# WC1: West Cobar Metals Ltd 2026 Annual report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145320 Publisher: asx Original announcement: 2026-09-29T03:52:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T15:37:24.510Z Atlas analysis updated: 2026-09-29T15:37:24.510Z - Company: West Cobar Metals Limited - Ticker: WC1 - Exchange: ASX - Region: Unavailable - Primary commodity: Scandium - Secondary commodities: Rare earth elements, Gallium, Titanium dioxide, Alumina, Copper, Antimony, Silver, Gold - Document categories: Resource update, Metallurgy, Other, Drill results - Extracted: 2026-09-29 15:37:25 UTC Narrative sentiment: 0.00 · Neutral ## Minestarters Atlas summary West Cobar Metals Limited's 2026 Annual Report provides an overview of its critical mineral and precious metal projects, primarily re-stating previously announced resource estimates and metallurgical testwork results. Key updates include JORC-compliant resource estimates for scandium, rare earth elements, gallium, titanium dioxide, and alumina at the Salazar Project, and a polymetallic copper-antimony-silver resource at Bulla Park. The report also highlights metallurgical recoveries for REE at Salazar and for copper, antimony, and silver at Bulla Park, alongside historical drilling results from the Mystique and Fraser Range projects. The company reported an increased net loss for the year but a significantly improved cash balance. Reasoning: The 2026 Annual Report provides a comprehensive summary of the company's activities, but all operational highlights, including resource estimates, metallurgical results, and drill intercepts, are re-statements of previously announced information, leading to low novelty. Financial results show an increased loss but a stronger cash position. - Positive factor: Comprehensive overview of project portfolio - Positive factor: Positive metallurgical recoveries for Bulla Park - Positive factor: Increased cash balance - Negative factor: All operational updates are re-statements of prior announcements - Negative factor: Increased net loss for the year - Negative factor: Acquisition of Baxter Fluorspar Project failed due to due diligence issues - Negative factor: Going concern uncertainty noted by auditors Facts used in scoring: 17 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The scandium resource is classified as Inferred, indicating lower geological confidence. Evidence · text > Scandium: 15 Mt at 153 ppm Sc₂O₃ \(Inferred\) **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 scandium resource is a re-statement of a prior announcement from October 2024. Evidence · text > Scandium: 15 Mt at 153 ppm Sc₂O₃ \(Inferred\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The rare earth elements resource includes an Inferred component, indicating lower geological confidence. Evidence · text > Rare earth elements: 230 Mt at 1,178 ppm TREO \(Indicated and Inferred\) **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 rare earth elements resource is a re-statement of a prior announcement from October 2024. Evidence · text > Rare earth elements: 230 Mt at 1,178 ppm TREO \(Indicated and Inferred\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **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 rare earth elements resource is classified as Indicated, providing reasonable geological confidence. Evidence · text > including 44 Mt at 1,229 ppm TREO \(Indicated\) **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 rare earth elements \(Indicated\) resource is a re-statement of a prior announcement from October 2024. Evidence · text > including 44 Mt at 1,229 ppm TREO \(Indicated\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The titanium dioxide resource is classified as Inferred, indicating lower geological confidence. Evidence · text > Titanium dioxide: 42 Mt at 5.2% TiO₂ \(Inferred\) **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 titanium dioxide resource is a re-statement of a prior announcement from October 2024. Evidence · text > Titanium dioxide: 42 Mt at 5.2% TiO₂ \(Inferred\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The gallium resource is classified as Inferred, indicating lower geological confidence. Evidence · text > Gallium: 263 Mt at 35 ppm Ga₂O₃ \(Inferred\); 8 **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 gallium resource is a re-statement of a prior announcement from January 2026. Evidence · text > Gallium: 263 Mt at 35 ppm Ga₂O₃ \(Inferred\); 8 **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 cut-off grade of 20 ppm Ga is clearly stated for the gallium resource. Evidence · text > using a 20 ppm Ga cut-off. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The alumina resource is classified as Inferred, indicating lower geological confidence. Evidence · text > Alumina: 4 Mt at 29.7% Al₂O₃ \(Inferred\). **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 alumina resource is a re-statement of a prior announcement from October 2024. Evidence · text > Alumina: 4 Mt at 29.7% Al₂O₃ \(Inferred\). **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The current JORC \(2012\) Mineral Resource Estimates include: **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > Competent Person: Mr Serik Urbisinov **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described as 'initial' and 'preliminary', subject to optimization and scale-up, implying bench-scale. Evidence · text > Initial sulphuric acid leaching achieved up to 69% TREE+Y extraction, with consistent response between the two ore types. These results are preliminary and remain subject to optimisation and scale-up through column leach testing. **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 metallurgical testwork results are a re-statement of a prior announcement from March 2026. Evidence · text > Initial sulphuric acid leaching achieved up to 69% TREE+Y extraction **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The copper resource is classified as Inferred, indicating lower geological confidence. Evidence · table > 0.30 Context: 20 **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 copper resource is a re-statement of a prior announcement from April 2025. Evidence · table > 0.30 Context: 20 **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 cut-off grade of 0.21% Cu is clearly stated for the Bulla Park resource. Evidence · text > reported at a 0.21% Cu cut-off. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The Mineral Resources for the Bulla Park deposit were reported by West Cobar in accordance with ASX Listing Rule 5.8 and the JORC Code \(2012 edition\) **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > \(Competent Person: Mr Jeremy Clark\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The antimony resource is classified as Inferred, indicating lower geological confidence. Evidence · table > 0.10 Context: 20 **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 antimony resource is a re-statement of a prior announcement from April 2025. Evidence · table > 0.10 Context: 20 **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 cut-off grade of 0.21% Cu is clearly stated for the Bulla Park resource. Evidence · text > reported at a 0.21% Cu cut-off. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The Mineral Resources for the Bulla Park deposit were reported by West Cobar in accordance with ASX Listing Rule 5.8 and the JORC Code \(2012 edition\) **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > \(Competent Person: Mr Jeremy Clark\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The silver resource is classified as Inferred, indicating lower geological confidence. Evidence · table > 4.7 Context: 20 **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 silver resource is a re-statement of a prior announcement from April 2025. Evidence · table > 4.7 Context: 20 **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 cut-off grade of 0.21% Cu is clearly stated for the Bulla Park resource. Evidence · text > reported at a 0.21% Cu cut-off. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be JORC \(2012\) compliant. Evidence · text > The Mineral Resources for the Bulla Park deposit were reported by West Cobar in accordance with ASX Listing Rule 5.8 and the JORC Code \(2012 edition\) **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 resource estimate is signed off by a Competent Person as per JORC Code. Evidence · text > \(Competent Person: Mr Jeremy Clark\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The copper recovery of 94.6% is above the exceptional band for flotation \(92%\). Evidence · text > recoveries of 94.6% Cu **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described generally without specifying scale, implying bench-scale. Evidence · text > Metallurgical testwork has demonstrated recoveries of 94.6% Cu, 84.1% Sb and 82.6% Ag **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 metallurgical testwork results are a re-statement of a prior announcement from April 2025. Evidence · text > recoveries of 94.6% Cu **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described generally without specifying scale, implying bench-scale. Evidence · text > Metallurgical testwork has demonstrated recoveries of 94.6% Cu, 84.1% Sb and 82.6% Ag **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 metallurgical testwork results are a re-statement of a prior announcement from April 2025. Evidence · text > 84.1% Sb **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described generally without specifying scale, implying bench-scale. Evidence · text > Metallurgical testwork has demonstrated recoveries of 94.6% Cu, 84.1% Sb and 82.6% Ag **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 metallurgical testwork results are a re-statement of a prior announcement from April 2025. Evidence · text > and 82.6% Ag **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 1m at 2.05 g/t Au from 30m **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 drill results are a re-statement of a prior announcement from November 2025. Evidence · text > 1m at 2.05 g/t Au from 30m **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 1 m at 1.23 g/t Au from 40m **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 drill results are a re-statement of a prior announcement from November 2025. Evidence · text > 1 m at 1.23 g/t Au from 40m **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 drill results are a re-statement of a prior announcement from November 2025. Evidence · text > MTA018, returning 0.12 g/t Au **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 drill results are a re-statement of a prior announcement from November 2025. Evidence · text > MTA010 and MTA060, returning 0.12 g/t Au, 0.25 g/t Au **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 drill results are a re-statement of a prior announcement from November 2025. Evidence · text > and 0.60 g/t Au respectively. **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 27m at 102 ppm Sc₂O₃ **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 27m at 102 ppm Sc₂O₃ **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 2.23% TiO₂ from 171m; **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 2.23% TiO₂ from 171m; **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 117m at 3.31% TiO₂ **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 117m at 3.31% TiO₂ **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 47ppm Sc₂O₃ from 15m; **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 47ppm Sc₂O₃ from 15m; **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 27m at 718 ppm TREO from 27m **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 27m at 718 ppm TREO from 27m **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 9m at 1,037 ppm TREO from 45m; **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 9m at 1,037 ppm TREO from 45m; **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 36m at 546 ppm TREO from 27m **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 36m at 546 ppm TREO from 27m **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 3m at 1,101 ppm TREO from 27m; **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 3m at 1,101 ppm TREO from 27m; **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > 6m at 4.40% TiO₂ **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > 6m at 4.40% TiO₂ **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The intercept is given as downhole width with no true width or drill orientation, meaning apparent width may overstate true thickness. Evidence · text > and 873 ppm TREO from 6m. **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 drill results are a re-statement of a prior announcement from August 2025. Evidence · text > and 873 ppm TREO from 6m. **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 17. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### MTA060 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-drill-facts-13) mystique · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: MTA060 - Project: mystique - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: WC1 #### Geometry - Grade: 0.6 - Grade Unit: g/t #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated low-grade gold anomaly from a bottom-of-hole sample, indicating presence of gold but at sub-economic levels. - Negative factor: Low gold grade Evidence · text > and 0.60 g/t Au respectively. #### 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 **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 ### OBNRC001 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-drill-facts-14) fraser range · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: OBNRC001 - Project: fraser range - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: WC1 #### Geometry - Grade: 47 - Grade Unit: ppm Sc₂O₃ - Intercept: 117 m - From: 15 m - To: 132 m - Intercept Depth: 15 m #### Classification - Sample Type: drill - Group ID: OBNRC001:15-132 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-08-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated scandium intercept from RC drilling over a significant width, indicating presence of critical minerals, but only apparent thickness reported. - Positive factor: Long intercept width - Negative factor: Apparent width only Evidence · text > and 47ppm Sc₂O₃ from 15m; #### 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 **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 ### GMGRCP001 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-drill-facts-15) fraser range · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Hole ID: GMGRCP001 - Project: fraser range - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: australia\_wa - Ticker: WC1 #### Geometry - Grade: 4.4 - Grade Unit: % - Intercept: 6 m - From: 6 m - To: 12 m - Intercept Depth: 6 m #### Classification - Sample Type: drill - Group ID: GMGRCP001:6-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-08-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated titanium dioxide intercept from RC drilling over a narrow width, indicating mineralization, but only apparent thickness reported. - Negative factor: Apparent width only Evidence · text > GMGRCP001: 6m at 4.40% TiO₂ #### 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 **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 ### GMGRCP001 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-drill-facts-16) fraser range · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Hole ID: GMGRCP001 - Project: fraser range - Commodity: rare earth elements - Region: australia\_wa - Reported Region: australia\_wa - Ticker: WC1 #### Geometry - Grade: 873 - Grade Unit: ppm TREO - Intercept: 6 m - From: 6 m - To: 12 m - Intercept Depth: 6 m #### Classification - Sample Type: drill - Group ID: GMGRCP001:6-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-08-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated rare earth elements intercept from RC drilling over a narrow width, indicating mineralization, but only apparent thickness reported. - Negative factor: Apparent width only Evidence · text > and 873 ppm TREO from 6m. #### 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 **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 (9) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-0) salazar · scandium Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: scandium - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a70c1e39ed2657f6eea0 #### Resource Data - Category: inferred - Tonnes: 15000000 - Grade: 153 - Grade Unit: ppm Sc₂O₃ #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-08T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for scandium shows no change from the prior estimate, indicating geological potential but with lower confidence for economic evaluation. Evidence · text > Scandium: 15 Mt at 153 ppm Sc₂O₃ \(Inferred\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-1) salazar · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: rare earth elements - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c019ff3939ff479769fe #### Resource Data - Category: inferred - Tonnes: 230000000 - Grade: 1178 - Grade Unit: ppm TREO #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-08T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated combined Indicated and Inferred Mineral Resource for rare earth elements, indicating significant tonnage but with a substantial inferred component. Evidence · text > Rare earth elements: 230 Mt at 1,178 ppm TREO \(Indicated and Inferred\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-2) salazar · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: rare earth elements - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:fe72080e7bc6f2fac586 #### Resource Data - Category: indicated - Tonnes: 44000000 - Grade: 1229 - Grade Unit: ppm TREO #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-08T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Indicated Mineral Resource for rare earth elements, providing a higher confidence portion of the overall resource. Evidence · text > including 44 Mt at 1,229 ppm TREO \(Indicated\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-3) salazar · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ec299ee3e159c3674811 #### Resource Data - Category: inferred - Tonnes: 42000000 - Grade: 5.2 - Grade Unit: % TiO₂ #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-08T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for titanium dioxide, adding another critical mineral to the project's potential. Evidence · text > Titanium dioxide: 42 Mt at 5.2% TiO₂ \(Inferred\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-4) salazar · gallium Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: gallium - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2aa07a45e0478d2adef0 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 35 - Grade Unit: ppm Ga₂O₃ - Cutoff Grade: 20 - Cutoff Unit: ppm Ga #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated initial Inferred Mineral Resource for gallium, highlighting its potential as a by-product within the existing mineralized envelope. - Positive factor: Gallium identified as potential by-product Evidence · text > Gallium: 263 Mt at 35 ppm Ga₂O₃ \(Inferred\); 8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-5) salazar · alumina Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: alumina - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e74dc2629305cf4cefa6 #### Resource Data - Category: inferred - Tonnes: 4000000 - Grade: 29.7 - Grade Unit: % Al₂O₃ #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-08T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for alumina, adding to the critical minerals suite at the project. Evidence · text > Alumina: 4 Mt at 29.7% Al₂O₃ \(Inferred\). #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-7) bulla park · copper Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: copper - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:88105736bcd716a43214 #### Resource Data - Category: inferred - Tonnes: 20000000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 60000 - Contained Unit: t - Cutoff Grade: 0.21 - Cutoff Unit: % Cu #### Metal Equivalent - Metal Eq. Grade: 0.58 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for copper at Bulla Park, forming part of a polymetallic resource with disclosed contained metal and metal equivalent assumptions. - Positive factor: Contained metal for copper disclosed Evidence · table > 0.30 Context: 20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-8) bulla park · antimony Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: antimony - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:88105736bcd716a43214 #### Resource Data - Category: inferred - Tonnes: 20000000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 20000 - Contained Unit: t - Cutoff Grade: 0.21 - Cutoff Unit: % Cu #### Metal Equivalent - Metal Eq. Grade: 0.58 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for antimony at Bulla Park, contributing to the polymetallic resource with disclosed contained metal and metal equivalent assumptions. - Positive factor: Contained metal for antimony disclosed Evidence · table > 0.10 Context: 20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-resource-facts-9) bulla park · silver Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:88105736bcd716a43214 #### Resource Data - Category: inferred - Tonnes: 20000000 - Grade: 4.7 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: moz - Cutoff Grade: 0.21 - Cutoff Unit: % Cu #### Metal Equivalent - Metal Eq. Grade: 0.58 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated Inferred Mineral Resource for silver at Bulla Park, adding to the polymetallic resource with disclosed contained metal and metal equivalent assumptions. - Positive factor: Contained metal for silver disclosed Evidence · table > 4.7 Context: 20 #### 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 ## Metallurgical Results (4) ### acid-leach [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-metallurgical-facts-6) salazar · rare earth elements Historical result Needs review: historical\_restatement #### Identity - Project: salazar - Commodity: rare earth elements - Region: australia\_wa - Reported Region: Western Australia - Ticker: WC1 #### Test Work - Program Status: preliminary - Test Type: acid-leach - Processing Route: sulphuric acid leaching #### Recovery - Recovery: 69 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-03-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated preliminary sulphuric acid leaching testwork achieved 69% extraction for rare earth elements \(TREE+Y\). This is not directly comparable to prior scandium recovery figures and is subject to further optimization. - Negative factor: Preliminary results subject to optimization and scale-up - Negative factor: Not directly comparable to prior scandium recovery figures Evidence · text > Initial sulphuric acid leaching achieved up to 69% TREE+Y extraction, with consistent response between the two ore types. ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-metallurgical-facts-10) bulla park · copper Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: copper - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Recovery - Recovery: 94.6 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated high copper recovery from metallurgical testwork, indicating good processing potential for the primary metal, though test scale is not specified. - Positive factor: High recovery for copper - Negative factor: Test scale not specified, likely bench scale Evidence · text > Metallurgical testwork has demonstrated recoveries of 94.6% Cu #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94.6% is at or above the exceptional band \(92%\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-metallurgical-facts-11) bulla park · antimony Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: antimony - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Recovery - Recovery: 84.1 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated strong antimony recovery from metallurgical testwork, indicating good processing potential for this critical byproduct, though test scale is not specified. - Negative factor: Test scale not specified, likely bench scale Evidence · text > 84.1% Sb ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/wc1-west-cobar-metals-ltd-2026-annual-report--4f22b702-9e07-4c68-a4e8-60d2e4d324d8#fact-metallurgical-facts-12) bulla park · silver Historical result Needs review: historical\_restatement #### Identity - Project: bulla park - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales - Ticker: WC1 #### Recovery - Recovery: 82.6 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-14T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Re-stated strong silver recovery from metallurgical testwork, indicating good processing potential for this byproduct, though test scale is not specified. - Negative factor: Test scale not specified, likely bench scale Evidence · text > and 82.6% Ag ## 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.