# FXG: Investor Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/fxg-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150545 Publisher: asx Original announcement: 2026-10-08T23:28:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-09T00:10:50.743Z Atlas analysis updated: 2026-10-09T00:10:50.743Z - Company: Felix Gold Limited - Ticker: FXG - Exchange: ASX - Region: Alaska, USA - Primary commodity: Antimony - Secondary commodities: Gold - Document categories: Other, Metallurgy, Resource update - Extracted: 2026-10-09 00:10:51 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Felix Gold presented its strategy to rebuild the U.S. antimony supply chain via its subsidiary, Frontier. The company has demonstrated end-to-end pilot-scale production of antimony metal and has been selected for up to US$18 million in DOE funding. Reasoning: Investor presentation highlighting the transition from exploration to pilot-scale metal production and the strategic importance of the antimony supply chain. - Positive factor: Demonstrated pilot-scale metal production - Positive factor: High-grade direct shipping ore \(71.9% Sb\) - Positive factor: DOE selection for non-dilutive funding - Positive factor: Permitted extraction underway - Negative factor: No antimony Mineral Resource or Ore Reserve declared - Negative factor: No formal economic studies completed Facts used in scoring: 5 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The presentation notes that no antimony Mineral Resource has been declared yet, implying the upcoming one will be maiden. Evidence · text > Declare a maiden antimony Mineral Resource **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 98% antimony extraction reported via direct alkaline sulphide leach. Evidence · text > 98% antimony extraction by direct alkaline sulphide leach **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 \("concentrator"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e#fact-resource-facts-2) NW Array · gold Historical result Needs review: historical\_restatement #### Identity - Project: NW Array - Commodity: gold - Region: usa\_ak - Reported Region: Alaska, USA - Ticker: FXG #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:6d6d5dc6587444340bec - Deposit or zone: NW Array #### Resource Data - Category: inferred - Tonnes: 25000000 - Grade: 0.58 - Grade Unit: g/t - Contained Metal: 467000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2024-06-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-06-20T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Historical inferred resource for NW Array. Evidence · text > NW Array Inferred 25,000,000 t at 0.58 g/t Au for 467,000 oz \(ASX 20 June 2024\) #### 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 **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-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e#fact-resource-facts-3) Grant Mine · gold Historical result Needs review: historical\_restatement #### Identity - Project: Grant Mine - Commodity: gold - Region: usa\_ak - Reported Region: Alaska, USA - Ticker: FXG #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:2cd4b7bb0ebdd071aaf8 - Deposit or zone: Grant Mine \(open pit\) #### Resource Data - Category: inferred - Tonnes: 5124800 - Grade: 1.38 - Grade Unit: g/t - Contained Metal: 227900 - Contained Unit: oz #### Prior Estimate - Resource Date: 2022-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-01-28T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Historical inferred resource for Grant Mine open pit. Evidence · text > Grant Mine · 364 koz Inferred... Open pit 227,900 oz at 1.38 g/t #### 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 **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 4.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e#fact-resource-facts-4) Grant Mine · gold Historical result Needs review: historical\_restatement #### Identity - Project: Grant Mine - Commodity: gold - Region: usa\_ak - Reported Region: Alaska, USA - Ticker: FXG #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:6e71aa0866bb5e094a33 - Deposit or zone: Grant Mine \(underground\) #### Resource Data - Category: inferred - Tonnes: 682300 - Grade: 6.2 - Grade Unit: g/t - Contained Metal: 136100 - Contained Unit: oz #### Prior Estimate - Resource Date: 2022-01-28 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-01-28T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Historical inferred resource for Grant Mine underground. Evidence · text > Grant Mine · 364 koz Inferred... underground 136,100 oz at 6.2 g/t #### 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 **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 4.7 years before this release ## Metallurgical Results (2) ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e#fact-metallurgical-facts-0) Treasure Creek · antimony #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska, USA - Ticker: FXG #### Test Work - Program Status: detailed - Test Type: leach - Processing Route: direct alkaline sulphide leach - Sample: 71.9% Sb direct shipping ore, Bundtzen Vein #### Recovery - Recovery: 98 % - Recovery Basis: actual\_test - Head Grade: 71.9 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: High recovery \(98%\) reported for direct alkaline sulphide leach on high-grade ore. - Positive factor: High recovery via direct leach Evidence · text > 74% Sb single-stage concentrate; 98% leach extraction ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/fxg-investor-presentation--6bffd8e8-7f7e-43bf-aae9-c4c9186f843e#fact-metallurgical-facts-1) Treasure Creek · antimony #### Identity - Project: Treasure Creek - Commodity: antimony - Region: usa\_ak - Reported Region: Alaska, USA - Ticker: FXG #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation - Sample: single rougher flotation pass #### Recovery - Head Grade: 74 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Reported 74% Sb concentrate from flotation. - Positive factor: High grade concentrate Evidence · text > 74% Sb concentrate from a single rougher flotation pass #### 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.