# EPM: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145404 Publisher: asx Original announcement: 2026-09-29T06:22:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T15:12:44.203Z Atlas analysis updated: 2026-09-29T15:12:44.203Z - Company: ECLIPSE METALS LIMITED - Ticker: EPM - Exchange: ASX - Region: South Greenland - Primary commodity: Rare earths - Secondary commodities: Hafnium, Gallium, Yttrium, Zirconium, Neodymium - Document categories: Resource update, Other - Extracted: 2026-09-29 15:12:44 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Eclipse Metals Limited's Annual Report for FY2026 highlights significant advancements in its South Greenland critical minerals strategy. The company announced a substantially enlarged Grønnedal Mineral Resource of 208 Mt at 0.72% TREO, including a first Indicated component of 6 Mt, representing a 234% increase in tonnage and a 12% increase in grade from the previous estimate. Additionally, a maiden Inferred Mineral Resource was defined at Ivigtût, containing hafnium, gallium, yttrium, and zirconium, establishing a new critical minerals opportunity. Reasoning: Eclipse Metals Limited announced a substantially enlarged Grønnedal rare earth resource, including a first Indicated component, and a maiden critical minerals resource at Ivigtût, significantly strengthening its South Greenland portfolio. - Positive factor: Tonnage Growth - Positive factor: Grade Improvement - Positive factor: Category Upgrade - Positive factor: Maiden Resource - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Cut-off Disclosed - Negative factor: All Inferred Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 10 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Grønnedal Mineral Resource increased by 234% in tonnage compared to the previous estimate. Evidence · text > This represented a 234% increase in tonnage **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The Grønnedal Mineral Resource saw a 12% increase in grade compared to the previous estimate. Evidence · text > and a 12% increase in grade compared with the previous 89.2 Mt Inferred estimate. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The updated Grønnedal Mineral Resource includes a first Indicated component of approximately 6 Mt. Evidence · text > The inclusion of approximately 6 Mt in the Indicated category is particularly important. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: Eclipse announced a maiden Inferred Mineral Resource for the Ivigtût critical-minerals area. Evidence · text > On 15 July 2026, after the reporting date, Eclipse announced the first Mineral Resource for the Ivigtût critical-minerals area. **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: Mr Alfred Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy, is responsible for the Mineral Resource Estimates. Evidence · text > The information in this Review of Operations that relates to Exploration Results and Mineral Resource Estimates is based on information compiled and reviewed by Mr Alfred Gillman, Principal Geologist of Odessa Resources Pty Ltd and a Non-Executive Director of Eclipse Metals Limited. Mr Gillman is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimates are reported under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Evidence · text > Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Grønnedal resource is reported at a 2,000 ppm TREO cut-off. Evidence · text > reported at a 2,000 ppm TREO cut-off **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Grønnedal resource still contains a 202 Mt Inferred component. Evidence · text > 202 Mt Inferred inventory **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The maiden Ivigtût Mineral Resource is entirely Inferred. Evidence · text > The estimate is entirely 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: The Ivigtût resource is reported at a 60 ppm HfO₂ cut-off. Evidence · text > reported at a 60 ppm HfO₂ cut-off ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-0) Grønnedal · rare\_earths #### Identity - Project: Grønnedal - Commodity: rare\_earths - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:38b2eea65e05f6b92c28 #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 7139 - Grade Unit: ppm TREO - Contained Metal: 40 - Contained Unit: kt treo - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: First Indicated component for Grønnedal, providing higher confidence for future studies. - Positive factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Grade Improvement Evidence · table > 7,139 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-1) Grønnedal · neodymium #### Identity - Project: Grønnedal - Commodity: neodymium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:38b2eea65e05f6b92c28 #### Resource Data - Category: indicated - Tonnes: 6000000 - Grade: 2307 - Grade Unit: ppm - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: First Indicated component for Nd2O3+Pr2O3, linking to permanent-magnet rare-earth focus. - Positive factor: Category Upgrade Evidence · table > 2,307 Context: 6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-2) Grønnedal · rare\_earths #### Identity - Project: Grønnedal - Commodity: rare\_earths - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:fb2ba14ae6a180b04e48 #### Resource Data - Category: inferred - Tonnes: 202000000 - Grade: 7242 - Grade Unit: ppm TREO - Contained Metal: 1465 - Contained Unit: kt treo - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 - Prior Tonnes: 89200000 - Prior Grade: 6463 - Prior Contained Metal: 576000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Substantial increase in Inferred tonnage and grade, demonstrating large resource-conversion opportunity. - Positive factor: Tonnage Growth - Positive factor: Grade Improvement - Positive factor: Contained Metal Growth - Negative factor: Inferred Resource Evidence · table > 7,242 Context: 202 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 202000000 against 89200000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 7242 against 6463 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1465 against 576000 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 1465 from 576000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-3) Grønnedal · neodymium #### Identity - Project: Grønnedal - Commodity: neodymium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:fb2ba14ae6a180b04e48 #### Resource Data - Category: inferred - Tonnes: 202000000 - Grade: 2191 - Grade Unit: ppm - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Increased Inferred Nd2O3+Pr2O3 content, linking to permanent-magnet rare-earth focus. - Positive factor: Tonnage Growth - Negative factor: Inferred Resource Evidence · table > 2,191 Context: 202 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-4) Grønnedal · rare\_earths #### Identity - Project: Grønnedal - Commodity: rare\_earths - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:374fae27d909d5fba074 #### Resource Data - Category: inferred - Tonnes: 208000000 - Grade: 7239 - Grade Unit: ppm TREO - Contained Metal: 1505 - Contained Unit: kt treo - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Overall significant increase in total resource tonnage and contained TREO. - Positive factor: Tonnage Growth - Positive factor: Grade Improvement - Positive factor: Contained Metal Growth Evidence · table > 7,239 Context: 208 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-5) Grønnedal · neodymium Historical result Needs review: historical\_restatement #### Identity - Project: Grønnedal - Commodity: neodymium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:374fae27d909d5fba074 #### Resource Data - Category: inferred - Tonnes: 208000000 - Grade: 2194 - Grade Unit: ppm - Contained Metal: 456000 - Contained Unit: t - Cutoff Grade: 2000 - Cutoff Unit: ppm TREO #### Prior Estimate - Resource Date: 2026-04-29 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Overall significant increase in total contained Nd2O3+Pr2O3. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth Evidence · text > approximately 456,000 tonnes of neodymium and praseodymium oxides #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-6) Ivigtût · hafnium #### Identity - Project: Ivigtût - Commodity: hafnium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:11e5d1ef34a8f0373b9c #### Resource Data - Category: inferred - Tonnes: 4870000 - Grade: 188 - Grade Unit: ppm HfO₂ - Contained Metal: 917 - Contained Unit: t hfo₂ - Cutoff Grade: 60 - Cutoff Unit: ppm HfO₂ #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Maiden Inferred Mineral Resource for hafnium, establishing a new critical minerals opportunity. - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 188 Context: 4.87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-7) Ivigtût · gallium #### Identity - Project: Ivigtût - Commodity: gallium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:11e5d1ef34a8f0373b9c #### Resource Data - Category: inferred - Tonnes: 4870000 - Grade: 61 - Grade Unit: ppm Ga₂O₃ - Contained Metal: 297 - Contained Unit: t ga₂o₃ - Cutoff Grade: 60 - Cutoff Unit: ppm HfO₂ #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Maiden Inferred Mineral Resource for gallium, contributing to a new critical minerals opportunity. - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 61 Context: 4.87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-8) Ivigtût · yttrium #### Identity - Project: Ivigtût - Commodity: yttrium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:11e5d1ef34a8f0373b9c #### Resource Data - Category: inferred - Tonnes: 4870000 - Grade: 147 - Grade Unit: ppm Y₂O₃ - Contained Metal: 714 - Contained Unit: t y₂o₃ - Cutoff Grade: 60 - Cutoff Unit: ppm HfO₂ #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Maiden Inferred Mineral Resource for yttrium, contributing to a new critical minerals opportunity. - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 147 Context: 4.87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/epm-annual-report-to-shareholders--d64a58ed-ef8f-4d85-9eaa-afa4df70e9f6#fact-resource-facts-9) Ivigtût · zirconium #### Identity - Project: Ivigtût - Commodity: zirconium - Region: south greenland - Reported Region: South Greenland - Ticker: EPM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:11e5d1ef34a8f0373b9c #### Resource Data - Category: inferred - Tonnes: 4870000 - Grade: 3380 - Grade Unit: ppm Zr - Contained Metal: 16454 - Contained Unit: t zr - Cutoff Grade: 60 - Cutoff Unit: ppm HfO₂ #### Prior Estimate - Resource Date: 2026-07-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Maiden Inferred Mineral Resource for zirconium, contributing to a new critical minerals opportunity. - Positive factor: Maiden Resource - Negative factor: All Inferred Evidence · table > 3,380 Context: 4.87 #### 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 ## 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.