# TG6: Quarterly Activities/Appendix 5B Cash Flow Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153929 Publisher: asx Original announcement: 2026-10-18T22:53:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-18T23:03:21.105Z Atlas analysis updated: 2026-10-18T23:03:21.105Z - Company: TG Metals Limited - Ticker: TG6 - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Lithium, Rubidium, Tantalum, Iron ore, Magnesium - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-18 23:03:21 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary TG Metals Limited announced a positive Scoping Study for its Van Uden Gold Project, outlining strong financial metrics for a heap leach operation. The company also declared a maiden Inferred Mineral Resource Estimate for the Burmeister Lithium Deposit at Lake Johnston and reported encouraging metallurgical testwork results for both gold and lithium. A A$2.5 million capital raise was completed during the quarter, though the company's cash runway is limited to just over one quarter. Reasoning: TG Metals Limited reported a highly positive Scoping Study for its Van Uden Gold Project, a maiden Inferred Lithium Resource for the Burmeister deposit, and encouraging metallurgical testwork results for both projects. A capital raise was also completed, though the company's cash runway remains short. - Positive factor: Maiden Inferred Lithium Resource declared for the Burmeister deposit. - Positive factor: Van Uden Gold Heap Leach Scoping Study shows strong financial metrics with a 121.7% IRR and 12-month payback. - Positive factor: High gold recoveries of over 95% achieved in column leach tests for Van Uden laterite. - Positive factor: Good lithium recoveries \(75.5-80.2%\) and concentrate grades \(5.28-5.74% Li2O\) from Lake Johnston metallurgical testwork. - Positive factor: Successful capital raise of A$2.5 million provides funding. - Positive factor: Ore Processing and Profit Share agreement provides a near-term processing option for Van Uden stockpiles. - Negative factor: The Burmeister lithium resource is entirely in the Inferred category, indicating an early stage of confidence. - Negative factor: The Scoping Study results are preliminary with an accuracy of +/-35%. - Negative factor: The estimated quarters of funding available is low at 1.05 quarters, indicating short-term funding needs. - Negative factor: The gold price assumption of US$4,400/oz used in the Scoping Study is very high and may not be sustainable. Facts used in scoring: 10 ## Classification and evidence **Low Funding Runway** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company's estimated quarters of funding available is 1.05, indicating a short cash runway. Evidence · text > Estimated quarters of funding available \(item 8.6 divided by item 8.3\) 1.05 **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("DMS"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-1) Lake Johnston Lithium Project · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 1.18 - Grade Unit: % Li2O - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource for the Burmeister Lithium Deposit establishes a high-grade lithium inventory, but its classification as entirely Inferred indicates an early stage of confidence. This is a restatement of a previously announced resource. - Positive factor: Maiden resource estimate for the Burmeister deposit. - Positive factor: High-grade lithium \(1.18% Li2O\) suitable for Direct Shipping Ore \(DSO\) metrics. - Positive factor: JORC Code \(2012\) compliant and signed off by a Competent Person. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 1.18 Context: 6.71 #### 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: The entire resource estimate for Burmeister is classified as Inferred. Evidence · table > Inferred Context: 6.71 **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/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-2) Lake Johnston Lithium Project · rubidium Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: rubidium - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 3668 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Rubidium is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 3,668 Context: 6.71 #### 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: The entire resource estimate for Burmeister is classified as Inferred. Evidence · table > Inferred Context: 6.71 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-3) Lake Johnston Lithium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 104 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Tantalum is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 104 Context: 6.71 #### 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: The entire resource estimate for Burmeister is classified as Inferred. Evidence · table > Inferred Context: 6.71 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-4) Lake Johnston Lithium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 1.32 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Iron is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 1.32 Context: 6.71 #### 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: The entire resource estimate for Burmeister is classified as Inferred. Evidence · table > Inferred Context: 6.71 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-5) Lake Johnston Lithium Project · magnesium Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: magnesium - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 1.02 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Magnesium oxide is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 1.02 Context: 6.71 #### 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: The entire resource estimate for Burmeister is classified as Inferred. Evidence · table > Inferred Context: 6.71 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-resource-facts-9) Lake Johnston Lithium Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Lake Johnston Lithium Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:e14de12f0275bcf37850 - Deposit or zone: Burmeister Lithium Deposit #### Resource Data - Category: inferred - Tonnes: 6710000 - Grade: 1.32 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-08-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-18T00:00:00.000Z #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource for the Burmeister Lithium Deposit establishes a high-grade lithium inventory, but its classification as entirely Inferred indicates an early stage of confidence. This is a restatement of a previously announced resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden resource estimate for the Burmeister deposit. - Positive factor: High-grade lithium \(1.18% Li2O\) suitable for Direct Shipping Ore \(DSO\) metrics. - Positive factor: JORC Code \(2012\) compliant and signed off by a Competent Person. - Negative factor: The entire resource is in the Inferred category, indicating lower geological confidence. - Negative factor: This is a restatement of a previously announced resource. Evidence · table > 1.32 Context: 6.71 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ## Metallurgical Results (2) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-metallurgical-facts-0) Van Uden Gold Project · gold #### Identity - Project: Van Uden Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Test Work - Program Status: preliminary - Test Type: column leach - Processing Route: heap leach - Sample: laterite composites #### Recovery - Recovery: 81.3 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: A third column leach test for the Van Uden Gold Project achieved 81.3% gold recovery and was still leaching, indicating promising metallurgical performance for the heap leach route. - Positive factor: Good gold recovery of 81.3% achieved while still leaching. - Positive factor: Column leach tests are a good scale for preliminary metallurgical work. - Positive factor: Supports the proposed heap leach approach for the project. - Negative factor: The column was still leaching, implying the final recovery could be higher but is not yet known. Evidence · text > while a third 2 m column was still leaching at 81.3%. ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/tg6-quarterly-activities-appendix-5b-cash-flow-report--4e3283a6-cd68-475f-b315-36953b619c61#fact-metallurgical-facts-6) Lake Johnston Project · lithium #### Identity - Project: Lake Johnston Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: TG6 #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: Flotation/HLS concentration - Sample: spodumene-rich, relatively low-impurity material #### Recovery - Recovery: 80.2 % - Recovery Basis: actual\_test - Conc. Grade: 5.74 - Conc. Grade Unit: % Li2O #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Flotation/HLS tests for the Lake Johnston Lithium Project yielded high lithium recovery and high concentrate grades, indicating a viable processing route for the spodumene-rich material. - Positive factor: High lithium recovery of 80.2% achieved. - Positive factor: High concentrate grade of 5.74% Li2O. - Positive factor: Testwork indicates spodumene-rich, low-impurity material. Evidence · text > Flotation/HLS tests produced 75.5 – 80.2% lithium recovery into concentrates grading 5.28 – 5.74% Li2O. ## 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.