# SUH: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142282

Publisher: asx

Original announcement: 2026-09-22T06:23:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-22T07:09:41.332Z

Atlas analysis updated: 2026-09-22T07:09:41.332Z

- Company: Southern Hemisphere Mining Limited

- Ticker: SUH

- Exchange: ASX

- Region: Chile

- Primary commodity: Copper

- Secondary commodities: Gold, Molybdenum, Manganese, Aluminum, Iron ore, Potassium, Phosphorus, Silicon dioxide

- Document categories: Resource update, Drill results, Agreement transaction, Metallurgy

- Extracted: 2026-09-22 07:09:42 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Southern Hemisphere Mining Limited reported a breakthrough year with strong drill results from its Llahuin Copper-Gold-Molybdenum Project in Chile, confirming new mineralized centers and a substantial porphyry system. The company also announced a 27.5% increase in the JORC Mineral Ore Resource for its Los Pumas Manganese Project and progress on a joint venture for the Southern Porphyry Target. Despite these operational successes, the company recorded a financial loss and negative working capital, raising concerns about its going concern status.

Reasoning: The company reports a breakthrough period with strong drill results, new discoveries, and significant resource growth for its key projects in Chile, indicating strong technical momentum and future potential. However, financial losses and going concern uncertainty present a notable risk.

- Positive factor: Strong drill intercepts at Llahuin, including high-grade and continuous widths from surface, indicating a substantial porphyry system.

- Positive factor: Identification of a new porphyry centre \(Ferro South\) within the Llahuin system, suggesting district-scale potential.

- Positive factor: Resource upgrade for Llahuin is in progress, building on a robust existing estimate.

- Positive factor: Significant 27.5% increase in the JORC Mineral Ore Resource for the Los Pumas Manganese Project.

- Positive factor: Joint venture partner FMR Resources has exceeded expenditure commitments for Stage 1 earn-in at Southern Porphyry, demonstrating commitment.

- Positive factor: Preliminary metallurgical testwork for Llahuin confirmed no deleterious elements, and Los Pumas can achieve high-grade manganese concentrates with low impurities.

- Negative factor: The company reported a financial loss and negative working capital, leading to a significant uncertainty regarding its ability to continue as a going concern.

- Negative factor: 13.75 million unlisted options expired due to not meeting performance criteria \(resource increase or share price target\), indicating some targets were not met.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 47

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("DMS"\)

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 2 distinct composites were tested

## Extracted facts

Stored fact records: 47. Some facts used in scoring do not have a stored record.

## Drill Results (10)

### 24LHRD067

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-0)

Llahuin · copper

#### Identity

- Hole ID: 24LHRD067
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.42
- Grade Unit: %
- Intercept: 241 m
- From: 18 m
- To: 259 m
- Intercept Depth: 18 m

#### Classification

- Deposit Type: porphyry
- Program: mixed
- Sample Type: drill
- Group ID: 24LHRD067:18-259

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows a strong copper equivalent grade over a very significant length, indicating substantial mineralization within the porphyry system.

- Positive factor: Strong copper equivalent grade for a porphyry deposit.

- Positive factor: Exceptional intercept length, indicating significant continuity of mineralization.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> 241m @ 0.42% CuEq from 18m in 24LHRD067

#### 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

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 0.42% CuEq over 241m is a strong grade-width product for a porphyry deposit.

Evidence · text

> 241m @ 0.42% CuEq

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 241m @ 0.42% CuEq from 18m

### 24LHRD067

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-1)

Llahuin · copper

#### Identity

- Hole ID: 24LHRD067
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.51
- Grade Unit: %
- Intercept: 143 m
- From: 36 m
- To: 179 m
- Intercept Depth: 36 m

#### Classification

- Deposit Type: porphyry
- Program: mixed
- Sample Type: drill
- Group ID: 24LHRD067:36-179

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional copper equivalent grade over a strong length, highlighting a higher-grade zone within the broader intercept.

- Positive factor: Exceptional copper equivalent grade for a porphyry deposit.

- Positive factor: Strong intercept length, indicating continuous high-grade mineralization within the broader interval.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> including 143m @ 0.51% CuEq from 36m

#### 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

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 0.51% CuEq over 143m is an exceptional grade-width product for a porphyry deposit.

Evidence · text

> 143m @ 0.51% CuEq

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 143m @ 0.51% CuEq from 36m

### 24LHRD065

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-2)

Llahuin · copper

#### Identity

- Hole ID: 24LHRD065
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.66
- Grade Unit: %
- Intercept: 154 m
- From: 0 m
- To: 154 m
- Intercept Depth: 0 m

#### Classification

- Deposit Type: porphyry
- Program: mixed
- Sample Type: drill
- Group ID: 24LHRD065:0-154

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept represents an exceptional grade over a significant length starting from surface, which is highly material for potential economic extraction.

- Positive factor: Exceptional copper equivalent grade for a porphyry deposit.

- Positive factor: Exceptional intercept length, indicating significant continuous mineralization from surface.

- Positive factor: Shallow mineralization from surface is highly favorable for potential open-pit mining.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> 154m @ 0.66% CuEq from surface in 24LHRD065

#### 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

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 0.66% CuEq over 154m from surface is an exceptional grade-width product for a porphyry deposit.

Evidence · text

> 154m @ 0.66% CuEq

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 154m @ 0.66% CuEq from surface

### 24LHRD055

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-3)

Llahuin · copper

#### Identity

- Hole ID: 24LHRD055
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.43
- Grade Unit: %
- Intercept: 156 m
- From: 2 m
- To: 158 m
- Intercept Depth: 2 m

#### Classification

- Deposit Type: porphyry
- Program: mixed
- Sample Type: drill
- Group ID: 24LHRD055:2-158

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows a strong copper equivalent grade over a very significant length, indicating substantial mineralization near surface within the porphyry system.

- Positive factor: Strong copper equivalent grade for a porphyry deposit.

- Positive factor: Exceptional intercept length, indicating significant continuous mineralization near surface.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> 156m @ 0.43% CuEq from 2m in 24LHRD055

#### 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

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 0.43% CuEq over 156m is a strong grade-width product for a porphyry deposit.

Evidence · text

> 156m @ 0.43% CuEq

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 156m @ 0.43% CuEq from 2m

### 24LHRD055

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-4)

Llahuin · copper

#### Identity

- Hole ID: 24LHRD055
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.51
- Grade Unit: %
- Intercept: 106 m
- From: 2 m
- To: 108 m
- Intercept Depth: 2 m

#### Classification

- Deposit Type: porphyry
- Program: mixed
- Sample Type: drill
- Group ID: 24LHRD055:2-108

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This sub-interval shows an exceptional copper equivalent grade over a strong length, highlighting a higher-grade zone within the broader intercept near surface.

- Positive factor: Exceptional copper equivalent grade for a porphyry deposit.

- Positive factor: Strong intercept length, indicating continuous high-grade mineralization within the broader interval near surface.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> including 106m @ 0.51% CuEq from 2m

#### 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

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

#### Rejected tags

**Bonanza Intercept** — Rejected; excluded from scoring

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Reason: 0.51% CuEq over 106m is an exceptional grade-width product for a porphyry deposit.

Evidence · text

> 106m @ 0.51% CuEq

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 106m @ 0.51% CuEq from 2m

### 25LHDD071

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-5)

Llahuin · copper

#### Identity

- Hole ID: 25LHDD071
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.31
- Grade Unit: %
- Intercept: 124 m
- From: 258 m
- To: 382 m
- Intercept Depth: 258 m

#### Classification

- Deposit Type: porphyry
- Program: exploration
- Sample Type: drill
- Group ID: 25LHDD071:258-382

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows a moderate copper equivalent grade over a significant length at depth, confirming the presence of a large hydrothermal system and advancing exploration at the Southern Porphyry target.

- Positive factor: Moderate copper equivalent grade for a porphyry deposit.

- Positive factor: Significant intercept length at depth, confirming a large hydrothermal system.

- Positive factor: Part of Phase I deep diamond drilling, indicating progress in exploration.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> 124m @ 0.31% CuEq from 258m \(25LHDD071\)

#### 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

#### Rejected tags

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 124m @ 0.31% CuEq from 258m

**Step-Out Extension** — Rejected; excluded from scoring

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Reason: This deep drilling is part of advancing the Southern Porphyry target, indicating exploration for extensions.

Evidence · text

> Phase I drilling delivered more than 5,000 metres across four deep diamond holes, confirming a large hydrothermal system

### 26LHDD072

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-6)

Llahuin · copper

#### Identity

- Hole ID: 26LHDD072
- Project: Llahuin
- Commodity: copper
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Geometry

- Grade: 0.16
- Grade Unit: %
- Intercept: 104 m
- From: 522 m
- To: 626 m
- Intercept Depth: 522 m

#### Classification

- Deposit Type: porphyry
- Program: exploration
- Sample Type: drill
- Group ID: 26LHDD072:522-626

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: This intercept shows a weak copper equivalent grade over a significant length at considerable depth, but contributes to understanding the large hydrothermal system and vectoring for future drilling.

- Positive factor: Significant intercept length at considerable depth, confirming a large hydrothermal system.

- Positive factor: Part of Phase I deep diamond drilling, indicating progress in exploration and vectoring towards a concealed porphyry core.

- Negative factor: Weak copper equivalent grade for a porphyry deposit.

- Negative factor: True width not disclosed, potentially overstating actual thickness.

Evidence · text

> 104m @ 0.16% CuEq from 522m \(26LHDD072\)

#### 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

#### Rejected tags

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: The interval is given as downhole length with no true width or drill orientation stated.

Evidence · text

> 104m @ 0.16% CuEq from 522m

**Step-Out Extension** — Rejected; excluded from scoring

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Reason: This deep drilling is part of advancing the Southern Porphyry target, indicating exploration for extensions.

Evidence · text

> Phase I drilling delivered more than 5,000 metres across four deep diamond holes, confirming a large hydrothermal system

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-44)

Llahuin

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Llahuin
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Classification

- Sample Type: drill

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: FMR Resources has significantly advanced its Stage 1 earn-in for the Southern Porphyry Target, exceeding expenditure and nearing drilling completion, which is a strong positive for the Llahuin project.

- Positive factor: FMR has exceeded its expenditure commitment for Stage 1, demonstrating strong commitment to the JV.

- Positive factor: Drilling commitment is nearing completion, indicating significant progress in exploration.

- Positive factor: Formal agreement executed, providing clarity and stability to the partnership.

Evidence · text

> FMR has the right to earn a 50% legal and beneficial interest in the Concessions by expending $3,000,000, including by drilling not less than 6,000m. \(“Stage 1 Earn-in\) over a 2-year period. As at 30 June 2026, FMR has contributed $4,176,015. $3,634,518 paid through the Group and expenditure of $541,497 paid by FMR directly. FMR has to drill ~1,000 more metres to earn the Stage 1 Earn-in interest of 50%.

#### 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

#### Rejected tags

**Joint Venture** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The company has a joint venture agreement with FMR Resources Limited for the Southern Porphyry Target.

Evidence · text

> joint venture with FMR Resources Limited

**Earn-in Agreement** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The agreement is structured as an earn-in, allowing FMR to acquire an interest by meeting expenditure and drilling commitments.

Evidence · text

> FMR has the right to earn a 50% legal and beneficial interest in the Concessions by expending $3,000,000, including by drilling not less than 6,000m.

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-45)

Llahuin

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Llahuin
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Classification

- Sample Type: drill

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: FMR Resources has an option to earn an additional 10% interest in the Southern Porphyry Target by making a substantial payment and committing to further expenditure, highlighting the project's long-term potential.

- Positive factor: FMR has an option to increase its interest to 60% through further significant investment, indicating long-term potential and commitment.

- Positive factor: Formal agreement executed, providing clarity and stability to the partnership.

Evidence · text

> FMR may elect within 30 days after completing the Stage 1 Earn-in \(“Stage 1 Completion”\) to earn an additional 10% legal and beneficial interest \(60% interest in aggregate\) in the Concessions by: \(a\) paying the Company $2,500,000 in cash and/or script \(calculated on a 20-day VWAP\) at FMR’s election within 60 days; and \(b\) sole funding a further $10,000,000 of expenditure over a 3-year period.

#### 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

#### Rejected tags

**Joint Venture** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The company has a joint venture agreement with FMR Resources Limited for the Southern Porphyry Target.

Evidence · text

> joint venture with FMR Resources Limited

**Earn-in Agreement** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The agreement includes an option for FMR to earn an additional interest by meeting further payment and expenditure commitments.

Evidence · text

> FMR may elect ... to earn an additional 10% legal and beneficial interest

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-drill-facts-46)

Llahuin

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Llahuin
- Region: chile
- Reported Region: chile
- Ticker: SUH

#### Classification

- Sample Type: drill

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The company received FMR Resources shares as part of the earn-in consideration, providing a valuable equity stake in the partner company.

- Positive factor: Receipt of shares in FMR Resources as consideration for the earn-in, providing a direct equity interest in the partner company.

- Positive factor: The shares were issued at a deemed price, indicating a valuation for the transaction.

Evidence · text

> FMR issued 937,500 fully paid ordinary shares to the Company. These shares shall be subject to a voluntary 6-month escrow. The shares were issued on 5 August 2025 at a deemed issue price of $0.16 per share, being a gain of $150,000.

#### 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

#### Rejected tags

**Joint Venture** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The company received shares as consideration related to the joint venture with FMR Resources Limited.

Evidence · text

> joint venture with FMR Resources Limited

**Earn-in Agreement** — Rejected; excluded from scoring

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Reason: The shares were issued as consideration for the earn-in rights granted to FMR.

Evidence · text

> In consideration for the grant of exclusivity and entitlement to conduct due diligence FMR must pay the Company A$20,000 cash. This was received in the prior financial year. As the Condition was satisfied, FMR issued 937,500 fully paid ordinary shares to the Company.

## Resource Estimates (33)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-7)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:10a6e1e3953f6a33f17d
- Deposit or zone: Central Porphyry

#### Resource Data

- Category: measured
- Tonnes: 90900000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.42
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Central Porphyry Measured resource represents a substantial, high-confidence portion of the Llahuin project with a strong copper equivalent grade, providing a robust foundation for development.

- Positive factor: Significant tonnage in the highest confidence category \(Measured\).

- Positive factor: Strong copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.42%

Context: 90.9

#### Tags used in scoring

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-8)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9446701fd54400cc745e
- Deposit or zone: Central Porphyry

#### Resource Data

- Category: indicated
- Tonnes: 10200000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.33
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Central Porphyry Indicated resource adds to the overall confidence and scale of the Llahuin project with a moderate copper equivalent grade.

- Positive factor: Moderate tonnage in the Indicated category, providing reasonable geological confidence.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.33%

Context: 10.2

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 10.2

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-9)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:cb46f8c0eff8f5b57802
- Deposit or zone: Central Porphyry

#### Resource Data

- Category: inferred
- Tonnes: 24500000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.31
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Central Porphyry Inferred resource provides upside potential for the Llahuin project, but requires further drilling to upgrade confidence.

- Positive factor: Moderate tonnage in the Inferred category, indicating potential for future resource conversion.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 0.31%

Context: 24.5

#### Tags used in scoring

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-10)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:40f79a442ccc0977f48e
- Deposit or zone: Cerro

#### Resource Data

- Category: measured
- Tonnes: 41900000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.4
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Cerro Measured resource contributes significantly to the overall Llahuin project with high confidence and a strong copper equivalent grade.

- Positive factor: Significant tonnage in the highest confidence category \(Measured\).

- Positive factor: Strong copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.40%

Context: 41.9

#### Tags used in scoring

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-11)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:635dda468fc85f8fce76
- Deposit or zone: Cerro

#### Resource Data

- Category: indicated
- Tonnes: 4900000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.32
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Cerro Indicated resource adds to the overall confidence and scale of the Llahuin project with a moderate copper equivalent grade.

- Positive factor: Moderate tonnage in the Indicated category, providing reasonable geological confidence.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.32%

Context: 4.9

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 4.9

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-12)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:75dcce3911b668106fda
- Deposit or zone: Cerro

#### Resource Data

- Category: inferred
- Tonnes: 13700000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.32
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Cerro Inferred resource provides upside potential for the Llahuin project, but requires further drilling to upgrade confidence.

- Positive factor: Moderate tonnage in the Inferred category, indicating potential for future resource conversion.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 0.32%

Context: 13.7

#### Tags used in scoring

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-13)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:85b8dc6ff3cf71a660f3
- Deposit or zone: Ferro

#### Resource Data

- Category: measured
- Tonnes: 19100000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.32
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Ferro Measured resource adds to the overall confidence and scale of the Llahuin project with a moderate copper equivalent grade.

- Positive factor: Moderate tonnage in the highest confidence category \(Measured\).

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.32%

Context: 19.1

#### Tags used in scoring

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-14)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:0c25354eb213fa0930e1
- Deposit or zone: Ferro

#### Resource Data

- Category: indicated
- Tonnes: 7100000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.34
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Ferro Indicated resource adds to the overall confidence and scale of the Llahuin project with a moderate copper equivalent grade.

- Positive factor: Moderate tonnage in the Indicated category, providing reasonable geological confidence.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 0.34%

Context: 7.1

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 7.1

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-15)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:7e281378f02550c9eaf9
- Deposit or zone: Ferro

#### Resource Data

- Category: inferred
- Tonnes: 5900000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.32
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Ferro Inferred resource provides upside potential for the Llahuin project, but requires further drilling to upgrade confidence.

- Positive factor: Moderate tonnage in the Inferred category, indicating potential for future resource conversion.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 0.32%

Context: 5.9

#### Tags used in scoring

**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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-16)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc67a7cd1755689b2286
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: measured
- Tonnes: 151900000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.4
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Measured resource for Llahuin represents a very substantial and high-confidence base for future development with a strong copper equivalent grade.

- Positive factor: Very large total Measured tonnage, indicating high confidence in a significant portion of the resource.

- Positive factor: Strong copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 151.9 @ 0.40%

Context: Total \(rounded\)

#### Tags used in scoring

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-17)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:c3ea93146f9c0d5055b4
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: indicated
- Tonnes: 22200000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.33
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated resource for Llahuin adds significantly to the overall confidence and scale of the project with a moderate copper equivalent grade.

- Positive factor: Significant total Indicated tonnage, providing reasonable geological confidence.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 22.2 @ 0.33%

Context: Total \(rounded\)

#### 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: The total resource includes a significant Indicated component, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 22.2

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-18)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:afad18bf072d33ea1949
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: inferred
- Tonnes: 44100000
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Metal Eq. Grade: 0.31
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Inferred resource for Llahuin provides significant upside potential for the project, but requires further drilling to upgrade confidence.

- Positive factor: Significant total Inferred tonnage, indicating substantial upside potential for future resource conversion.

- Positive factor: Moderate copper equivalent grade for an open-pit porphyry deposit.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 44.1 @ 0.31%

Context: Total \(rounded\)

#### Tags used in scoring

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-19)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:46b36a76c4aece562006
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: inferred
- Tonnes: 218200000
- Contained Metal: 496600
- Contained Unit: t
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total contained copper metal for the Llahuin project is substantial, highlighting the overall scale and value of the resource.

- Positive factor: Significant contained copper metal for the total resource.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · text

> containing 496,600 tonnes of copper

#### 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"

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-20)

Llahuin Copper-Gold-Molybdenum Project · gold

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:46b36a76c4aece562006
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: inferred
- Tonnes: 218200000
- Contained Metal: 654900
- Contained Unit: oz
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total contained gold metal for the Llahuin project is substantial, highlighting the overall scale and value of the resource.

- Positive factor: Significant contained gold metal for the total resource.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · text

> 654,900 ounces of gold

#### 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"

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-21)

Llahuin Copper-Gold-Molybdenum Project · molybdenum

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: molybdenum
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:46b36a76c4aece562006
- Deposit or zone: Total Llahuin

#### Resource Data

- Category: inferred
- Tonnes: 218200000
- Contained Metal: 12500
- Contained Unit: t
- Cutoff Grade: 0.22
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-07-30

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total contained molybdenum metal for the Llahuin project is substantial, highlighting the overall scale and value of the resource.

- Positive factor: Significant contained molybdenum metal for the total resource.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · text

> 12,500 tonnes of molybdenum

#### 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"

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-22)

Los Pumas Manganese Project · manganese

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: manganese
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 6.21
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Los Pumas Indicated resource shows a strong manganese grade over significant tonnage, contributing to the overall 27.5% increase in the resource.

- Positive factor: Significant tonnage in the Indicated category, providing reasonable geological confidence.

- Positive factor: Strong manganese grade.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Positive factor: The resource increased by 27.5% overall, indicating growth.

Evidence · table

> 6.21

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-23)

Los Pumas Manganese Project · aluminum

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: aluminum
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 5.71
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Indicated resource for Los Pumas includes a significant aluminum grade, which could be a valuable byproduct.

- Positive factor: Significant aluminum grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 5.71

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-24)

Los Pumas Manganese Project · iron\_ore

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: iron\_ore
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 2.78
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Indicated resource for Los Pumas includes a significant iron oxide grade, which could be a valuable byproduct.

- Positive factor: Significant iron oxide grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 2.78

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-25)

Los Pumas Manganese Project · potassium

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: potassium
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 2.98
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Indicated resource for Los Pumas includes a significant potassium grade, which could be a valuable byproduct.

- Positive factor: Significant potassium grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 2.98

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-26)

Los Pumas Manganese Project · phosphorus

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: phosphorus
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 0.05
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Indicated resource for Los Pumas includes a low phosphorus grade, which is likely a minor component.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Low phosphorus grade, likely not a primary economic driver.

Evidence · table

> 0.05

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-27)

Los Pumas Manganese Project · silicon\_dioxide

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: silicon\_dioxide
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:82d6d3259b21cf128a93
- Deposit or zone: Los Pumas

#### Resource Data

- Category: indicated
- Tonnes: 23324038
- Grade: 57.07
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Indicated resource for Los Pumas includes a high silicon dioxide grade, which is a significant component of the material.

- Positive factor: High silicon dioxide grade, which can be relevant for certain industrial applications or processing considerations.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

Evidence · table

> 57.07

Context: 23,324,038

#### 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: The resource is classified as Indicated, providing reasonable geological confidence.

Evidence · table

> Indicated

Context: 23,324,038

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-28)

Los Pumas Manganese Project · manganese

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: manganese
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 6.34
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Los Pumas Inferred resource shows a strong manganese grade over moderate tonnage, contributing to the overall 27.5% increase in the resource and providing upside potential.

- Positive factor: Moderate tonnage in the Inferred category, indicating potential for future resource conversion.

- Positive factor: Strong manganese grade.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Positive factor: The resource increased by 27.5% overall, indicating growth.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 6.34

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-29)

Los Pumas Manganese Project · aluminum

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: aluminum
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 5.85
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Inferred resource for Los Pumas includes a significant aluminum grade, which could be a valuable byproduct, but requires further drilling to upgrade confidence.

- Positive factor: Significant aluminum grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 5.85

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-30)

Los Pumas Manganese Project · iron\_ore

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: iron\_ore
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 3.05
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Inferred resource for Los Pumas includes a significant iron oxide grade, which could be a valuable byproduct, but requires further drilling to upgrade confidence.

- Positive factor: Significant iron oxide grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 3.05

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-31)

Los Pumas Manganese Project · potassium

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: potassium
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 2.83
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Inferred resource for Los Pumas includes a significant potassium grade, which could be a valuable byproduct, but requires further drilling to upgrade confidence.

- Positive factor: Significant potassium grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 2.83

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-32)

Los Pumas Manganese Project · phosphorus

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: phosphorus
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 0.05
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Inferred resource for Los Pumas includes a low phosphorus grade, which is likely a minor component and requires further drilling to upgrade confidence.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Low phosphorus grade, likely not a primary economic driver.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 0.05

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-33)

Los Pumas Manganese Project · silicon\_dioxide

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: silicon\_dioxide
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:3b43a8381c9242d5d110
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 6940715
- Grade: 54.61
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Inferred resource for Los Pumas includes a high silicon dioxide grade, which is a significant component of the material, but requires further drilling to upgrade confidence.

- Positive factor: High silicon dioxide grade, which can be relevant for certain industrial applications or processing considerations.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 54.61

Context: 6,940,715

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-34)

Los Pumas Manganese Project · manganese

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: manganese
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 6.24
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas shows a strong manganese grade over significant tonnage, representing a substantial increase and upside potential.

- Positive factor: Significant total tonnage for the combined Indicated and Inferred categories.

- Positive factor: Strong manganese grade.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Positive factor: The resource increased by 27.5% overall, indicating growth.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 6.24

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-35)

Los Pumas Manganese Project · aluminum

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: aluminum
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 5.74
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas includes a significant aluminum grade, which could be a valuable byproduct.

- Positive factor: Significant aluminum grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 5.74

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-36)

Los Pumas Manganese Project · iron\_ore

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: iron\_ore
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 2.84
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas includes a significant iron oxide grade, which could be a valuable byproduct.

- Positive factor: Significant iron oxide grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 2.84

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-37)

Los Pumas Manganese Project · potassium

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: potassium
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 2.95
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas includes a significant potassium grade, which could be a valuable byproduct.

- Positive factor: Significant potassium grade as a potential byproduct.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 2.95

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-38)

Los Pumas Manganese Project · phosphorus

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: phosphorus
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 0.05
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas includes a low phosphorus grade, which is likely a minor component.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: Low phosphorus grade, likely not a primary economic driver.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 0.05

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-resource-facts-39)

Los Pumas Manganese Project · silicon\_dioxide

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: silicon\_dioxide
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bb259697ea23580166e
- Deposit or zone: Los Pumas

#### Resource Data

- Category: inferred
- Tonnes: 30264753
- Grade: 56.5
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-05-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: The total Indicated plus Inferred resource for Los Pumas includes a high silicon dioxide grade, which is a significant component of the material.

- Positive factor: High silicon dioxide grade, which can be relevant for certain industrial applications or processing considerations.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards.

- Negative factor: A significant portion of the total resource is in the Inferred category, which has lower geological confidence.

Evidence · table

> 56.50

Context: 30,264,753

#### Tags used in scoring

**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 3.4 years before this release

## Metallurgical Results (4)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-metallurgical-facts-40)

Llahuin Copper-Gold-Molybdenum Project · copper

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: copper
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: closed circuit flotation testwork
- Sample: Preliminary closed circuit flotation testwork, range 84-91%

#### Recovery

- Recovery: 87.5 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Preliminary closed circuit flotation testwork shows strong copper recovery with no deleterious elements, which is a positive indicator for the Llahuin project's processing.

- Positive factor: Strong copper recovery for flotation, indicating good amenability to processing.

- Positive factor: Confirmation of no deleterious elements, which is positive for concentrate quality.

- Negative factor: Testwork is preliminary and still to be optimized, suggesting further work is needed.

Evidence · text

> Cu 84–91%

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-metallurgical-facts-41)

Llahuin Copper-Gold-Molybdenum Project · gold

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: closed circuit flotation testwork
- Sample: Preliminary closed circuit flotation testwork, range 41-57%

#### Recovery

- Recovery: 49 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Preliminary closed circuit flotation testwork shows low gold recovery, which is a concern for the Llahuin project's processing and requires further optimization.

- Positive factor: Confirmation of no deleterious elements, which is positive for concentrate quality.

- Negative factor: Low gold recovery for flotation, indicating potential challenges or need for optimization.

- Negative factor: Testwork is preliminary and still to be optimized, suggesting further work is needed.

Evidence · text

> Au 41–57%

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-metallurgical-facts-42)

Llahuin Copper-Gold-Molybdenum Project · molybdenum

#### Identity

- Project: Llahuin Copper-Gold-Molybdenum Project
- Commodity: molybdenum
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: closed circuit flotation testwork
- Sample: Preliminary closed circuit flotation testwork, range ~14-56%

#### Recovery

- Recovery: 35 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Preliminary closed circuit flotation testwork shows low molybdenum recovery, which is a concern for the Llahuin project's processing and requires further optimization.

- Positive factor: Confirmation of no deleterious elements, which is positive for concentrate quality.

- Negative factor: Low molybdenum recovery for flotation, indicating potential challenges or need for optimization.

- Negative factor: Testwork is preliminary and still to be optimized, suggesting further work is needed.

Evidence · text

> Mo ~14–56%

### DMS

[Link to this fact](https://atlas-staging.minestarters.com/news/suh-annual-report-to-shareholders--5e6d16df-aafe-40cf-9d8e-21d59275506e#fact-metallurgical-facts-43)

Los Pumas Manganese Project · manganese

#### Identity

- Project: Los Pumas Manganese Project
- Commodity: manganese
- Region: chile
- Reported Region: Chile
- Ticker: SUH

#### Test Work

- Test Type: DMS
- Processing Route: DMS
- Sample: Concentrates achievable by DMS with low impurities and high silica product, greater than 38% Mn

#### Recovery

- Conc. Grade: 38
- Conc. Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-22T00:00:00.000Z

Reasoning: Metallurgical studies demonstrate that high-grade manganese concentrates with low impurities are achievable for Los Pumas, which is a strong positive for project development.

- Positive factor: High manganese concentrate grade achievable by DMS, indicating good processing potential.

- Positive factor: Low impurities and high silica product are positive for concentrate quality and marketability.

Evidence · text

> greater than 38% Mn concentrates are achievable by DMS with low impurities and high silica product

#### Tags used in scoring

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: processing\_route matches the gravity signal

## 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.