Future Metals NL 2025 Annual Report to Shareholders
Original announcement by research on
- Company
- Future Metals NL
- Ticker
- SAV
- Exchange
- LSE
- Region
- Western Australia
- Primary commodity
- Palladium
- Secondary commodities
- Nickel, Chromium, Pgm
- Document categories
- Other, Resource update, Drill results
- Extracted
- 2026-10-20 00:13:28 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Future Metals NL's annual report covers the year ended 30 June 2025, including financial results, board and corporate changes, and a summary of exploration and project activities. It also restates the Panton resource and discusses regional exploration, the Eileen Bore drilling program, and a completed A$4.2 million capital raising.
Reasoning: This is a corporate annual report rather than a single technical release; it mainly summarises financials, project status and corporate matters for a mining issuer.
Positive factors
- Annual report includes operational review, project overview, resource disclosure and financing progress
- States a successful A$4.2 million capital raising and continued exploration activity at Panton and Eileen Bore
Negative factors
- Broad annual report with no single new technical event dominating the document
- Many project and resource references are historical or restated rather than new results
Facts used in scoring: 24
Classification and evidence
Stale Data Re Releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The document restates the Panton resource and historical drill results without new assays or a new estimate.
Evidence · text
“refer to ASX announcement dated 26 October 2023”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The report explicitly frames exploration around proximity to Panton and potential future operations, including a potential central processing hub.
Evidence · text
“targeting new discoveries of Cu-Ni-PGM mineralisation in proximity to potential future operations at its Panton Project”
Step Out Extensionpositive · Story-specific tag
Mineralization extended beyond the previously known limit.
Why it applies: The annual report describes a potential northwest extension of the Panton Complex and follow-up targets along strike.
Evidence · text
“confirm the potential northwest extension of the Panton Complex”
No QA/QC Disclosurenegative · Story-specific tag
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: The drill intercepts are quoted without any QA/QC procedures, laboratory or competent/qualified person disclosure in the excerpted text.
Evidence · text
“EBDD002 intersecting: • 30m @1.06% Cu, 0.45% Ni &1.14g/t PGM(3E)”
Apparent Width Onlynegative · Story-specific tag
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: The reported drill intervals are downhole intercepts and no true width or drill orientation is stated in the text provided.
Evidence · text
“30m @1.06% Cu, 0.45% Ni &1.14g/t PGM(3E) from 88.9m”
Capital Raisingneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The report states a completed placement and fully underwritten rights issue raising A$4.2 million.
Evidence · text
“completed a placement and fully underwritten rights issue raising A$4.2 million”
Extracted facts
Stored fact records: 24. Some facts used in scoring do not have a stored record.
Drill Results (10)
EBDD002Eileen Bore · copperGrade: 1.06Grade Unit: %Intercept: 30 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD002
- Project
- Eileen Bore
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 1.06
- Grade Unit
- %
- Intercept
- 30 m
- From
- 88.9 m
- To
- 118.9 m
- Intercept Depth
- 88.9 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD002:88.9-118.9
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: The report states a 30m copper intercept from hole EBDD002, but it is a historical drilling result referenced in the annual report.
Positive factors
- Broad copper intercept reported from the Eileen Bore drilling
- Part of the current annual report discussion of exploration progress
Negative factors
- No QA/QC disclosure in the excerpt for this intercept
- True width not stated
Evidence · text
“EBDD002 intersecting: • 30m @1.06% Cu”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
EBDD002Eileen Bore · nickelGrade: 0.45Grade Unit: %Intercept: 30 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD002
- Project
- Eileen Bore
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.45
- Grade Unit
- %
- Intercept
- 30 m
- From
- 88.9 m
- To
- 118.9 m
- Intercept Depth
- 88.9 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD002:88.9-118.9
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: The 30m EBDD002 intercept also reports nickel grade, making it a polymetallic drill result.
Positive factors
- Nickel accompanies the 30m intercept in EBDD002
Negative factors
- Historical result referenced in annual report
- No QA/QC disclosure in the excerpt
Evidence · text
“0.45% Ni”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
EBDD002Eileen Bore · pgmGrade: 1.14Grade Unit: g/tIntercept: 30 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD002
- Project
- Eileen Bore
- Commodity
- pgm
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 1.14
- Grade Unit
- g/t
- Intercept
- 30 m
- From
- 88.9 m
- To
- 118.9 m
- Intercept Depth
- 88.9 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD002:88.9-118.9
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: The EBDD002 interval includes a PGM(3E) grade over the same downhole length.
Positive factors
- PGM grade is reported alongside copper and nickel over a broad interval
Negative factors
- Historical drill result restated in annual report
- True width not stated
Evidence · text
“1.14g/t PGM(3E)”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
EBDD003Eileen Bore · copperGrade: 0.46Grade Unit: %Intercept: 127 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD003
- Project
- Eileen Bore
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.46
- Grade Unit
- %
- Intercept
- 127 m
- From
- 0 m
- To
- 127 m
- Intercept Depth
- 0 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD003:0-127
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: The 127m EBDD003 interval is restated in the annual report as a prior drilling result.
Positive factors
- Long intercept of fertile ultramafic reported in EBDD003 context
Negative factors
- Historical result referenced rather than new assay disclosure
- No QA/QC disclosure in the excerpt
Evidence · text
“127m of fertile ultramafic including: • 7.4m @ 0.46% Cu, 0.51% Ni, and 0.3g/t PGM (3E)”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
EBDD003Eileen Bore · nickelGrade: 0.51Grade Unit: %Intercept: 127 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD003
- Project
- Eileen Bore
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.51
- Grade Unit
- %
- Intercept
- 127 m
- From
- 0 m
- To
- 127 m
- Intercept Depth
- 0 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD003:0-127
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: Nickel is explicitly reported for the EBDD003 intercept.
Positive factors
- Nickel grade is disclosed in the broader EBDD003 intercept
Negative factors
- Historical result restated
Evidence · text
“0.51% Ni”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
EBDD003Eileen Bore · pgmGrade: 0.3Grade Unit: g/tIntercept: 127 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- EBDD003
- Project
- Eileen Bore
- Commodity
- pgm
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.3
- Grade Unit
- g/t
- Intercept
- 127 m
- From
- 0 m
- To
- 127 m
- Intercept Depth
- 0 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- EBDD003:0-127
- Mining Method
- open_pit
Location
- Location
- Eileen Bore
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-10-01T00:00:00.000Z
Reasoning: PGM(3E) is explicitly stated for the EBDD003 interval.
Positive factors
- PGM grade accompanies the EBDD003 interval
Negative factors
- Historical drilling result
Evidence · text
“and 0.3g/t PGM (3E)”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
WCR016Salk · nickelGrade: 0.31Grade Unit: %Intercept: 17 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- WCR016
- Project
- Salk
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.31
- Grade Unit
- %
- Intercept
- 17 m
- From
- 36 m
- To
- 53 m
- Intercept Depth
- 36 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- WCR016:36-53
- Mining Method
- open_pit
Location
- Location
- Salk
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: The Salk result is a historical drilling reference included for context.
Positive factors
- Historical drilling identified nickel-copper mineralisation at Salk
Negative factors
- Historical result only, not new assays
- No QA/QC disclosure
Evidence · text
“Results included 17m @ 0.31% Ni, 0.18% Cu from 36m”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
WCR016Salk · copperGrade: 0.18Grade Unit: %Intercept: 17 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- WCR016
- Project
- Salk
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.18
- Grade Unit
- %
- Intercept
- 17 m
- From
- 36 m
- To
- 53 m
- Intercept Depth
- 36 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- WCR016:36-53
- Mining Method
- open_pit
Location
- Location
- Salk
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: Copper grade for the Salk historical intercept is explicitly provided.
Positive factors
- Copper grade is stated alongside nickel in the historical intercept
Negative factors
- Historical reference only
Evidence · text
“0.18% Cu from 36m”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
WCR016Palamino · nickelGrade: 0.39Grade Unit: %Intercept: 5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- WCR016
- Project
- Palamino
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.39
- Grade Unit
- %
- Intercept
- 5 m
- From
- 0 m
- To
- 5 m
- Intercept Depth
- 0 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- WCR016:0-5
- Mining Method
- open_pit
Location
- Location
- Palamino
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: The Palamino nickel intercept is stated as a historical result in the annual report.
Positive factors
- Historical drilling reported a thick pyroxenite body with sulphides
Negative factors
- Historical result only
- No QA/QC disclosure
Evidence · text
“best result being 5m @ 0.39% Ni and 0.32% Cu in hole WCR016”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
WCR016Palamino · copperGrade: 0.32Grade Unit: %Intercept: 5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- WCR016
- Project
- Palamino
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- SAV
Geometry
- Grade
- 0.32
- Grade Unit
- %
- Intercept
- 5 m
- From
- 0 m
- To
- 5 m
- Intercept Depth
- 0 m
Classification
- Deposit Type
- other
- Program
- exploration
- Sample Type
- drill
- Group ID
- WCR016:0-5
- Mining Method
- open_pit
Location
- Location
- Palamino
- Loc. Source
- document
Deleterious
- Deleterious Flag
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: Copper grade for the Palamino historical result is explicitly provided.
Positive factors
- Copper grade is disclosed for the Palamino historical intercept
Negative factors
- Historical reference only
Evidence · text
“5m @ 0.39% Ni and 0.32% Cu in hole WCR016”
Tags used in scoring
No QA/QC Disclosurenegative
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (14)
indicatedPanton · palladiumTonnes: 10800000Contained Metal: 2.4Contained Unit: moz pdeq2Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- palladium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:5f44bbded1f158c6413c
- Deposit or zone
- Reef
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 10800000
- Contained Metal
- 2.4
- Contained Unit
- moz pdeq2
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 7
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The Reef resource is quoted from a prior announcement and restated in the annual report.
Positive factors
- Resource is JORC (2012) compliant
- Contained metal and multiple commodity grades are disclosed
Negative factors
- This is a restated resource from an ASX announcement dated 26 October 2023
- No new estimate or update is presented in this report
Evidence · text
“The Reef component has an MRE of 10.8Mt @ 7.0g/t PdEq2 (5.6g/t PGM3E1, 0.27% Ni & 14.6% Cr2O3)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · nickelTonnes: 10800000Grade: 0.27Grade Unit: %Contained Metal: 29Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:5f44bbded1f158c6413c
- Deposit or zone
- Reef
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 10800000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 29
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 7
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: Nickel grade for the Reef component is explicitly restated from the prior resource disclosure.
Positive factors
- Nickel grade and contained metal are disclosed alongside the resource
- JORC resource basis is stated
Negative factors
- Restated historical resource rather than new information
Evidence · text
“0.27% Ni”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · chromiumTonnes: 10800000Grade: 14.6Grade Unit: % Cr2O3Contained Metal: 1.6Contained Unit: mt cr2o3Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- chromium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:5f44bbded1f158c6413c
- Deposit or zone
- Reef
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 10800000
- Grade
- 14.6
- Grade Unit
- % Cr2O3
- Contained Metal
- 1.6
- Contained Unit
- mt cr2o3
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 7
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The document restates the Reef chromium grade and contained Cr2O3 tonnage from the prior Panton MRE.
Positive factors
- Chromium grade and contained oxide tonnage are disclosed
Negative factors
- Historical resource restatement
- No updated estimate in this report
Evidence · text
“14.6% Cr2O3”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · palladiumTonnes: 26400000Contained Metal: 1.5Contained Unit: moz pdeq2Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- palladium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:1dc8ee31c4dcf459b7e8
- Deposit or zone
- High-Grade Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 26400000
- Contained Metal
- 1.5
- Contained Unit
- moz pdeq2
- Cutoff Grade
- 1.4
- Cutoff Unit
- g/t PdEq2
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 1.8
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The High-Grade Dunite resource is quoted from the prior Panton MRE and includes the applied cut-off.
Positive factors
- JORC resource and cut-off grade are stated
- Contained metal is disclosed
Negative factors
- Restated historical resource, not new disclosure
Evidence · text
“26.4Mt @ 1.8g/t PdEq2”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · nickelTonnes: 26400000Grade: 0.21Grade Unit: %Contained Metal: 54Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:1dc8ee31c4dcf459b7e8
- Deposit or zone
- High-Grade Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 26400000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 54
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 1.8
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: Nickel grade for the High-Grade Dunite is explicitly restated as part of the prior MRE disclosure.
Positive factors
- Nickel grade and contained nickel are disclosed for the High-Grade Dunite
Negative factors
- Historical restatement
Evidence · text
“0.21% Ni”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · palladiumTonnes: 37200000Contained Metal: 3.9Contained Unit: moz pdeq2Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- palladium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:de37eb30701240c935b9
- Deposit or zone
- Reef and High-Grade Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 37200000
- Contained Metal
- 3.9
- Contained Unit
- moz pdeq2
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 3.3
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: This combined resource figure is a restatement of the prior Panton estimate rather than a new update.
Positive factors
- Combined Reef and High-Grade Dunite resource and contained metal are stated
Negative factors
- Restated historical resource
Evidence · text
“The combined Reef and High-Grade Dunite mineralisation has an MRE of 37.2Mt @ 3.3g/t PdEq2”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · nickelTonnes: 37200000Grade: 0.22Grade Unit: %Contained Metal: 83Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:de37eb30701240c935b9
- Deposit or zone
- Reef and High-Grade Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 37200000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 83
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 3.3
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The combined zone nickel grade is explicitly stated in the historical Panton resource disclosure.
Positive factors
- Nickel grade and contained metal are disclosed for the combined zone
Negative factors
- Historical restatement
Evidence · text
“0.22% Ni”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · chromiumTonnes: 37200000Grade: 6.2Grade Unit: % Cr2O3Contained Metal: 2.2Contained Unit: mt cr2o3Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- chromium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:de37eb30701240c935b9
- Deposit or zone
- Reef and High-Grade Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 37200000
- Grade
- 6.2
- Grade Unit
- % Cr2O3
- Contained Metal
- 2.2
- Contained Unit
- mt cr2o3
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 3.3
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The combined Reef and High-Grade Dunite chromium grade is restated from the earlier MRE.
Positive factors
- Chromium grade and contained oxide tonnage are disclosed
Negative factors
- Historical resource restatement
Evidence · text
“& 6.2% Cr2O3”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · palladiumTonnes: 55700000Contained Metal: 2.1Contained Unit: moz pdeq1Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- palladium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:15110b34f57a4e3639ac
- Deposit or zone
- Bulk Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 55700000
- Contained Metal
- 2.1
- Contained Unit
- moz pdeq1
- Cutoff Grade
- 0.9
- Cutoff Unit
- g/t PdEq2
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 1.2
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The Bulk Dunite MRE is restated in the annual report from the prior resource announcement.
Positive factors
- Bulk Dunite resource and cut-off are stated
- Contained metal is disclosed
Negative factors
- Historical resource restatement
- Equivalent unit differs from the other resource components
Evidence · text
“55.7Mt @ 1.2g/t PdEq1”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · nickelTonnes: 55700000Grade: 0.18Grade Unit: %Contained Metal: 102Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:15110b34f57a4e3639ac
- Deposit or zone
- Bulk Dunite
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 55700000
- Grade
- 0.18
- Grade Unit
- %
- Contained Metal
- 102
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 1.2
- Metal Eq. Unit
- g/t PdEq1
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: Nickel grade for the Bulk Dunite is explicitly stated in the historical MRE disclosure.
Positive factors
- Nickel grade and contained metal are disclosed
Negative factors
- Historical restatement
Evidence · text
“(0.18% Ni)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · palladiumTonnes: 92900000Contained Metal: 6Contained Unit: moz pdeq2Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- palladium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:917ba6c471298c2dc0cb
- Deposit or zone
- Panton
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 92900000
- Contained Metal
- 6
- Contained Unit
- moz pdeq2
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 2
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: The total Panton MRE is restated in the annual report with no new resource update.
Positive factors
- Total Panton MRE tonnage, grade and contained metal are explicitly stated
- JORC (2012) resource with multiple commodity equivalents
Negative factors
- The total resource is a restatement of prior disclosed figures
Evidence · text
“The total MRE at Panton is 92.9Mt @ 2.0g/t PdEq2”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · nickelTonnes: 92900000Grade: 0.2Grade Unit: %Contained Metal: 185Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- nickel
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:917ba6c471298c2dc0cb
- Deposit or zone
- Panton
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 92900000
- Grade
- 0.2
- Grade Unit
- %
- Contained Metal
- 185
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 2
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: Nickel grade for the total Panton MRE is given in the annual report's restatement of the older resource.
Positive factors
- Total nickel grade and contained nickel are stated for the Panton MRE
Negative factors
- Historical restatement
Evidence · text
“(1.5g/t PGM3E1, 0.20% Ni & 3.1% Cr2O3)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
indicatedPanton · chromiumTonnes: 92900000Grade: 3.1Grade Unit: % Cr2O3Contained Metal: 2.8Contained Unit: mt cr2o3Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panton
- Commodity
- chromium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:917ba6c471298c2dc0cb
- Deposit or zone
- Panton
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 92900000
- Grade
- 3.1
- Grade Unit
- % Cr2O3
- Contained Metal
- 2.8
- Contained Unit
- mt cr2o3
Prior Estimate
- Resource Date
- 2023-10-26
Metal Equivalent
- Metal Eq. Grade
- 2
- Metal Eq. Unit
- g/t PdEq2
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-10-26T00:00:00.000Z
Reasoning: Chromium grade for the total Panton MRE is explicitly stated in the annual report.
Positive factors
- Chromium grade and contained metal are disclosed in the total resource
Negative factors
- Historical restatement
Evidence · text
“3.1% Cr2O3”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.0 years before this release
inferredFuture Metals NL · noneTonnes: 0Grade: 0Grade Unit: -View all detailsHide details
Identity
- Project
- Future Metals NL
- Commodity
- none
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- SAV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-06-30T00:00:00.000Z
- Reporting standards
- other
- Resource group id
- resource:aa145a280bcb805da65a
- Deposit or zone
- Group
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 0
- Grade
- 0
- Grade Unit
- -
Prior Estimate
- Resource Date
- 2025-06-30
Lab
- Laboratory
- BDO Audit Pty Ltd
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: Corporate annual report context only; no extractable resource estimate row beyond the project-specific historical resource facts above.
Positive factors
- Audited annual report and financial statements are presented
Negative factors
- This is not a mineral resource or technical estimate
Evidence · text
“Future Metals NL 2025 Annual Report to Shareholders”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
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.