# TMS: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145333

Publisher: asx

Original announcement: 2026-09-29T04:14:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-29T15:28:00.596Z

Atlas analysis updated: 2026-09-29T15:28:00.596Z

- Company: Tennant Minerals Limited

- Ticker: TMS

- Exchange: ASX

- Region: Northern Territory, Australia

- Primary commodity: Copper

- Secondary commodities: Gold, Silver, Bismuth

- Document categories: Drill results, Resource update, Metallurgy

- Extracted: 2026-09-29 15:28:01 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Tennant Minerals Limited announced a maiden Open-Pit Mineral Resource Estimate for its Bluebird copper-gold discovery, totaling 1.58 Mt at 3.00% CuEq, with 78% of contained copper equivalent metal in the Indicated category. New diamond drilling results from BBDD0050 confirmed high-grade gold, copper, and bismuth mineralization, extending the zone down-plunge. Historical metallurgical test work demonstrated excellent copper recoveries of up to 90% into a high-grade concentrate.

Reasoning: Tennant Minerals Limited announced a maiden, high-grade copper-gold Mineral Resource Estimate with a high proportion of Indicated resources, confirmed new high-grade gold-copper-bismuth drill intercepts extending mineralization, and reported excellent copper recoveries from historical metallurgical test work, all of which significantly de-risk and advance the Bluebird project.

- Positive factor: Maiden MRE establishes a significant resource base for the project.

- Positive factor: High proportion of Indicated resources \(78% contained CuEq\) de-risks the project.

- Positive factor: New high-grade drill intercepts extend mineralization down-plunge and to the west.

- Positive factor: Re-assaying confirmed repeatability of high-grade drill results, increasing confidence.

- Positive factor: Excellent copper recoveries demonstrated in metallurgical test work.

- Negative factor: Metal equivalent assumptions for MRE and drill results are not disclosed in this document.

- Negative factor: Gold recovery from flotation needs further test work \(gravity and cyanidation\).

- Negative factor: Drill intercepts are reported as downhole lengths without true width disclosure.

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

Facts used in scoring: 24

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document announces the company's first formal Mineral Resource Estimate for the Bluebird discovery.

Evidence · text

> The Company announced its maiden, high-grade, copper-gold Open-Pit Mineral Resource Estimate \(MRE\) for the portion of the Bluebird discovery \(to 180m below surface\)

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The MRE includes a significant portion classified as Indicated, indicating reasonable geological confidence.

Evidence · text

> Indicated: 1.07Mt @ 3.43%CuEq\*

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The MRE includes a portion classified as Inferred, which is a speculative category with limited drilling.

Evidence · text

> Inferred: 0.51Mt @ 2.08% CuEq\*

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The report includes a Competent Persons Declaration by Mr Chris Ramsay, a Fellow of the AusIMM, for exploration results which underpin the MRE.

Evidence · text

> The information in this report that relates to exploration results is based on information compiled and/or reviewed by Mr Chris Ramsay. Mr Ramsay is the General Manager Geology at Tennant Minerals Ltd and a Fellow of the Australian Institute of Mining and Metallurgy \(FAusIMM\).

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resource Estimate is stated to be compiled under the JORC 2012 reporting guidelines.

Evidence · text

> The Bluebird Deposit has a new Mineral Resource Estimate compiled in October 2025 under the ‘Joint Ore Reserves Committee’ \(JORC\) 2012 reporting guidelines.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The MRE table explicitly states the 0.3% Copper Equivalent cut-off grade used.

Evidence · text

> Table 1. Bluebird Mineral Resource Estimate by Classification October 2025 \(0.3% Copper Equivalent1 cut-off\)

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: The copper equivalent grades are reported without disclosing the price, recovery, or payability assumptions used in this document.

Evidence · text

> 1.58Mt @ 3.00%CuEq\* \(1.30% Cu, 1.04g/t Au, 2.67g/t Ag, 839 g/t Bi\) containing 47,400t CuEq, incl.,

**Bonanza Intercept**

Polarity: positive

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

Why it applies: The drill intercept in BBDD0050 includes a sub-interval of 0.55m at 47.2 g/t Au, 9.3% Cu and 12.0% Bi, which are exceptionally high grades.

Evidence · text

> incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The new drilling in BBDD0050 extended the high-grade zone down-plunge and to the west, beyond previous results.

Evidence · text

> extended the thick high-grade zone of mineralisation at Bluebird down-plunge and to the west below previous gold assays results

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The release mentions re-testing of very high-grade core samples to evaluate repeatability, confirming the high-grade results.

Evidence · text

> The re-testing of the diamond drilling intersection in BBDD0050, which included 18m of intense hematite-quartz/jasper-sulphide breccia mineralisation with native copper, bismuth sulphides and specks of visible gold8, has confirmed and demonstrated the repeatability of the high-grade results.

**Apparent Width Only**

Polarity: negative

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

Why it applies: Drill intercepts are reported as downhole lengths \(e.g., '18m downhole'\) without any mention of true width or drill orientation relative to mineralization.

Evidence · text

> 18m @ 10.0g/t AuEq\* \(4.0 g/t Au, 1.9% Cu, 0.9% Bi,\) from 178m downhole;

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: The drill results consistently report significant bismuth grades, which can be a penalty element.

Evidence · text

> sub-intervals carrying high-grade gold, copper and bismuth grades

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The document re-states historical drill results from BBDD0021, referencing a news release from March 2023, without new assays or reinterpretation.

Evidence · text

> 24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD00219

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Metallurgical test work demonstrated excellent copper recoveries of up to 90%, which is at the exceptional band for flotation.

Evidence · text

> excellent copper recoveries of up to 90% into concentrate grading 24 to 29% copper

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The metallurgical test work was conducted on 'bulk samples' and described as 'initial test-work', implying bench-scale rather than pilot-scale continuous operation.

Evidence · text

> Previous metallurgical test-work on bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046 included crushing, grinding and flotation as well as gravity concentration tests.

**Byproduct Commodity**

Polarity: neutral

Definition: The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: Gold is explicitly mentioned as 'Gold reporting to the copper concentrate', indicating it is a byproduct rather than the primary focus of the flotation circuit.

Evidence · text

> Gold reporting to the copper concentrate \(grading between 1.5 g/t Au and 4 g/t Au\) showed gold recoveries of up to 79% Au.

**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 \("gravity"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 24. Some facts used in scoring do not have a stored record.

## Drill Results (14)

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-8)

Barkly · gold

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: gold
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 4
- Grade Unit: g/t
- Intercept: 18 m
- From: 178 m
- To: 196 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-196

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 10
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This new 18m intercept at 4.0 g/t Au \(10.0 g/t AuEq\) in BBDD0050 is a strong result, extending the high-grade gold zone and confirming mineralization at depth, with re-assays validating the grades.

- Positive factor: High-grade gold intercept \(4.0 g/t Au\) over a significant width \(18m\).

- Positive factor: Intercept extends mineralization down-plunge and to the west.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · text

> 18m @ 10.0g/t AuEq\* \(4.0 g/t Au, 1.9% Cu, 0.9% Bi,\) from 178m downhole;

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-9)

Barkly · copper

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: copper
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 1.9
- Grade Unit: %
- Intercept: 18 m
- From: 178 m
- To: 196 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-196

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 10
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This new 18m intercept at 1.9% Cu \(10.0 g/t AuEq\) in BBDD0050 is a strong result, extending the high-grade copper zone and confirming mineralization at depth, with re-assays validating the grades.

- Positive factor: High-grade copper intercept \(1.9% Cu\) over a significant width \(18m\).

- Positive factor: Intercept extends mineralization down-plunge and to the west.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · text

> 18m @ 10.0g/t AuEq\* \(4.0 g/t Au, 1.9% Cu, 0.9% Bi,\) from 178m downhole;

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-10)

Barkly · bismuth

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 0.9
- Grade Unit: %
- Intercept: 18 m
- From: 178 m
- To: 196 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-196

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 10
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This new 18m intercept at 0.9% Bi \(10.0 g/t AuEq\) in BBDD0050 is a strong result for a critical mineral, extending the high-grade zone, though bismuth can be a deleterious element.

- Positive factor: Significant bismuth grade \(0.9% Bi\) over a substantial width \(18m\).

- Positive factor: Bismuth is a critical mineral, adding value to the intercept.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

- Negative factor: Bismuth is a deleterious element, potentially incurring penalties.

Evidence · text

> 18m @ 10.0g/t AuEq\* \(4.0 g/t Au, 1.9% Cu, 0.9% Bi,\) from 178m downhole;

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-11)

Barkly · gold

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: gold
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 15.4
- Grade Unit: g/t
- Intercept: 4.55 m
- From: 178 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 34.3
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval of 4.55m at 15.4 g/t Au \(34.3 g/t AuEq\) is an exceptional high-grade result within BBDD0050, confirming a bonanza gold zone.

- Positive factor: Very high-grade gold intercept \(15.4 g/t Au\) over a good width \(4.55m\).

- Positive factor: This sub-interval significantly enhances the overall intercept's value.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · text

> incl. 4.55m @ 34.3 g/t AuEq\* \(15.4 g/t Au, 4.0% Cu and 3.5% Bi\) from 178m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-12)

Barkly · copper

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: copper
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 4
- Grade Unit: %
- Intercept: 4.55 m
- From: 178 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 34.3
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval of 4.55m at 4.0% Cu \(34.3 g/t AuEq\) is an exceptional high-grade result within BBDD0050, confirming a bonanza copper zone.

- Positive factor: Very high-grade copper intercept \(4.0% Cu\) over a good width \(4.55m\).

- Positive factor: This sub-interval significantly enhances the overall intercept's value.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · text

> incl. 4.55m @ 34.3 g/t AuEq\* \(15.4 g/t Au, 4.0% Cu and 3.5% Bi\) from 178m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-13)

Barkly · bismuth

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 3.5
- Grade Unit: %
- Intercept: 4.55 m
- From: 178 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:178-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Metal Eq. Grade: 34.3
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval of 4.55m at 3.5% Bi \(34.3 g/t AuEq\) is an exceptional high-grade result for a critical mineral within BBDD0050, though bismuth can be a deleterious element.

- Positive factor: Exceptional bismuth grade \(3.5% Bi\) over a good width \(4.55m\).

- Positive factor: Bismuth is a critical mineral, adding significant value to the intercept.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

- Negative factor: Bismuth is a deleterious element, potentially incurring penalties.

Evidence · text

> incl. 4.55m @ 34.3 g/t AuEq\* \(15.4 g/t Au, 4.0% Cu and 3.5% Bi\) from 178m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-14)

Barkly · gold

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: gold
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 47.2
- Grade Unit: g/t
- Intercept: 0.55 m
- From: 182 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:182-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This very high-grade gold intercept of 0.55m at 47.2 g/t Au in BBDD0050 is a bonanza result, though its narrow width limits overall materiality, with re-assays validating the grades.

- Positive factor: Bonanza grade gold intercept \(47.2 g/t Au\).

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Very narrow intercept \(0.55m\).

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-15)

Barkly · copper

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: copper
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 9.3
- Grade Unit: %
- Intercept: 0.55 m
- From: 182 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:182-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This very high-grade copper intercept of 0.55m at 9.3% Cu in BBDD0050 is a bonanza result, though its narrow width limits overall materiality, with re-assays validating the grades.

- Positive factor: Bonanza grade copper intercept \(9.3% Cu\).

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Very narrow intercept \(0.55m\).

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0050

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-16)

Barkly · bismuth

#### Identity

- Hole ID: BBDD0050
- Project: Barkly
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 12
- Grade Unit: %
- Intercept: 0.55 m
- From: 182 m
- To: 182.55 m
- Intercept Depth: 178 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0050:182-182.55

#### Location

- Location: Main Zone
- Loc. Source: document

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

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

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This very high-grade bismuth intercept of 0.55m at 12.0% Bi in BBDD0050 is a bonanza result for a critical mineral, though its narrow width limits overall materiality, and bismuth can be a deleterious element.

- Positive factor: Bonanza grade bismuth intercept \(12.0% Bi\).

- Positive factor: Bismuth is a critical mineral, adding significant value.

- Positive factor: Re-assaying confirmed repeatability of high-grade results.

- Negative factor: Very narrow intercept \(0.55m\).

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Bismuth is a deleterious element, potentially incurring penalties.

Evidence · text

> incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### BBDD0021

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-17)

Barkly · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BBDD0021
- Project: Barkly
- Commodity: gold
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 11.8
- Grade Unit: g/t
- Intercept: 24 m
- From: 163 m
- To: 187 m
- Intercept Depth: 163 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0021:163-187

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-03-07T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical intercept of 24m at 11.8 g/t Au in BBDD0021 is a strong result, but it is a re-statement of previously released data, limiting its novelty.

- Positive factor: High-grade gold intercept \(11.8 g/t Au\) over a significant width \(24m\).

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> 24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### BBDD0021

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-18)

Barkly · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BBDD0021
- Project: Barkly
- Commodity: copper
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 0.66
- Grade Unit: %
- Intercept: 24 m
- From: 163 m
- To: 187 m
- Intercept Depth: 163 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0021:163-187

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-03-07T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical intercept of 24m at 0.66% Cu in BBDD0021 is a moderate result, but it is a re-statement of previously released data, limiting its novelty.

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> 24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### BBDD0021

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-19)

Barkly · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BBDD0021
- Project: Barkly
- Commodity: gold
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 49.3
- Grade Unit: g/t
- Intercept: 5.7 m
- From: 163 m
- To: 168.7 m
- Intercept Depth: 163 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0021:163-168.7

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-03-07T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical sub-interval of 5.7m at 49.3 g/t Au in BBDD0021 is a bonanza result, but it is a re-statement of previously released data, limiting its novelty.

- Positive factor: Bonanza grade gold intercept \(49.3 g/t Au\).

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### BBDD0021

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-20)

Barkly · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BBDD0021
- Project: Barkly
- Commodity: copper
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 0.74
- Grade Unit: %
- Intercept: 5.7 m
- From: 163 m
- To: 168.7 m
- Intercept Depth: 163 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0021:163-168.7

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-03-07T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical sub-interval of 5.7m at 0.74% Cu in BBDD0021 is a moderate result, but it is a re-statement of previously released data, limiting its novelty.

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Reported as downhole length only, true width not disclosed.

Evidence · text

> incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### BBDD0021

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-drill-facts-21)

Barkly · bismuth

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BBDD0021
- Project: Barkly
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: australia\_nt
- Ticker: TMS

#### Geometry

- Grade: 0.72
- Grade Unit: %
- Intercept: 5.7 m
- From: 163 m
- To: 168.7 m
- Intercept Depth: 163 m

#### Classification

- Deposit Type: iocg
- Program: exploration
- Sample Type: drill
- Group ID: BBDD0021:163-168.7

#### QA/QC

- QP Signed: Yes

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: bismuth

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2023-03-07T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical sub-interval of 5.7m at 0.72% Bi in BBDD0021 is a significant result for a critical mineral, but it is a re-statement of previously released data, limiting its novelty.

- Positive factor: Significant bismuth grade \(0.72% Bi\) for a critical mineral.

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Reported as downhole length only, true width not disclosed.

- Negative factor: Bismuth is a deleterious element, potentially incurring penalties.

Evidence · text

> incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-0)

Barkly Project · copper

#### Identity

- Project: Barkly Project
- Commodity: copper
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:cd6f8482a7104b1c8991
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 1070000
- Grade: 1.43
- Grade Unit: %
- Contained Metal: 15400
- Contained Unit: t
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 3.43
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The maiden Indicated resource of 1.07 Mt at 1.43% Cu is a significant and high-confidence component of the overall resource, providing a strong basis for future studies.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Positive factor: High proportion of Indicated category \(68% of tonnage\) indicates good geological confidence.

- Positive factor: Grade of 1.43% Cu is strong for an open-pit IOCG deposit.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 1.43

Context: 1,070,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-1)

Barkly Project · gold

#### Identity

- Project: Barkly Project
- Commodity: gold
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:cd6f8482a7104b1c8991
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 1070000
- Grade: 1.26
- Grade Unit: g/t
- Contained Metal: 43500
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 3.43
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The maiden Indicated resource of 1.07 Mt at 1.26 g/t Au is a significant and high-confidence component of the overall resource, contributing to the project's polymetallic nature.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Positive factor: High proportion of Indicated category \(68% of tonnage\) indicates good geological confidence.

- Positive factor: Grade of 1.26 g/t Au is moderate for an open-pit IOCG deposit.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 1.26

Context: 1,070,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-2)

Barkly Project · silver

#### Identity

- Project: Barkly Project
- Commodity: silver
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:cd6f8482a7104b1c8991
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 1070000
- Grade: 3.47
- Grade Unit: g/t
- Contained Metal: 119300
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 3.43
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The maiden Indicated resource includes 3.47 g/t Ag, adding to the polymetallic nature of the deposit, though silver grades are not exceptionally high.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Positive factor: High proportion of Indicated category \(68% of tonnage\) indicates good geological confidence.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 3.47

Context: 1,070,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-3)

Barkly Project · bismuth

#### Identity

- Project: Barkly Project
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:cd6f8482a7104b1c8991
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 1070000
- Grade: 824
- Grade Unit: g/t
- Contained Metal: 882
- Contained Unit: t
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 3.43
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The maiden Indicated resource includes 824 g/t Bi, which is a significant grade for a critical mineral, enhancing the project's overall value proposition.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Positive factor: High proportion of Indicated category \(68% of tonnage\) indicates good geological confidence.

- Positive factor: Bismuth is a critical mineral and its presence adds value.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 824

Context: 1,070,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-4)

Barkly Project · copper

#### Identity

- Project: Barkly Project
- Commodity: copper
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:63f0f912202d5050fa25
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 510000
- Grade: 1.02
- Grade Unit: %
- Contained Metal: 5200
- Contained Unit: t
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 2.08
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The Inferred resource of 0.51 Mt at 1.02% Cu adds to the overall resource but carries lower confidence and grade compared to the Indicated portion.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Grade of 1.02% Cu is lower than the Indicated portion.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 1.02

Context: 510,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-5)

Barkly Project · gold

#### Identity

- Project: Barkly Project
- Commodity: gold
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:63f0f912202d5050fa25
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 510000
- Grade: 0.57
- Grade Unit: g/t
- Contained Metal: 9400
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 2.08
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The Inferred resource of 0.51 Mt at 0.57 g/t Au adds to the overall resource but carries lower confidence and grade compared to the Indicated portion.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Grade of 0.57 g/t Au is lower than the Indicated portion.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 0.57

Context: 510,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-6)

Barkly Project · silver

#### Identity

- Project: Barkly Project
- Commodity: silver
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:63f0f912202d5050fa25
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 510000
- Grade: 0.99
- Grade Unit: g/t
- Contained Metal: 16300
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 2.08
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The Inferred resource includes 0.99 g/t Ag, contributing to the overall metal content but with lower confidence and grade.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 0.99

Context: 510,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-resource-facts-7)

Barkly Project · bismuth

#### Identity

- Project: Barkly Project
- Commodity: bismuth
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Chris Ramsay
- Resource group id: resource:63f0f912202d5050fa25
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 510000
- Grade: 871
- Grade Unit: g/t
- Contained Metal: 444
- Contained Unit: t
- Cutoff Grade: 0.3
- Cutoff Unit: % CuEq

#### Prior Estimate

- Resource Date: 2025-10-28

#### Metal Equivalent

- Metal Eq. Grade: 2.08
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The Inferred resource includes 871 g/t Bi, which is a significant grade for a critical mineral, but with lower confidence.

- Positive factor: Maiden resource estimate provides a solid technical foundation.

- Positive factor: Bismuth is a critical mineral and its presence adds value.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Metal equivalent assumptions are not disclosed in this document.

Evidence · table

> 871

Context: 510,000

#### 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (2)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-metallurgical-facts-22)

Barkly Project · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Barkly Project
- Commodity: copper
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: crushing, grinding, flotation
- Sample: bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046

#### Recovery

- Recovery: 90 %
- Recovery Basis: actual\_test
- Conc. Grade: 24
- Conc. Grade Unit: %

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-03-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Historical metallurgical test work demonstrated excellent copper recoveries of up to 90% into a high-grade concentrate, which is a strong positive for the project's processability, though it is not new information.

- Positive factor: Excellent copper recoveries \(up to 90%\) demonstrated.

- Positive factor: High concentrate grade \(24-29% copper\) indicates good product quality.

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Test work was on bulk samples, not necessarily representative of all ore domains.

Evidence · text

> excellent copper recoveries of up to 90% into concentrate grading 24 to 29% copper

#### Tags used in scoring

**Mill Route**

Polarity: neutral

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

Why it applies: processing\_route matches the flotation signal

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/tms-annual-report-to-shareholders--e762863b-0a39-4589-9ea4-02d0e4e7c724#fact-metallurgical-facts-23)

Barkly Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Barkly Project
- Commodity: gold
- Region: australia\_nt
- Reported Region: Northern Territory, Australia
- Ticker: TMS

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: crushing, grinding, flotation
- Sample: bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046

#### Recovery

- Recovery: 79 %
- Recovery Basis: actual\_test
- Conc. Grade: 1.5
- Conc. Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2024-03-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Historical gold recoveries of up to 79% into the copper concentrate provide a valuable byproduct, but further test work is planned for gold in flotation tails, indicating incomplete optimization.

- Positive factor: Gold recovery of up to 79% into copper concentrate is a positive byproduct credit.

- Negative factor: This is a historical result, not new information in this document.

- Negative factor: Further test work \(gravity and cyanidation\) is required for gold reporting to flotation tails.

- Negative factor: Test work was on bulk samples, not necessarily representative of all ore domains.

Evidence · text

> Gold reporting to the copper concentrate \(grading between 1.5 g/t Au and 4 g/t Au\) showed gold recoveries of up to 79% Au.

#### Tags used in scoring

**Mill Route**

Polarity: neutral

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

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 79% is below the weak band \(80%\)

## 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.