-grade for gold, exceeding the exceptional threshold for open pit deposits. Evidence · text > 1m @ 9.52 g/t Au from 5m – clay-hosted enrichment \(CLRC006\) **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 explicitly states that the company employs strict quality control procedures during sample collection and analysis, including blanks, standards and duplications, consistent with JORC standards. Evidence · text > The Company provides transparent reporting with quality control in sampling and drilling techniques and employs strict quality control procedures during sample collection and analysis, including blanks, standards and duplications. These protocols are consistent with JORC standards and ASX Listing Rules. **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 drill intercepts are given as downhole lengths without any mention of true width or drill orientation. Evidence · text > 5m @ 2.59 g/t Au from 6m \(25PRC005\) **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The financial statements include a note indicating a material uncertainty regarding the Group’s ability to continue as a going concern due to an operating loss and working capital deficit. Evidence · text > material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company entered into a binding option agreement with Andel Resources, including an upfront option fee of $2 million and the issuance of 30 million unlisted options, providing future funding potential. Evidence · text > Andel paid an upfront option fee of $2 million in consideration for the granting of the RTM Option \(refer ASX release 9 June 2026\), which is exercisable within a period of 12 months from the date of execution \(unless mutually extended\). **Exploration Target** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company released an initial Exploration Target for Old Prospect, highlighting potential for gold mineralisation outside the existing resource. Evidence · text > The Company has released an initial Exploration Target for Old Prospect, covering areas not included in the existing Mineral Resource Estimate. **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company announced a binding option agreement with Andel Resources and a strategic MOU with Gylden Resources, both owned by an affiliate of Värde Partners, indicating significant strategic backing. Evidence · text > In May 2026, the Company announced that it had entered into a binding option agreement with Andel Resources Pty Ltd \(“Andel”\) in relation to Old Prospect \(refer ASX release 18 May 2026\). Scorpion had previously entered into a strategic MOU agreement with Gylden Resources Pty Ltd \(“Gylden”\), the owners of the Kirk. Both Andel and Gylden are owned by an affiliate of global investment firm Värde Partners. ## Extracted facts Stored fact records: 26. Some facts used in scoring do not have a stored record. ## Drill Results (1) ### CLRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-drill-facts-19) Pharos · gold #### Identity - Hole ID: CLRC006 - Project: Pharos - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: SCN #### Geometry - Grade: 9.52 - Grade Unit: g/t - Intercept: 1 m - From: 5 m - To: 6 m - Intercept Depth: 5 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CLRC006:5-6 #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An exceptionally high-grade gold intercept at shallow depth, indicating bonanza grades, with QA/QC disclosed, but lacking true width information. - Positive factor: Bonanza Intercept - Positive factor: QA/QC Disclosed - Negative factor: Apparent Width Only Evidence · text > 1m @ 9.52 g/t Au from 5m – clay-hosted enrichment \(CLRC006\) #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Gold mineralisation across the project appears to be hosted within or adjacent to second and third order splays off the " ## Resource Estimates (25) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-0) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3e84b3c74826f2294f59 - Deposit or zone: Old Prospect North - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 149879 - Grade: 1.91 - Grade Unit: g/t - Contained Metal: 9214 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an indicated gold resource from 2021, providing a moderate level of confidence but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 1.91 Context: 149,879 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-1) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:18a1f389379a367b42cc - Deposit or zone: Old Prospect North - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 62637 - Grade: 2.46 - Grade Unit: g/t - Contained Metal: 4961 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 2.46 Context: 62,637 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-2) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:202623370720c98559d9 - Deposit or zone: Old Prospect South - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 79429 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 6385 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an indicated gold resource from 2021, providing a moderate level of confidence but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 2.50 Context: 79,429 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-3) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:76382a199f5b61d40f6f - Deposit or zone: Old Prospect South - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 20234 - Grade: 1.65 - Grade Unit: g/t - Contained Metal: 1075 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 1.65 Context: 20,234 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-4) Pharos Project · copper #### Identity - Project: Pharos Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6d7618ffafddc741e5fb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 193000 - Grade: 3 - Grade Unit: % - Contained Metal: 5800 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This measured copper resource from 2014 provides high confidence in the estimate, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Measured Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 3.0 Context: 193,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-5) Pharos Project · zinc #### Identity - Project: Pharos Project - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6d7618ffafddc741e5fb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 193000 - Grade: 4400 - Grade Unit: t - Contained Metal: 4400 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This measured zinc resource from 2014 provides high confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Measured Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 4,400 Context: 193,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-6) Pharos Project · cobalt #### Identity - Project: Pharos Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6d7618ffafddc741e5fb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 193000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 220 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This measured cobalt resource from 2014 provides high confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Measured Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.1 Context: 193,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-7) Pharos Project · silver #### Identity - Project: Pharos Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6d7618ffafddc741e5fb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 193000 - Grade: 25 - Grade Unit: g/t - Contained Metal: 157000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This measured silver resource from 2014 provides high confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Measured Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 25 Context: 193,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-8) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6d7618ffafddc741e5fb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 193000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This measured gold resource from 2014 provides high confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Measured Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.3 Context: 193,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-9) Pharos Project · copper #### Identity - Project: Pharos Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:df34010e60052d9049bb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 372000 - Grade: 2.2 - Grade Unit: % - Contained Metal: 8200 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated copper resource from 2014 provides moderate confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Indicated Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 2.2 Context: 372,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-10) Pharos Project · zinc #### Identity - Project: Pharos Project - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:df34010e60052d9049bb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 372000 - Grade: 6300 - Grade Unit: t - Contained Metal: 6300 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated zinc resource from 2014 provides moderate confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Indicated Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 6,300 Context: 372,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-11) Pharos Project · cobalt #### Identity - Project: Pharos Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:df34010e60052d9049bb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 372000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 330 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated cobalt resource from 2014 provides moderate confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Indicated Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.1 Context: 372,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-12) Pharos Project · silver #### Identity - Project: Pharos Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:df34010e60052d9049bb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 372000 - Grade: 19 - Grade Unit: g/t - Contained Metal: 223000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated silver resource from 2014 provides moderate confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Indicated Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 19 Context: 372,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-13) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:df34010e60052d9049bb - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 372000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated gold resource from 2014 provides moderate confidence, but its age and undisclosed cut-off grade reduce its current novelty and transparency. - Positive factor: Indicated Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.2 Context: 372,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-14) Pharos Project · copper #### Identity - Project: Pharos Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4822269db8a01ff1196c - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 82000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 1200 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred copper resource from 2014 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 1.5 Context: 82,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-15) Pharos Project · zinc #### Identity - Project: Pharos Project - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4822269db8a01ff1196c - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 82000 - Grade: 1100 - Grade Unit: t - Contained Metal: 1100 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred zinc resource from 2014 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 1,100 Context: 82,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-16) Pharos Project · cobalt #### Identity - Project: Pharos Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4822269db8a01ff1196c - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 82000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 60 - Contained Unit: t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred cobalt resource from 2014 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.1 Context: 82,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-17) Pharos Project · silver #### Identity - Project: Pharos Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4822269db8a01ff1196c - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 82000 - Grade: 13 - Grade Unit: g/t - Contained Metal: 35000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred silver resource from 2014 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 13 Context: 82,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 12.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-18) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4822269db8a01ff1196c - Deposit or zone: South Limb Pod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 82000 - Grade: 0.2 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2014-09-25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2014 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency, with no contained metal reported. - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed - Negative factor: No Contained Metal Evidence · table > 0.2 Context: 82,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 12.0 years before this release ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-20) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Grant of a significant number of options to a strategic partner, providing potential future funding and indicating a new strategic partnership. - Positive factor: Capital Raise Evidence · text > In June 2026, the Company issued a total of 30,000,000 unlisted options to Andel pursuant to the option agreement, comprising three tranches of 10,000,000 options exercisable at $0.05. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-21) Pharos Project · copper #### Identity - Project: Pharos Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e2cb8e6eee3761acc535 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 647000 - Grade: 2.4 - Grade Unit: % - Contained Metal: 15200 - Contained Unit: t #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 2.4 Context: 647,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-22) Pharos Project · zinc #### Identity - Project: Pharos Project - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e2cb8e6eee3761acc535 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 647000 - Grade: 11800 - Grade Unit: t #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 11,800 Context: 647,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-23) Pharos Project · cobalt #### Identity - Project: Pharos Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e2cb8e6eee3761acc535 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 647000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 610 - Contained Unit: t #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.1 Context: 647,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-24) Pharos Project · silver #### Identity - Project: Pharos Project - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e2cb8e6eee3761acc535 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 647000 - Grade: 20 - Grade Unit: g/t - Contained Metal: 415000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 20 Context: 647,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/scn-annual-report-to-shareholders--8bea58a0-17fd-4c33-a43a-feec8c2621b4#fact-resource-facts-25) Pharos Project · gold #### Identity - Project: Pharos Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: SCN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e2cb8e6eee3761acc535 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 647000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2021-11-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred gold resource from 2021 has lower confidence due to its category and age, and the undisclosed cut-off grade further limits its transparency. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred Resource - Negative factor: Stale Estimate - Negative factor: Cut-off Undisclosed Evidence · table > 0.2 Context: 647,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 4.9 years before this 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.