# SPA executed for Kamiesberg Mineral Sands Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875 Original source: https://www.londonstockexchange.com/news-article/AMGO/spa-executed-for-kamiesberg-mineral-sands-project/17806688 Publisher: lse Original announcement: 2026-09-28T05:00:07.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:22:52.424Z Atlas analysis updated: 2026-09-29T18:22:52.424Z - Company: Amigo Resources PLC - Ticker: AMGO - Exchange: LSE - Region: South Africa - Primary commodity: Mineral sands - Secondary commodities: Ilmenite, Leucoxene, Monazite, Rutile, Zircon - Document categories: Resource update, Agreement transaction - Extracted: 2026-09-29 18:22:53 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Amigo Resources PLC announced the execution of a Share Purchase Agreement to acquire the Kamiesberg Mineral Sands Project in South Africa for USD 33 million. This acquisition is considered transformative, expanding Amigo's African footprint and diversifying its commodity base to include heavy mineral sands and rare earth elements. The project boasts a significant JORC Resource of 2.71 billion tonnes, including 0.48 billion tonnes of Measured Resource, and has advanced permitting in place, with a phased development strategy planned. Reasoning: Amigo Resources PLC is acquiring a significant, shovel-ready mineral sands project in South Africa, which is expected to be transformative for the company by expanding its footprint and diversifying its commodity base with a large JORC-compliant resource and advanced permitting. However, the acquisition carries inherent integration, regulatory, development, and funding risks, and the resource estimate is over two years old. - Positive factor: Acquisition of a significant mineral sands project - Positive factor: Large JORC Resource with a Measured component - Positive factor: Advanced permitting in place for development - Positive factor: Diversification of commodity base and geographical footprint - Positive factor: Phased development strategy to reduce upfront capital expenditure - Negative factor: Inherent risks associated with integrating acquired operations - Negative factor: Regulatory and environmental risks in South Africa - Negative factor: Development risk as the project is not yet in commercial production - Negative factor: Funding risk for subsequent development modules - Negative factor: Reliance on seller-provided information and limited recourse under 'as-is' acquisition terms - Negative factor: Resource estimate effective date is over 2 years old Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 19 ## Classification and evidence **Acquisition** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Amigo SPV has executed a share purchase agreement for the acquisition of the Kamiesberg Project. Evidence · text > Amigo SPV has executed a share purchase agreement for the acquisition of the Kamiesberg Project **Diversification** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Proposed Acquisition will diversify Amigo's operations, including commodities and operations. Evidence · text > Diversify its operations, including commodities and operations **Geographical Expansion** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Proposed Acquisition will expand Amigo's African operating footprint to include South Africa. Evidence · text > The Proposed Acquisition will expand Amigo's African operating footprint to include South Africa. **Shovel-Ready Project** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is described as 'shovel-ready' with advanced permitting, including a mining right, water use licence and environmental authorisation in place. Evidence · table > Shovel-ready project with advanced permitting, including a mining right, water use licence and environmental authorisation in place. Context: Shovel-ready project with advanced permitting, including a mining right, water use licence and environmental authorisation in place. **Phased Development Strategy** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company plans a 'Disciplined, Phased Modular Development Strategy' targeting an aggregate processing capacity of approximately 16 Mtpa across up to five standardised units. Evidence · table > Disciplined, Phased Modular Development Strategy Context: Disciplined, Phased Modular Development Strategy: **Funding Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Funding the Purchase Price and Development Funding through internal sources of funds and debt and equity capital at the Amigo SPV level is vulnerable to liquidity constraints, market volatility, and investor appetite. Evidence · text > Funding the Purchase Price and Development Funding through internal sources of funds and debt and equity capital at the Amigo SPV level is vulnerable to liquidity constraints, market volatility, and investor appetite. **Integration Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Integrating operations, technology, systems, management, personnel, controls and pre-or post-Completion costs for the Proposed Acquisition may prove more difficult or expensive than anticipated. Evidence · text > Integrating operations, technology, systems, management, personnel, controls and pre-or post-Completion costs for the Proposed Acquisition may prove more difficult or expensive than anticipated. **Regulatory Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Kamiesberg Project is subject to extensive regulatory oversight in South Africa, including under the MPRDA, the National Environmental Management Act, 1998 \(the 'NEMA'\) and associated environmental and water legislation. Evidence · text > The Kamiesberg Project is subject to extensive regulatory oversight in South Africa, including under the MPRDA, the National Environmental Management Act, 1998 \(the "NEMA" \) and associated environmental and water legislation. **Development Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Proposed Acquisition relates to a mining asset which is not currently in commercial production, and there can be no assurance that the asset will reach commercial production on the anticipated timeline, within budget, or at all. Evidence · text > The Proposed Acquisition relates to a mining asset which is not currently in commercial production. There can be no assurance that the asset will reach commercial production on the anticipated timeline, within budget, or at all. **Reverse Takeover** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Proposed Acquisition, should it complete, will constitute a reverse takeover for the purposes of the UK Listing Rules of the Financial Conduct Authority. Evidence · text > The Proposed Acquisition, should it complete, will constitute a reverse takeover for the purposes of the UK Listing Rules of the Financial Conduct Authority **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Kamiesberg Project has a JORC Resource of 2.71 billion tonnes, including 0.48 billion tonnes of Measured Resource. Evidence · text > Significant JORC Resource: 2.71 billion tonnes of JORC Resource **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The JORC Resource includes 0.48 billion tonnes of Measured Resource, indicating high confidence. Evidence · text > including 0.48 billion tonnes of Measured Resource. **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource table shows a significant Indicated Resource of 1,692.13 million tonnes. Evidence · table > Indicated Context: 1,692.13 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource table shows an Inferred Resource of 540.30 million tonnes, which is a speculative category. Evidence · table > Inferred Context: 540.30 **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 technical information has been extracted from the GeoActiv Competent Person's Report on the Kamiesberg Project. Evidence · text > GeoActiv Competent Person's Report on the Kamiesberg Project **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The mineral resource estimations are as of March 2020, which is more than two years old, raising data currency concerns. Evidence · text > as of March 2020, with confirmation provided to Amigo on 24 July 2026 from the Competent Person that the March 2020 JORC Resource remains valid, current, and materially accurate as at 24 July 2026. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-1) Kamiesberg Project · total heavy mineral Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: total heavy mineral - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 3.91 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The project includes a substantial Measured Resource of total heavy mineral, which is JORC compliant and QP signed, providing high confidence in the geological understanding, though the estimate is historical. - Positive factor: Large Measured Resource component - Positive factor: JORC compliant estimate - Positive factor: QP signed off - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 3.91 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-2) Kamiesberg Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: ilmenite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 3.14 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The Measured Resource contains a notable ilmenite grade, which is a key component of mineral sands, providing confidence in the project's potential, despite the historical nature of the estimate. - Positive factor: Significant ilmenite grade within Measured Resource - Positive factor: JORC compliant estimate - Positive factor: QP signed off - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 3.14 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-3) Kamiesberg Project · leucoxene Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: leucoxene - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Leucoxene is present in the Measured Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Leucoxene present in Measured Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for leucoxene - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.08 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-4) Kamiesberg Project · monazite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: monazite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 0.04 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Monazite, a source of rare earth elements, is identified within the Measured Resource, adding strategic value despite its low grade, with the estimate being historical. - Positive factor: Monazite \(rare earth source\) present in Measured Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for monazite - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.04 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-5) Kamiesberg Project · rutile Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: rutile - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 0.06 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Rutile is present in the Measured Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Rutile present in Measured Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for rutile - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.06 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-6) Kamiesberg Project · zircon Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: zircon - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:4052e198d886f907eb61 #### Resource Data - Category: measured - Tonnes: 482290000 - Grade: 0.15 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Zircon is present in the Measured Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Zircon present in Measured Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for zircon - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.15 Context: 482.29 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-7) Kamiesberg Project · total heavy mineral Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: total heavy mineral - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 3.25 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The project includes a substantial Indicated Resource of total heavy mineral, which is JORC compliant and QP signed, providing good confidence in the geological understanding, though the estimate is historical. - Positive factor: Large Indicated Resource component - Positive factor: JORC compliant estimate - Positive factor: QP signed off - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 3.25 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-8) Kamiesberg Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: ilmenite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 2.59 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The Indicated Resource contains a notable ilmenite grade, which is a key component of mineral sands, providing confidence in the project's potential, despite the historical nature of the estimate. - Positive factor: Significant ilmenite grade within Indicated Resource - Positive factor: JORC compliant estimate - Positive factor: QP signed off - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 2.59 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-9) Kamiesberg Project · leucoxene Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: leucoxene - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Leucoxene is present in the Indicated Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Leucoxene present in Indicated Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for leucoxene - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.10 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-10) Kamiesberg Project · monazite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: monazite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Monazite, a source of rare earth elements, is identified within the Indicated Resource, adding strategic value despite its low grade, with the estimate being historical. - Positive factor: Monazite \(rare earth source\) present in Indicated Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for monazite - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.03 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-11) Kamiesberg Project · rutile Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: rutile - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Rutile is present in the Indicated Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Rutile present in Indicated Resource - Positive factor: JORC compliant estimate - Negative factor: Relatively low grade for rutile - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.05 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-12) Kamiesberg Project · zircon Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: zircon - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:2e4f599c595f09ed7a34 #### Resource Data - Category: indicated - Tonnes: 1692130000 - Grade: 0.13 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Zircon is present in the Indicated Resource, contributing to the overall mineral sands composition, though at a lower grade, and the estimate is historical. - Positive factor: Zircon present in Indicated Resource - Positive factor: JORC compliant estimate - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.13 Context: 1,692.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-13) Kamiesberg Project · total heavy mineral Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: total heavy mineral - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 2.91 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The project includes a substantial Inferred Resource of total heavy mineral, which is JORC compliant, but its lower confidence category and historical nature reduce its immediate materiality. - Positive factor: Significant Inferred Resource component - Positive factor: JORC compliant estimate - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 2.91 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-14) Kamiesberg Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: ilmenite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 2.39 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Ilmenite is present in the Inferred Resource, contributing to the overall mineral sands composition, but its lower confidence category and historical nature reduce its immediate materiality. - Positive factor: Ilmenite present in Inferred Resource - Positive factor: JORC compliant estimate - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 2.39 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-15) Kamiesberg Project · leucoxene Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: leucoxene - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Leucoxene is present in the Inferred Resource at a very low grade, and its lower confidence category and historical nature further diminish its immediate materiality. - Positive factor: Leucoxene present in Inferred Resource - Negative factor: Very low grade for leucoxene - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.07 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-16) Kamiesberg Project · monazite Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: monazite - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Monazite is present in the Inferred Resource at a very low grade, and its lower confidence category and historical nature further diminish its immediate materiality. - Positive factor: Monazite \(rare earth source\) present in Inferred Resource - Negative factor: Very low grade for monazite - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.03 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-17) Kamiesberg Project · rutile Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: rutile - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 0.04 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Rutile is present in the Inferred Resource at a very low grade, and its lower confidence category and historical nature further diminish its immediate materiality. - Positive factor: Rutile present in Inferred Resource - Negative factor: Very low grade for rutile - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.04 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/spa-executed-for-kamiesberg-mineral-sands-project--3b573b11-609b-4e16-b91c-031213bf9875#fact-resource-facts-18) Kamiesberg Project · zircon Historical result Needs review: historical\_restatement #### Identity - Project: Kamiesberg Project - Commodity: zircon - Region: south\_africa - Reported Region: South Africa - Ticker: AMGO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: GeoActiv \(Pty\) Ltd - Resource group id: resource:0d2af12e7844bbc87662 #### Resource Data - Category: inferred - Tonnes: 540300000 - Grade: 0.11 - Grade Unit: % #### Prior Estimate - Resource Date: 2020-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2020-03-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Zircon is present in the Inferred Resource at a very low grade, and its lower confidence category and historical nature further diminish its immediate materiality. - Positive factor: Zircon present in Inferred Resource - Negative factor: Very low grade for zircon - Negative factor: Inferred category has lower geological confidence - Negative factor: Resource estimate is historical \(March 2020\) Evidence · table > 0.11 Context: 540.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 6.6 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.