# TER: FY2026 Audited Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149410 Publisher: asx Original announcement: 2026-10-06T22:33:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-06T23:13:16.105Z Atlas analysis updated: 2026-10-06T23:13:16.105Z - Company: TerraCom Limited - Ticker: TER - Exchange: ASX - Region: Unavailable - Primary commodity: Coal - Secondary commodities: None reported - Document categories: Other, Resource update, Production - Extracted: 2026-10-06 23:13:16 UTC Narrative sentiment: -0.80 · Bearish ## Minestarters Atlas summary TerraCom Limited reported its FY2026 audited annual results, revealing a net loss of A$155.5 million and significant non-cash impairments totaling A$103.5 million on its Blair Athol mine and South African assets. The company also disclosed a material uncertainty regarding its ability to continue as a going concern, citing production challenges at Blair Athol and increased reliance on new funding arrangements. Operational performance at Blair Athol was below plan, and the North Block Complex mine life was reduced from eight to two years, leading to a full impairment. Reasoning: TerraCom Limited reported a significant net loss and substantial non-cash impairments on its Blair Athol mine and South African assets, leading to a material uncertainty about its ability to continue as a going concern. Production at Blair Athol was below plan, and the North Block Complex mine life was significantly reduced. - Negative factor: Significant non-cash impairments on key assets - Negative factor: Substantial net loss after tax - Negative factor: Material uncertainty regarding going concern - Negative factor: Production below plan at Blair Athol - Negative factor: Increased operating costs - Negative factor: Reduced mine life for North Block Complex - Negative factor: Disposal of South African assets being pursued Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 76 ## Classification and evidence **Going Concern Uncertainty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The financial statements disclose a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. Evidence · text > a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. **Impairment Recognized** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company recognized a non-cash impairment of $53.0 million on the Blair Athol mine and $50.5 million on South African associates. Evidence · text > A non-cash impairment of $53.0 million on the Blair Athol mine \(property, plant and equipment\)... Non-cash impairments of $50.5 million on the Group's South African associates **Production Below Plan** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Performance at Blair Athol Mine has not been at the expected level, and coal sales for the year were below guidance. Evidence · text > Performance at our Blair Athol Mine has not been at the level the Board, management or our shareholders expect. Operational challenges experienced during the June quarter continued into the early part of FY2027, affecting production, sales volumes and the Company’s near-term working capital position. **Mine Life Reduction** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The proven reserves for North Block Complex reduced from approximately 40Mt to 8.8Mt, reducing the remaining mine life from eight years to two years. Evidence · text > the proven reserves supporting the impairment assessment reduced from approximately 40Mt to 8.8Mt, reflecting depletion from mining and the exclusion of reserves no longer expected to be economically recovered... This reduced the remaining mine life from approximately eight years to two years. **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Group has signed term sheets for a US$20 million coal prepayment agreement to secure additional liquidity. Evidence · text > The Group has signed term sheets to enter into a US$20 million coal prepayment agreement with an international coal trader **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document includes updated JORC Resources and Reserves Statements for various projects. Evidence · text > JORC RESOURCES AND RESERVES STATEMENT ## Extracted facts Stored fact records: 53. Some facts used in scoring do not have a stored record. ## Resource Estimates (53) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-11) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:67fb51fd58b447e244e2 #### Resource Data - Category: proven - Tonnes: 13900000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The Blair Athol mine has a significant amount of proved thermal coal reserves, indicating a high level of geological confidence. - Positive factor: Proved reserves provide high confidence Evidence · table > 13.9 Context: 16 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-12) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:211cb442c2c85ae92631 #### Resource Data - Category: probable - Tonnes: 2100000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The Blair Athol mine has probable thermal coal reserves, adding to the overall resource base with reasonable confidence. Evidence · table > 2.1 Context: 16 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-13) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:eb9a5d60da28387b773c #### Resource Data - Category: probable - Tonnes: 16000000 #### Prior Estimate - Resource Date: 2025-10-15 - Prior Tonnes: 18000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total recoverable reserves at Blair Athol decreased from the prior year, indicating a reduction in the economically extractable portion of the resource. - Negative factor: Overall reserve tonnage decreased compared to prior year Evidence · table > 16 Context: 16 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 16000000 against 18000000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-14) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:be753ff9e88032dd4956 #### Resource Data - Category: proven - Tonnes: 11200000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Blair Athol has a substantial amount of proved marketable reserves, indicating a high confidence in the saleable portion of the resource. - Positive factor: Proved marketable reserves provide high confidence for sales Evidence · table > 11.2 Context: 12.5 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-15) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:897239ee7780afb76192 #### Resource Data - Category: probable - Tonnes: 1300000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Blair Athol has probable marketable reserves, contributing to the overall saleable resource base with reasonable confidence. Evidence · table > 1.3 Context: 12.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-16) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Hayden Jones - Resource group id: resource:9ee45f57aa5bb82582cb #### Resource Data - Category: probable - Tonnes: 12500000 #### Prior Estimate - Resource Date: 2025-10-15 - Prior Tonnes: 14000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total marketable reserves at Blair Athol decreased from the prior year, indicating a reduction in the saleable portion of the resource. - Negative factor: Overall marketable reserve tonnage decreased compared to prior year Evidence · table > 12.5 Context: 12.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 12500000 against 14000000 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-17) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:e288cd2ded527513a23e #### Resource Data - Category: measured - Tonnes: 19000000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Blair Athol has a significant measured resource, indicating a high level of geological confidence and well-established tonnage. - Positive factor: High confidence in measured resource Evidence · table > 19 Context: 25 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-18) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:6426aaed94d98c2d0f88 #### Resource Data - Category: indicated - Tonnes: 5000000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Blair Athol has indicated thermal coal resources, providing reasonable geological confidence for future planning. Evidence · table > 5 Context: 25 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-19) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:afacf9403e2151a7ffb0 #### Resource Data - Category: inferred - Tonnes: 1000000 #### Prior Estimate - Resource Date: 2025-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Blair Athol has inferred thermal coal resources, representing a speculative category with limited drilling. Evidence · table > 1 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-20) Blair Athol · thermal coal #### Identity - Project: Blair Athol - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Greg Jones - Resource group id: resource:1fd65e712dc3415b5c9d #### Resource Data - Category: inferred - Tonnes: 25000000 #### Prior Estimate - Resource Date: 2025-10-15 - Prior Tonnes: 27000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources at Blair Athol decreased from the prior year, primarily due to mining depletion and geological model revisions. - Negative factor: Overall resource tonnage decreased compared to prior year Evidence · table > 25 Context: 25 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 25000000 against 27000000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-21) Springsure · pci coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: pci coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:780dc486bbe57e08c885 - Ownership percent: 90.07 % #### Resource Data - Category: indicated - Tonnes: 43000000 #### Prior Estimate - Resource Date: 2013-11-29 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Springsure has an indicated resource of PCI coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 43 Context: 191 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-22) Springsure · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:780dc486bbe57e08c885 - Ownership percent: 90.07 % #### Resource Data - Category: indicated - Tonnes: 43000000 #### Prior Estimate - Resource Date: 2013-11-29 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Springsure has an indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 43 Context: 191 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-23) Springsure · pci coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: pci coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:2dbb8d00a338dc2a3930 - Ownership percent: 90.07 % #### Resource Data - Category: inferred - Tonnes: 148000000 #### Prior Estimate - Resource Date: 2013-11-29 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Springsure has an inferred resource of PCI coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 148 Context: 191 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-24) Springsure · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:2dbb8d00a338dc2a3930 - Ownership percent: 90.07 % #### Resource Data - Category: inferred - Tonnes: 148000000 #### Prior Estimate - Resource Date: 2013-11-29 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Springsure has an inferred resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 148 Context: 191 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-25) Springsure · pci coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: pci coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:4800ca84cb2ad68991e8 - Ownership percent: 90.07 % #### Resource Data - Category: inferred - Tonnes: 191000000 #### Prior Estimate - Resource Date: 2013-11-29 - Prior Tonnes: 191000000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Springsure remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 191 Context: 191 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-26) Springsure · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Springsure - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:4800ca84cb2ad68991e8 - Ownership percent: 90.07 % #### Resource Data - Category: inferred - Tonnes: 191000000 #### Prior Estimate - Resource Date: 2013-11-29 - Prior Tonnes: 191000000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-11-29T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Springsure remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 191 Context: 191 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-27) Hughenden · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Hughenden - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Biggs - Resource group id: resource:978dc9712e95fbf7d102 #### Resource Data - Category: indicated - Tonnes: 133000000 #### Prior Estimate - Resource Date: 2013-02-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Hughenden has an indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 133 Context: 1,209 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-28) Hughenden · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Hughenden - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Biggs - Resource group id: resource:8a76134fb7c39e5979d8 #### Resource Data - Category: inferred - Tonnes: 1076000000 #### Prior Estimate - Resource Date: 2013-02-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Hughenden has a large inferred resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 1,076 Context: 1,209 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-29) Hughenden · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Hughenden - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Biggs - Resource group id: resource:b373b2e45b6407adad2c #### Resource Data - Category: inferred - Tonnes: 1209000000 #### Prior Estimate - Resource Date: 2013-02-08 - Prior Tonnes: 1209000000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Hughenden remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 1,209 Context: 1,209 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-30) Clyde Park · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Clyde Park - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:29e3d6cf9612b13ce92d - Ownership percent: 64.4 % #### Resource Data - Category: indicated - Tonnes: 51000000 #### Prior Estimate - Resource Date: 2013-02-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Clyde Park has an indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 51 Context: 728 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-31) Clyde Park · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Clyde Park - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:24a936557d6dead7141e - Ownership percent: 64.4 % #### Resource Data - Category: inferred - Tonnes: 677000000 #### Prior Estimate - Resource Date: 2013-02-08 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Clyde Park has a large inferred resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 677 Context: 728 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-32) Clyde Park · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Clyde Park - Commodity: thermal coal - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kim Maloney - Resource group id: resource:bee12f42bcb87d45df52 - Ownership percent: 64.4 % #### Resource Data - Category: inferred - Tonnes: 728000000 #### Prior Estimate - Resource Date: 2013-02-08 - Prior Tonnes: 728000000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-08T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Clyde Park remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 728 Context: 728 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-33) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren - Resource group id: resource:c2a250953050b12e06d6 - Ownership percent: 49 % #### Resource Data - Category: proven - Tonnes: 24900000 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: New Clydesdale Colliery has a significant amount of proved thermal coal reserves, indicating a high level of geological confidence. - Positive factor: Proved reserves provide high confidence Evidence · table > 24.9 Context: 40.0 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-34) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren - Resource group id: resource:b146628706fb55409929 - Ownership percent: 49 % #### Resource Data - Category: probable - Tonnes: 15100000 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: New Clydesdale Colliery has probable thermal coal reserves, adding to the overall resource base with reasonable confidence. Evidence · table > 15.1 Context: 40.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-35) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren - Resource group id: resource:2a4f2ab6548a8c55c6fb - Ownership percent: 49 % #### Resource Data - Category: probable - Tonnes: 40000000 #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 40900000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total recoverable reserves at New Clydesdale Colliery saw a minor decrease from the prior year, indicating a slight reduction in economically extractable coal. - Negative factor: Overall reserve tonnage slightly decreased compared to prior year Evidence · table > 40.0 Context: 40.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 40000000 against 40900000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-36) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren - Resource group id: resource:b281fede2f74a6796ae0 - Ownership percent: 49 % #### Resource Data - Category: proven - Tonnes: 8800000 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: North Block Complex has a notable amount of proved thermal coal reserves, indicating a high level of geological confidence. - Positive factor: Proved reserves provide high confidence Evidence · table > 8.8 Context: 8.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-37) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren - Resource group id: resource:b281fede2f74a6796ae0 - Ownership percent: 49 % #### Resource Data - Category: proven - Tonnes: 8800000 #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 40100000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total recoverable reserves at North Block Complex saw a drastic reduction from the prior year, significantly impacting its mine life and future potential. - Negative factor: Significant reduction in overall reserve tonnage compared to prior year - Negative factor: Reduced mine life Evidence · table > 8.8 Context: 8.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 8800000 against 40100000 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-38) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren, Sachin Sewpersadh - Resource group id: resource:3f24aa5162306665e14a - Ownership percent: 48.9 % #### Resource Data - Category: probable - Tonnes: 6300000 #### Prior Estimate - Resource Date: 2015-01-13 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Ubuntu Colliery has probable thermal coal reserves, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 6.3 Context: 6.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-39) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phillip van Vuuren, Sachin Sewpersadh - Resource group id: resource:3f24aa5162306665e14a - Ownership percent: 48.9 % #### Resource Data - Category: probable - Tonnes: 6300000 #### Prior Estimate - Resource Date: 2015-01-13 - Prior Tonnes: 6300000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total recoverable reserves for Ubuntu Colliery remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 6.3 Context: 6.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-40) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Killion Molele - Resource group id: resource:e32a7651742a8ebebf74 - Ownership percent: 49 % #### Resource Data - Category: measured - Tonnes: 59500000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: New Clydesdale Colliery has a significant measured resource, indicating a high level of geological confidence and well-established tonnage. - Positive factor: High confidence in measured resource Evidence · table > 59.5 Context: 98.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-41) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Killion Molele - Resource group id: resource:6b2c3067818b97508447 - Ownership percent: 49 % #### Resource Data - Category: indicated - Tonnes: 31400000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: New Clydesdale Colliery has indicated thermal coal resources, providing reasonable geological confidence for future planning. Evidence · table > 31.4 Context: 98.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-42) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Killion Molele - Resource group id: resource:61de3fabe0690ccaf25e - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 7700000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: New Clydesdale Colliery has inferred thermal coal resources, representing a speculative category with limited drilling. Evidence · table > 7.7 Context: 98.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-43) New Clydesdale Colliery · thermal coal #### Identity - Project: New Clydesdale Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Killion Molele - Resource group id: resource:c3a87aaa6a600c1fbd39 - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 98600000 #### Prior Estimate - Resource Date: 2026-07-01 - Prior Tonnes: 105500000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources at New Clydesdale Colliery decreased from the prior year, indicating a reduction in the overall resource base. - Negative factor: Overall resource tonnage decreased compared to prior year Evidence · table > 98.6 Context: 98.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 98600000 against 105500000 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-44) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lydia Motedi - Resource group id: resource:c49433c1e1312bc1aa18 - Ownership percent: 49 % #### Resource Data - Category: measured - Tonnes: 63800000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: North Block Complex has a significant measured resource, indicating a high level of geological confidence and well-established tonnage. - Positive factor: High confidence in measured resource Evidence · table > 63.8 Context: 79.7 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-45) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lydia Motedi - Resource group id: resource:2d12467bb56efa932685 - Ownership percent: 49 % #### Resource Data - Category: indicated - Tonnes: 9200000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: North Block Complex has indicated thermal coal resources, providing reasonable geological confidence for future planning. Evidence · table > 9.2 Context: 79.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-46) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lydia Motedi - Resource group id: resource:75d6bea4ceb1ece53668 - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 6700000 #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: North Block Complex has inferred thermal coal resources, representing a speculative category with limited drilling. Evidence · table > 6.7 Context: 79.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-47) North Block Complex · thermal coal #### Identity - Project: North Block Complex - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lydia Motedi - Resource group id: resource:b542a65faab7f5012885 - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 79700000 #### Prior Estimate - Resource Date: 2026-07-01 - Prior Tonnes: 84700000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources at North Block Complex decreased from the prior year, indicating a reduction in the overall resource base. - Negative factor: Overall resource tonnage decreased compared to prior year Evidence · table > 79.7 Context: 79.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 79700000 against 84700000 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-48) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Sachin Sewpersadh - Resource group id: resource:d5c5053e5e927678944b - Ownership percent: 48.9 % #### Resource Data - Category: measured - Tonnes: 20600000 #### Prior Estimate - Resource Date: 2015-01-13 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Ubuntu Colliery has a measured resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 20.6 Context: 36.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-49) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Sachin Sewpersadh - Resource group id: resource:04eb6d3944fd29b32187 - Ownership percent: 48.9 % #### Resource Data - Category: indicated - Tonnes: 2000000 #### Prior Estimate - Resource Date: 2015-01-13 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Ubuntu Colliery has an indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 2.0 Context: 36.9 #### 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: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-50) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Sachin Sewpersadh - Resource group id: resource:84d807b238e426cc9b2d - Ownership percent: 48.9 % #### Resource Data - Category: inferred - Tonnes: 14300000 #### Prior Estimate - Resource Date: 2015-01-13 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Ubuntu Colliery has inferred thermal coal resources, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 14.3 Context: 36.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-51) Ubuntu Colliery · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Ubuntu Colliery - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Sachin Sewpersadh - Resource group id: resource:d29817e872e7239a3ce1 - Ownership percent: 48.9 % #### Resource Data - Category: inferred - Tonnes: 36900000 #### Prior Estimate - Resource Date: 2015-01-13 - Prior Tonnes: 36900000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-13T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Ubuntu Colliery remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 36.9 Context: 36.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-52) Eloff Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Eloff Project - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:195c88b53aa5cf6ecf7d - Ownership percent: 49 % #### Resource Data - Category: measured - Tonnes: 399300000 #### Prior Estimate - Resource Date: 2017-07-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-07-01T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Eloff Project has a large measured resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 399.3 Context: 695.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-53) Eloff Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Eloff Project - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:101f8ca96cd7c2cda967 - Ownership percent: 49 % #### Resource Data - Category: indicated - Tonnes: 188400000 #### Prior Estimate - Resource Date: 2017-07-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-07-01T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Eloff Project has an indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 188.4 Context: 695.2 #### 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: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-54) Eloff Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Eloff Project - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:49577811135b06aa01a7 - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 107500000 #### Prior Estimate - Resource Date: 2017-07-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-07-01T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Eloff Project has an inferred resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 107.5 Context: 695.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-55) Eloff Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Eloff Project - Commodity: thermal coal - Region: mpumalanga province - Reported Region: Mpumalanga Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:38fea44e7fe59baa7a0a - Ownership percent: 49 % #### Resource Data - Category: inferred - Tonnes: 695200000 #### Prior Estimate - Resource Date: 2017-07-01 - Prior Tonnes: 695200000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-07-01T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Eloff Project remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 695.2 Context: 695.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-56) Berenice/Cygnus Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: thermal coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:7cc2c8b9dfa579065427 - Ownership percent: 50 % #### Resource Data - Category: measured - Tonnes: 424900000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has a large measured resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 424.9 Context: 1,350.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-57) Berenice/Cygnus Project · metallurgical coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: metallurgical coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:7cc2c8b9dfa579065427 - Ownership percent: 50 % #### Resource Data - Category: measured - Tonnes: 424900000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has a large measured resource of metallurgical coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 424.9 Context: 1,350.1 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-58) Berenice/Cygnus Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: thermal coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:11680ba13a600d35145d - Ownership percent: 50 % #### Resource Data - Category: indicated - Tonnes: 800900000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has a large indicated resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 800.9 Context: 1,350.1 #### 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: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-59) Berenice/Cygnus Project · metallurgical coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: metallurgical coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:11680ba13a600d35145d - Ownership percent: 50 % #### Resource Data - Category: indicated - Tonnes: 800900000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has a large indicated resource of metallurgical coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 800.9 Context: 1,350.1 #### 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: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-60) Berenice/Cygnus Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: thermal coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:7f7c8730e98354a16eea - Ownership percent: 50 % #### Resource Data - Category: inferred - Tonnes: 124300000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has an inferred resource of thermal coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 124.3 Context: 1,350.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-61) Berenice/Cygnus Project · metallurgical coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: metallurgical coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:7f7c8730e98354a16eea - Ownership percent: 50 % #### Resource Data - Category: inferred - Tonnes: 124300000 #### Prior Estimate - Resource Date: 2013-02-23 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Berenice/Cygnus Project has an inferred resource of metallurgical coal, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 124.3 Context: 1,350.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-62) Berenice/Cygnus Project · thermal coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: thermal coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:786e4b61bd7550a01a11 - Ownership percent: 50 % #### Resource Data - Category: inferred - Tonnes: 1350100000 #### Prior Estimate - Resource Date: 2013-02-23 - Prior Tonnes: 1350100000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Berenice/Cygnus Project remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 1,350.1 Context: 1,350.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ter-fy2026-audited-annual-report--5e372ddb-fa6a-459d-9825-1092600ebe9c#fact-resource-facts-63) Berenice/Cygnus Project · metallurgical coal Historical result Needs review: historical\_restatement #### Identity - Project: Berenice/Cygnus Project - Commodity: metallurgical coal - Region: limpopo province - Reported Region: Limpopo Province - Ticker: TER #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Nico Denner - Resource group id: resource:786e4b61bd7550a01a11 - Ownership percent: 50 % #### Resource Data - Category: inferred - Tonnes: 1350100000 #### Prior Estimate - Resource Date: 2013-02-23 - Prior Tonnes: 1350100000 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-23T00:00:00.000Z #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: Total resources for Berenice/Cygnus Project remain unchanged from the prior year, but the estimate is historical, reducing its current relevance and confidence. - Negative factor: Estimate is historical and may not reflect current conditions Evidence · table > 1,350.1 Context: 1,350.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.