# IBR: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146633

Publisher: asx

Original announcement: 2026-09-30T07:54:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T08:19:52.445Z

Atlas analysis updated: 2026-09-30T08:19:52.445Z

- Company: Iron Bear Resources Ltd

- Ticker: IBR

- Exchange: ASX

- Region: Labrador Trough, Canada

- Primary commodity: Iron ore

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy, Other

- Extracted: 2026-09-30 08:19:53 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Iron Bear Resources Ltd's annual report highlights a transformational year, marked by the completion of a Pre-Feasibility Study \(PFS\) for its flagship Iron Bear Project, which delivered a maiden Probable Ore Reserve of 3.3 billion tonnes at 29.1% Fe and compelling financial outcomes. The company also reported a 114% increase in Indicated Mineral Resources to 4.5 billion tonnes at 29.5% Fe, despite an overall 18% decrease in total Mineral Resources due to revised geological interpretation and modifying factors. The PFS outlines a 44-year mine life producing premium-grade iron ore products using 100% renewable hydropower, and the company is now pursuing alternative funding opportunities following Vale S.A.'s decision not to proceed to Phase 2 of their development agreement.

Reasoning: The annual report details significant progress on the flagship Iron Bear Project, including a substantial maiden Ore Reserve, a large increase in Indicated Resources, and positive PFS results, positioning the company for future development despite a decrease in total resource tonnage and Vale's exit.

- Positive factor: Maiden Probable Ore Reserve of 3.3 billion tonnes at 29.1% Fe establishes a robust economic base for the project.

- Positive factor: Indicated Mineral Resource increased by 114% to 4.5 billion tonnes, significantly de-risking the project.

- Positive factor: Pre-Feasibility Study \(PFS\) delivered compelling financial outcomes with an NPV of USD 9 billion and IRR of 15.2%.

- Positive factor: PFS outlines a substantial 44-year mine life, indicating long-term operational potential.

- Positive factor: Project will produce premium-grade iron ore products \(69.1% Fe BF concentrate, 71% Fe DR concentrate\) for green steel technologies.

- Positive factor: The project leverages 100% renewable hydropower, resulting in very low carbon emissions.

- Positive factor: Strategic location in the Labrador Trough with access to established infrastructure, including rail and deep-sea ports.

- Positive factor: Application for Project of National Significance status in Canada could accelerate approvals and financing.

- Positive factor: Vale S.A.'s decision not to proceed to Phase 2 allows Iron Bear to retain 100% ownership and pursue alternative, potentially more beneficial, funding and development opportunities.

- Negative factor: Total Mineral Resource decreased by 18% from the previous estimate, indicating some geological model revision.

- Negative factor: A portion of the production target \(5% over mine life, peaking at 15% annually\) relies on Inferred Resources, which carry lower geological confidence.

- Negative factor: Pre-production CAPEX of USD 4.2 billion is substantial, posing a significant financing requirement.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 7

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Ore Reserve and Mineral Resource estimates are explicitly reported in accordance with the 2012 JORC Code.

Evidence · text

> reported in accordance with the 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 report includes Competent Persons statements for the Mineral Resource \(Mr Michael Andrew\) and Ore Reserves \(Mr Joel van Anen\), confirming their qualifications and consent.

Evidence · text

> Mr Michael Andrew FAusIMM, a full-time employee of Snowden Optiro. Mr Andrew is a Competent Person as defined in the JORC Code \(2012\)

**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 Pre-Feasibility Study includes a 'maiden Ore Reserve estimate'.

Evidence · text

> maiden Ore Reserve estimate of 3.3 billion tonnes

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The company delivered an 'updated Mineral Resource Estimate' during the year.

Evidence · text

> updated Mineral Resource Estimate

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The Indicated Mineral Resource increased by 114%, indicating a significant upgrade in resource confidence.

Evidence · text

> increasing the Indicated Mineral Resource by 114% to 4.5Bt

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The Indicated Mineral Resource increased by 114% to 4.5Bt, representing substantial tonnage growth in a higher confidence category.

Evidence · text

> increasing the Indicated Mineral Resource by 114% to 4.5Bt

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: The total Mineral Resource decreased by 18% from the previous estimate.

Evidence · text

> The Mineral Resource decreased by 18% from the previous Mineral Resource Estimate dated 11th of April 2024

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Both the Mineral Resource and Ore Reserve estimates are reported at a clearly stated 12.5% magnetic Fe cut-off grade.

Evidence · text

> reported at a 12.5% MagFe cut-off

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Mineral Resource estimate includes a significant Inferred category of 9.1 billion tonnes.

Evidence · table

> Inferred

Context: Inferred

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The PFS delivered a maiden Probable Ore Reserve of 3.3 billion tonnes.

Evidence · table

> Probable

Context: Probable

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The updated Mineral Resource includes 4.5 billion tonnes in the Indicated category.

Evidence · table

> Indicated

Context: Indicated

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: The resource and reserve estimates were prepared to support a Pre-Feasibility Study \(PFS\).

Evidence · text

> The PFS was completed in July 2026 and delivered compelling financial outcomes

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The project aims to produce premium-grade iron ore products with 69.1% Fe BF concentrate and 71% Fe DR concentrate, indicating high recovery to a high-quality product.

Evidence · text

> Premium-grade products: 69.1% Fe, 3.5 % \(SiO₂+Al₂O₃\) BF concentrate, upgradable to a 71% Fe, 1.2 % \(SiO₂+Al₂O₃\) DR concentrate

**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: 7. Some facts used in scoring do not have a stored record.

## Resource Estimates (5)

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-resource-facts-0)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Joel van Anen
- Resource group id: resource:5687bacaff489a6f24ce
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 3300000000
- Grade: 29.1
- Grade Unit: %
- Cutoff Grade: 12.5
- Cutoff Unit: % magnetic Fe

#### Prior Estimate

- Resource Date: 2026-07-29

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The maiden Probable Ore Reserve is a significant de-risking milestone, providing a large, JORC-compliant economic base for the project.

- Positive factor: Maiden Ore Reserve establishes a robust economic base for the project.

- Positive factor: Large tonnage \(3.3 billion tonnes\) supports a long mine life.

- Positive factor: Grade of 29.1% Fe is significant for an iron ore reserve.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards and confidence.

Evidence · table

> 3.3

Context: Probable

#### 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 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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-resource-facts-1)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Andrew
- Resource group id: resource:82ed0bf40a3eb7958349
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 4500000000
- Grade: 29.46
- Grade Unit: %
- Cutoff Grade: 12.5
- Cutoff Unit: % magnetic Fe

#### Prior Estimate

- Resource Date: 2026-05-12
- Prior Tonnes: 2150000000
- Prior Grade: 29.3

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The substantial increase in Indicated Mineral Resources by 114% is a highly positive and material development, demonstrating enhanced geological confidence and project scale.

- Positive factor: Indicated Mineral Resource increased by 114%, significantly de-risking the project and enhancing geological confidence.

- Positive factor: Large tonnage \(4.5 billion tonnes\) provides a strong foundation for future studies and mine planning.

- Positive factor: Grade of 29.46% Fe is robust for an iron ore resource.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards and confidence.

Evidence · table

> 4.5

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 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

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: 4500000000 against 2150000000 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-resource-facts-2)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Andrew
- Resource group id: resource:82ed0bf40a3eb7958349
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 4500000000
- Grade: 20.6
- Grade Unit: % magnetic Fe
- Cutoff Grade: 12.5
- Cutoff Unit: % magnetic Fe

#### Prior Estimate

- Resource Date: 2026-05-12
- Prior Tonnes: 2150000000
- Prior Grade: 29.3

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The reported magnetic Fe grade for the significantly increased Indicated Resource provides key information for processing and economic viability.

- Positive factor: Indicated Mineral Resource shows a strong magnetic Fe grade of 20.6%, important for processing.

- Positive factor: Significant increase in tonnage for the Indicated category enhances project confidence.

- Positive factor: JORC 2012 compliant and QP signed, indicating high reporting standards and confidence.

Evidence · table

> 20.60

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 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

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: 4500000000 against 2150000000 previously

**Grade Decline**

Polarity: negative

Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: 20.6 against 29.3 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-resource-facts-3)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Andrew
- Resource group id: resource:a0ee758298d40ea8fd38
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9100000000
- Grade: 30.31
- Grade Unit: %
- Cutoff Grade: 12.5
- Cutoff Unit: % magnetic Fe

#### Prior Estimate

- Resource Date: 2026-05-12
- Prior Tonnes: 14510000000
- Prior Grade: 29.3

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: While the Inferred Resource is substantial, its lower confidence category and a decrease in tonnage from the prior estimate temper the overall positive sentiment, though it still represents significant future potential.

- Positive factor: Large tonnage \(9.1 billion tonnes\) in the Inferred category indicates significant exploration upside and potential for future conversion.

- Positive factor: Grade of 30.31% Fe is robust for an iron ore resource.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

- Negative factor: Inferred tonnage decreased from the previous estimate, indicating a reduction in the total resource footprint.

Evidence · table

> 9.1

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 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

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 9100000000 against 14510000000 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-resource-facts-4)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Andrew
- Resource group id: resource:a0ee758298d40ea8fd38
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9100000000
- Grade: 20.73
- Grade Unit: % magnetic Fe
- Cutoff Grade: 12.5
- Cutoff Unit: % magnetic Fe

#### Prior Estimate

- Resource Date: 2026-05-12
- Prior Tonnes: 14510000000
- Prior Grade: 29.3

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The magnetic Fe grade for the Inferred Resource is important for future processing considerations, but the overall confidence is limited by its category and a decrease in tonnage.

- Positive factor: Magnetic Fe grade of 20.73% for the Inferred Resource provides valuable information for potential processing.

- Positive factor: Large tonnage in the Inferred category indicates significant exploration upside.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Inferred tonnage decreased from the previous estimate.

Evidence · table

> 20.73

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 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

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 9100000000 against 14510000000 previously

**Grade Decline**

Polarity: negative

Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: 20.73 against 29.3 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

## Metallurgical Results (2)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-metallurgical-facts-5)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: BF concentrate
- Sample: BF concentrate

#### Recovery

- Conc. Grade: 69.1
- Conc. Grade Unit: % Fe

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The high-grade BF concentrate specification demonstrates the project's ability to produce a premium product, which is a strong positive for marketability and economics.

- Positive factor: High concentrate grade of 69.1% Fe positions the product in the highest tier of globally traded iron ore.

- Positive factor: Low combined SiO₂ + Al₂O₃ content \(3.5%\) indicates a premium quality product.

- Positive factor: Suitable for green steel technologies, aligning with market trends.

Evidence · text

> 69.1% Fe, 3.5 % \(SiO₂+Al₂O₃\) BF concentrate

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ibr-annual-report-to-shareholders--ca67edbc-86af-42e5-a28f-7329bf1fc781#fact-metallurgical-facts-6)

Iron Bear · iron\_ore

#### Identity

- Project: Iron Bear
- Commodity: iron\_ore
- Region: canada
- Reported Region: Labrador Trough, Canada
- Ticker: IBR

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: DR concentrate
- Sample: DR concentrate

#### Recovery

- Conc. Grade: 71
- Conc. Grade Unit: % Fe

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The ultra-high-grade DR concentrate specification is a key differentiator, enabling the production of premium DR pellets essential for green steel, which is a significant market advantage.

- Positive factor: Exceptional concentrate grade of 71% Fe for DR pellets, indicating very high quality.

- Positive factor: Ultra-low combined SiO₂ + Al₂O₃ content \(1.2%\) is highly desirable for direct reduction processes.

- Positive factor: Direct Reduction \(DR\) pellets are in structurally short supply and critical for reducing carbon emissions in the steel industry.

Evidence · text

> 71% Fe, 1.2 % \(SiO₂+Al₂O₃\) DR concentrate

#### 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.