# FXG: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145933 Publisher: asx Original announcement: 2026-09-29T23:28:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:14:44.535Z Atlas analysis updated: 2026-09-30T00:14:44.535Z - Company: Felix Gold Limited - Ticker: FXG - Exchange: ASX - Region: Alaska - Primary commodity: Antimony - Secondary commodities: Gold - Document categories: Drill results, Metallurgy, Other, Resource update - Extracted: 2026-09-30 00:14:45 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Felix Gold Limited's 2026 Annual Report details strong historical antimony and gold drill results from its Treasure Creek project in Alaska, including bonanza grades. The company also reported promising metallurgical testwork for antimony, achieving high recovery and clean concentrate, and secured a bulk sample permit leading to initial open-cut extraction. Post-period, the company was selected for negotiation of up to US$18 million in DOE funding for an antimony pilot processing facility, advancing its strategy to become a critical minerals producer. Reasoning: The annual report highlights strong historical exploration results and promising metallurgical testwork for its flagship antimony-gold project, alongside significant progress in permitting and securing potential US government funding for an antimony refinery. However, the drill results are re-releases, and gold resources remain in the inferred category, while antimony lacks a declared resource, tempering the overall positive outlook. - Positive factor: Strong historical drill grades for both antimony and gold, including bonanza intercepts. - Positive factor: Positive metallurgical testwork results showing high antimony recovery and clean concentrate. - Positive factor: Approval of a bulk sample permit and commencement of open-cut extraction at Treasure Creek. - Positive factor: Significant progress in securing potential US government funding for an antimony refinery. - Positive factor: Existing JORC Inferred gold resources at NW Array and Grant Mine. - Negative factor: All reported drill results are historical restatements, reducing their novelty. - Negative factor: Gold resources are entirely in the Inferred category, indicating lower confidence. - Negative factor: No antimony mineral resource has been declared for the flagship Treasure Creek project. - Negative factor: Metallurgical testwork has limitations, including being based on grab samples and bench-scale studies, with unknown deposit-wide variability. - Negative factor: The antimony refinery project still requires further technical, regulatory, and commercial evaluation, permitting, and financing. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 29 ## Classification and evidence **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: All reported drill results were first reported in previous ASX announcements, indicating they are historical restatements rather than new assays. Evidence · text > These results were first reported in the Company's ASX announcements dated 23 January 2025, 12 February 2025, 15 September 2025, 7 October 2025, 16 October 2025, 30 October 2025, 25 November 2025, 18 December 2025, 29 January 2026, 13 February 2026, 13 March 2026, 2 April 2026 and 22 May 2026 **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: The cut-off grades for both antimony \(0.2% Sb\) and gold \(0.30 g/t Au\) intervals are clearly stated. Evidence · text > Antimony intervals are composited at a 0.2% Sb cut-off and gold intervals at a 0.30 g/t Au cut-off **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release states that previous announcements, which reported these results, contained Competent Person statements and JORC Table 1 disclosures. Evidence · text > each of which contains the Competent Person statements and JORC Table 1 disclosures **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: Estimated true widths are provided for several antimony drill intercepts, enhancing the understanding of mineralization geometry. Evidence · text > est. true width 2.2m **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: For gold intervals, the document explicitly states that true widths are not shown, meaning only downhole lengths are provided. Evidence · text > true widths are not shown **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The 50.26% Sb grade from a channel sample is exceptionally high, well above the assumed exceptional threshold for antimony \(>=20%\). Evidence · text > 3m @ 50.26% Sb **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The 36.65% Sb grade from a drill intercept is exceptionally high, well above the assumed exceptional threshold for antimony \(>=20%\). Evidence · text > 1.63m @ 36.65% Sb **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The 20.42 g/t Au grade from a drill intercept is exceptionally high, well above the open-pit exceptional threshold of 3 g/t Au. Evidence · text > 4.89m @ 20.42 g/t Au **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Both the NW Array and Grant Mine gold resources are reported entirely in the Inferred category, which is the lowest confidence level. Evidence · text > JORC Inferred Mineral Resource of 25 Mt at 0.58 g/t Au **All Inferred** Polarity: negative Story-specific tag Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The NW Array gold resource is stated as a JORC Inferred Mineral Resource, implying 100% of the resource is in the Inferred category. Evidence · text > JORC Inferred Mineral Resource of 25 Mt at 0.58 g/t Au **All Inferred** Polarity: negative Story-specific tag Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Grant Mine gold resource is stated as a JORC Inferred Mineral Resource, implying 100% of the resource is in the Inferred category. Evidence · text > JORC Inferred Mineral Resource of 5.8 Mt at 1.95 g/t Au **No Contained Metal** Polarity: negative Story-specific tag Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: The document explicitly states that no Mineral Resources or Ore Reserves have been declared for antimony. Evidence · text > No Mineral Resources or Ore Reserves for antimony have been declared **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The gold mineral resources at NW Array and Grant Mine are reported in accordance with the JORC Code \(2012\). Evidence · text > JORC Inferred Mineral Resource of 25 Mt at 0.58 g/t Au **QP/CP Signed** Polarity: positive Story-specific tag 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 document states that all technical disclosures are Competent Person reviewed, and previous announcements included Competent Person statements. Evidence · text > All technical disclosures are Competent Person reviewed. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The metallurgical testwork returned 98% antimony extraction, which is an exceptionally high recovery rate. Evidence · text > 98% antimony extraction through direct alkaline sulphide leach **Clean Concentrate** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Flotation concentrate showed arsenic below 0.1% and lead, copper, and zinc below detection limits, indicating a very clean product. Evidence · text > arsenic below 0.1% and lead, copper and zinc below detection limits **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: Metallurgical samples were grab samples from high-grade zones, and deposit-wide variability is unknown, indicating limited domain coverage. Evidence · text > The AutoSEM samples were grab samples from zones of high-grade mineralisation and the 370 kilogram sample was selected from a high-grade zone; neither represents average deposit grades, and deposit-wide variability is unknown. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The alkaline sulphide leach route has been validated at bench scale only, and direct smelting was demonstrated only in batch mode, indicating early-stage testwork. Evidence · text > On Treasure Creek material the leach route has been validated at bench scale only **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: A pilot plant replicating the process flowsheet has converted Treasure Creek ore to cast antimony metal ingots, indicating successful demonstration-scale testwork. Evidence · text > a pilot plant replicating the process flowsheet for Frontier's proposed refinery has converted Treasure Creek ore to cast antimony metal ingots **Permit Approved** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The bulk sample permit was approved on 23 March 2026, allowing for extraction activities. Evidence · text > The bulk sample permit was approved on 23 March 2026 **Operations Commenced** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Open-cut extraction of massive stibnite commenced at the Bundtzen Vein at NW Array on 4 June 2026. Evidence · text > on 4 June 2026 announced that open-cut extraction of massive stibnite had commenced at the Bundtzen Vein at NW Array **Permit Application In Progress** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Group is preparing a Plan of Operations, which is a higher-tier permit application, indicating ongoing regulatory process. Evidence · text > The Group is preparing a Plan of Operations, the permitting tier above the bulk sample permit **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 29. Some facts used in scoring do not have a stored record. ## Drill Results (22) ### 25TCRC009 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-0) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCRC009 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 7.86 - Grade Unit: % - Intercept: 6.1 m - True Width: 2.2 m - From: 39.62 m - To: 45.72 m - Intercept Depth: 39.62 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCRC009:39.62-45.72 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a strong antimony grade with true width disclosed, indicating good potential, though its novelty is low as it's a re-release. - Positive factor: Strong antimony grade \(7.86% Sb\) for an open-pit target. - Positive factor: True width disclosed, providing better geological understanding. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 6.1m @ 7.86% Sb DH from 39.62m, est. true width 2.2m, hole 25TCRC009 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 2.2 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCRC018 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-1) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCRC018 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 1.42 - Grade Unit: % - Intercept: 13.72 m - True Width: 6 m - From: 45.72 m - To: 59.44 m - Intercept Depth: 45.72 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCRC018:45.72-59.44 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a moderate antimony grade over a good width with true width disclosed, indicating potential, though its novelty is low as it's a re-release. - Positive factor: Moderate antimony grade \(1.42% Sb\) over a good width for an open-pit target. - Positive factor: True width disclosed, providing better geological understanding. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 13.72m @ 1.42% Sb DH from 45.72m, est. true width 6.0m, hole 25TCRC018 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 6 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCRC028 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-2) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCRC028 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.55 - Grade Unit: % - Intercept: 7.62 m - From: 15.24 m - To: 22.86 m - Intercept Depth: 15.24 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCRC028:15.24-22.86 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a moderate antimony grade over a reasonable width, but the lack of true width for the parent interval and its historical nature reduce its novelty and confidence. - Positive factor: Moderate antimony grade \(2.55% Sb\) over a reasonable width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not stated for the parent interval, potentially overstating thickness. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 7.62m @ 2.55% Sb DH from 15.24m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCRC028 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-3) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCRC028 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 6.19 - Grade Unit: % - Intercept: 3.05 m - True Width: 2.5 m - From: 15.24 m - To: 18.29 m - Intercept Depth: 15.24 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCRC028:15.24-18.29 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical sub-interval shows a strong antimony grade with true width disclosed, indicating good potential, though its novelty is low as it's a re-release. - Positive factor: Strong antimony grade \(6.19% Sb\) over a good width for an open-pit target. - Positive factor: True width disclosed for the included interval, providing better geological understanding. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > incl. 3.05m @ 6.19% Sb \(est. true width 2.5m for the included interval\), hole 25TCRC028 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 2.5 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC026 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-4) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC026 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 12.51 - Grade Unit: % - Intercept: 8.67 m - True Width: 1.5 m - From: 17.08 m - To: 25.75 m - Intercept Depth: 17.08 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC026:17.08-25.75 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-13T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows an exceptional antimony grade with true width disclosed, indicating very strong potential, though its novelty is low as it's a re-release. - Positive factor: Exceptional antimony grade \(12.51% Sb\) over a good width for an open-pit target. - Positive factor: True width disclosed, providing better geological understanding. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 8.67m @ 12.51% Sb DH from 17.08m, est. true width 1.5m, hole 25TCDC026 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 1.5 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC026 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-5) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC026 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 12.53 - Grade Unit: % - Intercept: 4.92 m - True Width: 1 m - From: 4.21 m - To: 9.13 m - Intercept Depth: 4.21 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC026:4.21-9.13 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-13T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows an exceptional antimony grade with true width disclosed, indicating very strong potential, though its novelty is low as it's a re-release. - Positive factor: Exceptional antimony grade \(12.53% Sb\) over a good width for an open-pit target. - Positive factor: True width disclosed, providing better geological understanding. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 4.92m @ 12.53% Sb DH from 4.21m, est. true width 1m, hole 25TCDC026 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 1 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC026 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-6) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC026 - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 36.65 - Grade Unit: % - Intercept: 1.63 m - From: 7.5 m - To: 9.13 m - Intercept Depth: 4.21 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC026:7.5-9.13 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-13T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical sub-interval shows an exceptional antimony grade, indicating very strong potential, though its novelty is low as it's a re-release. - Positive factor: Exceptional antimony grade \(36.65% Sb\) over a good width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > incl. 1.63m @ 36.65% Sb from 7.5m, hole 25TCDC026 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-7) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 50.26 - Grade Unit: % - Intercept: 3 m #### Classification - Sample Type: channel #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Compositing - Cutoff Grade: 0.2 - Cutoff Unit: % Sb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical surface channel sample shows an exceptional antimony grade, indicating very strong potential, though its novelty is low as it's a re-release and it's a surface sample. - Positive factor: Exceptional antimony grade \(50.26% Sb\) from a surface channel sample, indicating high-grade mineralization. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Surface channel samples may not be representative of bulk mineralization. - Negative factor: Deposit-wide variability is unknown for metallurgical samples, which may affect overall project economics. Evidence · text > 3m @ 50.26% Sb #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-8) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 5.29 - Grade Unit: g/t - Intercept: 3 m #### Classification - Sample Type: channel #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical surface channel sample shows an exceptional gold grade, indicating very strong potential, though its novelty is low as it's a re-release and it's a surface sample. - Positive factor: Exceptional gold grade \(5.29 g/t Au\) from a surface channel sample, indicating high-grade mineralization. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Surface channel samples may not be representative of bulk mineralization. Evidence · text > 5.29 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC064 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-9) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC064 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.16 - Grade Unit: g/t - Intercept: 29.26 m - From: 13.41 m - To: 42.67 m - Intercept Depth: 13.41 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC064:13.41-42.67 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-22T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a strong gold grade over a significant width, indicating good potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Strong gold grade \(2.16 g/t Au\) over a significant width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > 29.26m @ 2.16 g/t Au DH from 13.41m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC064 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-10) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC064 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.83 - Grade Unit: g/t - Intercept: 21.03 m - From: 13.41 m - To: 34.44 m - Intercept Depth: 13.41 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC064:13.41-34.44 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-05-22T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical sub-interval shows a strong gold grade over a significant width, indicating good potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Strong gold grade \(2.83 g/t Au\) over a significant width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > incl. 21.03m @ 2.83 g/t Au, hole 25TCDC064 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC026 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-11) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC026 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.02 - Grade Unit: g/t - Intercept: 37.65 m - From: 48.55 m - To: 86.2 m - Intercept Depth: 48.55 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC026:48.55-86.2 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-04-02T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a strong gold grade over a significant width, indicating good potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Strong gold grade \(2.02 g/t Au\) over a significant width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > 37.65m @ 2.02 g/t Au DH from 48.55m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC026 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-12) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC026 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.99 - Grade Unit: g/t - Intercept: 9.76 m - From: 48.55 m - To: 58.31 m - Intercept Depth: 48.55 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC026:48.55-58.31 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-04-02T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical sub-interval shows a strong gold grade over a good width, indicating good potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Strong gold grade \(2.99 g/t Au\) over a good width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > incl. 9.76m @ 2.99 g/t Au, hole 25TCDC026 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC023 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-13) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC023 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 2.45 - Grade Unit: g/t - Intercept: 47.43 m - From: 29.35 m - To: 76.78 m - Intercept Depth: 29.35 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC023:29.35-76.78 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-29T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows a strong gold grade over a very significant width, indicating good potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Strong gold grade \(2.45 g/t Au\) over a very significant width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > 47.43m @ 2.45 g/t Au DH from 29.35m, hole 25TCDC023 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC007 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-14) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC007 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 3.9 - Grade Unit: g/t - Intercept: 29.41 m - From: 49.25 m - To: 78.66 m - Intercept Depth: 49.25 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC007:49.25-78.66 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-01-29T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows an exceptional gold grade over a significant width, indicating very strong potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Exceptional gold grade \(3.90 g/t Au\) over a significant width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > 29.41m @ 3.90 g/t Au DH from 49.25m, hole 25TCDC007 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC001 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-15) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC001 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 7.69 - Grade Unit: g/t - Intercept: 13.75 m - From: 3.29 m - To: 17.04 m - Intercept Depth: 3.29 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC001:3.29-17.04 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-25T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical drill intercept shows an exceptional gold grade over a good width, indicating very strong potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Exceptional gold grade \(7.69 g/t Au\) over a good width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > 13.75m @ 7.69 g/t Au DH from 3.29m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### 25TCDC001 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-16) Treasure Creek · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25TCDC001 - Project: Treasure Creek - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Geometry - Grade: 20.42 - Grade Unit: g/t - Intercept: 4.89 m - From: 3.29 m - To: 8.18 m - Intercept Depth: 3.29 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 25TCDC001:3.29-8.18 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Compositing - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-11-25T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This historical sub-interval shows an exceptional gold grade over a good width, indicating very strong potential, though its novelty is low as it's a re-release and true width is not provided. - Positive factor: Exceptional gold grade \(20.42 g/t Au\) over a good width for an open-pit target. - Positive factor: QA/QC and compositing parameters disclosed, enhancing transparency. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: True width not shown, potentially overstating thickness. Evidence · text > incl. 4.89m @ 20.42 g/t Au, hole 25TCDC001 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-24) Treasure Creek Needs review: drill\_no\_hole\_id #### Identity - Project: Treasure Creek - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The approval of the bulk sample permit is a positive step, enabling further evaluation and potential production, with high confidence in the fact. - Positive factor: Bulk sample permit approved, allowing for significant material extraction. - Positive factor: Permit valid for an extended period \(through December 2029\). Evidence · text > bulk sample permit was approved on 23 March 2026, authorising extraction of up to 1,600 short tons \(approximately 1,450 tonnes\) through December 2029 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-25) Treasure Creek Needs review: drill\_no\_hole\_id #### Identity - Project: Treasure Creek - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The commencement of open-cut extraction is a highly positive operational milestone, demonstrating tangible progress at the project. - Positive factor: Commencement of open-cut extraction demonstrates tangible progress towards production. - Positive factor: Direct extraction of massive stibnite is a positive operational milestone. Evidence · text > open-cut extraction of massive stibnite had commenced at the Bundtzen Vein at NW Array #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-26) Treasure Creek Needs review: drill\_no\_hole\_id #### Identity - Project: Treasure Creek - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The preparation of a Plan of Operations is a neutral but necessary step towards future mining activities, indicating ongoing regulatory engagement. - Positive factor: Advancement to a higher permitting tier \(Plan of Operations\) indicates progress towards full-scale mining. - Negative factor: Permit is still in progress, with no definitive approval date. Evidence · text > preparing a Plan of Operations, the permitting tier above the bulk sample permit #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-27) Treasure Creek Antimony Pilot Processing Facility Needs review: drill\_no\_hole\_id #### Identity - Project: Treasure Creek Antimony Pilot Processing Facility - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The selection for DOE funding negotiation is a highly positive and novel development, providing significant financial backing for the antimony pilot processing facility, despite the remaining negotiation steps. - Positive factor: Selection for DOE funding negotiation represents significant non-dilutive financial support for the antimony project. - Positive factor: The substantial amount \(up to US$18 million\) is highly material for project development. - Negative factor: Funding is not yet obligated and is subject to negotiation and award agreement, introducing some uncertainty. Evidence · text > U.S. Department of Energy \(DOE\) selected the Group for negotiation of a financial award of up to US$18 million toward the Treasure Creek Antimony Pilot Processing Facility #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-drill-facts-28) Needs review: drill\_no\_hole\_id #### Identity - Region: usa\_ak - Reported Region: usa\_ak - Ticker: FXG #### Classification - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A significant capital raise was successfully completed, providing funding for the company's activities, though it is a past event. - Positive factor: Successful completion of an A$18 million placement provides significant capital for ongoing operations and development. - Negative factor: This is a historical event, reducing its novelty for the current report. Evidence · text > completed a $18 million placement to institutional, professional and sophisticated investors, resulting in the issuance of 50,000,000 fully paid ordinary shares at an issue price of $0.36 per share for aggregate gross proceeds of $18.0 million #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-resource-facts-17) NW Array · gold #### Identity - Project: NW Array - Commodity: gold - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:bdb11d03ada6357ed07b #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 0.58 - Grade Unit: g/t - Contained Metal: 467000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2024-06-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is an existing JORC Inferred gold resource, providing a baseline for the project, but its inferred status and age limit its current impact and novelty. - Positive factor: Existing JORC compliant resource provides a baseline for project potential. - Positive factor: QP/CP signed, indicating professional oversight. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is over two years old, raising concerns about data currency. - Negative factor: No new resource update in this report, reducing novelty. Evidence · text > JORC Inferred Mineral Resource of 25 Mt at 0.58 g/t Au for 467,000 ounces of gold \(as at 17 June 2024\) #### 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 **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-resource-facts-18) Grant Mine · gold #### Identity - Project: Grant Mine - Commodity: gold - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:915eb92c84e7214ba74b #### Resource Data - Category: inferred - Tonnes: 5800000 - Grade: 1.95 - Grade Unit: g/t - Contained Metal: 364000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is an existing JORC Inferred gold resource with a good grade, providing a baseline for the project, but its inferred status and lack of new updates limit its current impact and novelty. - Positive factor: Existing JORC compliant resource provides a baseline for project potential. - Positive factor: Good gold grade \(1.95 g/t Au\) for an inferred resource. - Positive factor: QP/CP signed, indicating professional oversight. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: No new resource update in this report, reducing novelty. Evidence · text > JORC Inferred Mineral Resource of 5.8 Mt at 1.95 g/t Au for 364,000 ounces of gold #### 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 **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 ## Metallurgical Results (5) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-metallurgical-facts-19) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Test Work - Sample: flotation concentrate from massive stibnite samples #### Recovery - Conc. Grade: 95 - Conc. Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical metallurgical testwork shows a high-purity antimony concentrate with very low deleterious elements, which is positive, but the use of grab samples from high-grade zones limits the confidence in its representativeness. - Positive factor: High purity antimony concentrate \(95% antimony-bearing minerals\). - Positive factor: Very low levels of deleterious elements \(arsenic, lead, copper, zinc below detection limits\), indicating a clean concentrate. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Samples were grab samples from high-grade zones, not representative of average deposit grades, limiting confidence in deposit-wide applicability. - Negative factor: Deposit-wide variability is unknown. Evidence · text > 95% antimony-bearing minerals and 5% gangue, with arsenic below 0.1% and lead, copper and zinc below detection limits ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-metallurgical-facts-20) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Test Work - Sample: 370 kilograms of hand-sorted massive stibnite from NW Array #### Recovery - Head Grade: 71.9 - Head Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-03-26T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical head characterization shows a very high antimony grade from selected high-grade material, which is positive, but its representativeness for the entire deposit is limited. - Positive factor: Very high head grade \(71.9% Sb\) from hand-sorted material, indicating rich mineralization. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Sample was selected from a high-grade zone and is not representative of average deposit grades, limiting confidence in deposit-wide applicability. - Negative factor: Deposit-wide variability is unknown. Evidence · text > Head characterisation of about 370 kilograms of hand-sorted massive stibnite from NW Array returned 71.9% Sb ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-metallurgical-facts-21) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Test Work - Test Type: leach - Processing Route: direct alkaline sulphide leach - Sample: grab samples from high-grade zones #### Recovery - Recovery: 98 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical bench-scale testwork shows exceptional antimony recovery via direct alkaline sulphide leach, which is highly positive for processing, but the limited scale and sample representativeness reduce overall confidence. - Positive factor: Exceptional antimony recovery \(98%\) through direct alkaline sulphide leach, indicating high metallurgical efficiency. - Positive factor: Validation of a viable processing pathway. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Testwork was validated at bench scale only, and results may not be replicated at commercial scale. - Negative factor: Based on grab samples from high-grade zones, limiting confidence in deposit-wide applicability. - Negative factor: Deposit-wide variability is unknown. Evidence · text > 98% antimony extraction through direct alkaline sulphide leach ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-metallurgical-facts-22) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Test Work - Test Type: flotation - Processing Route: single-pass rougher flotation - Sample: grab samples from high-grade zones #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 74 - Conc. Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical bench-scale testwork shows a high peak antimony concentrate grade from flotation, which is positive, but the limited scale and sample representativeness reduce overall confidence. - Positive factor: High peak concentrate grade \(74% Sb\) from single-pass rougher flotation, exceeding military specification. - Positive factor: Validation of a viable processing pathway. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Testwork was validated at bench scale only, and results may not be replicated at commercial scale. - Negative factor: Based on grab samples from high-grade zones, limiting confidence in deposit-wide applicability. - Negative factor: Deposit-wide variability is unknown. Evidence · text > 74% Sb peak concentrate grade from single-pass rougher flotation #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-annual-report-to-shareholders--57e13cf9-e3fb-43e0-8c44-37d2dd0a2614#fact-metallurgical-facts-23) Treasure Creek · antimony Historical result Needs review: historical\_restatement #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska - Ticker: FXG #### Test Work - Test Type: flotation - Processing Route: flotation - Sample: grab samples from high-grade zones #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test - Conc. Grade: 63.9 - Conc. Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-11-19T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical bench-scale testwork shows good antimony recovery from flotation, which is positive, but the limited scale and sample representativeness reduce overall confidence. - Positive factor: Good antimony recovery \(83%\) from flotation, indicating a viable processing pathway. - Negative factor: Result is a historical restatement, reducing novelty. - Negative factor: Testwork was validated at bench scale only, and results may not be replicated at commercial scale. - Negative factor: Based on grab samples from high-grade zones, limiting confidence in deposit-wide applicability. - Negative factor: Deposit-wide variability is unknown. Evidence · text > 63.9% Sb composite at 83% Sb recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## 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.