# AEE: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146611 Publisher: asx Original announcement: 2026-09-30T07:46:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:14:45.363Z Atlas analysis updated: 2026-09-30T08:14:45.363Z - Company: Aura Energy Limited - Ticker: AEE - Exchange: ASX - Region: Unavailable - Primary commodity: Uranium - Secondary commodities: Vanadium, Potash, Molybdenum, Nickel, Zinc - Document categories: Resource update, Capital raise, Metallurgy - Extracted: 2026-09-30 08:14:46 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Aura Energy Limited's FY2026 Annual Report highlights significant progress across its projects. The Tiris Uranium Project in Mauritania finalized its processing flowsheet, secured its first long-term offtake agreement, and commenced pilot plant construction, with a Final Investment Decision targeted by year-end 2026. The Häggån polymetallic project in Sweden benefited from the overturning of the uranium mining ban and a proposal for national interest designation. While mineral resource and ore reserve estimates remained unchanged from the prior year, the company strengthened its balance sheet with a A$20.0 million placement. Reasoning: The annual report presents a mixed but generally positive outlook, with significant progress on project development, funding, and regulatory fronts, particularly for Tiris. While the resource numbers themselves are unchanged, the resolution of technical issues, securing offtake, and favorable regulatory shifts are strong positive signals for future development. The historical nature of one Häggån estimate and past share price performance are noted as negatives. - Positive factor: Processing flowsheet finalized for Tiris using proven technology, resolving a key technical uncertainty. - Positive factor: Pilot plant for Tiris is under construction and expected to operate in November 2026, validating the flowsheet at scale. - Positive factor: First long-term offtake agreement secured with a major US nuclear utility for Tiris, covering ~10% of projected output. - Positive factor: Non-binding MOU signed with another major international nuclear utility for potential equity investment, long-term offtake, and technical collaboration. - Positive factor: Funding pathway progressing with DFC debt discussions and a non-binding proposal from a major US investment fund. - Positive factor: Sweden overturned its uranium mining ban and amended the Nuclear Activities Act, creating a more favorable regulatory environment for Häggån. - Positive factor: Häggån proposed as a resource of national interest by the Geological Survey of Sweden, recognizing its strategic importance. - Positive factor: Successful A$20.0 million placement strengthened the company's balance sheet. - Negative factor: Mineral Resource and Ore Reserve estimates for Tiris and Häggån are unchanged from the prior year, indicating no new geological data. - Negative factor: The Häggån JORC 2004 uranium estimate is historical and has not been updated to JORC 2012 standards, raising confidence concerns. - Negative factor: The Tiris offtake agreement's original condition precedent for FID by 31 December 2025 was not met, though parties remain committed. - Negative factor: Share price performance over the year was unsatisfactory, reflecting past technical uncertainty and funding concerns. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 74 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides updated Mineral Resource and Ore Reserve statements for the Tiris and Häggån projects as of 30 June 2026. Evidence · text > Mineral Resource and Ore Reserve statement **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report includes Competent Persons' statements for the Tiris Uranium Project \(Arnold van der Heyden, Andrew Hutson\) and Häggån Polymetallic Project \(Rupert Osborn, Arnold van der Heyden\). Evidence · text > Competent Persons' statements **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Tiris Mineral Resource and Ore Reserve estimates, and the Häggån V2O5 Mineral Resource, are reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > Aura Energy’s Mineral Resource and Ore Reserve estimates are reported in accordance with the JORC Code \(2012 Edition\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: All resource and reserve tables explicitly state the cut-off grades used \(e.g., '100ppm U3O8 cut-off grade', 'V2O5 cut-off grades'\). Evidence · text > 100ppm U3O8 cut-off grade **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Häggån Mineral Resource for U3O8 is reported with the JORC Code \(2004 Edition\) with an estimate date of 22 August 2012, and has not been updated to comply with the JORC Code 2012. Evidence · text > The Häggån Mineral Resource for U3O8 is reported with the JORC Code \(2004 Edition\), with the date of the estimate at 22 August 2012 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Häggån Mineral Resource for U3O8 has an estimate date of 22 August 2012, which is significantly older than the current reporting date of 30 June 2026. Evidence · text > The Häggån Mineral Resource for U3O8 is reported with the JORC Code \(2004 Edition\), with the date of the estimate at 22 August 2012 ## Extracted facts Stored fact records: 74. Some facts used in scoring do not have a stored record. ## Resource Estimates (74) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-0) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:ca20c3b89dcd14002df2 - Deposit or zone: Tiris East #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 17.3 - Grade Unit: mlbs - Contained Metal: 17.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured resource provides a high-confidence base for the Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Measured category, indicating high geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 17.3 Context: 34 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-1) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:ca20c3b89dcd14002df2 - Deposit or zone: Tiris East #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 75 - Grade Unit: ppm - Contained Metal: 5.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured vanadium resource provides a high-confidence base, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Measured category, indicating high geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 75 Context: 34 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-2) Tiris · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:70ff1bfd9d00eb729b50 - Deposit or zone: Tiris East #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 22.6 - Grade Unit: mlbs - Contained Metal: 22.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource contributes to the overall Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 22.6 Context: 48 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-3) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:70ff1bfd9d00eb729b50 - Deposit or zone: Tiris East #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 69 - Grade Unit: ppm - Contained Metal: 7.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the overall Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 69 Context: 48 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-4) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:94762b301b9d1fd9cbc7 - Deposit or zone: Tiris East #### Resource Data - Category: inferred - Tonnes: 79000000 - Grade: 36.7 - Grade Unit: mlbs - Contained Metal: 36.7 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 36.7 Context: 79 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-5) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:94762b301b9d1fd9cbc7 - Deposit or zone: Tiris East #### Resource Data - Category: inferred - Tonnes: 79000000 - Grade: 68 - Grade Unit: ppm - Contained Metal: 11.9 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 68 Context: 79 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-6) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:5eb135cf1626090f874c - Deposit or zone: Oum Ferkik #### Resource Data - Category: inferred - Tonnes: 22000000 - Grade: 14.6 - Grade Unit: mlbs - Contained Metal: 14.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 14.6 Context: 22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-7) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:5eb135cf1626090f874c - Deposit or zone: Oum Ferkik #### Resource Data - Category: inferred - Tonnes: 22000000 - Grade: 95 - Grade Unit: ppm - Contained Metal: 4.7 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 95 Context: 22 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-8) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:bd98267ebee8cc47036e - Deposit or zone: Total Mineral Resources #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 230 - Grade Unit: ppm - Contained Metal: 17.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured resource provides a high-confidence base for the Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Measured category, indicating high geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 230 Context: 34 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-9) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:bd98267ebee8cc47036e - Deposit or zone: Total Mineral Resources #### Resource Data - Category: measured - Tonnes: 34000000 - Grade: 74 - Grade Unit: ppm - Contained Metal: 5.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured vanadium resource provides a high-confidence base, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Measured category, indicating high geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 74 Context: 34 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-10) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:f40a7762ef33ca6907a2 - Deposit or zone: Total Mineral Resources #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 212 - Grade Unit: ppm - Contained Metal: 22.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource contributes to the overall Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 212 Context: 48 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-11) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:f40a7762ef33ca6907a2 - Deposit or zone: Total Mineral Resources #### Resource Data - Category: indicated - Tonnes: 48000000 - Grade: 69 - Grade Unit: ppm - Contained Metal: 7.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the overall Tiris project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 69 Context: 48 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-12) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:3f79cb26a380af2e66f7 - Deposit or zone: Total Mineral Resources #### Resource Data - Category: inferred - Tonnes: 102000000 - Grade: 51.4 - Grade Unit: mlbs - Contained Metal: 51.4 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 51.4 Context: 102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-13) Tiris · vanadium #### Identity - Project: Tiris - Commodity: vanadium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:3f79cb26a380af2e66f7 - Deposit or zone: Total Mineral Resources #### Resource Data - Category: inferred - Tonnes: 102000000 - Grade: 74 - Grade Unit: ppm - Contained Metal: 16.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 74 Context: 102 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-14) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:ae265ea8ba315e4b32de - Deposit or zone: Lazare North #### Resource Data - Category: proven - Tonnes: 3600000 - Grade: 297 - Grade Unit: ppm - Contained Metal: 2.4 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proved reserve contributes to the overall Tiris project, reflecting high confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Proved category, indicating high confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 297 Context: 3.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-15) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:a2f60cde1f995a83919c - Deposit or zone: Lazare North #### Resource Data - Category: probable - Tonnes: 8300000 - Grade: 262 - Grade Unit: ppm - Contained Metal: 4.8 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable reserve contributes to the overall Tiris project, reflecting good confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Probable category, indicating good confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 262 Context: 8.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Lazare North [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-16) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:39aebb4d1f14db0849ac - Deposit or zone: Lazare North #### Resource Data - Tonnes: 12000000 - Grade: 273 - Grade Unit: ppm - Contained Metal: 7.2 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total reserve for Lazare North reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 273 Context: 12.0 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-17) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:076e27e37b1ef94c4fb2 - Deposit or zone: Lazare South #### Resource Data - Category: proven - Tonnes: 7500000 - Grade: 245 - Grade Unit: ppm - Contained Metal: 4.1 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proved reserve contributes to the overall Tiris project, reflecting high confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Proved category, indicating high confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 245 Context: 7.5 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-18) Tiris · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:500b35205cc685ad2e73 - Deposit or zone: Lazare South #### Resource Data - Category: probable - Tonnes: 4800000 - Grade: 243 - Grade Unit: ppm - Contained Metal: 2.5 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable reserve contributes to the overall Tiris project, reflecting good confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Probable category, indicating good confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 243 Context: 4.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Lazare South [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-19) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:2cd146475c9092d3b544 - Deposit or zone: Lazare South #### Resource Data - Tonnes: 12300000 - Grade: 244 - Grade Unit: ppm - Contained Metal: 6.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total reserve for Lazare South reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 244 Context: 12.3 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-20) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:0d909af20cf272bd0f22 - Deposit or zone: Hippolyte #### Resource Data - Category: proven - Tonnes: 7600000 - Grade: 274 - Grade Unit: ppm - Contained Metal: 4.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proved reserve contributes to the overall Tiris project, reflecting high confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Proved category, indicating high confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 274 Context: 7.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-21) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:dcf75ea3b4b418205fc1 - Deposit or zone: Hippolyte #### Resource Data - Category: probable - Tonnes: 7500000 - Grade: 266 - Grade Unit: ppm - Contained Metal: 4.4 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable reserve contributes to the overall Tiris project, reflecting good confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Probable category, indicating good confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 266 Context: 7.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Hippolyte [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-22) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:667fa5ce398104970cbe - Deposit or zone: Hippolyte #### Resource Data - Tonnes: 15000000 - Grade: 270 - Grade Unit: ppm - Contained Metal: 8.9 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total reserve for Hippolyte reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 270 Context: 15.0 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-23) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:9b98ce90fab4514984c7 - Deposit or zone: Sadi #### Resource Data - Category: proven - Tonnes: 9100000 - Grade: 213 - Grade Unit: ppm - Contained Metal: 4.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proved reserve contributes to the overall Tiris project, reflecting high confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Proved category, indicating high confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 213 Context: 9.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-24) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:c7ed781d50b4b9a02b6f - Deposit or zone: Sadi #### Resource Data - Category: probable - Tonnes: 14500000 - Grade: 207 - Grade Unit: ppm - Contained Metal: 6.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable reserve contributes to the overall Tiris project, reflecting good confidence, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Probable category, indicating good confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 207 Context: 14.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Sadi [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-25) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:f073304edc4927c64caf - Deposit or zone: Sadi #### Resource Data - Tonnes: 23600000 - Grade: 209 - Grade Unit: ppm - Contained Metal: 10.9 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total reserve for Sadi reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 209 Context: 23.6 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-26) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:7f4e6c7fb983095f8b9c - Deposit or zone: Total #### Resource Data - Category: proven - Tonnes: 27800000 - Grade: 249 - Grade Unit: ppm - Contained Metal: 15.3 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total Proved reserve reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Proved category, indicating high confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 249 Context: 27.8 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-27) Tiris · uranium #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:6a78faec0d3dee16958e - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 35000000 - Grade: 238 - Grade Unit: ppm - Contained Metal: 18.4 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total Probable reserve reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: Reserve is in the Probable category, indicating good confidence in economic extractability. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 238 Context: 35.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Total [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-28) Tiris · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Tiris - Commodity: uranium - Region: mauritania - Reported Region: Mauritania - Ticker: AEE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hutson - Resource group id: resource:cfa2bb98bfb0c896ceb1 - Deposit or zone: Total #### Resource Data - Tonnes: 62800000 - Grade: 243 - Grade Unit: ppm - Contained Metal: 33.6 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This total reserve for Tiris reflects the project's economic potential, though the numbers are a restatement of previous estimates. - Positive factor: The overall Tiris Ore Reserve saw a 49% increase in December 2024 \(prior to this report\). - Negative factor: Ore Reserve estimate is unchanged from the prior year \(December 2024\), indicating no new data in FY2026. Evidence · table > 243 Context: 62.8 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-29) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:5513650c36c7c7b35d12 #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 332 - Contained Unit: mlbs - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.34 Context: 45 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-30) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:5513650c36c7c7b35d12 #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 4.11 - Grade Unit: % - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated potash resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 4.11 Context: 45 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-31) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:5513650c36c7c7b35d12 #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 213 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated molybdenum resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 213 Context: 45 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-32) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:5513650c36c7c7b35d12 #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 365 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated nickel resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 365 Context: 45 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-33) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:5513650c36c7c7b35d12 #### Resource Data - Category: indicated - Tonnes: 45000000 - Grade: 501 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated zinc resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 501 Context: 45 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-34) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:868116ab0d4e78fa6163 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 14873 - Contained Unit: mlbs - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.27 Context: 2,503 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-35) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:868116ab0d4e78fa6163 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 3.37 - Grade Unit: % - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred potash resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 3.37 Context: 2,503 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-36) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:868116ab0d4e78fa6163 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 200 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred molybdenum resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 200 Context: 2,503 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-37) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:868116ab0d4e78fa6163 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 312 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred nickel resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 312 Context: 2,503 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-38) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:868116ab0d4e78fa6163 #### Resource Data - Category: inferred - Tonnes: 2503000000 - Grade: 433 - Grade Unit: ppm - Cutoff Grade: 0.1 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred zinc resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 433 Context: 2,503 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-39) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:cd269f5264898f88394b #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 320 - Contained Unit: mlbs - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.35 Context: 42 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-40) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:cd269f5264898f88394b #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 4.13 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated potash resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 4.13 Context: 42 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-41) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:cd269f5264898f88394b #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 217 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated molybdenum resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 217 Context: 42 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-42) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:cd269f5264898f88394b #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 375 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated nickel resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 375 Context: 42 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-43) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:cd269f5264898f88394b #### Resource Data - Category: indicated - Tonnes: 42000000 - Grade: 512 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated zinc resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 512 Context: 42 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-44) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:f0751f74037ff5d5413f #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 0.3 - Grade Unit: % - Contained Metal: 13010 - Contained Unit: mlbs - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.30 Context: 1,963 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-45) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:f0751f74037ff5d5413f #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 3.8 - Grade Unit: % - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred potash resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 3.80 Context: 1,963 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-46) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:f0751f74037ff5d5413f #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 212 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred molybdenum resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 212 Context: 1,963 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-47) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:f0751f74037ff5d5413f #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 337 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred nickel resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 337 Context: 1,963 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-48) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:f0751f74037ff5d5413f #### Resource Data - Category: inferred - Tonnes: 1963000000 - Grade: 463 - Grade Unit: ppm - Cutoff Grade: 0.2 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred zinc resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 463 Context: 1,963 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-49) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:7586ca27ca30e7075d7d #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 0.38 - Grade Unit: % - Contained Metal: 258 - Contained Unit: mlbs - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.38 Context: 61 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-50) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:7586ca27ca30e7075d7d #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 4.22 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated potash resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 4.22 Context: 61 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-51) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:7586ca27ca30e7075d7d #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 223 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated molybdenum resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 223 Context: 61 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-52) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:7586ca27ca30e7075d7d #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 398 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated nickel resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 398 Context: 61 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-53) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:7586ca27ca30e7075d7d #### Resource Data - Category: indicated - Tonnes: 61000000 - Grade: 536 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated zinc resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 536 Context: 61 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-54) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:dd08d67d33f3ce7d343d #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 7390 - Contained Unit: mlbs - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.35 Context: 954 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-55) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:dd08d67d33f3ce7d343d #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 3.95 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred potash resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 3.95 Context: 954 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-56) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:dd08d67d33f3ce7d343d #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 226 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred molybdenum resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 226 Context: 954 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-57) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:dd08d67d33f3ce7d343d #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 374 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred nickel resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 374 Context: 954 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-58) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:dd08d67d33f3ce7d343d #### Resource Data - Category: inferred - Tonnes: 954000000 - Grade: 503 - Grade Unit: ppm - Cutoff Grade: 0.3 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred zinc resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 503 Context: 954 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-59) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:16f03e1b38ca104244a8 #### Resource Data - Category: indicated - Tonnes: 11000000 - Grade: 0.44 - Grade Unit: % - Contained Metal: 101 - Contained Unit: mlbs - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated vanadium resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.44 Context: 11 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-60) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:16f03e1b38ca104244a8 #### Resource Data - Category: indicated - Tonnes: 11000000 - Grade: 4.46 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated potash resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 4.46 Context: 11 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-61) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:16f03e1b38ca104244a8 #### Resource Data - Category: indicated - Tonnes: 11000000 - Grade: 225 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated molybdenum resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 225 Context: 11 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-62) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:16f03e1b38ca104244a8 #### Resource Data - Category: indicated - Tonnes: 11000000 - Grade: 429 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated nickel resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 429 Context: 11 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-63) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:16f03e1b38ca104244a8 #### Resource Data - Category: indicated - Tonnes: 11000000 - Grade: 580 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated zinc resource contributes to the Häggån project, though the numbers are a restatement of previous estimates. - Positive factor: Resource is in the Indicated category, providing reasonable geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 580 Context: 11 #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-64) Häggån · vanadium #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:2abb10a2f9c87bcd73b3 #### Resource Data - Category: inferred - Tonnes: 113000000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 1072 - Contained Unit: mlbs - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 0.43 Context: 113 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-65) Häggån · potash #### Identity - Project: Häggån - Commodity: potash - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:2abb10a2f9c87bcd73b3 #### Resource Data - Category: inferred - Tonnes: 113000000 - Grade: 4.25 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred potash resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 4.25 Context: 113 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-66) Häggån · molybdenum #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:2abb10a2f9c87bcd73b3 #### Resource Data - Category: inferred - Tonnes: 113000000 - Grade: 232 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred molybdenum resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 232 Context: 113 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-67) Häggån · nickel #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:2abb10a2f9c87bcd73b3 #### Resource Data - Category: inferred - Tonnes: 113000000 - Grade: 419 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred nickel resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 419 Context: 113 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-68) Häggån · zinc #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Rupert Osborn - Resource group id: resource:2abb10a2f9c87bcd73b3 #### Resource Data - Category: inferred - Tonnes: 113000000 - Grade: 562 - Grade Unit: ppm - Cutoff Grade: 0.4 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred zinc resource provides potential for future conversion but has lower confidence, and the numbers are a restatement of previous estimates. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. Evidence · table > 562 Context: 113 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-69) Häggån · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: uranium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 155 - Grade Unit: ppm - Contained Metal: 800 - Contained Unit: mlbs - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred uranium resource is a significant scale but is based on historical data and reporting standards, limiting its current confidence and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. - Negative factor: Estimate is historical \(JORC 2004\) and has not been updated to comply with JORC 2012, raising concerns about data currency and reporting standards. Evidence · table > 155 Context: 2,350 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-70) Häggån · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: molybdenum - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 207 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred molybdenum resource is based on historical data and reporting standards, limiting its current confidence and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. - Negative factor: Estimate is historical \(JORC 2004\) and has not been updated to comply with JORC 2012, raising concerns about data currency and reporting standards. Evidence · table > 207 Context: 2,350 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-71) Häggån · vanadium Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: vanadium - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 1519 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred vanadium resource is based on historical data and reporting standards, limiting its current confidence and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. - Negative factor: Estimate is historical \(JORC 2004\) and has not been updated to comply with JORC 2012, raising concerns about data currency and reporting standards. Evidence · table > 1,519 Context: 2,350 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-72) Häggån · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: nickel - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 316 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred nickel resource is based on historical data and reporting standards, limiting its current confidence and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. - Negative factor: Estimate is historical \(JORC 2004\) and has not been updated to comply with JORC 2012, raising concerns about data currency and reporting standards. Evidence · table > 316 Context: 2,350 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aee-2026-annual-report--0362ea7f-f7ca-425c-9d3a-4c6cf5b6d1d9#fact-resource-facts-73) Häggån · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Häggån - Commodity: zinc - Region: sweden - Reported Region: Sweden - Ticker: AEE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1f4ffd75827c3b22e7e3 #### Resource Data - Category: inferred - Tonnes: 2350000000 - Grade: 431 - Grade Unit: ppm - Cutoff Grade: 100 - Cutoff Unit: ppm U3O8 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-08-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred zinc resource is based on historical data and reporting standards, limiting its current confidence and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Resource estimate is unchanged from the prior year, indicating no new geological data. - Negative factor: Estimate is historical \(JORC 2004\) and has not been updated to comply with JORC 2012, raising concerns about data currency and reporting standards. Evidence · table > 431 Context: 2,350 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.