# FRB: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145595 Publisher: asx Original announcement: 2026-09-29T08:41:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T13:42:03.278Z Atlas analysis updated: 2026-09-29T13:42:03.278Z - Company: Firebird Metals Limited - Ticker: FRB - Exchange: ASX - Region: Western Australia - Primary commodity: Manganese - Secondary commodities: Iron ore, Lithium, Nickel, Cobalt - Document categories: Resource update, Metallurgy - Extracted: 2026-09-29 13:42:04 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Firebird Metals Limited's Annual Report for FY2026 highlights a strategic shift towards advanced manganese processing and battery materials technology, marked by the establishment of the Australian Demonstration Plant \(ADP\) and securing a A$2.0 million ARENA grant. The company reported positive independent customer testing results for high-purity manganese sulphate and LMR cathode material, alongside strengthening its intellectual property portfolio. Despite an operating loss of $3.44 million, a $6.0 million capital raise contributed to an increase in net assets to $13.0 million, though the auditor noted a material uncertainty regarding going concern. The mineral resource estimates for Oakover and Hill 616 projects remain unchanged from prior years. Reasoning: Firebird Metals Limited's Annual Report highlights significant strategic progress in advanced manganese processing and battery materials technology, supported by a government grant, patent protection, and positive customer testing results for HPMSM and LMR cathode material. A successful capital raise strengthened the financial position, despite ongoing operating losses and an auditor-noted material uncertainty regarding going concern. The resource estimates are re-stated without change and are historical. - Positive factor: ARENA\_grant - Positive factor: ADP\_progress - Positive factor: patent\_protection - Positive factor: positive\_customer\_testing - Positive factor: successful\_capital\_raise - Positive factor: strategic\_partnerships - Negative factor: going\_concern\_uncertainty - Negative factor: stale\_resource\_estimates - Negative factor: all\_inferred\_resource Facts used in scoring: 35 ## Classification and evidence **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 in compliance with the JORC Code \(2012 Edition\). Evidence · text > Firebird Metals Limited reports its Mineral Resource Estimates in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(the JORC Code\) \(2012 Edition\). **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: Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code, indicating sign-off. Evidence · text > Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code. **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 Oakover Mineral Resource Estimate is reported at a cut-off grade of 7% Mn. Evidence · text > Oakover Mineral Resource Estimate reported at a cut-off grade of 7% Mn **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 Hill 616 Mineral Resource Estimate is reported at a cut-off grade of 8% Mn. Evidence · text > Hill 616 Mineral Resource Estimate reported at a cut-off grade of 8% Mn **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The company confirms there has been no change to the Oakover Mineral Resource Estimate from the prior year, and it was estimated in March 2023. Evidence · text > The Company confirms there has been no change from the prior year. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The company confirms there has been no change to the Hill 616 Mineral Resource Estimate from the prior year, and it was estimated in December 2021. Evidence · text > The Company confirms there has been no change from the prior year. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Oakover project includes a significant Inferred Resource of 70.9 Mt at 9.6% Mn. Evidence · table > 70.9 Context: Oakover Inferred **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Hill 616 project's Grand Total Mineral Resource of 57.5 Mt at 12.2% Mn is entirely classified as Inferred. Evidence · table > 57.5 Context: Grand Total Inferred **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The company's wholly owned pilot plant in Hunan, China, continued to deliver results, and successful pilot-scale testing was achieved for its calcination kiln. Evidence · text > Our research and development operations at our wholly owned pilot plant in Hunan, China, continued to deliver. Independent international customer testing confirmed that Firebird can produce manganese sulphate exceeding 99.99% purity **Novel Processing** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company is developing proprietary technologies for advanced manganese processing and battery materials, including an exclusive licence over LMFP cathode technology and LMR cathode material. Evidence · text > securing patent protection for its energy-efficient calcination kiln and an exclusive licence over lithium manganese iron phosphate \(LMFP\) cathode technology **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed a $6.0 million placement in October 2025, contributing to its financial position. Evidence · text > supported by a $6.0 million placement completed in October 2025. **Government Grant** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Australian Renewable Energy Agency \(ARENA\) awarded Firebird a A$2.0 million cash grant under its Battery Breakthrough Initiative. Evidence · text > the Australian Renewable Energy Agency \(ARENA\) awarded Firebird a A$2.0 million cash grant under its Battery Breakthrough Initiative **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Firebird established a manufacturing partnership arrangement with Zhongji Sunward Technology Co., Ltd for commercial scale kilns. Evidence · text > Firebird has established a manufacturing partnership arrangement with Zhongji Sunward Technology Co., Ltd for commercial scale kilns **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The LMR development program is co-funded by strategic partner Taza Metal Technologies. Evidence · text > The Company’s LMR development program is co-funded by strategic partner Taza Metal Technologies **Going Concern Uncertainty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern due to operating and investing cash outflows. Evidence · text > We draw attention to Note 2 in the financial statements, which indicates that the Group incurred a total other comprehensive loss of $3,398,102 during the year ended 30 June 2026 and, as at that date, recorded operating and investing cash outflows totalling $2,827,559 and $584,637, respectively. As stated in Note 2, these events or conditions, along with other matters set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("roasting"\) ## Extracted facts Stored fact records: 35. Some facts used in scoring do not have a stored record. ## Resource Estimates (35) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-0) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4cc9280ca130038bb637 - Deposit or zone: Sixty Sixer #### Resource Data - Category: indicated - Tonnes: 58800000 - Grade: 10.4 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Sixty Sixer zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 10.4 Context: 58.8 #### 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 **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-1) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4cc9280ca130038bb637 - Deposit or zone: Sixty Sixer #### Resource Data - Category: indicated - Tonnes: 58800000 - Grade: 9.2 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for iron at the Sixty Sixer zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 9.2 Context: 58.8 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-2) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8dc0357ba6ba7bc3413f #### Resource Data - Category: inferred - Tonnes: 43700000 - Grade: 9.4 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Sixty Sixer zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 9.4 Context: 43.7 #### 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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-3) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:516b07793754cbcdda18 - Deposit or zone: Sixty Sixer #### Resource Data - Category: inferred - Tonnes: 43700000 - Grade: 8.5 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Sixty Sixer zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 8.5 Context: 43.7 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-4) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1aad883510f634a02d3f - Deposit or zone: Jay Eye #### Resource Data - Category: indicated - Tonnes: 13100000 - Grade: 9.7 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Jay Eye zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 9.7 Context: 13.1 #### 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 **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-5) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1aad883510f634a02d3f - Deposit or zone: Jay Eye #### Resource Data - Category: indicated - Tonnes: 13100000 - Grade: 7.6 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for iron at the Jay Eye zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 7.6 Context: 13.1 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-6) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a51e39df430a41ea2348 - Deposit or zone: Jay Eye #### Resource Data - Category: inferred - Tonnes: 22100000 - Grade: 10.1 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Jay Eye zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 10.1 Context: 22.1 #### 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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-7) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a51e39df430a41ea2348 - Deposit or zone: Jay Eye #### Resource Data - Category: inferred - Tonnes: 22100000 - Grade: 6.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Jay Eye zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 6.9 Context: 22.1 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-8) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:bf89a56d888b8261b5bc - Deposit or zone: Karen #### Resource Data - Category: indicated - Tonnes: 33900000 - Grade: 9.7 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Karen zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 9.7 Context: 33.9 #### 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 **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-9) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:bf89a56d888b8261b5bc - Deposit or zone: Karen #### Resource Data - Category: indicated - Tonnes: 33900000 - Grade: 8.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for iron at the Karen zone, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 8.9 Context: 33.9 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-10) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d1d3b864f75a9d28160a - Deposit or zone: Karen #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 8.2 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Karen zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 8.2 Context: 5.1 #### 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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-11) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d1d3b864f75a9d28160a - Deposit or zone: Karen #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 9.1 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Karen zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 9.1 Context: 5.1 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-12) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a33d4e25bac4aaa3e14e - Deposit or zone: Oakover #### Resource Data - Category: indicated - Tonnes: 105800000 - Grade: 10.1 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Oakover project, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 10.1 Context: 105.8 #### 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 **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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-13) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a33d4e25bac4aaa3e14e - Deposit or zone: Oakover #### Resource Data - Category: indicated - Tonnes: 105800000 - Grade: 8.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for iron at the Oakover project, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 8.9 Context: 105.8 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-14) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1f60dd41d66def97352f - Deposit or zone: Oakover #### Resource Data - Category: inferred - Tonnes: 70900000 - Grade: 9.6 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Oakover project, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 9.6 Context: 70.9 #### 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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-15) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1f60dd41d66def97352f - Deposit or zone: Oakover #### Resource Data - Category: inferred - Tonnes: 70900000 - Grade: 8 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Oakover project, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 8.0 Context: 70.9 #### 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 3.6 years before this release ### Oakover [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-16) Oakover Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8340627ea748e78b1db1 - Deposit or zone: Oakover #### Resource Data - Tonnes: 176700000 - Grade: 9.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior total resource estimate for manganese at the Oakover project, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 9.9 Context: 176.7 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### Oakover [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-17) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8340627ea748e78b1db1 - Deposit or zone: Oakover #### Resource Data - Tonnes: 176700000 - Grade: 8.6 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior total resource estimate for iron at the Oakover project, with no change from the previous year, indicating low novelty. - Negative factor: stale\_estimate Evidence · table > 8.6 Context: 176.7 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-18) Hill 616 Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8272bd2d10ec8d133a76 - Deposit or zone: Manganiferous shale #### Resource Data - Category: inferred - Tonnes: 49300000 - Grade: 11.4 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Manganiferous shale zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 11.4 Context: 49.3 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-19) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8272bd2d10ec8d133a76 - Deposit or zone: Manganiferous shale #### Resource Data - Category: inferred - Tonnes: 49300000 - Grade: 17.3 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Manganiferous shale zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 17.3 Context: 49.3 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-20) Hill 616 Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f4ae2fc5f41f35857c39 - Deposit or zone: Supergene manganese #### Resource Data - Category: inferred - Tonnes: 8100000 - Grade: 17.4 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Supergene manganese zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 17.4 Context: 8.1 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-21) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f4ae2fc5f41f35857c39 - Deposit or zone: Supergene manganese #### Resource Data - Category: inferred - Tonnes: 8100000 - Grade: 16.8 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Supergene manganese zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 16.8 Context: 8.1 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-22) Hill 616 Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: manganese - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ec70c2dea6da56f93cc8 - Deposit or zone: Grand Total #### Resource Data - Category: inferred - Tonnes: 57500000 - Grade: 12.2 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Hill 616 project, with no change from the previous year, indicating low novelty and lower confidence due to being 100% inferred. - Negative factor: stale\_estimate - Negative factor: inferred\_resource - Negative factor: all\_inferred Evidence · table > 12.2 Context: 57.5 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-23) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ec70c2dea6da56f93cc8 - Deposit or zone: Grand Total #### Resource Data - Category: inferred - Tonnes: 57500000 - Grade: 17.2 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for iron at the Hill 616 project, with no change from the previous year, indicating low novelty and lower confidence due to being 100% inferred. - Negative factor: stale\_estimate - Negative factor: inferred\_resource - Negative factor: all\_inferred Evidence · table > 17.2 Context: 57.5 #### 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 4.8 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-24) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4cc9280ca130038bb637 - Deposit or zone: Sixty Sixer #### Resource Data - Category: indicated - Tonnes: 58800000 - Grade: 9.2 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Sixty Sixer zone, with no change from the previous year, indicating low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate Evidence · table > 9.2 Context: 58.8 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-25) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8dc0357ba6ba7bc3413f #### Resource Data - Category: inferred - Tonnes: 43700000 - Grade: 8.5 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Sixty Sixer zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 8.5 Context: 43.7 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-26) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1aad883510f634a02d3f - Deposit or zone: Jay Eye #### Resource Data - Category: indicated - Tonnes: 13100000 - Grade: 7.6 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Jay Eye zone, with no change from the previous year, indicating low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate Evidence · table > 7.6 Context: 13.1 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-27) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a51e39df430a41ea2348 - Deposit or zone: Jay Eye #### Resource Data - Category: inferred - Tonnes: 22100000 - Grade: 6.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Jay Eye zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 6.9 Context: 22.1 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-28) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:bf89a56d888b8261b5bc - Deposit or zone: Karen #### Resource Data - Category: indicated - Tonnes: 33900000 - Grade: 8.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Karen zone, with no change from the previous year, indicating low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate Evidence · table > 8.9 Context: 33.9 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-29) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d1d3b864f75a9d28160a - Deposit or zone: Karen #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 9.1 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Karen zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 9.1 Context: 5.1 #### 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 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-30) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a33d4e25bac4aaa3e14e - Deposit or zone: Oakover #### Resource Data - Category: indicated - Tonnes: 105800000 - Grade: 8.9 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior indicated resource estimate for manganese at the Oakover project, with no change from the previous year, indicating low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate Evidence · table > 8.9 Context: 105.8 #### 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 **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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-31) Oakover Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Oakover Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1f60dd41d66def97352f - Deposit or zone: Oakover #### Resource Data - Category: inferred - Tonnes: 70900000 - Grade: 8 - Grade Unit: % - Cutoff Grade: 7 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2023-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-03-23T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Oakover project, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 8.0 Context: 70.9 #### 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 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-32) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8272bd2d10ec8d133a76 - Deposit or zone: Manganiferous shale #### Resource Data - Category: inferred - Tonnes: 49300000 - Grade: 17.3 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Manganiferous shale zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 17.3 Context: 49.3 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-33) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f4ae2fc5f41f35857c39 - Deposit or zone: Supergene manganese #### Resource Data - Category: inferred - Tonnes: 8100000 - Grade: 16.8 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Supergene manganese zone, with no change from the previous year, indicating low novelty and lower confidence due to inferred category. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource Evidence · table > 16.8 Context: 8.1 #### 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 4.8 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frb-annual-report-to-shareholders--25eed5b5-eb83-4db5-a7d2-e02184bce7b0#fact-resource-facts-34) Hill 616 Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Hill 616 Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRB #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ec70c2dea6da56f93cc8 - Deposit or zone: Grand Total #### Resource Data - Category: inferred - Tonnes: 57500000 - Grade: 17.2 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % Mn #### Prior Estimate - Resource Date: 2021-12-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-12-01T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a re-statement of a prior inferred resource estimate for manganese at the Hill 616 project, with no change from the previous year, indicating low novelty and lower confidence due to being 100% inferred. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: stale\_estimate - Negative factor: inferred\_resource - Negative factor: all\_inferred Evidence · table > 17.2 Context: 57.5 #### 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 4.8 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.