# Future Metals NL 2025 Annual Report to Shareholders

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7

Original source: https://www.rns-pdf.londonstockexchange.com/rns/9999A_1-2025-9-26.pdf

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-20T00:13:28.950Z

Atlas analysis updated: 2026-10-20T00:13:28.950Z

- 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

Narrative sentiment: 0.05 · Neutral

## Minestarters Atlas 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 factor: Annual report includes operational review, project overview, resource disclosure and financing progress

- Positive factor: States a successful A$4.2 million capital raising and continued exploration activity at Panton and Eileen Bore

- Negative factor: Broad annual report with no single new technical event dominating the document

- Negative factor: Many project and resource references are historical or restated rather than new results

Facts used in scoring: 24

## Classification and evidence

**Stale Data Re-release**

Polarity: negative

Story-specific tag

Definition: 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 Play**

Polarity: neutral

Story-specific tag

Definition: 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 Extension**

Polarity: positive

Story-specific tag

Definition: 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 Disclosure**

Polarity: negative

Story-specific tag

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: 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 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 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 Raising**

Polarity: neutral

Story-specific tag

Definition: 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)

### EBDD002

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-13)

Eileen Bore · copper

Historical result

Needs review: historical\_restatement

#### 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 factor: Broad copper intercept reported from the Eileen Bore drilling

- Positive factor: Part of the current annual report discussion of exploration progress

- Negative factor: No QA/QC disclosure in the excerpt for this intercept

- Negative factor: True width not stated

Evidence · text

> EBDD002 intersecting: • 30m @1.06% Cu

#### 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

### EBDD002

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-14)

Eileen Bore · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel accompanies the 30m intercept in EBDD002

- Negative factor: Historical result referenced in annual report

- Negative factor: No QA/QC disclosure in the excerpt

Evidence · text

> 0.45% Ni

#### 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

### EBDD002

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-15)

Eileen Bore · pgm

Historical result

Needs review: historical\_restatement

#### 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 factor: PGM grade is reported alongside copper and nickel over a broad interval

- Negative factor: Historical drill result restated in annual report

- Negative factor: True width not stated

Evidence · text

> 1.14g/t PGM\(3E\)

#### 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

### EBDD003

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-16)

Eileen Bore · copper

Historical result

Needs review: historical\_restatement

#### 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 factor: Long intercept of fertile ultramafic reported in EBDD003 context

- Negative factor: Historical result referenced rather than new assay disclosure

- Negative factor: 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 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

### EBDD003

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-17)

Eileen Bore · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel grade is disclosed in the broader EBDD003 intercept

- Negative factor: Historical result restated

Evidence · text

> 0.51% Ni

#### 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

### EBDD003

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-18)

Eileen Bore · pgm

Historical result

Needs review: historical\_restatement

#### 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 factor: PGM grade accompanies the EBDD003 interval

- Negative factor: Historical drilling result

Evidence · text

> and 0.3g/t PGM \(3E\)

#### 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

### WCR016

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-19)

Salk · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical drilling identified nickel-copper mineralisation at Salk

- Negative factor: Historical result only, not new assays

- Negative factor: No QA/QC disclosure

Evidence · text

> Results included 17m @ 0.31% Ni, 0.18% Cu from 36m

#### 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

### WCR016

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-20)

Salk · copper

Historical result

Needs review: historical\_restatement

#### 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 factor: Copper grade is stated alongside nickel in the historical intercept

- Negative factor: Historical reference only

Evidence · text

> 0.18% Cu from 36m

#### 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

### WCR016

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-21)

Palamino · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical drilling reported a thick pyroxenite body with sulphides

- Negative factor: Historical result only

- Negative factor: 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 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

### WCR016

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-drill-facts-22)

Palamino · copper

Historical result

Needs review: historical\_restatement

#### 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 factor: Copper grade is disclosed for the Palamino historical intercept

- Negative factor: Historical reference only

Evidence · text

> 5m @ 0.39% Ni and 0.32% Cu in hole WCR016

#### 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 (14)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-0)

Panton · palladium

Historical result

Needs review: historical\_restatement

#### 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 factor: Resource is JORC \(2012\) compliant

- Positive factor: Contained metal and multiple commodity grades are disclosed

- Negative factor: This is a restated resource from an ASX announcement dated 26 October 2023

- Negative factor: 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 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-1)

Panton · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel grade and contained metal are disclosed alongside the resource

- Positive factor: JORC resource basis is stated

- Negative factor: Restated historical resource rather than new information

Evidence · text

> 0.27% Ni

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-2)

Panton · chromium

Historical result

Needs review: historical\_restatement

#### 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 factor: Chromium grade and contained oxide tonnage are disclosed

- Negative factor: Historical resource restatement

- Negative factor: No updated estimate in this report

Evidence · text

> 14.6% Cr2O3

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-3)

Panton · palladium

Historical result

Needs review: historical\_restatement

#### 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 factor: JORC resource and cut-off grade are stated

- Positive factor: Contained metal is disclosed

- Negative factor: Restated historical resource, not new disclosure

Evidence · text

> 26.4Mt @ 1.8g/t PdEq2

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

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

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-4)

Panton · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel grade and contained nickel are disclosed for the High-Grade Dunite

- Negative factor: Historical restatement

Evidence · text

> 0.21% Ni

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-5)

Panton · palladium

Historical result

Needs review: historical\_restatement

#### 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 factor: Combined Reef and High-Grade Dunite resource and contained metal are stated

- Negative factor: 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 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-6)

Panton · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel grade and contained metal are disclosed for the combined zone

- Negative factor: Historical restatement

Evidence · text

> 0.22% Ni

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-7)

Panton · chromium

Historical result

Needs review: historical\_restatement

#### 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 factor: Chromium grade and contained oxide tonnage are disclosed

- Negative factor: Historical resource restatement

Evidence · text

> & 6.2% Cr2O3

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-8)

Panton · palladium

Historical result

Needs review: historical\_restatement

#### 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 factor: Bulk Dunite resource and cut-off are stated

- Positive factor: Contained metal is disclosed

- Negative factor: Historical resource restatement

- Negative factor: Equivalent unit differs from the other resource components

Evidence · text

> 55.7Mt @ 1.2g/t PdEq1

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

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

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-9)

Panton · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Nickel grade and contained metal are disclosed

- Negative factor: Historical restatement

Evidence · text

> \(0.18% Ni\)

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-10)

Panton · palladium

Historical result

Needs review: historical\_restatement

#### 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 factor: Total Panton MRE tonnage, grade and contained metal are explicitly stated

- Positive factor: JORC \(2012\) resource with multiple commodity equivalents

- Negative factor: 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 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-11)

Panton · nickel

Historical result

Needs review: historical\_restatement

#### 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 factor: Total nickel grade and contained nickel are stated for the Panton MRE

- Negative factor: Historical restatement

Evidence · text

> \(1.5g/t PGM3E1, 0.20% Ni & 3.1% Cr2O3\)

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-12)

Panton · chromium

Historical result

Needs review: historical\_restatement

#### 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 factor: Chromium grade and contained metal are disclosed in the total resource

- Negative factor: Historical restatement

Evidence · text

> 3.1% Cr2O3

#### 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

**JORC Compliant**

Polarity: positive

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

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.0 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/future-metals-nl-2025-annual-report-to-shareholders--149dea11-51f5-4b81-af69-48604e2fd0e7#fact-resource-facts-23)

Future Metals NL · none

#### 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 factor: Audited annual report and financial statements are presented

- Negative factor: This is not a mineral resource or technical estimate

Evidence · text

> Future Metals NL 2025 Annual Report to Shareholders

#### 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

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.