Disclosure checks
Metal equivalent without recovery
Every drilling, resource and cash-flow announcement is checked against what the ASX itself focuses on when it reviews exploration results. A flag is not an accusation - it's a question worth asking before you invest.
The equivalent formula is shown, but the metallurgical recovery for each metal in it is not stated with the test work behind it. The ASX expects recoveries to be disclosed for metal equivalents; without them it assumes 100%.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 31 Jul 2026The equivalent formula is shown, but the metallurgical recovery for each metal in it is not stated with the test work behind it. The ASX expects recoveries to be disclosed for metal equivalents; without them it assumes 100%.
GGP: December 2025 Group Mineral Resource Statement - 30 Mar 2026What DrillScore checks
- Missing tables. A company reporting exploration results for a material project must include a drill-hole table (locations and intercepts) and sections 1 and 2 of JORC Table 1. JORC Table 1 explained
- Metal equivalents. The ASX's position is that equivalents aren't appropriate without metallurgical recovery information - with none given, it assumes 100% recovery. Metal equivalents explained
- Cherry-picking. Reporting only selected results breaches the JORC requirement for balanced reporting of low and high grades. DrillScore compares holes drilled with holes reported. Balanced reporting
- Visual estimates. The ASX discourages estimating mineralisation from visual inspection alone. Visual estimates
- Smearing. When one rich metre supplies most of a long interval's gram-metres. Smearing and the nugget effect
- Money. Fewer than 2 quarters of funding, or a raise that adds 15%+ more shares. Cash runway and raisings
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
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