# SNX: Quarterly Activities/Appendix 5B Cash Flow Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03155106 Publisher: asx Original announcement: 2026-10-20T23:31:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T00:13:34.326Z Atlas analysis updated: 2026-10-21T00:13:34.326Z - Company: Sierra Nevada Gold Inc. - Ticker: SNX - Exchange: ASX - Region: Saudi Arabia - Primary commodity: Copper - Secondary commodities: Gold, Silver, Zinc, Lead - Document categories: Other, Capital raise, Drill results - Extracted: 2026-10-21 00:13:34 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Sierra Nevada Gold Inc. announced the completion of a $12.85 million capital raise to fund a major 25,000m Phase 2 drilling program at its As Safra Copper-Gold Project in Saudi Arabia. The company is strategically focusing on KSA, initiating a commercialisation process for its Nevada assets. The report also re-stated historical drill results from Phase 1, including a high-grade polymetallic intercept. Reasoning: Sierra Nevada Gold has successfully completed a capital raise to fund a significant Phase 2 drilling program at its As Safra Copper-Gold Project in Saudi Arabia, demonstrating a clear strategic focus on the region. While the drill results mentioned are historical, they highlight the project's potential, particularly a high-grade polymetallic intercept. - Positive factor: Capital raise successfully completed, providing funding for exploration - Positive factor: Large Phase 2 drilling program commenced at As Safra project - Positive factor: Strategic focus on KSA with commercialisation process for Nevada assets - Positive factor: Historical polymetallic intercept shows bonanza grades for gold, silver, zinc, and lead relative to project averages - Negative factor: Drill results reported are historical and not new assays Facts used in scoring: 8 ## Classification and evidence **Placement Completed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company announced the completion of a $12.85 million capital raising via placement. Evidence · text > SNX completes $12.85 million Capital Raising to advance As Safra **Director Participation** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: A Director Tranche of $0.55 million is subject to shareholder approval, indicating director participation in the capital raise. Evidence · text > Director Tranche of $0.55 million subject to shareholder approval **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results quoted in the document are from the Phase 1 program, reported in August 2026, making them historical data re-released in this quarterly report. Evidence · text > Phase 1 drilling confirmed significant copper mineralisation such as 16m @ 1.49% Cu from 160m \(ASDD0009\) and 9m @ 1.83% Cu from 99m \(ASDD0012\). **Strategic Review** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: SNX commenced a strategic review and commercialisation process for its Nevada, USA asset portfolio. Evidence · text > SNX commenced a strategic review and commercialisation process for its portfolio of high-quality exploration assets in Nevada, USA. **Portfolio Streamlining** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The strategic review of Nevada assets aims to maximise value while concentrating exploration expenditure on the rapidly advancing KSA business. Evidence · text > SNX aims to maximise value from its Nevada, USA, assets while concentrating exploration expenditure on its rapidly advancing KSA business. ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Drill Results (7) ### ASDD0009 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-0) As Safra · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASDD0009 - Project: As Safra - Commodity: copper - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 1.49 - Grade Unit: % - Intercept: 16 m - From: 160 m - To: 176 m - Intercept Depth: 160 m #### Classification - Sample Type: drill - Group ID: ASDD0009:160-176 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical copper intercept has a good width but a grade slightly below the project average, and its novelty is low as it's a re-release of prior data. - Positive factor: Good intercept width - Negative factor: Grade slightly below project average - Negative factor: Historical data re-released Evidence · text > 16m @ 1.49% Cu from 160m \(ASDD0009\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASDD0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-1) As Safra · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASDD0012 - Project: As Safra - Commodity: copper - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 1.83 - Grade Unit: % - Intercept: 9 m - From: 99 m - To: 108 m - Intercept Depth: 99 m #### Classification - Sample Type: drill - Group ID: ASDD0012:99-108 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical copper intercept shows an above-average grade and good width for the project, but its novelty is low as it's a re-release of prior data. - Positive factor: Above project average grade - Positive factor: Good intercept width - Negative factor: Historical data re-released Evidence · text > 9m @ 1.83% Cu from 99m \(ASDD0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASRC0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-2) As Safra · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASRC0012 - Project: As Safra - Commodity: gold - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 1.15 - Grade Unit: g/t - Intercept: 11 m - From: 49 m - To: 60 m - Intercept Depth: 49 m #### Classification - Sample Type: drill - Group ID: ASRC0012:49-60 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical gold intercept is a bonanza result, matching the project's best historical grade and GT product, and is significantly above the project average, despite being re-released data. - Positive factor: Bonanza intercept relative to project average - Positive factor: Matches best historical grade and GT product - Positive factor: Good intercept width - Negative factor: Historical data re-released Evidence · text > 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn and 1.88% Pb from 49m \(ASRC0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASRC0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-3) As Safra · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASRC0012 - Project: As Safra - Commodity: silver - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 108.7 - Grade Unit: g/t - Intercept: 11 m - From: 49 m - To: 60 m - Intercept Depth: 49 m #### Classification - Sample Type: drill - Group ID: ASRC0012:49-60 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical silver intercept is a bonanza result, matching the project's best historical grade and GT product, and is significantly above the project average, despite being re-released data. - Positive factor: Bonanza intercept relative to project average - Positive factor: Matches best historical grade and GT product - Positive factor: Good intercept width - Negative factor: Historical data re-released Evidence · text > 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn and 1.88% Pb from 49m \(ASRC0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASRC0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-4) As Safra · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASRC0012 - Project: As Safra - Commodity: copper - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 0.21 - Grade Unit: % - Intercept: 11 m - From: 49 m - To: 60 m - Intercept Depth: 49 m #### Classification - Sample Type: drill - Group ID: ASRC0012:49-60 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical copper intercept, while having good width, is significantly below the project's average grade, and its novelty is low as it's a re-release of prior data. - Positive factor: Good intercept width - Negative factor: Significantly below project average grade - Negative factor: Historical data re-released Evidence · text > 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn and 1.88% Pb from 49m \(ASRC0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASRC0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-5) As Safra · zinc Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASRC0012 - Project: As Safra - Commodity: zinc - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 4.64 - Grade Unit: % - Intercept: 11 m - From: 49 m - To: 60 m - Intercept Depth: 49 m #### Classification - Sample Type: drill - Group ID: ASRC0012:49-60 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical zinc intercept is a bonanza result, matching the project's best historical grade and GT product, and is significantly above the project average, despite being re-released data. - Positive factor: Bonanza intercept relative to project average - Positive factor: Matches best historical grade and GT product - Positive factor: Good intercept width - Negative factor: Historical data re-released Evidence · text > 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn and 1.88% Pb from 49m \(ASRC0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ### ASRC0012 [Link to this fact](https://atlas-staging.minestarters.com/news/snx-quarterly-activities-appendix-5b-cash-flow-report--ff14a838-0f2b-4062-82b9-6ddc19f57fcc#fact-drill-facts-6) As Safra · lead Historical result Needs review: historical\_restatement #### Identity - Hole ID: ASRC0012 - Project: As Safra - Commodity: lead - Region: saudi arabia - Reported Region: saudi arabia - Ticker: SNX #### Geometry - Grade: 1.88 - Grade Unit: % - Intercept: 11 m - From: 49 m - To: 60 m - Intercept Depth: 49 m #### Classification - Sample Type: drill - Group ID: ASRC0012:49-60 #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-08-24T00:00:00.000Z #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: This historical lead intercept is a bonanza result, matching the project's best historical grade and GT product, and is significantly above the project average, despite being re-released data. - Positive factor: Bonanza intercept relative to project average - Positive factor: Matches best historical grade and GT product - Positive factor: Good intercept width - Negative factor: Historical data re-released Evidence · text > 11m @ 1.15g/t Au, 108.7g/t Ag, 0.21% Cu, 4.64% Zn and 1.88% Pb from 49m \(ASRC0012\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Importantly, 10,000m of drilling is dedicated to new discovery, targeting previously undrilled magnetic, gravity and IP " ## 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.