# SHN: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154213 Publisher: asx Original announcement: 2026-10-19T07:18:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T08:12:35.630Z Atlas analysis updated: 2026-10-19T08:12:35.630Z - Company: Sunshine Metals Limited - Ticker: SHN - Exchange: ASX - Region: North Queensland - Primary commodity: Gold - Secondary commodities: Silver, Copper, Zinc, Lead - Document categories: Other, Drill results, Resource update - Extracted: 2026-10-19 08:12:36 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Sunshine Metals Limited's 2026 Annual Report highlights a transformative year, marked by the strategic acquisition of the Mt Moss processing facility, significant growth in the Liontown Mineral Resource, and promising high-grade drill results from its Liontown and Sybil projects in North Queensland. The company is progressing towards first gold production in mid-2027, supported by successful capital raisings that have strengthened its financial position. Despite reporting a loss and a going concern note, the company is advancing its clear pathway from explorer to near-term gold producer. Reasoning: The annual report details significant strategic and operational advancements, including the acquisition of a processing facility, resource growth, and strong exploration results, positioning the company for gold production, despite ongoing losses and a going concern note. - Positive factor: Acquisition of Mt Moss processing facility, advancing towards gold production - Positive factor: Significant resource increase for Liontown - Positive factor: Strong high-grade drill results from Liontown and Sybil - Positive factor: Successful capital raisings, strengthening cash position - Positive factor: Progress on mining and environmental approvals - Negative factor: Company is still in a loss-making position - Negative factor: Material uncertainty regarding going concern noted by auditor, dependent on future funding - Negative factor: Mt Moss acquisition involves a deferred payment and assumption of environmental liabilities Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 67 ## Classification and evidence **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 field quality control procedures, including standards, blanks, and duplicates, were employed, and assaying was undertaken by certified laboratories Intertek and ALS. Evidence · text > Sunshine Metals employs field quality control \(QC\) procedures, including addition of standards, blanks and duplicates ahead of assaying which was undertaken using industry standard fire assay at Intertek and ALS laboratories in Townsville. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report explicitly states that the information relating to Exploration Results and Mineral Resources is compiled and reviewed by Competent Persons \(Mr Matt Price, Mr Lyon Barrett, Dr Damien Keys, Mr Stuart Hutchin\) who are members of recognized professional associations and consent to the inclusion of their information. Evidence · text > The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Matt Price, a Competent Person who is a Member of the Australian Institute of Geoscientists \(AIG\) and the Australian Institute of Mining and Metallurgy \(AusIMM\). **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource statement explicitly conforms to the JORC Code 2012 Edition. Evidence · text > The preceding statement of Resources conforms to the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 2012 Edition’. **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The metal equivalent grades are reported with explicit disclosure of the prices and metallurgical recoveries used in their calculation. Evidence · text > The gold and zinc equivalent grades for Greater Liontown \(g/t AuEq, % ZnEq\) are based on the following prices: US$3,300t Zn, US$13,000t Cu, US$1,800t Pb, US$3,500oz Au, US$60oz Ag. For Liontown, metallurgical metal recoveries are broken into two domains: oxide/transitional and fresh. Each domain and associated recoveries are supported by metallurgical test work and are: Oxide/Transitional \(Liontown\) 0% Zn, 0% Cu, 0% Pb, 85% Au, 65% Ag & Fresh 88.8% Zn, 80% Cu, 70% Pb, 80% Au, 65% Ag. ## Extracted facts Stored fact records: 61. Some facts used in scoring do not have a stored record. ## Drill Results (58) ### 25LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-0) Liontown East · gold #### Identity - Hole ID: 25LTRC070 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 6.68 - Grade Unit: g/t - Intercept: 30 m - From: 17 m - To: 47 m - Intercept Depth: 17 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC070:17-47 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 30m at 6.68 g/t Au, part of a grade control program, indicates good continuity and supports mine planning. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of grade control drilling for open-pit mining Evidence · text > 30m @ 6.68g/t Au & 528g/t Ag from 17m \(25LTRC070\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-1) Liontown East · silver #### Identity - Hole ID: 25LTRC070 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 528 - Grade Unit: g/t - Intercept: 30 m - From: 17 m - To: 47 m - Intercept Depth: 17 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC070:17-47 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver intercept of 30m at 528 g/t Ag, part of a grade control program, indicates good continuity and supports mine planning. - Positive factor: High-grade silver intercept - Positive factor: Significant intercept length - Positive factor: Part of grade control drilling for open-pit mining Evidence · text > 30m @ 6.68g/t Au & 528g/t Ag from 17m \(25LTRC070\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-2) Liontown East · gold #### Identity - Hole ID: 25LTRC070 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 52.12 - Grade Unit: g/t - Intercept: 3 m - From: 17 m - To: 20 m - Intercept Depth: 17 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC070:17-20 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 3m at 52.12 g/t Au highlights very high-grade zones within the broader mineralization, enhancing the project's potential. - Positive factor: Bonanza grade gold intercept - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 52.12g/t Au & 4,252g/t Ag from 17m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-3) Liontown East · silver #### Identity - Hole ID: 25LTRC070 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 4252 - Grade Unit: g/t - Intercept: 3 m - From: 17 m - To: 20 m - Intercept Depth: 17 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC070:17-20 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade silver intercept of 3m at 4,252 g/t Ag highlights very high-grade zones within the broader mineralization, enhancing the project's potential. - Positive factor: Bonanza grade silver intercept - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 52.12g/t Au & 4,252g/t Ag from 17m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC052 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-4) Liontown East · gold #### Identity - Hole ID: 25LTRC052 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 7.31 - Grade Unit: g/t - Intercept: 8 m - From: 10 m - To: 18 m - Intercept Depth: 10 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC052:10-18 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 8m at 7.31 g/t Au from a shallow depth of 10m indicates potential for open-pit mining. - Positive factor: High-grade gold intercept - Positive factor: Shallow mineralization Evidence · text > 8m @ 7.31g/t Au & 1,321g/t Ag from 10m \(25LTRC052\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC052 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-5) Liontown East · silver #### Identity - Hole ID: 25LTRC052 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 1321 - Grade Unit: g/t - Intercept: 8 m - From: 10 m - To: 18 m - Intercept Depth: 10 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC052:10-18 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver intercept of 8m at 1,321 g/t Ag from a shallow depth of 10m indicates potential for open-pit mining. - Positive factor: High-grade silver intercept - Positive factor: Shallow mineralization Evidence · text > 8m @ 7.31g/t Au & 1,321g/t Ag from 10m \(25LTRC052\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC052 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-6) Liontown East · gold #### Identity - Hole ID: 25LTRC052 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 6.78 - Grade Unit: g/t - Intercept: 3 m - From: 13 m - To: 16 m - Intercept Depth: 13 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC052:13-16 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 3m at 6.78 g/t Au from 13m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 6.78g/t Au & 2,410g/t Ag from 13m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC052 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-7) Liontown East · silver #### Identity - Hole ID: 25LTRC052 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 2410 - Grade Unit: g/t - Intercept: 3 m - From: 13 m - To: 16 m - Intercept Depth: 13 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC052:13-16 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver sub-interval of 3m at 2,410 g/t Ag from 13m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade silver sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 6.78g/t Au & 2,410g/t Ag from 13m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC071 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-8) Liontown East · gold #### Identity - Hole ID: 25LTRC071 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 7.08 - Grade Unit: g/t - Intercept: 24 m - From: 14 m - To: 38 m - Intercept Depth: 14 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC071:14-38 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 24m at 7.08 g/t Au from a shallow depth of 14m indicates good continuity and potential for open-pit mining. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Shallow mineralization Evidence · text > 24m @ 7.08g/t Au & 305g/t Ag from 14m \(25LTRC071\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC071 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-9) Liontown East · silver #### Identity - Hole ID: 25LTRC071 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 305 - Grade Unit: g/t - Intercept: 24 m - From: 14 m - To: 38 m - Intercept Depth: 14 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC071:14-38 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver intercept of 24m at 305 g/t Ag from a shallow depth of 14m indicates good continuity and potential for open-pit mining. - Positive factor: High-grade silver intercept - Positive factor: Significant intercept length - Positive factor: Shallow mineralization Evidence · text > 24m @ 7.08g/t Au & 305g/t Ag from 14m \(25LTRC071\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC071 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-10) Liontown East · gold #### Identity - Hole ID: 25LTRC071 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 44.18 - Grade Unit: g/t - Intercept: 3 m - From: 14 m - To: 17 m - Intercept Depth: 14 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC071:14-17 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold sub-interval of 3m at 44.18 g/t Au from 14m confirms the presence of very high-grade zones within the broader intercept. - Positive factor: Bonanza grade gold intercept - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 44.18g/t Au & 1,946g/t Ag from 14m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC071 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-11) Liontown East · silver #### Identity - Hole ID: 25LTRC071 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 1946 - Grade Unit: g/t - Intercept: 3 m - From: 14 m - To: 17 m - Intercept Depth: 14 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC071:14-17 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade silver sub-interval of 3m at 1,946 g/t Ag from 14m confirms the presence of very high-grade zones within the broader intercept. - Positive factor: Bonanza grade silver intercept - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 44.18g/t Au & 1,946g/t Ag from 14m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-12) Liontown East · gold #### Identity - Hole ID: 25LTRC069 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 5.62 - Grade Unit: g/t - Intercept: 20 m - From: 8 m - To: 28 m - Intercept Depth: 8 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC069:8-28 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 20m at 5.62 g/t Au from a shallow depth of 8m indicates good continuity and potential for open-pit mining. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Shallow mineralization Evidence · text > 20m @ 5.62g/t Au & 310g/t Ag from 8m \(25LTRC069\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-13) Liontown East · silver #### Identity - Hole ID: 25LTRC069 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 310 - Grade Unit: g/t - Intercept: 20 m - From: 8 m - To: 28 m - Intercept Depth: 8 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC069:8-28 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver intercept of 20m at 310 g/t Ag from a shallow depth of 8m indicates good continuity and potential for open-pit mining. - Positive factor: High-grade silver intercept - Positive factor: Significant intercept length - Positive factor: Shallow mineralization Evidence · text > 20m @ 5.62g/t Au & 310g/t Ag from 8m \(25LTRC069\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-14) Liontown East · gold #### Identity - Hole ID: 25LTRC069 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 14.79 - Grade Unit: g/t - Intercept: 5 m - From: 8 m - To: 13 m - Intercept Depth: 8 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC069:8-13 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 5m at 14.79 g/t Au from 8m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 5m @ 14.79g/t Au & 1,164g/t Ag #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-15) Liontown East · silver #### Identity - Hole ID: 25LTRC069 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 1164 - Grade Unit: g/t - Intercept: 5 m - From: 8 m - To: 13 m - Intercept Depth: 8 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC069:8-13 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver sub-interval of 5m at 1,164 g/t Ag from 8m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade silver sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 5m @ 14.79g/t Au & 1,164g/t Ag #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-16) Liontown East · gold #### Identity - Hole ID: 25LTRC062 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 6.91 - Grade Unit: g/t - Intercept: 5 m - From: 21 m - To: 26 m - Intercept Depth: 21 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC062:21-26 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 5m at 6.91 g/t Au from 21m contributes to the overall understanding of the shallow mineralization. - Positive factor: High-grade gold intercept - Positive factor: Shallow mineralization Evidence · text > 5m @ 6.91g/t Au & 168g/t Ag from 21m \(25LTRC062\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-17) Liontown East · silver #### Identity - Hole ID: 25LTRC062 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 168 - Grade Unit: g/t - Intercept: 5 m - From: 21 m - To: 26 m - Intercept Depth: 21 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC062:21-26 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade silver intercept of 5m at 168 g/t Ag from 21m contributes to the overall understanding of the shallow mineralization. - Positive factor: Moderate-grade silver intercept - Positive factor: Shallow mineralization Evidence · text > 5m @ 6.91g/t Au & 168g/t Ag from 21m \(25LTRC062\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-18) Liontown East · gold #### Identity - Hole ID: 25LTRC062 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 3.45 - Grade Unit: g/t - Intercept: 14 m - From: 33 m - To: 47 m - Intercept Depth: 33 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC062:33-47 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 14m at 3.45 g/t Au from 33m adds to the understanding of the mineralization at this depth. - Positive factor: Moderate-grade gold intercept - Positive factor: Significant intercept length Evidence · text > 14m @ 3.45g/t Au & 592g/t Ag from 33m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-19) Liontown East · silver #### Identity - Hole ID: 25LTRC062 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 592 - Grade Unit: g/t - Intercept: 14 m - From: 33 m - To: 47 m - Intercept Depth: 33 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 25LTRC062:33-47 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver intercept of 14m at 592 g/t Ag from 33m adds to the understanding of the mineralization at this depth. - Positive factor: High-grade silver intercept - Positive factor: Significant intercept length Evidence · text > 14m @ 3.45g/t Au & 592g/t Ag from 33m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-20) Liontown East · gold #### Identity - Hole ID: 26LTRC002 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 5.87 - Grade Unit: g/t - Intercept: 7 m - From: 0 m - To: 7 m - Intercept Depth: 0 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC002:0-7 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 7m at 5.87 g/t Au from surface indicates potential for early-stage open-pit mining. - Positive factor: High-grade gold intercept - Positive factor: Mineralization from surface Evidence · text > 7m @ 5.87g/t Au from surface \(26LTRC002\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-21) Liontown East · gold #### Identity - Hole ID: 26LTRC002 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 30.1 - Grade Unit: g/t - Intercept: 1 m - From: 6 m - To: 7 m - Intercept Depth: 6 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC002:6-7 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold sub-interval of 1m at 30.10 g/t Au from 6m confirms the presence of very high-grade zones near surface. - Positive factor: Bonanza grade gold sub-interval - Positive factor: Confirms very high-grade zones near surface Evidence · text > including 1m @ 30.10g/t Au from 6m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC017 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-22) Liontown East · gold #### Identity - Hole ID: 26LTRC017 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 25.01 - Grade Unit: g/t - Intercept: 3 m - From: 14 m - To: 17 m - Intercept Depth: 14 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC017:14-17 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 3m at 25.01 g/t Au from 14m indicates very high-grade shallow mineralization. - Positive factor: Bonanza grade gold intercept - Positive factor: Shallow mineralization Evidence · text > 3m @ 25.01g/t Au from 14m \(26LTRC017\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC017 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-23) Liontown East · gold #### Identity - Hole ID: 26LTRC017 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 68.8 - Grade Unit: g/t - Intercept: 1 m - From: 15 m - To: 16 m - Intercept Depth: 15 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC017:15-16 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold sub-interval of 1m at 68.80 g/t Au from 15m confirms the presence of extremely high-grade zones within the broader intercept. - Positive factor: Bonanza grade gold sub-interval - Positive factor: Confirms extremely high-grade zones within broader mineralization Evidence · text > including 1m @ 68.80g/t Au from 15m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC019 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-24) Liontown East · gold #### Identity - Hole ID: 26LTRC019 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 4.15 - Grade Unit: g/t - Intercept: 7 m - From: 61 m - To: 68 m - Intercept Depth: 61 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC019:61-68 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 7m at 4.15 g/t Au from 61m contributes to the understanding of mineralization at this depth. - Positive factor: Moderate-grade gold intercept Evidence · text > 7m @ 4.15g/t Au & 19g/t Ag from 61m \(26LTRC019\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC019 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-25) Liontown East · silver #### Identity - Hole ID: 26LTRC019 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 19 - Grade Unit: g/t - Intercept: 7 m - From: 61 m - To: 68 m - Intercept Depth: 61 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC019:61-68 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A weak silver grade of 19 g/t Ag over 7m from 61m is below typical economic thresholds for silver. - Negative factor: Weak silver grade Evidence · text > 7m @ 4.15g/t Au & 19g/t Ag from 61m \(26LTRC019\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC019 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-26) Liontown East · gold #### Identity - Hole ID: 26LTRC019 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 11.9 - Grade Unit: g/t - Intercept: 2 m - From: 61 m - To: 63 m - Intercept Depth: 61 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC019:61-63 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 2m at 11.90 g/t Au from 61m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 2m @ 11.90g/t Au & 48g/t Ag from 61m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC019 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-27) Liontown East · silver #### Identity - Hole ID: 26LTRC019 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 48 - Grade Unit: g/t - Intercept: 2 m - From: 61 m - To: 63 m - Intercept Depth: 61 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC019:61-63 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate silver grade of 48 g/t Ag over 2m from 61m is a positive but not exceptional result. - Negative factor: Moderate silver grade Evidence · text > including 2m @ 11.90g/t Au & 48g/t Ag from 61m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC045 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-28) Liontown East · gold #### Identity - Hole ID: 26LTRC045 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 2.34 - Grade Unit: g/t - Intercept: 19 m - From: 49 m - To: 68 m - Intercept Depth: 49 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC045:49-68 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 19m at 2.34 g/t Au from 49m contributes to the overall understanding of the mineralization. - Positive factor: Moderate-grade gold intercept - Positive factor: Significant intercept length Evidence · text > 19m @ 2.34g/t Au & 184g/t Ag from 49m \(26LTRC045\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC045 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-29) Liontown East · silver #### Identity - Hole ID: 26LTRC045 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 184 - Grade Unit: g/t - Intercept: 19 m - From: 49 m - To: 68 m - Intercept Depth: 49 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC045:49-68 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade silver intercept of 19m at 184 g/t Ag from 49m contributes to the overall understanding of the mineralization. - Positive factor: Moderate-grade silver intercept - Positive factor: Significant intercept length Evidence · text > 19m @ 2.34g/t Au & 184g/t Ag from 49m \(26LTRC045\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC045 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-30) Liontown East · gold #### Identity - Hole ID: 26LTRC045 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 12.75 - Grade Unit: g/t - Intercept: 1 m - From: 60 m - To: 61 m - Intercept Depth: 60 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC045:60-61 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 1m at 12.75 g/t Au from 60m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 1m @ 12.75g/t Au & 298g/t Ag from 60m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC045 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-31) Liontown East · silver #### Identity - Hole ID: 26LTRC045 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 298 - Grade Unit: g/t - Intercept: 1 m - From: 60 m - To: 61 m - Intercept Depth: 60 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC045:60-61 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade silver sub-interval of 1m at 298 g/t Ag from 60m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade silver sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 1m @ 12.75g/t Au & 298g/t Ag from 60m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC051 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-32) Liontown East · gold #### Identity - Hole ID: 26LTRC051 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 3.06 - Grade Unit: g/t - Intercept: 16 m - From: 49 m - To: 65 m - Intercept Depth: 49 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC051:49-65 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 16m at 3.06 g/t Au from 49m contributes to the overall understanding of the mineralization. - Positive factor: Moderate-grade gold intercept - Positive factor: Significant intercept length Evidence · text > 16m @ 3.06g/t Au & 49g/t Ag from 49m \(26LTRC051\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC051 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-33) Liontown East · silver #### Identity - Hole ID: 26LTRC051 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 49 - Grade Unit: g/t - Intercept: 16 m - From: 49 m - To: 65 m - Intercept Depth: 49 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC051:49-65 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate silver grade of 49 g/t Ag over 16m from 49m is a positive but not exceptional result. - Negative factor: Moderate silver grade Evidence · text > 16m @ 3.06g/t Au & 49g/t Ag from 49m \(26LTRC051\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC051 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-34) Liontown East · gold #### Identity - Hole ID: 26LTRC051 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 8.27 - Grade Unit: g/t - Intercept: 3 m - From: 62 m - To: 65 m - Intercept Depth: 62 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC051:62-65 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 3m at 8.27 g/t Au from 62m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 8.27g/t Au & 22g/t Ag from 62m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC051 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-35) Liontown East · silver #### Identity - Hole ID: 26LTRC051 - Project: Liontown East - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 22 - Grade Unit: g/t - Intercept: 3 m - From: 62 m - To: 65 m - Intercept Depth: 62 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC051:62-65 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A weak silver grade of 22 g/t Ag over 3m from 62m is below typical economic thresholds for silver. - Negative factor: Weak silver grade Evidence · text > including 3m @ 8.27g/t Au & 22g/t Ag from 62m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC077 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-36) Liontown East · gold #### Identity - Hole ID: 26LTRC077 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 20.25 - Grade Unit: g/t - Intercept: 22 m - From: 69 m - To: 91 m - Intercept Depth: 69 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC077:69-91 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 22m at 20.25 g/t Au from 69m is a very strong result, contributing significantly to resource upgrade and extension. - Positive factor: Bonanza grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of resource upgrade/extension program Evidence · text > 22m @ 20.25g/t Au from 69m \(26LTRC077\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC077 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-37) Liontown East · gold #### Identity - Hole ID: 26LTRC077 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 39.58 - Grade Unit: g/t - Intercept: 8 m - From: 68 m - To: 76 m - Intercept Depth: 68 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC077:68-76 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 8m at 39.58 g/t Au from 68m confirms the presence of very high-grade zones, enhancing the overall resource potential. - Positive factor: Bonanza grade gold intercept - Positive factor: Confirms very high-grade zones within broader mineralization Evidence · text > including 8m @ 39.58g/t Au from 68m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC077 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-38) Liontown East · gold #### Identity - Hole ID: 26LTRC077 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 29.45 - Grade Unit: g/t - Intercept: 4 m - From: 81 m - To: 85 m - Intercept Depth: 81 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC077:81-85 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 4m at 29.45 g/t Au from 81m confirms the presence of very high-grade zones, enhancing the overall resource potential. - Positive factor: Bonanza grade gold intercept - Positive factor: Confirms very high-grade zones within broader mineralization Evidence · text > and 4m @ 29.45g/t Au from 81m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-39) Liontown East · gold #### Identity - Hole ID: 26LTRC070 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 7.87 - Grade Unit: g/t - Intercept: 12 m - From: 85 m - To: 97 m - Intercept Depth: 85 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC070:85-97 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 12m at 7.87 g/t Au from 85m is a strong result, contributing to resource upgrade and extension. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of resource upgrade/extension program Evidence · text > 12m @ 7.87g/t Au from 85m \(26LTRC070\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-40) Liontown East · gold #### Identity - Hole ID: 26LTRC070 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 14.91 - Grade Unit: g/t - Intercept: 6 m - From: 86 m - To: 92 m - Intercept Depth: 86 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC070:86-92 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 6m at 14.91 g/t Au from 86m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 6m @ 14.91g/t Au from 86m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC071 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-41) Liontown East · gold #### Identity - Hole ID: 26LTRC071 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 8.28 - Grade Unit: g/t - Intercept: 10 m - From: 46 m - To: 56 m - Intercept Depth: 46 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC071:46-56 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 10m at 8.28 g/t Au from 46m is a strong result, contributing to resource upgrade and extension. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of resource upgrade/extension program Evidence · text > 10m @ 8.28g/t Au from 46m \(26LTRC071\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC079 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-42) Liontown East · gold #### Identity - Hole ID: 26LTRC079 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 3.76 - Grade Unit: g/t - Intercept: 13 m - From: 30 m - To: 43 m - Intercept Depth: 30 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC079:30-43 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 13m at 3.76 g/t Au from 30m contributes to the resource upgrade and extension program. - Positive factor: Moderate-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of resource upgrade/extension program Evidence · text > 13m @ 3.76g/t Au from 30m \(26LTRC079\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-43) Liontown East · gold #### Identity - Hole ID: 26LTRC069 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 12.38 - Grade Unit: g/t - Intercept: 14 m - From: 79 m - To: 93 m - Intercept Depth: 79 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC069:79-93 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 14m at 12.38 g/t Au from 79m is a strong result, contributing to resource upgrade and extension. - Positive factor: High-grade gold intercept - Positive factor: Significant intercept length - Positive factor: Part of resource upgrade/extension program Evidence · text > 14m @ 12.38g/t Au from 79m \(26LTRC069\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-44) Liontown East · gold #### Identity - Hole ID: 26LTRC069 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 24.44 - Grade Unit: g/t - Intercept: 6 m - From: 80 m - To: 86 m - Intercept Depth: 80 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC069:80-86 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold sub-interval of 6m at 24.44 g/t Au from 80m confirms the presence of very high-grade zones within the broader intercept. - Positive factor: Bonanza grade gold sub-interval - Positive factor: Confirms very high-grade zones within broader mineralization Evidence · text > including 6m @ 24.44g/t Au from 80m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-45) Liontown East · gold #### Identity - Hole ID: 26LTRC062 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 5.14 - Grade Unit: g/t - Intercept: 8 m - From: 72 m - To: 80 m - Intercept Depth: 72 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC062:72-80 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 8m at 5.14 g/t Au from 72m is a strong result, contributing to resource upgrade and extension. - Positive factor: High-grade gold intercept - Positive factor: Part of resource upgrade/extension program Evidence · text > 8m @ 5.14g/t Au from 72m \(26LTRC062\) #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26LTRC062 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-46) Liontown East · gold #### Identity - Hole ID: 26LTRC062 - Project: Liontown East - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 11.25 - Grade Unit: g/t - Intercept: 3 m - From: 73 m - To: 76 m - Intercept Depth: 73 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26LTRC062:73-76 - Mining Method: mixed #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold sub-interval of 3m at 11.25 g/t Au from 73m confirms the presence of higher-grade zones within the broader intercept. - Positive factor: High-grade gold sub-interval - Positive factor: Confirms high-grade zones within broader mineralization Evidence · text > including 3m @ 11.25g/t Au from 73m #### 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 **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 25PLRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-47) Plateau · gold #### Identity - Hole ID: 25PLRC006 - Project: Plateau - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 3.17 - Grade Unit: g/t - Intercept: 8 m - From: 61 m - To: 69 m - Intercept Depth: 61 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25PLRC006:61-69 - Mining Method: unknown #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 8m at 3.17 g/t Au from 61m is a positive result from a reconnaissance drill program at Plateau. - Positive factor: Moderate-grade gold intercept - Positive factor: Part of reconnaissance drill program Evidence · text > 8m @ 3.17g/t Au & 31g/t Ag from 61m \(25PLRC006\) #### 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 ### 25PLRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-48) Plateau · silver #### Identity - Hole ID: 25PLRC006 - Project: Plateau - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 31 - Grade Unit: g/t - Intercept: 8 m - From: 61 m - To: 69 m - Intercept Depth: 61 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25PLRC006:61-69 - Mining Method: unknown #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade silver intercept of 8m at 31 g/t Ag from 61m is a positive result from a reconnaissance drill program at Plateau. - Positive factor: Moderate-grade silver intercept - Positive factor: Part of reconnaissance drill program Evidence · text > 8m @ 3.17g/t Au & 31g/t Ag from 61m \(25PLRC006\) #### 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 ### 25PLRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-49) Plateau · gold #### Identity - Hole ID: 25PLRC002 - Project: Plateau - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 1.4 - Grade Unit: g/t - Intercept: 2 m - From: 70 m - To: 72 m - Intercept Depth: 70 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25PLRC002:70-72 - Mining Method: unknown #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A weak gold intercept of 2m at 1.40 g/t Au from 70m is a modest result from a reconnaissance drill program at Plateau. - Positive factor: Weak gold intercept - Positive factor: Part of reconnaissance drill program Evidence · text > 2m @ 1.40g/t Au & 16g/t Ag from 70m \(25PLRC002\) #### 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 ### 25PLRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-50) Plateau · silver #### Identity - Hole ID: 25PLRC002 - Project: Plateau - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 16 - Grade Unit: g/t - Intercept: 2 m - From: 70 m - To: 72 m - Intercept Depth: 70 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25PLRC002:70-72 - Mining Method: unknown #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A weak silver intercept of 2m at 16 g/t Ag from 70m is a modest result from a reconnaissance drill program at Plateau. - Positive factor: Weak silver intercept - Positive factor: Part of reconnaissance drill program Evidence · text > 2m @ 1.40g/t Au & 16g/t Ag from 70m \(25PLRC002\) #### 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 ### 25FCDD003 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-51) Sybil · gold #### Identity - Hole ID: 25FCDD003 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 57.51 - Grade Unit: g/t - Intercept: 4.4 m - From: 23.6 m - To: 28 m - Intercept Depth: 23.6 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD003:23.6-28 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A bonanza grade gold intercept of 4.4m at 57.51 g/t Au from 23.6m is an exceptional result, highlighting the high-grade potential of the Sybil epithermal project. - Positive factor: Bonanza grade gold intercept - Positive factor: Shallow mineralization - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 4.4m @ 57.51g/t Au from 23.6m \(25FCDD003\) #### 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 ### 25FCDD003 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-52) Sybil · gold #### Identity - Hole ID: 25FCDD003 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 148 - Grade Unit: g/t - Intercept: 1.1 m - From: 23.6 m - To: 24.7 m - Intercept Depth: 23.6 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD003:23.6-24.7 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: An exceptional bonanza grade gold sub-interval of 1.1m at 148.0 g/t Au from 23.6m confirms the presence of extremely high-grade zones, significantly enhancing the project's potential. - Positive factor: Exceptional bonanza grade gold sub-interval - Positive factor: Confirms extremely high-grade zones within broader mineralization Evidence · text > including 1.1m @ 148.0g/t Au from 23.6m #### 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 ### 25FCDD0012 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-53) Sybil · gold #### Identity - Hole ID: 25FCDD0012 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 17.23 - Grade Unit: g/t - Intercept: 4.5 m - From: 82.5 m - To: 87 m - Intercept Depth: 82.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD0012:82.5-87 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 4.5m at 17.23 g/t Au from 82.5m is a strong result, indicating good mineralization at depth within the Sybil project. - Positive factor: High-grade gold intercept - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 4.5m @ 17.23g/t Au from 82.5m \(25FCDD0012\) #### 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 ### 25FCDD007 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-54) Sybil · gold #### Identity - Hole ID: 25FCDD007 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 9.01 - Grade Unit: g/t - Intercept: 5.2 m - From: 52 m - To: 57.2 m - Intercept Depth: 52 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD007:52-57.2 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 5.2m at 9.01 g/t Au from 52.0m is a strong result, indicating good mineralization within the Sybil project. - Positive factor: High-grade gold intercept - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 5.2m @ 9.01g/t Au from 52.0m \(25FCDD007\) #### 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 ### 25FCDD002 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-55) Sybil · gold #### Identity - Hole ID: 25FCDD002 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 6.12 - Grade Unit: g/t - Intercept: 3.8 m - From: 22.6 m - To: 26.4 m - Intercept Depth: 22.6 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD002:22.6-26.4 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 3.8m at 6.12 g/t Au from 22.6m is a strong result, indicating shallow mineralization within the Sybil project. - Positive factor: High-grade gold intercept - Positive factor: Shallow mineralization - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 3.8m @ 6.12g/t Au from 22.6m \(25FCDD002\) #### 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 ### 25FCDD010 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-56) Sybil · gold #### Identity - Hole ID: 25FCDD010 - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 15.15 - Grade Unit: g/t - Intercept: 2.8 m - From: 37 m - To: 39.8 m - Intercept Depth: 37 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD010:37-39.8 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A high-grade gold intercept of 2.8m at 15.15 g/t Au from 37.0m is a strong result, indicating good mineralization within the Sybil project. - Positive factor: High-grade gold intercept - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 2.8m @ 15.15g/t Au from 37.0m \(25FCDD010\) #### 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 ### 25FCDD008A [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-drill-facts-57) Sybil · gold #### Identity - Hole ID: 25FCDD008A - Project: Sybil - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: SHN #### Geometry - Grade: 3.93 - Grade Unit: g/t - Intercept: 7 m - From: 65 m - To: 72 m - Intercept Depth: 65 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25FCDD008A:65-72 - Mining Method: underground #### QA/QC - Laboratory: Intertek and ALS - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A moderate-grade gold intercept of 7.0m at 3.93 g/t Au from 65.0m is a positive result, contributing to the understanding of mineralization within the Sybil project. - Positive factor: Moderate-grade gold intercept - Positive factor: Part of diamond drill program at Francis Creek Evidence · text > 7.0m @ 3.93g/t Au from 65.0m \(25FCDD008A\) #### 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 ## Resource Estimates (3) ### Liontown East [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-resource-facts-58) Liontown · gold #### Identity - Project: Liontown - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: SHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lyon Barrett, Dr Damien Keys, Mr Stuart Hutchin - Resource group id: resource:6ce22c99087b75050b09 - Deposit or zone: Liontown East #### Resource Data - Tonnes: 6100000 - Contained Metal: 714000 - Contained Unit: koz aueq #### Prior Estimate - Resource Date: 2025-11-26 #### Metal Equivalent - Metal Eq. Grade: 3.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Intertek and ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: An updated resource of 6.1Mt at 3.6 g/t AuEq for 714Koz AuEq, with disclosed metal equivalent assumptions and JORC compliance, represents a significant and well-defined resource for the project. - Positive factor: Significant tonnage and contained metal - Positive factor: High-grade equivalent gold - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Category not explicitly stated for total resource Evidence · text > the Liontown Resource \(including Liontown East\) increased to 6.1Mt @ 3.6g/t AuEq for 714Koz AuEq recoverable \(or 10.0% ZnEq\). Refer Mineral Resources and Reserves Statement in the section below for details. #### 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 **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 ### Liontown East [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-resource-facts-59) Liontown · zinc #### Identity - Project: Liontown - Commodity: zinc - Region: australia\_qld - Reported Region: North Queensland - Ticker: SHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lyon Barrett, Dr Damien Keys, Mr Stuart Hutchin - Resource group id: resource:6ce22c99087b75050b09 - Deposit or zone: Liontown East #### Resource Data - Tonnes: 6100000 #### Prior Estimate - Resource Date: 2025-11-26 #### Metal Equivalent - Metal Eq. Grade: 10 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Intertek and ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: An updated resource of 6.1Mt at 10.0% ZnEq, with disclosed metal equivalent assumptions and JORC compliance, represents a significant and well-defined resource for the project. - Positive factor: Significant tonnage and contained metal - Positive factor: High-grade equivalent zinc - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Category not explicitly stated for total resource Evidence · text > the Liontown Resource \(including Liontown East\) increased to 6.1Mt @ 3.6g/t AuEq for 714Koz AuEq recoverable \(or 10.0% ZnEq\). Refer Mineral Resources and Reserves Statement in the section below for details. #### 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 **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 ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/shn-annual-report-to-shareholders--2d4ea023-7e77-4ac6-8ed2-1f52f90c96f1#fact-resource-facts-60) Liontown · gold #### Identity - Project: Liontown - Commodity: gold - Region: australia\_qld - Reported Region: North Queensland - Ticker: SHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lyon Barrett, Dr Damien Keys, Mr Stuart Hutchin - Resource group id: resource:d4ef8783f70596e93cf5 #### Resource Data - Tonnes: 7270000 - Contained Metal: 745000 - Contained Unit: koz aueq #### Prior Estimate - Resource Date: 2026-10-19 #### Metal Equivalent - Metal Eq. Grade: 3.19 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Intertek and ALS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: A post-year-end resource update to 7.27Mt at 3.19 g/t AuEq for 745Koz AuEq represents a significant increase in contained metal, despite a slight grade decrease, indicating substantial growth for the project. - Positive factor: Significant increase in tonnage and contained metal post year-end - Positive factor: High-grade equivalent gold - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Slight decrease in equivalent gold grade compared to prior estimate - Negative factor: Category not explicitly stated for total resource Evidence · text > Post year-end, the Liontown Mineral Resource increased to 7.27Mt @ 3.19g/t AuEq. for 745Koz AuEq. recoverable #### 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 **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 ## 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.