# AX8: Annual Report to Shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145929

Publisher: asx

Original announcement: 2026-09-29T23:26:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T00:16:08.557Z

Atlas analysis updated: 2026-09-30T00:16:08.557Z

- Company: Accelerate Resources Limited

- Ticker: AX8

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: Manganese, Lithium, Arsenic, Iron ore, Silica, Aluminium, Phosphorus

- Document categories: Resource update, Drill results, Other

- Extracted: 2026-09-30 00:16:09 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Accelerate Resources Limited's Annual Report for FY2026 highlights a strategic refocus on its core Woodie Woodie North Manganese and Balagundi Gold projects in Western Australia. The company reported new high-grade gold discoveries at Balagundi, including a bonanza intercept at Spencers, and confirmed widespread high-grade manganese at Woodie Woodie North. Capital raises totaling A$2.9 million were completed to fund ongoing exploration, alongside portfolio rationalization and an expansion of the Balagundi landholding with a secured toll treatment option.

Reasoning: The company reported a strong year of exploration success, particularly with new high-grade gold discoveries at Balagundi and confirmation of high-grade manganese, supported by significant capital raises and strategic portfolio management. While a financial loss was incurred and some historical data lacks full QA/QC, the overall progress in advancing core projects is positive.

- Positive factor: New high-grade gold discovery at Spencers with bonanza intercept

- Positive factor: Confirmation of high-grade manganese at Woodie Woodie North

- Positive factor: Significant capital raises to fund exploration programs

- Positive factor: Strategic portfolio rationalization focusing on core assets

- Positive factor: Expansion of Balagundi Gold Project landholding and securing toll treatment option

- Negative factor: Annual financial loss reported

- Negative factor: Impairment of exploration expenditure on non-core projects

- Negative factor: Manganese resource is entirely Inferred category

- Negative factor: Historical drill results for manganese lack detailed QA/QC information

- Negative factor: Arsenic anomaly identified at Delta Trend, indicating potential deleterious elements

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 38

## Classification and evidence

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Woodie Woodie North Mineral Resource is entirely classified as Inferred, indicating lower geological confidence.

Evidence · text

> The project hosts an Inferred Mineral Resource of 1.2 Mt at 19.1% Mn

**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 Mineral Resources and Exploration Results are signed off by Competent Persons Ms Felicity Hughes, Mr Matthew Clark, and Mr Luke Meter, who are members of recognized professional associations.

Evidence · text

> The information in this report that relates to Mineral Resources \(including the Mineral Resources Statement\) is based on and fairly represents information and supporting documentation compiled by Ms Felicity Hughes. ... The Exploration Target has been approved by Mr Clark... Information in this report related to Exploration Results is based on information compiled by Mr Luke Meter.

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The company states it employs strict quality control procedures during sample collection and analysis, including blanks, standards and duplicates for its exploration results.

Evidence · text

> The Company provides transparent reporting with quality control in sampling and drilling techniques and employs strict quality control procedures during sample collection and analysis, including blanks, standards and duplicates.

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: Historical RAB drilling results from WAMEX Report A57720 have limited or unavailable original sample recovery records, detailed QA/QC information, and some sample preparation details.

Evidence · text

> Original sample recovery records, detailed QA/QC information and some sample preparation details are limited or unavailable.

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: All historical RAB intersections are reported as down-hole lengths, with true widths not currently known.

Evidence · text

> All intersections are reported as down-hole lengths; true widths are not currently known.

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The Woodie Woodie North Mineral Resource estimate was reported on 30 November 2023, and is being re-confirmed in this 2026 annual report without new information or data materially affecting it.

Evidence · text

> The estimate was prepared by ERM \(formerly CSA\) and reported to ASX on 30 November 2023. The Company reviews its Mineral Resources annually in accordance with Clause 15 of the JORC Code \(2012\) and confirms that it is not aware of any new information or data that materially affects the estimate, and that all material assumptions and technical parameters underpinning it continue to apply.

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The maiden RC drilling at Spencers returned 1m at 46.9g/t Au, which is an exceptionally high-grade gold intercept.

Evidence · text

> maiden RC at Spencers returned 11m at 4.6g/t Au from 25m, including 1m at 46.9g/t Au

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The Maritana Minerals agreement secures an interpreted extension of approximately 600m of strike along the emerging Delta Trend.

Evidence · text

> secures an interpreted extension of approximately 600m of strike along the emerging Delta Trend

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: A strong arsenic anomaly of 14m @ 767 ppm As, including 2m @ 2,765 ppm As, was intersected at the Iron Bound mafic–sediment contact, indicating the presence of a penalty element.

Evidence · text

> intersected a strong arsenic anomaly of 14m @ 767 ppm As from 48m, including 2m @ 2,765 ppm As to end of hole \(25BGAC008\)

## Extracted facts

Stored fact records: 38. Some facts used in scoring do not have a stored record.

## Drill Results (8)

### WNRC038

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-25)

Woodie Woodie North · manganese

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: WNRC038
- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 42
- Grade Unit: %
- Intercept: 2 m

#### Classification

- Program: exploration
- Sample Type: drill
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval shows a very high-grade manganese zone, significantly enhancing the prospectivity of the area.

- Positive factor: Very high-grade manganese intercept

- Positive factor: Re-compositing highlights higher-grade zones

- Negative factor: Historical drilling from 2021-2023

- Negative factor: True width not known

Evidence · text

> 2m @ 42.0% Mn \(WNRC038\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### 26BGAC082

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-26)

Balagundi · gold

#### Identity

- Hole ID: 26BGAC082
- Project: Balagundi
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 1.13
- Grade Unit: g/t
- Intercept: 4 m
- From: 0 m
- To: 4 m
- Intercept Depth: 0 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Group ID: 26BGAC082:0-4
- Mining Method: open\_pit

#### Location

- Location: Fluffy
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This intercept confirms shallow gold mineralization at Fluffy, which is positive for potential open-pit development.

- Positive factor: Moderate grade gold intercept

- Positive factor: Shallow mineralization from surface

- Positive factor: First drilling at prospect in over 30 years

- Negative factor: True width not known

Evidence · text

> 4m @ 1.13 g/t Au from surface \(26BGAC082\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### BHRC003

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-27)

Balagundi · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: BHRC003
- Project: Balagundi
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 1.85
- Grade Unit: g/t
- Intercept: 6 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Mining Method: open\_pit

#### Location

- Location: Fluffy
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical intercept indicates strong gold grades over a good width at Fluffy, supporting its prospectivity.

- Positive factor: Strong grade gold intercept over a good width

- Negative factor: Historical drilling

- Negative factor: True width not known

Evidence · text

> 6m @ 1.85 g/t Au \(BHRC003\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### 25BGAC008

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-28)

Balagundi · arsenic

#### Identity

- Hole ID: 25BGAC008
- Project: Balagundi
- Commodity: arsenic
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 2765
- Grade Unit: ppm
- Intercept: 2 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Mining Method: open\_pit

#### Location

- Location: Iron Bound
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: Yes
- Deleterious Elements: arsenic

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This very high arsenic concentration is a strong pathfinder for gold, but also highlights a significant potential processing issue.

- Positive factor: Very strong arsenic anomaly, indicating proximity to significant mineralization

- Negative factor: High concentration of a deleterious element, posing potential processing challenges

Evidence · text

> 2m @ 2,765 ppm As to end of hole \(25BGAC008\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Deleterious Elements Present**

Polarity: negative

Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release.

Why it applies: deleterious\_flag is true

### 25KERC003

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-29)

Kanowna East · gold

#### Identity

- Hole ID: 25KERC003
- Project: Kanowna East
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 2
- Grade Unit: g/t
- Intercept: 2 m
- From: 131 m
- To: 133 m
- Intercept Depth: 131 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: 25KERC003:131-133
- Mining Method: open\_pit

#### Location

- Location: Little Lake
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This strong grade intercept indicates gold mineralization at depth, but the project's divestment limits its future impact for the company.

- Positive factor: Strong grade gold intercept

- Negative factor: Project divested after year end

- Negative factor: Narrow intercept

- Negative factor: True width not known

Evidence · text

> 2m at 2.0 g/t Au from 131m \(25KERC003\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### PRC033

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-30)

Karratha Lithium Projects · lithium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: PRC033
- Project: Karratha Lithium Projects
- Commodity: lithium
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 1.08
- Grade Unit: %
- Intercept: 3 m
- From: 122 m
- To: 125 m
- Intercept Depth: 122 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: PRC033:122-125
- Mining Method: open\_pit

#### Location

- Location: Prinsep
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This historical intercept shows moderate lithium grades, but the lack of recent exploration activity and ongoing evaluation of strategic options suggests uncertainty about the project's future.

- Positive factor: Moderate grade lithium intercept

- Negative factor: Historical drilling from 2024

- Negative factor: No on-ground exploration during the year

- Negative factor: True width not known

Evidence · text

> 3m at 1.08% Li₂O from 122m \(PRC033\)

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### 26BGAC009

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-36)

Woodie Woodie North · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: 26BGAC009
- Project: Woodie Woodie North
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 4.1
- Grade Unit: g/t
- Intercept: 1 m
- From: 114 m
- To: 115 m

#### Classification

- Sample Type: drill

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval shows a very high-grade manganese zone, significantly enhancing the prospectivity of the area.

- Positive factor: Very high-grade manganese intercept

- Positive factor: Re-compositing highlights higher-grade zones

- Negative factor: Historical drilling from 2021-2023

- Negative factor: True width not known

Evidence · text

> 1m at 4.1 g/t Au from 114m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### 26BGAC009

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-drill-facts-37)

Woodie Woodie North · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: 26BGAC009
- Project: Woodie Woodie North
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: AX8

#### Geometry

- Grade: 2
- Grade Unit: g/t
- Intercept: 2 m
- From: 131 m
- To: 133 m

#### Classification

- Sample Type: drill

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This sub-interval shows a very high-grade manganese zone, significantly enhancing the prospectivity of the area.

- Positive factor: Very high-grade manganese intercept

- Positive factor: Re-compositing highlights higher-grade zones

- Negative factor: Historical drilling from 2021-2023

- Negative factor: True width not known

Evidence · text

> 2m at 2.0 g/t Au from 131m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

## Resource Estimates (30)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-0)

Woodie Woodie North · manganese

#### Identity

- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 17.2
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred manganese resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 17.2

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-1)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 14.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred iron resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 14.6

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-2)

Woodie Woodie North · silica

#### Identity

- Project: Woodie Woodie North
- Commodity: silica
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 25.8
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred silica resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 25.8

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-3)

Woodie Woodie North · aluminium

#### Identity

- Project: Woodie Woodie North
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 2.2
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred aluminium resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 2.2

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-4)

Woodie Woodie North · phosphorus

#### Identity

- Project: Woodie Woodie North
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 0.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred phosphorus resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 0.1

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-5)

Woodie Woodie North · manganese

#### Identity

- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 17.5
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred manganese resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 17.5

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-6)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 20.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred iron resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 20.1

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-7)

Woodie Woodie North · silica

#### Identity

- Project: Woodie Woodie North
- Commodity: silica
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 27.9
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred silica resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 27.9

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-8)

Woodie Woodie North · aluminium

#### Identity

- Project: Woodie Woodie North
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 3
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred aluminium resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 3.0

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-9)

Woodie Woodie North · phosphorus

#### Identity

- Project: Woodie Woodie North
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 0.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred phosphorus resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 0.1

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-10)

Woodie Woodie North · manganese

#### Identity

- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 16.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred manganese resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 16.1

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-11)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 21.8
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred iron resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 21.8

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-12)

Woodie Woodie North · silica

#### Identity

- Project: Woodie Woodie North
- Commodity: silica
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 34
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred silica resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 34.0

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-13)

Woodie Woodie North · aluminium

#### Identity

- Project: Woodie Woodie North
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 2.3
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred aluminium resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 2.3

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-14)

Woodie Woodie North · phosphorus

#### Identity

- Project: Woodie Woodie North
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 0.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred phosphorus resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 0.1

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-15)

Woodie Woodie North · manganese

#### Identity

- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 20.7
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is the largest inferred manganese resource area with a good grade, providing a significant baseline for future work.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Positive factor: Higher grade compared to other areas

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 20.7

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-16)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 15.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred iron resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 15.6

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-17)

Woodie Woodie North · silica

#### Identity

- Project: Woodie Woodie North
- Commodity: silica
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 35.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred silica resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 35.6

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-18)

Woodie Woodie North · aluminium

#### Identity

- Project: Woodie Woodie North
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 3.3
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred aluminium resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 3.3

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-19)

Woodie Woodie North · phosphorus

#### Identity

- Project: Woodie Woodie North
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 0.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred phosphorus resource, which provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 0.1

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-20)

Woodie Woodie North · manganese

#### Identity

- Project: Woodie Woodie North
- Commodity: manganese
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 19.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred manganese resource provides a substantial target for future exploration and development, though confidence is limited by the inferred category.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Positive factor: Significant total tonnage for an inferred resource

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 19.1

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-21)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 17.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred iron resource provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 17.6

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-22)

Woodie Woodie North · silica

#### Identity

- Project: Woodie Woodie North
- Commodity: silica
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 33.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred silica resource provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 33.1

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-23)

Woodie Woodie North · aluminium

#### Identity

- Project: Woodie Woodie North
- Commodity: aluminium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 3
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred aluminium resource provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 3.0

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-24)

Woodie Woodie North · phosphorus

#### Identity

- Project: Woodie Woodie North
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 0.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred phosphorus resource provides a baseline but has low confidence for economic studies.

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 0.1

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-31)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:04f41646cb8b183baf16
- Deposit or zone: Area 1

#### Resource Data

- Category: inferred
- Tonnes: 40000
- Grade: 14.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is a small, inferred manganese resource, which provides a baseline but has low confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

- Negative factor: Small tonnage for this category

Evidence · table

> 14.6

Context: 0.04

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-32)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:46bfbf6e48f7310d2b66
- Deposit or zone: Area 3

#### Resource Data

- Category: inferred
- Tonnes: 300000
- Grade: 20.1
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred manganese resource, which provides a baseline but has low confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 20.1

Context: 0.3

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-33)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:71a3336e272a8c57483e
- Deposit or zone: Area 4

#### Resource Data

- Category: inferred
- Tonnes: 200000
- Grade: 21.8
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is an inferred manganese resource, which provides a baseline but has low confidence for economic studies. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource estimate is JORC compliant and QP signed

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 21.8

Context: 0.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-34)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:b56d99ad5078f1662059
- Deposit or zone: Area 42

#### Resource Data

- Category: inferred
- Tonnes: 700000
- Grade: 15.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: This is the largest inferred manganese resource area with a good grade, providing a significant baseline for future work. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource estimate is JORC compliant and QP signed

- Positive factor: Higher grade compared to other areas

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 15.6

Context: 0.7

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ax8-annual-report-to-shareholders--07fd191d-af95-4633-80ab-0751ffca574c#fact-resource-facts-35)

Woodie Woodie North · iron\_ore

#### Identity

- Project: Woodie Woodie North
- Commodity: iron\_ore
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: AX8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Felicity Hughes
- Resource group id: resource:7b6ba0799a24f5d17fcc
- Deposit or zone: Total

#### Resource Data

- Category: inferred
- Tonnes: 1200000
- Grade: 17.6
- Grade Unit: %
- Cutoff Grade: 15
- Cutoff Unit: % Mn

#### Prior Estimate

- Resource Date: 2023-11-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: The total inferred manganese resource provides a substantial target for future exploration and development, though confidence is limited by the inferred category. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource estimate is JORC compliant and QP signed

- Positive factor: Significant total tonnage for an inferred resource

- Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence

Evidence · table

> 17.6

Context: 1.2

#### 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

**Stale Estimate**

Polarity: negative

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

Why it applies: effective date is 2.8 years before this release

## 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.