# TSL: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146172 Publisher: asx Original announcement: 2026-09-30T04:14:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T04:26:29.758Z Atlas analysis updated: 2026-09-30T04:26:29.758Z - Company: Titanium Sands Limited - Ticker: TSL - Exchange: ASX - Region: Sri Lanka - Primary commodity: Heavy minerals - Secondary commodities: Ilmenite, Leucoxene, Rutile, Zircon, Garnet - Document categories: Resource update, Other - Extracted: 2026-09-30 04:26:30 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Titanium Sands Limited's annual report for the year ended June 30, 2026, details a net loss of $1.66 million and highlights a material uncertainty regarding its ability to continue as a going concern, dependent on securing additional funding. The report reiterates historical Mineral Resource Estimates for the Mannar Island Heavy Mineral Sands Project in Sri Lanka, originally announced in March 2023, which include 318 Mt at 4.17% THM \(2% cut-off\) and a higher-grade zone of 82 Mt at 6.03% THM \(3% cut-off\). The company also reports progress on regulatory approvals, with the Environmental Impact Assessment expected to be submitted by October 2026. Reasoning: This annual report primarily covers financial results and corporate governance, reporting a net loss and a going concern warning. While it reiterates historical JORC-compliant resource estimates from March 2023, these are not new information. Regulatory progress on the Environmental Impact Assessment is noted. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Regulatory progress - Negative factor: Going Concern Warning - Negative factor: Historical Estimate Only - Negative factor: Net loss for the year - Negative factor: Negative cash flow from operations Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **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 JORC 2012 compliant. Evidence · text > A complete JORC2012 compliant statement of this MRE is contained in 3ASX Announcement 15/3/2023. **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: Exploration and technical information, including the MRE, has been reviewed and compiled by James Searle, a Competent Person and Member of the Australian Institute of Mining and Metallurgy. Evidence · text > exploration and technical information above have been reviewed and compiled by James Searle BSc \(hons\), PhD, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy **Regulatory progress** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company has made progress on the Environmental Impact Assessment \(EIA\), with all components completed and expected to be submitted by October 2026. Evidence · text > All components of the EIA are complete and are being compiled and are expected to be submitted to the Central Environment Agency in October 2026. **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The financial statements include a material uncertainty regarding the Group’s ability to continue as a going concern, dependent on securing additional funding. Evidence · text > These conditions indicate a material uncertainty that may cast a significant doubt about the Group’s ability to continue as a going concern **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Mineral Resource Estimates presented in the report were completed in March 2023 and are being re-presented without new information. Evidence · text > A mineral resource estimate \(MRE\) was completed in \(Table 1\) March 2023 \(3ASX Announcement 15/3/2023\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the reported resource \(98.4 Mt at 5.27% THM\) is classified as Inferred. Evidence · table > Inferred Context: 98.4 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: A portion of the reported resource \(88.7 Mt at 5.45% THM\) is classified as Indicated. Evidence · table > Indicated Context: 88.7 ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-0) Mannar Island Project · heavy minerals Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: heavy minerals - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:0b7dc1f14cfdc116ceed #### Resource Data - Tonnes: 318000000 - Grade: 4.17 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical total resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · text > Based on a 2% THM \(Total Heavy Mineral\) lower cut-off grade the MRE stands at 318 Mt at 4.17% THM. #### Tags used in scoring **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-1) Mannar Island Project · heavy minerals Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: heavy minerals - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 5.45 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 5.45 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-2) Mannar Island Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: ilmenite - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 2.48 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 2.48 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-3) Mannar Island Project · leucoxene Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: leucoxene - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 0.44 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-4) Mannar Island Project · rutile Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: rutile - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 0.1 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 0.10 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-5) Mannar Island Project · zircon Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: zircon - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 0.11 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 0.11 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-6) Mannar Island Project · garnet Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: garnet - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:d96d0f2b924b1fe210d2 #### Resource Data - Category: indicated - Tonnes: 88700000 - Grade: 0.58 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Indicated resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · table > 0.58 Context: 88.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-7) Mannar Island Project · heavy minerals Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: heavy minerals - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 5.27 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 5.27 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-8) Mannar Island Project · ilmenite Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: ilmenite - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 2.48 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 2.48 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-9) Mannar Island Project · leucoxene Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: leucoxene - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 0.4 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 0.40 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-10) Mannar Island Project · rutile Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: rutile - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 0.11 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 0.11 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-11) Mannar Island Project · zircon Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: zircon - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 0.13 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 0.13 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-12) Mannar Island Project · garnet Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: garnet - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:47abf46bca7fdbfa4911 #### Resource Data - Category: inferred - Tonnes: 98400000 - Grade: 0.41 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical Inferred resource estimate from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only - Negative factor: Inferred Resource Evidence · table > 0.41 Context: 98.4 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### higher-grade zone [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-13) Mannar Island Project · heavy minerals Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: heavy minerals - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:11e177220cf1cf0664fc - Deposit or zone: higher-grade zone #### Resource Data - Tonnes: 145600000 - Grade: 4.48 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical estimate for a higher-grade zone from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · text > Using the 2% lower cut off the higher-grade resource contains 145.6Mt at 4.48% THM \(Table 2\) #### Tags used in scoring **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### higher-grade zone [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-14) Mannar Island Project · heavy minerals Historical result Needs review: historical\_restatement #### Identity - Project: Mannar Island Project - Commodity: heavy minerals - Region: sri lanka - Reported Region: Sri Lanka - Ticker: TSL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: James Searle - Resource group id: resource:618f7b81ddd8959c5146 - Deposit or zone: higher-grade zone #### Resource Data - Tonnes: 82000000 - Grade: 6.03 - Grade Unit: % - Cutoff Grade: 3 - Cutoff Unit: % THM #### Prior Estimate - Resource Date: 2023-03-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical estimate for a higher-grade zone at a higher cut-off from March 2023, presented without new information. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Historical Estimate Only Evidence · text > for a 3% lower cut off \(Table 3\) 82.0Mt at 6.03% THM. #### Tags used in scoring **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.5 years before this release ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/tsl-annual-report-to-shareholders--3186ab9d-b1a7-4ff3-8137-72b10c6cd04e#fact-resource-facts-15) India #### Identity - Project: India - Region: china - Reported Region: China - Ticker: TSL #### Resource scope - Estimate type: resource - Resource group id: resource:69cef0cbd70690bd63ed #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Explicit resource disclosure recovered from source prose. Evidence · text > Table 1 Mineral Resource Estimate based on a 2% THM lower cut off. #### Tags used in scoring **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: Table 1 Mineral Resource Estimate based on a 2% THM lower cut off. Evidence · text > Table 1 Mineral Resource Estimate based on a 2% THM lower cut off. Context: India, China **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.