# HLX: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146887 Publisher: asx Original announcement: 2026-09-30T22:13:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T23:20:47.604Z Atlas analysis updated: 2026-09-30T23:20:47.604Z - Company: HELIX RESOURCES LIMITED - Ticker: HLX - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Copper, Lithium, Nickel, Cobalt - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-30 23:20:48 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Helix Resources Limited's annual report for 2026 highlights a strategic shift towards Pilbara gold exploration, including the acquisition of interests in the Weerianna Gold-Lithium Project and a new tenement package in the East Pilbara. The company updated its Gold Basin gold resource estimate to 15.37 Mt at 0.57 g/t Au for 280 koz \(Inferred\), which was below initial expectations. The report also references unchanged resource estimates for Canbelego copper-gold and Homeville nickel-cobalt, and discusses metallurgical testwork for Gold Basin and Homeville. Reasoning: The company is undergoing a strategic transition to focus on Pilbara gold, supported by new acquisitions and an updated Gold Basin MRE, though the latter was below expectations and is entirely Inferred. Historical estimates and a going concern warning temper the overall positive outlook. - Positive factor: Strategic shift to Pilbara gold exploration - Positive factor: Updated JORC compliant resource estimates for Gold Basin, Canbelego, and Homeville - Positive factor: Positive metallurgical testwork results for Gold Basin and Homeville - Negative factor: Gold Basin MRE was below initial expectations and is 100% Inferred - Negative factor: Weerianna estimate is historical and not JORC compliant for Helix - Negative factor: Homeville MRE is predominantly Inferred and from 2018, making it stale - Negative factor: Going concern warning in financial statements Facts used in scoring: 10 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Gold Basin Mineral Resource Estimate was updated and reported by the Company on 4 June 2026. Evidence · text > The Gold Basin Mineral Resource Estimate was updated and reported by the Company on 4 June 2026. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Gold Basin MRE states 'All material is classified as Inferred'. Evidence · text > All material is classified as Inferred **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Gold Basin MRE states 'All material is classified as Inferred'. Evidence · text > All material is classified as Inferred **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Gold Basin Mineral Resource Estimate was completed in accordance with the JORC Code \(2012\). Evidence · text > The estimate was completed in accordance with the JORC Code \(2012\) **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 Gold Basin Mineral Resource Estimate was completed by Mr. Ian Taylor, a Competent Person. Evidence · text > Competent Person: The Gold Basin Mineral Resource Estimate was completed by Mr. Ian Taylor **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Gold Basin MRE was reported at a 0.2 g/t Au cut-off. Evidence · text > reported at a 0.2 g/t Au cut-off **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Weerianna Gold Project contains a historical gold estimate not reported by Helix as a Mineral Resource or Ore Reserve under the JORC Code \(2012\). Evidence · text > not reported by Helix as a Mineral Resource or Ore Reserve under the JORC Code \(2012\). **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: A Competent Person has not completed sufficient work on behalf of Helix to classify the historical estimate in accordance with the JORC Code \(2012\). Evidence · text > A Competent Person has not completed sufficient work on behalf of Helix to classify the historical estimate in accordance with the JORC Code \(2012\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Weerianna historical estimate was reported by Artemis Resources Limited in December 2018, making it over two years old. Evidence · text > reported by Artemis Resources Limited in December 2018 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The 2023 Canbelego MRE has been reported in accordance with the JORC Code \(2012\). Evidence · text > The 2023 MRE has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 \(JORC Code\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimate for the Canbelego Deposit was completed by Mr Dean O'Keefe, a Competent Person. Evidence · text > The Mineral Resource Estimate for the Canbelego Deposit was completed by Mr Dean O'Keefe **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: Helix announced a significant upgrade to the Canbelego Main Lode MRE in June 2023. Evidence · text > In June 2023, Helix announced a significant upgrade to the Canbelego Main Lode MRE **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Homeville Deposit Mineral Resource Estimate is predominantly classified as Inferred. Evidence · text > predominantly classified as Inferred **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Homeville MRE was classified and reported in accordance with the guidelines of the JORC Code \(2012\). Evidence · text > classified and reported in accordance with the guidelines of the JORC Code \(2012\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimate for the Homeville deposit was compiled by Kahan Cervoj, a Competent Person. Evidence · text > The Mineral Resource Estimate for the Homeville deposit was compiled by Kahan Cervoj **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Homeville MRE was completed at a 0.7% Ni cut-off. Evidence · text > at a 0.7% Ni cut-off **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Homeville MRE was completed in 2018, making it over two years old. Evidence · text > completed in 2018 **Low Reagent Consumption** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Previous metallurgical testwork indicated low preg-robbing and low reagent consumption for Gold Basin. Evidence · text > low preg-robbing and low reagent consumption **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The Gold Basin metallurgical testwork is described as 'previous metallurgical testwork' without mention of pilot or locked-cycle scale. Evidence · text > Previous metallurgical testwork indicated gold extraction **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical testwork for Homeville achieved >90% nickel and cobalt recoveries. Evidence · text > >90% nickel and cobalt recoveries **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The Homeville metallurgical testwork is described as 'testwork undertaken in 2015 to 2017' without mention of pilot or locked-cycle scale. Evidence · text > Metallurgical testwork undertaken in 2015 to 2017 examined atmospheric counter-current acid leaching **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 \("concentrate"\) ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-0) Gold Basin Gold Project · gold #### Identity - Project: Gold Basin Gold Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Ian Taylor - Resource group id: resource:ca043c26b745d59b4a44 - Deposit or zone: Cyclopic #### Resource Data - Category: inferred - Tonnes: 12230000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 195 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-04 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Inferred resource for Cyclopic is JORC compliant with QP sign-off and disclosed cut-off, but its 100% Inferred classification and being below initial expectations temper its positive impact. - Positive factor: JORC 2012 compliant resource update - Positive factor: QP signed off on the estimate - Positive factor: Cut-off grade disclosed - Positive factor: Considered prospective for open-pit mining - Negative factor: Resource is entirely in the Inferred category - Negative factor: Estimate was below initial expectations Evidence · table > 0.50 Context: 12.23 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-1) Gold Basin Gold Project · gold #### Identity - Project: Gold Basin Gold Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Ian Taylor - Resource group id: resource:fa90f63fb13ed30acc58 - Deposit or zone: Stealth #### Resource Data - Category: inferred - Tonnes: 3140000 - Grade: 0.84 - Grade Unit: g/t - Contained Metal: 85 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-04 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Inferred resource for Stealth shows a higher grade than Cyclopic, is JORC compliant with QP sign-off and disclosed cut-off, but its 100% Inferred classification and being below initial expectations temper its positive impact. - Positive factor: JORC 2012 compliant resource update - Positive factor: QP signed off on the estimate - Positive factor: Cut-off grade disclosed - Positive factor: Considered prospective for open-pit mining - Positive factor: Higher grade than Cyclopic deposit - Negative factor: Resource is entirely in the Inferred category - Negative factor: Estimate was below initial expectations Evidence · table > 0.84 Context: 3.14 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-2) Gold Basin Gold Project · gold #### Identity - Project: Gold Basin Gold Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Ian Taylor - Resource group id: resource:faeeaea5dda860f6e9c8 - Deposit or zone: Total Inferred #### Resource Data - Category: inferred - Tonnes: 15370000 - Grade: 0.57 - Grade Unit: g/t - Contained Metal: 280 - Contained Unit: koz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-04 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total updated Inferred resource for Gold Basin is JORC compliant with QP sign-off and disclosed cut-off, but its 100% Inferred classification and being below initial expectations temper its positive impact. - Positive factor: JORC 2012 compliant resource update - Positive factor: QP signed off on the estimate - Positive factor: Cut-off grade disclosed - Positive factor: Considered prospective for open-pit mining - Negative factor: Resource is entirely in the Inferred category - Negative factor: Estimate was below initial expectations Evidence · table > 0.57 Context: 15.37 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-3) Weerianna Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Weerianna Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Edward Mead - Resource group id: resource:dbe62f3a001200cbc0a4 #### Resource Data - Tonnes: 975700 - Grade: 2 - Grade Unit: g/t - Contained Metal: 62739 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2018-12-XX #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Weerianna historical estimate provides some guidance but is not JORC compliant for Helix and is stale, indicating low confidence for current resource reporting. - Positive factor: Historical estimate provides exploration guidance - Positive factor: QP signed off on the historical estimate - Negative factor: Not a current JORC compliant resource for Helix - Negative factor: Uncertainty whether further exploration will result in a JORC-compliant resource - Negative factor: Estimate is stale, reported in December 2018 Evidence · text > The historical estimate comprises 975,700 t at 2.0 g/t Au for 62,739 oz of gold, reported above a 1.0 g/t Au cut-off. #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-4) Canbelego Main Lode · copper #### Identity - Project: Canbelego Main Lode - Commodity: copper - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O'Keefe - Resource group id: resource:50beb158186352a7c7eb #### Resource Data - Grade: 0.54 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-06-XX #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Canbelego MRE is JORC compliant with QP sign-off and represents a significant upgrade, but the lack of absolute tonnage and contained metal figures in this document limits full assessment. - Positive factor: JORC 2012 compliant resource - Positive factor: QP signed off on the estimate - Positive factor: Significant upgrade in contained copper metal compared to prior MRE - Negative factor: No absolute tonnage or contained metal figures provided in this document for the 2023 MRE Evidence · text > The 2023 MRE delivered a 77% increase in contained copper metal \(+13.8kt\) compared to the 2010 MRE, reflecting a 22% increase in tonnage \(+0.33Mt\) and 45% increase in Cu grade \(0.54% Cu\). #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-5) Homeville Ni-Co Deposit · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Homeville Ni-Co Deposit - Commodity: nickel - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kahan Cervoj - Resource group id: resource:bfed64fdc2dc658b255b #### Resource Data - Category: inferred - Tonnes: 18000000 - Grade: 0.9 - Grade Unit: % - Cutoff Grade: 0.7 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2018-09-XX #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Homeville nickel resource is JORC compliant with QP sign-off and disclosed cut-off, but its predominantly Inferred classification and stale effective date reduce its current materiality and confidence. - Positive factor: JORC 2012 compliant estimate - Positive factor: QP signed off on the estimate - Positive factor: Cut-off grade disclosed - Negative factor: Resource is predominantly Inferred - Negative factor: Estimate is stale, completed in 2018 Evidence · text > The Homeville Deposit features a 18Mt at 0.9% Ni & 0.06% Co Mineral Resource Estimate which is predominantly classified as Inferred \(Table 3\). #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-resource-facts-6) Homeville Ni-Co Deposit · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Homeville Ni-Co Deposit - Commodity: cobalt - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: HLX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Kahan Cervoj - Resource group id: resource:bfed64fdc2dc658b255b #### Resource Data - Category: inferred - Tonnes: 18000000 - Grade: 0.06 - Grade Unit: % - Cutoff Grade: 0.7 - Cutoff Unit: % Ni #### Prior Estimate - Resource Date: 2018-09-XX #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Homeville cobalt resource is JORC compliant with QP sign-off and disclosed cut-off, but its predominantly Inferred classification and stale effective date reduce its current materiality and confidence. - Positive factor: JORC 2012 compliant estimate - Positive factor: QP signed off on the estimate - Positive factor: Cut-off grade disclosed - Negative factor: Resource is predominantly Inferred - Negative factor: Estimate is stale, completed in 2018 Evidence · text > The Homeville Deposit features a 18Mt at 0.9% Ni & 0.06% Co Mineral Resource Estimate which is predominantly classified as Inferred \(Table 3\). #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (3) ### unspecified [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-metallurgical-facts-7) Gold Basin Gold Project · gold #### Identity - Project: Gold Basin Gold Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: HLX #### Test Work - Program Status: preliminary - Test Type: unspecified #### Recovery - Recovery: 79 % - Recovery Basis: actual\_test #### Reagents - Reagent Notes: low preg-robbing and low reagent consumption #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Previous metallurgical testwork for Gold Basin indicates good gold extraction with low consumption, which is positive, but the preliminary nature and lack of specific test details limit confidence. - Positive factor: Indicated good gold extraction \(72% to 86%\) - Positive factor: Low preg-robbing and low reagent consumption are positive indicators - Negative factor: Testwork is 'previous' and not explicitly recent - Negative factor: Specific test type not disclosed \(e.g., bottle roll, column leach\) - Negative factor: No Ore Reserve or economic viability established yet Evidence · text > Previous metallurgical testwork indicated gold extraction of approximately 72% to 86%, with low preg-robbing and low reagent consumption #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 79% is below the weak band \(80%\) ### leaching [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-metallurgical-facts-8) Homeville Ni-Co Deposit · nickel #### Identity - Project: Homeville Ni-Co Deposit - Commodity: nickel - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: HLX #### Test Work - Program Status: preliminary - Test Type: leaching - Processing Route: atmospheric counter-current acid leaching #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical metallurgical testwork for Homeville showed high nickel recoveries, which is positive for the project's potential, but the age of the data reduces its current novelty and confidence. - Positive factor: High nickel recovery \(>90%\) achieved through atmospheric counter-current acid leaching - Positive factor: Testwork aimed at producing nickel cathode - Negative factor: Testwork is historical \(2015-2017\) - Negative factor: No recent updates on metallurgical work Evidence · text > Metallurgical testwork undertaken in 2015 to 2017 examined atmospheric counter-current acid leaching, achieving >90% nickel and cobalt recoveries to produce nickel cathode and a cobalt-carbonate. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90% is at or above the exceptional band \(90%\) ### leaching [Link to this fact](https://atlas-staging.minestarters.com/news/hlx-annual-report-to-shareholders--17fe8a97-f72b-42ad-9732-b432d4fe60a5#fact-metallurgical-facts-9) Homeville Ni-Co Deposit · cobalt #### Identity - Project: Homeville Ni-Co Deposit - Commodity: cobalt - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: HLX #### Test Work - Program Status: preliminary - Test Type: leaching - Processing Route: atmospheric counter-current acid leaching #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Historical metallurgical testwork for Homeville showed high cobalt recoveries, which is positive for the project's potential, but the age of the data reduces its current novelty and confidence. - Positive factor: High cobalt recovery \(>90%\) achieved through atmospheric counter-current acid leaching - Positive factor: Testwork aimed at producing cobalt-carbonate - Negative factor: Testwork is historical \(2015-2017\) - Negative factor: No recent updates on metallurgical work Evidence · text > Metallurgical testwork undertaken in 2015 to 2017 examined atmospheric counter-current acid leaching, achieving >90% nickel and cobalt recoveries to produce nickel cathode and a cobalt-carbonate. ## 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.