Business
Update on Proposed Acquisition
Atlas Metals Group PLC has provided an update on its proposed acquisition of Universal Pozzolanic Silica Alumina Ltd, reporting that a confirmatory drilling campaign at the Yammacoona Sand Quarry has completed 26 drillholes totalling 1,265 metres. Initial estimates indicate 86.5 million tonnes of pozzolanic sandstone within the concept pit of Lots 7 and 8, out of a total of 151.75 million tonnes of material. The company expects an updated Competent Person's Report to upgrade some JORC resources from inferred to measured status before the acquisition's completion, with the overall acquisition progressing as anticipated. Disclaimer*
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n\n16 February 2026\n \nAtlas Metals Group plc\n(\"Atlas Metals\" or the \"Company\")\n \nUpdate on Proposed Acquisition\nAtlas Metals (LON: AMG), the natural resources and energy company is pleased to provide an update on the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd (\"UPSA\") (the \"Proposed Acquisition\").\nAs detailed in the Company's announcement on 22 December 2025, the Company engaged SLR Consulting Australia Pty Ltd (\"SLR\"), to conduct a confirmatory drilling campaign, commencing on Lots 7 and 8 at the Yammacoona Sand Quarry in New South Wales, Australia, with the intention of proving a measured resource, and a technical memorandum has been provided by SLR. A total of 26 drillholes have now been completed using three drilling methods, diamond, percussion and blast hole, for a total of 1,265 metres.\nFrom the samples collected during the drilling programme Quantitative X-Ray Diffraction (QXRD) and clay mineralogical analyses will be undertaken to characterise material properties relevant to assessing pozzolanic potential. Drill core pieces representing all lithological units were also selected for petrographic examination and X-ray Fluorescence (XRF) analysis to document mineralogical composition and textural features.\nInitial volumes pending validation of drilling data, interpretation, geological modelling and material test results within Lots 7 and 8 indicate that the concept pit (see figure 1 below) covered by the areas of Lots 7 and 8 contains a total of 86.5 million tonnes of pozzolanic sandstone from a total volume of 151.75 million tonnes of material. Whilst these initial volumes are being assessed for resource status pending material testing and validation, the purpose of the update is to increase confidence in the volumes towards measured status. Volumes may vary based on further development of the geological model and validation.\nAtlas Metals is expecting SLR to complete the updated Competent Person's Report (\"CPR\"), using data obtained from this drilling programme, which is expected to include certain JORC resources being upgraded from the inferred to measured category, prior to the completion of the Proposed Acquisition. The last published CPR on the Yammacoona Sand Quarry, as announced by the Company on 28 November 2025, may be found on the Company's web...