# TLG: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03151927 Publisher: asx Original announcement: 2026-10-13T21:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T22:40:17.224Z Atlas analysis updated: 2026-10-13T22:40:17.224Z - Company: Talga Group Ltd - Ticker: TLG - Exchange: ASX - Region: Northern Sweden - Primary commodity: Graphite - Secondary commodities: Iron ore - Document categories: Resource update, Capital raise, Permitting - Extracted: 2026-10-13 22:40:17 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Talga Group Ltd's Annual Report for 2026 highlights significant progress in commercializing its Vittangi Anode Project, including the commencement of commercial anode sales and securing all key permits. The company strengthened its financial position through successful capital raises and grant funding, while also updating its mineral resource and ore reserve estimates. Despite a widening net loss and challenging graphite markets, Talga advanced its technology and intellectual property portfolio, positioning itself for future growth in the battery materials sector. Reasoning: The Annual Report details significant operational progress, including the start of commercial anode sales, completion of FEED studies, and securing key permits for the Vittangi Anode Project. It also reports updated mineral resources and ore reserves, and successful capital raises, despite a widening net loss and challenging market conditions for graphite. - Positive factor: Commercial anode sales commenced - Positive factor: All key permits for Vittangi Anode Project are in force - Positive factor: Successful capital raises \(placement and SPP\) - Positive factor: Increased Vittangi Iron Project Mineral Resources - Positive factor: Strong intellectual property position with new patent grants - Positive factor: EU grant funding received - Positive factor: Development of recycled graphite anode product \(Talnode®-R\) - Negative factor: Net loss widened - Negative factor: Increased operating cash outflows - Negative factor: Graphite markets challenging due to Chinese oversupply - Negative factor: Relinquishment of some non-core tenements - Negative factor: Termination of Aero Project JV - Negative factor: Kiskama Cu-Co-Au exploration tenement expired - Negative factor: Reliance on future funding for Vittangi Anode Project Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 23 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-0) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:aee242c88b94c2e2dc2b - Deposit or zone: Nunasvaara South - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 8406000 - Grade: 25 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 25.0 Context: 8,406,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-1) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:892c20b32acfff71d745 - Deposit or zone: Nunasvaara South - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2737000 - Grade: 24.5 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 24.5 Context: 2,737,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-2) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:05ce4362263532d2c501 - Deposit or zone: Nunasvaara North - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4138000 - Grade: 27.6 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 27.6 Context: 4,138,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-3) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:6db6d7db8a8f7b282fb9 - Deposit or zone: Nunasvaara North - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1464000 - Grade: 17.2 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 17.2 Context: 1,464,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-4) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:80a8567824c66fce89a2 - Deposit or zone: Nunasvaara East - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2942000 - Grade: 23.5 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 23.5 Context: 2,942,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-5) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:e8cf9b0e1cbc3b47ad50 - Deposit or zone: Nunasvaara East - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1466000 - Grade: 23 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 23.0 Context: 1,466,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-6) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:dd5ec8f7cfe87e65cd66 - Deposit or zone: Niska North - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 7503000 - Grade: 23.3 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 23.3 Context: 7,503,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-7) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:410555a6e8cb1666074a - Deposit or zone: Niska North - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1621000 - Grade: 23 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 23.0 Context: 1,621,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-8) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:7bdd6869faaecc49ecd4 - Deposit or zone: Niska Link - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 974000 - Grade: 17.5 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 17.5 Context: 974,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-9) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:a192bfb034adbdd6e6fd - Deposit or zone: Niska Link - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 815000 - Grade: 20.3 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 20.3 Context: 815,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-10) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:68750d742d74c02fc85e - Deposit or zone: Niska South - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2728000 - Grade: 23.1 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Indicated Resource Evidence · table > 23.1 Context: 2,728,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-11) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:d5b411f92351f5106607 - Deposit or zone: Niska South - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 225000 - Grade: 19.7 - Grade Unit: % - Cutoff Grade: 10 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 19.7 Context: 225,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-12) Jalkunen Graphite Project · graphite #### Identity - Project: Jalkunen Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:c3804a6f3d9db58693ce - Deposit or zone: Jalkunen - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31500000 - Grade: 14.9 - Grade Unit: % - Contained Metal: 4.7 - Contained Unit: mt - Cutoff Grade: 5 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource, reported under JORC 2012 with disclosed cut-off and QP sign-off, but lower confidence due to inferred category. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource Evidence · table > 14.9 Context: 31,500,000 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-13) Raitajärvi Graphite Project · graphite #### Identity - Project: Raitajärvi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:41817eb63e00160bef0e - Deposit or zone: Raitajärvi - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 3400000 - Grade: 7.3 - Grade Unit: % - Cutoff Grade: 5 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated resource, but reported under JORC 2004, which is considered historical. - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Historical Estimate Only Evidence · table > 7.3 Context: 3,400,000 #### 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 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/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-14) Raitajärvi Graphite Project · graphite #### Identity - Project: Raitajärvi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:17371e24dde28ed8d992 - Deposit or zone: Raitajärvi - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 6.4 - Grade Unit: % - Contained Metal: 0.3 - Contained Unit: mt - Cutoff Grade: 5 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource, reported under JORC 2004, which is considered historical, and lower confidence due to inferred category. - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 6.4 Context: 900,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-15) Vittangi Iron Project · iron\_ore #### Identity - Project: Vittangi Iron Project - Commodity: iron\_ore - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:caebacad82c74b93cc4a - Deposit or zone: Kuusi Nunasvaara - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 46100000 - Grade: 28.7 - Grade Unit: % - Contained Metal: 14.7 - Contained Unit: mt - Cutoff Grade: 15 - Cutoff Unit: % Fe #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource, reported under JORC 2004, but shows tonnage growth due to re-inclusion of previously reported material. - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Tonnage Growth - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 28.7 Context: 46,100,000 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-16) Vittangi Iron Project · iron\_ore #### Identity - Project: Vittangi Iron Project - Commodity: iron\_ore - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:b5d5219ce540bee19811 - Deposit or zone: Jänkkä - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 4500000 - Grade: 33 - Grade Unit: % - Cutoff Grade: 15 - Cutoff Unit: % Fe #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred resource, reported under JORC 2004, which is considered historical. - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 33.0 Context: 4,500,000 #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/tlg-annual-report-to-shareholders--36152446-fb71-4d66-a01a-21e3a30ae71c#fact-resource-facts-17) Vittangi Graphite Project · graphite #### Identity - Project: Vittangi Graphite Project - Commodity: graphite - Region: sweden - Reported Region: Northern Sweden - Ticker: TLG #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ms Katharine Masun, Mr John Walker - Resource group id: resource:48854426acb2dece78f7 - Deposit or zone: Nunasvaara - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 2326000 - Grade: 22.9 - Grade Unit: % - Contained Metal: 0.53 - Contained Unit: mt - Cutoff Grade: 13.7 - Cutoff Unit: % Cg #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Probable Ore Reserve for a key project, reported under JORC 2012 with disclosed cut-off and QP sign-off. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Positive factor: Probable Reserve Evidence · table > 22.9 Context: 2,326,000 #### 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 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 ## 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.