# FRS: ZNC: Fifth Supplementary Target's Statement Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03151900 Publisher: asx Original announcement: 2026-10-13T08:46:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T09:09:16.200Z Atlas analysis updated: 2026-10-13T09:09:16.200Z - Company: Zenith Minerals Limited - Ticker: ZNC - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Lithium, Zinc - Document categories: Agreement transaction, Capital raise, Resource update, Metallurgy - Extracted: 2026-10-13 09:09:16 UTC Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas summary Zenith Minerals Limited has issued its fifth supplementary target's statement regarding Forrestania Resources Ltd's takeover offer. The Zenith Board unanimously continues to recommend accepting the offer for long-term exposure, citing Forrestania's strengthened asset base, processing capacity, and balance sheet following its acquisition of the Edna May Gold Hub and a significant capital raise. However, the implied value of the offer has decreased, and Zenith shareholders will hold a smaller proportionate interest in the combined group, while a standalone Zenith faces substantial capital requirements and dilution risks. Reasoning: The Zenith Board maintains its recommendation to accept the takeover offer, despite a reduced premium and increased dilution, due to the enhanced funding and processing capabilities of the combined entity, which is seen as preferable to Zenith's standalone risks and capital requirements. - Positive factor: Zenith Board unanimously recommends accepting the offer for long-term exposure to a larger, diversified, better-funded gold producer with near-term production cash flow. - Positive factor: Forrestania's acquisition of Edna May Gold Hub and associated capital raising strengthens the combined entity's asset base, processing capacity, and balance sheet. - Positive factor: Improved prospects for securing a processing route for Dulcie mineralisation. - Positive factor: Increased liquidity for Zenith shareholders who accept and receive Forrestania shares. - Negative factor: The implied value of the takeover offer has materially reduced and is now at a discount to pre-announcement trading. - Negative factor: Zenith shareholders will hold a smaller proportion \(5.9% vs 8.4% previously\) of the combined group due to Forrestania's share issuance. - Negative factor: Significant capital \(approx. $30M\) required for Consolidated Dulcie Gold Project on a standalone basis, implying substantial dilution \(34-43%\). - Negative factor: Risks associated with Zenith continuing as a standalone entity, including capital raising difficulties and full exposure to project risks. - Negative factor: If the offer becomes unconditional but doesn't reach 90%, non-accepting Zenith shareholders will be minority shareholders with limited liquidity. - Negative factor: Ida Metal \(11% shareholder\) intends to prevent compulsory acquisition. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 13 ## Classification and evidence **All Inferred** Polarity: negative Story-specific tag Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Mineral Resource announced on 19 February 2026 for the Consolidated Dulcie Gold Project is wholly Inferred. Evidence · text > The Mineral Resource announced on 19 February 2026 is wholly Inferred **Cut-off Disclosed** Polarity: positive Story-specific tag Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Consolidated Dulcie Gold Project's Inferred Mineral Resource is reported at a 0.5 g/t cut-off. Evidence · text > is reported at a 0.5 g/t cut-off **Refractory Ore** Polarity: negative Story-specific tag Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The response of sulphide-bearing material to conventional cyanide leaching has not yet been confirmed, indicating potential processing challenges. Evidence · text > Preliminary test work indicates that Dulcie mineralisation is likely to be amenable to conventional cyanide leaching, but the response of sulphide-bearing material has not yet been confirmed. **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The metallurgical test work for the Consolidated Dulcie Gold Project was reported in March 2021, making it over five years old. Evidence · text > Preliminary metallurgical test work reported in March 2021 **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Edna May Gold Hub resource estimate is a Ramelius 2025 estimate, reported by Forrestania on 7 September 2026, making it over a year old. Evidence · text > Ramelius 2025 estimate, as reported by Forrestania on 7 September 2026 **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: Forrestania's global Mineral Resource Estimate was announced on 7 September 2026, but the underlying data may be older. Evidence · text > On 7 September 2026, Forrestania announced a global Mineral Resource Estimate for its projects **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Consolidated Dulcie Gold Project's Inferred Mineral Resource was announced on 19 February 2026, making it over six months old. Evidence · text > Zenith's ASX announcement of 19 February 2026 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("carbon-in-leach"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 13. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-0) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:a10a37c0983e327bc603 #### Resource Data - Category: inferred - Tonnes: 21300000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 675000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Consolidated Dulcie Gold Project's Inferred Mineral Resource is substantial but lacks higher confidence categories, and this is a historical estimate. - Positive factor: Significant contained gold ounces. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > The Consolidated Dulcie Gold Project comprises an Inferred Mineral Resource of 21.3 million tonnes at 1.0 g/t gold for 675,000 ounces of contained gold \(see Zenith's ASX announcement of 19 February 2026\). #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-1) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:291bf9f8a566d82f0d13 - Deposit or zone: Dulcie Far North #### Resource Data - Category: inferred - Tonnes: 8700000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 300000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Dulcie Far North contributes a substantial portion of the overall Inferred resource, but it is historical and low confidence. - Positive factor: Significant contained gold ounces within a specific zone. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Approximately 300,000 of those ounces \(Dulcie Far North: 8.7 million tonnes at 1.1 g/t gold\) are on a mining lease in which Zenith owns the tenement and holds the sub surface mineral rights. #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-2) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:e9bee7af086f28a48965 - Deposit or zone: Dulcie #### Resource Data - Category: inferred - Tonnes: 9800000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 300000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Dulcie zone contributes to the Inferred resource, but it is historical, low confidence, and Zenith does not own the underlying tenements. - Positive factor: Significant contained gold ounces within a specific zone. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. - Negative factor: Zenith does not own the mining leases for this portion. Evidence · text > The remaining approximately 375,000 ounces \(Dulcie, 9.8 million tonnes at 1.0 g/t gold for approximately 300,000 ounces, and Dulcie North, 2.8 million tonnes at 0.9 g/t gold for approximately 75,000 ounces\), being approximately 56% of the Mineral Resource, are on mining leases over tenements that Zenith does not own. #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-3) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:701aa35a1e348e37e28e - Deposit or zone: Dulcie North #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 75000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Dulcie North zone contributes to the Inferred resource, but it is historical, low confidence, and Zenith does not own the underlying tenements. - Positive factor: Contributes to the overall resource. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. - Negative factor: Zenith does not own the mining leases for this portion. Evidence · text > The remaining approximately 375,000 ounces \(Dulcie, 9.8 million tonnes at 1.0 g/t gold for approximately 300,000 ounces, and Dulcie North, 2.8 million tonnes at 0.9 g/t gold for approximately 75,000 ounces\), being approximately 56% of the Mineral Resource, are on mining leases over tenements that Zenith does not own. #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-4) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:5c67f53e2eba3874c6ac #### Resource Data - Category: inferred - Tonnes: 6600000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 350000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: A higher-grade portion of the Dulcie Inferred resource is noted, but it is historical and low confidence. - Positive factor: Higher grade portion of the resource. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > on the grade-tonnage data published with the estimate, the Mineral Resource above a 1.0 g/t cut-off is 6.6 million tonnes at 1.6 g/t for approximately 350,000 ounces #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-5) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:ce4d6d14ffea7ed6e619 #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 2.3 - Grade Unit: g/t - Contained Metal: 200000 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-19T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: A higher-grade portion of the Dulcie Inferred resource is noted, but it is historical and low confidence. - Positive factor: Higher grade portion of the resource. - Negative factor: Wholly Inferred category indicates low geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > and above 1.5 g/t is 2.6 million tonnes at 2.3 g/t for approximately 200,000 ounces. #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-6) Edna May Gold Hub · gold Historical result Needs review: historical\_restatement #### Identity - Project: Edna May Gold Hub - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:00c637f7d13dc772aa9a #### Resource Data - Category: measured - Tonnes: 700000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 25000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Edna May Gold Hub includes a Measured resource, providing high confidence, but this is a historical estimate reported by Forrestania. - Positive factor: Measured category indicates high geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Measured Mineral Resources of 0.7 million tonnes at 1.1 g/t gold for 25,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-7) Edna May Gold Hub · gold Historical result Needs review: historical\_restatement #### Identity - Project: Edna May Gold Hub - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:8b261375c3cf91bb67fd #### Resource Data - Category: indicated - Tonnes: 23000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 700000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Edna May Gold Hub includes a substantial Indicated resource, but this is a historical estimate reported by Forrestania. - Positive factor: Significant Indicated resource provides reasonable geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Indicated Mineral Resources of 23.0 million tonnes at 1.0 g/t gold for 700,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-8) Edna May Gold Hub · gold Historical result Needs review: historical\_restatement #### Identity - Project: Edna May Gold Hub - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:b8b53929f169a6621968 #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 220000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: The Edna May Gold Hub includes an Inferred resource, but this is a historical estimate reported by Forrestania. - Positive factor: Contributes to the overall resource. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Inferred Mineral Resources of 7.0 million tonnes at 1.0 g/t gold for 220,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-9) Forrestania's Global Projects · gold Historical result Needs review: historical\_restatement #### Identity - Project: Forrestania's Global Projects - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:b61e777718af9c5ff7c1 #### Resource Data - Category: measured - Tonnes: 1390000 - Grade: 1.07 - Grade Unit: g/t - Contained Metal: 48000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Forrestania's global MRE includes a Measured resource, providing high confidence, but this is a historical estimate. - Positive factor: Measured category indicates high geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Measured Mineral Resources of 1.39 million tonnes at 1.07 g/t gold for 48,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-10) Forrestania's Global Projects · gold Historical result Needs review: historical\_restatement #### Identity - Project: Forrestania's Global Projects - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:2b5d0ebc84cce7e46bbd #### Resource Data - Category: indicated - Tonnes: 29150000 - Grade: 1.06 - Grade Unit: g/t - Contained Metal: 994000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Forrestania's global MRE includes a substantial Indicated resource, but this is a historical estimate. - Positive factor: Significant Indicated resource provides reasonable geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Indicated Mineral Resources of 29.15 million tonnes at 1.06 g/t gold for 994,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-resource-facts-11) Forrestania's Global Projects · gold Historical result Needs review: historical\_restatement #### Identity - Project: Forrestania's Global Projects - Commodity: gold - Ticker: ZNC #### Resource scope - Estimate type: resource - Resource group id: resource:3eab3262120cc6145cd5 #### Resource Data - Category: inferred - Tonnes: 28080000 - Grade: 1.15 - Grade Unit: g/t - Contained Metal: 1036000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-07T00:00:00.000Z #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Forrestania's global MRE includes a substantial Inferred resource, but this is a historical estimate. - Positive factor: Significant Inferred resource contributes to overall project scale. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: Historical estimate, not new information. Evidence · text > Inferred Mineral Resources of 28.08 million tonnes at 1.15 g/t gold for 1,036,000 ounces #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/frs-znc-fifth-supplementary-target-s-statement--8b4b8826-7fbc-4ef3-8f81-a49af731834e#fact-metallurgical-facts-12) Consolidated Dulcie Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Ticker: ZNC #### Test Work - Program Status: preliminary - Processing Route: conventional cyanide leaching - Sample: saprolite and fresh mineralisation #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Preliminary metallurgical test work for Dulcie showed good gold recoveries with conventional methods, but it is historical and early-stage. - Positive factor: High gold recovery achieved with conventional methods. - Negative factor: Preliminary test work, not detailed or pilot scale. - Negative factor: Historical data, not new information. Evidence · text > Preliminary metallurgical test work reported in March 2021 returned gold recoveries of more than 90% for saprolite and fresh mineralisation using conventional cyanide leaching. ## 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.