# GBE: Annual Report 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142980 Publisher: asx Original announcement: 2026-09-23T08:46:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T09:04:18.242Z Atlas analysis updated: 2026-09-23T09:04:18.242Z - Company: Globe Metals & Mining Limited - Ticker: GBE - Exchange: ASX - Region: Malawi - Primary commodity: Niobium - Secondary commodities: Tantalum, Zircon, Hafnium, Praseodymium, Neodymium - Document categories: Resource update, Capital raise - Extracted: 2026-09-23 09:04:18 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Globe Metals & Mining Limited released its annual report for the year ended June 30, 2026, detailing significant progress on its Kanyika Niobium Project in Malawi, including the completion of a Bankable Feasibility Study \(BFS\) confirming robust project economics. The company successfully raised A$8.67 million through an equity placement and repaid all outstanding debt, achieving a debt-free balance sheet. Despite these advancements, the report notes a material uncertainty regarding the company's ability to continue as a going concern, dependent on securing additional funding for project development, and re-stated a 2018 mineral resource estimate with no changes. Reasoning: The annual report highlights significant progress on the Kanyika Niobium Project, including a positive BFS and successful capital raising, which are strong positives. However, the re-statement of an old resource estimate and a going concern warning temper the overall sentiment. The lapsing of performance rights is also a negative signal. - Positive factor: Completion of Bankable Feasibility Study \(BFS\) with strong project economics - Positive factor: Successful equity placement and debt reduction initiatives - Positive factor: Advancement of early development works at Kanyika Project - Positive factor: Mining license amendment to include additional critical minerals - Negative factor: Material uncertainty regarding going concern - Negative factor: Resource estimate is a re-statement of old data from 2018, lacking novelty - Negative factor: Performance rights for executives lapsed due to unachieved vesting conditions Facts used in scoring: 18 ## Classification and evidence **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource Estimate is from 11 July 2018, making it over 8 years old at the time of this annual report \(September 2026\), indicating a data currency concern. Evidence · text > A Mineral Resource Estimate for the Kanyika Niobium Project under the 2012 JORC guidelines was reported to ASX on 11 July 2018 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate was reported under the 2012 JORC guidelines. Evidence · text > A Mineral Resource Estimate for the Kanyika Niobium Project under the 2012 JORC guidelines was reported to ASX on 11 July 2018 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The company confirms that Competent Persons' consents remain in place for the re-released resource information. Evidence · text > Each Competent Person’s consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource estimate is classified as Inferred, which is a speculative category with limited geological confidence. Evidence · table > Inferred Context: Inferred **Equity Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company secured commitments for an A$8,670,000 two-tranche private placement to strategic investors. Evidence · text > In October 2025, the Company secured commitments for an A$8,670,000 two-tranche private placement to strategic investors Avocado Trading Limited and Suitable Pioneer Limited at A$0.051 per share. **Debt Reduction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company undertook a series of debt-reduction initiatives, including conversion of lender debt to equity and repayment of outstanding facilities, resulting in a debt-free status. Evidence · text > The Company also undertook a series of debt-reduction initiatives during the financial year. These included conversion of lender debt to equity, repayment of outstanding facilities and the settlement of amounts owing to director and major shareholder Mr Bo Tan. ... As a result, the Company entered the second half of FY2026 debt free. **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The financial report highlights a material uncertainty regarding the Group’s ability to continue as a going concern, dependent on securing additional funding. Evidence · text > The ability of the Group to continue as a going concern is dependent on the Group securing additional debt and/or equity funding to meet its working capital requirements in the next 12 months. These conditions indicate the existence of a material uncertainty that may cast a significant doubt about the Group’s ability to continue as a going concern. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-0) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e673da19ff872bb98d75 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: measured - Tonnes: 5300000 - Grade: 3790 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Measured resource, providing no new information but confirming high confidence in the existing data. - Positive factor: Resource is in the Measured category, indicating high confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 5.3 Context: Measured #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-1) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e673da19ff872bb98d75 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: measured - Tonnes: 5300000 - Grade: 180 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Measured resource, providing no new information but confirming high confidence in the existing data. - Positive factor: Resource is in the Measured category, indicating high confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 180 Context: Measured #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-2) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:49d1431c6e3d2ea52c1d - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: indicated - Tonnes: 47000000 - Grade: 2860 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Indicated resource, providing no new information but confirming reasonable confidence in the existing data. - Positive factor: Resource is in the Indicated category, showing reasonable geological confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 47 Context: Indicated #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-3) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:49d1431c6e3d2ea52c1d - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: indicated - Tonnes: 47000000 - Grade: 135 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Indicated resource, providing no new information but confirming reasonable confidence in the existing data. - Positive factor: Resource is in the Indicated category, showing reasonable geological confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 135 Context: Indicated #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-4) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1c89c1e58bfc9f4edf37 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: inferred - Tonnes: 16000000 - Grade: 2430 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Inferred resource, providing no new information and representing a lower confidence category. - Positive factor: JORC compliant reporting standard - Negative factor: Resource is in the Inferred category, indicating lower confidence - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 16 Context: Inferred #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-5) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1c89c1e58bfc9f4edf37 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Category: inferred - Tonnes: 16000000 - Grade: 120 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Inferred resource, providing no new information and representing a lower confidence category. - Positive factor: JORC compliant reporting standard - Negative factor: Resource is in the Inferred category, indicating lower confidence - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 120 Context: Inferred #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-6) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:448fd0ae72330d9bb4b9 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: measured - Tonnes: 3400000 - Grade: 4790 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Measured resource, providing no new information but confirming high confidence in the existing data. - Positive factor: Resource is in the Measured category, indicating high confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 3.4 Context: Measured #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-7) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:448fd0ae72330d9bb4b9 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: measured - Tonnes: 3400000 - Grade: 220 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Measured resource, providing no new information but confirming high confidence in the existing data. - Positive factor: Resource is in the Measured category, indicating high confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 220 Context: Measured #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-8) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7533708844a93d0e3067 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: indicated - Tonnes: 16600000 - Grade: 4120 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Indicated resource, providing no new information but confirming reasonable confidence in the existing data. - Positive factor: Resource is in the Indicated category, showing reasonable geological confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 16.6 Context: Indicated #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-9) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7533708844a93d0e3067 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: indicated - Tonnes: 16600000 - Grade: 160 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Indicated resource, providing no new information but confirming reasonable confidence in the existing data. - Positive factor: Resource is in the Indicated category, showing reasonable geological confidence - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 160 Context: Indicated #### 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-10) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c5c505a8efafd5325392 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 4110 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Inferred resource, providing no new information and representing a lower confidence category. - Positive factor: JORC compliant reporting standard - Negative factor: Resource is in the Inferred category, indicating lower confidence - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 2.8 Context: Inferred #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-11) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c5c505a8efafd5325392 - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 190 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 Inferred resource, providing no new information and representing a lower confidence category. - Positive factor: JORC compliant reporting standard - Negative factor: Resource is in the Inferred category, indicating lower confidence - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 190 Context: Inferred #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### KNP using a 1,500 ppm Nb2O5 lower cut [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-12) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a59a67625875af5c06a5 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Tonnes: 68300000 - Grade: 2830 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 total resource, providing no new information. - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 68.3 Context: TOTAL #### Tags used in scoring **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### KNP using a 1,500 ppm Nb2O5 lower cut [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-13) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a59a67625875af5c06a5 - Deposit or zone: KNP using a 1,500 ppm Nb2O5 lower cut #### Resource Data - Tonnes: 68300000 - Grade: 135 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 total resource, providing no new information. - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 135 Context: TOTAL #### Tags used in scoring **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### KNP using a 3,000 ppm Nb2O5 lower cut [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-14) Kanyika Niobium Project · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6bc88f37bce37374345a - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Tonnes: 22800000 - Grade: 4220 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 total resource, providing no new information. - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 22.8 Context: TOTAL #### Tags used in scoring **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### KNP using a 3,000 ppm Nb2O5 lower cut [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-15) Kanyika Niobium Project · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6bc88f37bce37374345a - Deposit or zone: KNP using a 3,000 ppm Nb2O5 lower cut #### Resource Data - Tonnes: 22800000 - Grade: 190 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2018-07-11 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-07-11T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This is a re-statement of a 2018 total resource, providing no new information. - Positive factor: JORC compliant reporting standard - Negative factor: Estimate is historical, from 2018, and lacks novelty Evidence · table > 190 Context: TOTAL #### Tags used in scoring **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **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 8.2 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-16) Kanyika Niobium Project · niobium #### Identity - Project: Kanyika Niobium Project - Commodity: niobium - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:10b4813214847195f326 #### Resource Data - Category: probable - Tonnes: 33800000 - Grade: 3050 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-01-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Ore Reserve is a key input to the positive BFS results, indicating a significant and economically viable portion of the resource. - Positive factor: Probable Ore Reserve supports the BFS economics - Positive factor: Significant tonnage and grade for niobium - Positive factor: JORC compliant reporting standard Evidence · text > The BFS is supported by a Probable Ore Reserve of approximately 33.8 million tonnes grading 3,050 ppm Nb₂O₅ and 142 ppm Ta₂O₅. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/gbe-annual-report-30-june-2026--28c0dce9-2e16-4eb3-b5e0-efc23de45b84#fact-resource-facts-17) Kanyika Niobium Project · tantalum #### Identity - Project: Kanyika Niobium Project - Commodity: tantalum - Region: malawi - Reported Region: Malawi - Ticker: GBE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:10b4813214847195f326 #### Resource Data - Category: probable - Tonnes: 33800000 - Grade: 142 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-01-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Ore Reserve is a key input to the positive BFS results, indicating a significant and economically viable portion of the resource. - Positive factor: Probable Ore Reserve supports the BFS economics - Positive factor: Significant tonnage and grade for tantalum - Positive factor: JORC compliant reporting standard Evidence · text > The BFS is supported by a Probable Ore Reserve of approximately 33.8 million tonnes grading 3,050 ppm Nb₂O₅ and 142 ppm Ta₂O₅. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.