# FRS: Lady Ada & Lady Magdalene Mineral Resource Estimate Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145892 Publisher: asx Original announcement: 2026-09-29T23:08:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:21:37.857Z Atlas analysis updated: 2026-09-30T00:21:37.857Z - Company: Forrestania Resources Ltd - Ticker: FRS - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-09-30 00:21:38 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Forrestania Resources has released an updated JORC Mineral Resource Estimate for its Lady Ada and Lady Magdalene deposits, totaling 4.89 Mt at 1.82 g/t Au for 285,700 oz Au. The update shows a 43% increase in higher-confidence Measured and Indicated resources, though overall contained gold ounces decreased by 4%. The project is subject to an ongoing legal dispute. Reasoning: The updated Mineral Resource Estimate for Lady Ada and Lady Magdalene shows a significant 43% increase in higher-confidence Measured and Indicated resources, improving project de-risking and supporting future development. However, this comes with a 4% decrease in overall contained gold ounces and the project is subject to an ongoing legal dispute. The estimate is JORC compliant and signed off by a Competent Person, with metallurgy indicating free-milling ore. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Contained Metal Decline - Negative factor: Legal Dispute - Negative factor: No External Audit Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 14 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Higher-confidence Measured and Indicated Mineral Resources have increased by 43% since the Mineral Resource Estimate announced on 7 May 2026, reflecting the successful conversion and expansion of the Mineral Resource base Evidence · text > Higher-confidence Measured and Indicated Mineral Resources have increased by 43% since the Mineral Resource Estimate announced on 7 May 2026 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource estimate is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy and consents to the inclusion of the report. Evidence · text > The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Widenbar is a full-time employee of Widenbar and Associates Pty Ltd. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Widenbar consents to the inclusion in the report of the matters based on his information in the form and context that the information appears. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is stated to be JORC compliant. Evidence · text > JORC Mineral Resource Estimate \(“MRE”\) **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Metallurgical assumptions indicate a free milling deposit achieving +90% recoveries using conventional CIL technology. Evidence · text > As per sighter work undertaken by AMMTEC for Sons of Gwalia, the underlying metallurgical assumptions are of a free milling deposit that achieves +90% recoveries using conventional CIL technology. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: The Ladies MRE update represents a 4% decrease in estimated gold ounces following the re-estimation. Evidence · text > The Ladies MRE update represents a 4% decrease in estimated gold ounces **Legal Dispute** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Lady Ada and Lady Magdalene deposits are subject to a legal dispute with Classic Minerals Limited. Evidence · text > The Lady Ada and Lady Magdalene deposits are subject to a legal dispute with Classic Minerals Limited. **No External Audit** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The resource has not been externally audited but has been internally reviewed. Evidence · text > The resource has not been externally audited but has been internally reviewed. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate for the Lady Ada and Lady Magdalene deposits. Evidence · text > Lady Ada & Lady Magdalene Mineral Resource Estimate Update ## Extracted facts Stored fact records: 14. Some facts used in scoring do not have a stored record. ## Resource Estimates (14) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-0) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:e4b81d34da8a6b009864 - Deposit or zone: Lady Ada & Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 158000 - Grade: 3.04 - Grade Unit: g/t - Contained Metal: 15400 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource represents the highest confidence category, contributing to the 43% increase in higher-confidence resources, and is part of a JORC compliant estimate signed by a Competent Person. - Positive factor: Measured Resource - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 3.04 Context: 158,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-1) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:3042a980e2db71e2a85c - Deposit or zone: Lady Ada & Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 1530000 - Grade: 1.73 - Grade Unit: g/t - Contained Metal: 85000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource contributes significantly to the 43% increase in higher-confidence resources, enhancing the project's de-risking profile, and is part of a JORC compliant estimate signed by a Competent Person. - Positive factor: Indicated Resource - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 1.73 Context: 1,530,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-2) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:d630daa5532597dd395f - Deposit or zone: Lady Ada & Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 185300 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource, while lower confidence, contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Inferred Resource - Negative factor: No External Audit Evidence · table > 1.80 Context: 3,200,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-3) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:8c7cd84c23dc3a81dda8 - Deposit or zone: Lady Ada & Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 4888000 - Grade: 1.82 - Grade Unit: g/t - Contained Metal: 285700 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource shows a 4% decrease in contained gold ounces compared to the prior estimate, despite an increase in higher-confidence categories, and is subject to an ongoing legal dispute. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Contained Metal Decline - Negative factor: Legal Dispute - Negative factor: No External Audit Evidence · table > 285,700 Context: 4,888,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-4) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:1d8fa4557aa9f7dc80d5 - Deposit or zone: Lady Ada - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 158000 - Grade: 3.04 - Grade Unit: g/t - Contained Metal: 15400 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource for Lady Ada represents the highest confidence category, contributing to the overall resource upgrade, and is part of a JORC compliant estimate signed by a Competent Person. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 15,400 Context: 158,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-5) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:af9f67d61ba69656037a - Deposit or zone: Lady Ada - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 697000 - Grade: 1.65 - Grade Unit: g/t - Contained Metal: 36900 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for Lady Ada contributes to the higher-confidence resource base, enhancing the project's de-risking profile, and is part of a JORC compliant estimate signed by a Competent Person. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 1.65 Context: 697,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-6) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:f81bcf084e717b04dbfb - Deposit or zone: Lady Ada - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 497000 - Grade: 1.27 - Grade Unit: g/t - Contained Metal: 20200 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for Lady Ada, while lower confidence, contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Inferred Resource - Negative factor: No External Audit Evidence · table > 1.27 Context: 497,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-7) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:c16948058bff3fb36e14 - Deposit or zone: Lady Ada - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 1352000 - Grade: 1.67 - Grade Unit: g/t - Contained Metal: 72500 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for Lady Ada contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 72,500 Context: 1,352,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-8) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:68b827f4739eb3e181fc - Deposit or zone: Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 833000 - Grade: 1.79 - Grade Unit: g/t - Contained Metal: 48100 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for Lady Magdalene contributes to the higher-confidence resource base, enhancing the project's de-risking profile, and is part of a JORC compliant estimate signed by a Competent Person. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 1.79 Context: 833,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-9) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:7fbc2614efe5c2eb4590 - Deposit or zone: Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2703000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 165100 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for Lady Magdalene, while lower confidence, contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Inferred Resource - Negative factor: No External Audit Evidence · table > 1.90 Context: 2,703,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-10) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:d25842592a77f036387f - Deposit or zone: Lady Magdalene - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3536000 - Grade: 1.87 - Grade Unit: g/t - Contained Metal: 213200 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for Lady Magdalene contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 213,200 Context: 3,536,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-11) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:cf306acef458f0b7f761 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 1352000 - Grade: 1.67 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for Lady Ada contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 1.67 Context: 1,352,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-12) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:b0930025583a0fef69a4 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 3536000 - Grade: 1.87 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for Lady Magdalene contributes to the overall resource base and is part of a JORC compliant estimate signed by a Competent Person, with RPEEE addressed. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: No External Audit Evidence · table > 1.87 Context: 3,536,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-lady-ada-lady-magdalene-mineral-resource-estimate-update--dd9801d9-bfbf-443e-ad19-e142dcbf7393#fact-resource-facts-13) Lady Ada & Lady Magdalene · gold #### Identity - Project: Lady Ada & Lady Magdalene - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: FRS #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Lynn Widenbar - Resource group id: resource:bc237c1d1e9f50f23124 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 4888000 - Grade: 1.82 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-30 #### Location - CRS: GDA2020/MGA2020 Zone 50 - EPSG: 7850 - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource shows a 4% decrease in contained gold ounces compared to the prior estimate, despite an increase in higher-confidence categories, and is subject to an ongoing legal dispute. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Free Milling - Positive factor: RPEEE Addressed - Negative factor: Contained Metal Decline - Negative factor: Legal Dispute - Negative factor: No External Audit Evidence · table > 1.82 Context: 4,888,000 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## 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.