# LRM: Annual Report - Financial Year Ended 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143640 Publisher: asx Original announcement: 2026-09-24T09:08:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T10:13:53.529Z Atlas analysis updated: 2026-09-24T10:13:53.529Z - Company: Lion Rock Minerals Limited - Ticker: LRM - Exchange: ASX - Region: Cameroon - Primary commodity: Rutile - Secondary commodities: Rare earth elements, Kaolin - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-24 10:13:54 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Lion Rock Minerals Limited announced high-grade rutile and rare earth element drill results from its Minta Project in Cameroon, with peak rutile grades up to 72.7% HM and 3.32% in-situ rutile, and REE intercepts up to 4.54% TREO including a bonanza 21.15% TREO sub-interval. The company also confirmed high-quality rutile and monazite concentrates and completed strategic capital raises totaling $14.1 million. While the Yendon Kaolin Project's kaolin resource remains unchanged, the new discoveries and strengthened financial position significantly advance the Minta Project as a critical minerals asset, though the auditor noted a going concern uncertainty. Reasoning: Lion Rock Minerals Limited reported significant high-grade rutile and rare earth element drill results from its Minta Project in Cameroon, including a new monazite-hosted REE discovery with bonanza grades, supported by strategic capital raises and new leadership, positioning the project as a significant critical minerals asset despite an unchanged kaolin resource and going concern warning. - Positive factor: High-grade rutile drill intercepts reported from multiple discoveries at Minta Project. - Positive factor: Discovery of high-grade monazite-hosted rare earth elements \(TREO\) at Minta Est, including a bonanza sub-interval. - Positive factor: Confirmation of high quality natural rutile and monazite concentrates through independent laboratory analysis. - Positive factor: Strategic capital raises totaling $14.1 million and new experienced leadership team appointed. - Positive factor: JORC compliant resource estimate for Yendon Kaolin Project. - Negative factor: The Yendon Kaolin Project resource estimate is unchanged from the prior year, indicating no new progress. - Negative factor: Uranium projects are historical and unverified, requiring confirmation drilling. - Negative factor: Auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 40 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The drill intercept of 0.3m at 21.15% TREO is exceptionally high-grade for rare earth elements. Evidence · text > 0.3m at 21.15% TREO **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The rare earth element drill intercepts are given as downhole lengths \(e.g., 3.0m, 2.0m, 2.3m, 0.3m\) without any mention of true width or drill orientation. Evidence · text > In-situ drill hole results, open at depth, include 3.40% TREO over 3.0m, 3.49% TREO over 2.0m, and 4.54% TREO over 2.3m \(including 0.3m at 21.15% TREO\). **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document mentions 'accredited independent laboratory' and 'Competent Person review' for assay results and resource estimates. Evidence · text > a second accredited independent laboratory subsequently confirmed natural rutile nuggets containing more than 98% TiO2 **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The rutile mineralization is described as 'open along strike and at depth', indicating successful extension beyond known limits. Evidence · text > mineralisation remaining open along strike and at depth **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate for the Yendon Kaolin Project is reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > Lion Rock Minerals Limited reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(the JORC Code\) \(2012 Edition\). **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 document states that 'Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code' for the resource estimate. Evidence · text > Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date for the Yendon Kaolin Project Mineral Resource Estimate is February 2018, which is more than two years old. Evidence · text > Mineral Resources as at 30 June 2026 \(estimated in February 2018\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Rutile nuggets returned up to 98.6% TiO2, which is an exceptionally high concentrate grade for titanium dioxide. Evidence · text > Coarse rutile nuggets returned up to 98.6% TiO2 **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: The 'In situ Concentrate Mass Rec' for the Yendon Kaolin Project is part of a resource estimate and not explicitly stated as derived from actual metallurgical testwork. Evidence · table > 0.75 Context: 1.73 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 40. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-drill-facts-0) Minta · rutile Needs review: drill\_no\_hole\_id #### Identity - Project: Minta - Commodity: rutile - Region: cameroon - Reported Region: cameroon - Ticker: LRM #### Geometry - Grade: 72.7 - Grade Unit: % #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: A peak rutile-in-HM grade of 72.7% is an excellent result, suggesting high-quality heavy mineral sands. - Positive factor: Very high rutile content in heavy mineral concentrate. - Positive factor: Indicates strong potential for economic rutile recovery. Evidence · text > peak grades up to 72.7% HM and 3.32% in-situ rutile #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-drill-facts-1) Minta Est · rare earth elements Needs review: drill\_no\_hole\_id #### Identity - Project: Minta Est - Commodity: rare earth elements - Region: cameroon - Reported Region: cameroon - Ticker: LRM #### Geometry - Grade: 21.15 - Grade Unit: % - Intercept: 0.3 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: A 0.3m intercept at 21.15% TREO is an exceptionally high-grade result, suggesting bonanza-grade rare earth mineralization within the broader intercept. - Positive factor: Bonanza grade TREO sub-interval, indicating extremely high-grade mineralization. - Positive factor: Part of a new rare earth discovery with significant potential. - Negative factor: No hole ID provided for specific intercept. - Negative factor: Short intercept length. Evidence · text > 0.3m at 21.15% TREO #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (19) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-2) Yendon Kaolin Project · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: aluminium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 35.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for aluminium oxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 35.08 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-3) Yendon Kaolin Project · calcium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: calcium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for calcium oxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.08 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-4) Yendon Kaolin Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: iron\_ore - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.79 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for iron is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.79 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-5) Yendon Kaolin Project · potassium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: potassium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.19 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for potassium oxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.19 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-6) Yendon Kaolin Project · magnesium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: magnesium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.09 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for magnesium oxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.09 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-7) Yendon Kaolin Project · sodium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: sodium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.16 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for sodium oxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.16 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-8) Yendon Kaolin Project · silicon dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: silicon dioxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 47.84 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for silicon dioxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 47.84 Context: 1.73 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-9) Yendon Kaolin Project · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: titanium dioxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:db3272b0c50e7fd12b9b #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 1.13 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for titanium dioxide is high confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 1.13 Context: 1.73 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-10) Yendon Kaolin Project · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: aluminium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 34.33 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for aluminium oxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 34.33 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-11) Yendon Kaolin Project · calcium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: calcium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for calcium oxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.07 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-12) Yendon Kaolin Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: iron\_ore - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.85 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for iron is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.85 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-13) Yendon Kaolin Project · potassium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: potassium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.25 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for potassium oxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.25 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-14) Yendon Kaolin Project · magnesium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: magnesium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for magnesium oxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.10 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-15) Yendon Kaolin Project · sodium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: sodium oxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.17 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for sodium oxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.17 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-16) Yendon Kaolin Project · silicon dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: silicon dioxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 48.94 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for silicon dioxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 48.94 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-17) Yendon Kaolin Project · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: titanium dioxide - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c4f957d81c0cf7227fbf #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 1.12 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for titanium dioxide is reasonable confidence but stale and unchanged, limiting its current impact. - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 1.12 Context: 1.95 #### 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 **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 8.6 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-37) Yendon Kaolin · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin - Commodity: iron\_ore - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9721452a288f0646ba6f #### Resource Data - Category: measured - Tonnes: 1730000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Measured resource for aluminium oxide is high confidence but stale and unchanged, limiting its current impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Resource is in the Measured category, indicating high confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.08 Context: 1.73 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-38) Yendon Kaolin · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin - Commodity: iron\_ore - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c399e13c29f23fb65147 #### Resource Data - Category: indicated - Tonnes: 1950000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for aluminium oxide is reasonable confidence but stale and unchanged, limiting its current impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.07 Context: 1.95 #### 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 **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 8.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-resource-facts-39) Yendon Kaolin · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin - Commodity: iron\_ore - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5cf3059a1f045f14a487 #### Resource Data - Category: indicated - Tonnes: 3680000 - Grade: 0.08 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-02-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Indicated resource for aluminium oxide is reasonable confidence but stale and unchanged, limiting its current impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Resource is in the Indicated category, indicating reasonable confidence. - Positive factor: JORC compliant and QP signed. - Negative factor: Estimate is stale \(effective date 2018\). - Negative factor: No change from prior year, indicating no new progress. Evidence · table > 0.08 Context: 3.68 #### 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 **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 8.6 years before this release ## Metallurgical Results (19) ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-18) Minta Project · titanium dioxide #### Identity - Project: Minta Project - Commodity: titanium dioxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 97.4 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: An average TiO2 content of 97.4% for Minta rutile is very strong, confirming its suitability for key industrial applications. - Positive factor: High average TiO2 content in rutile. - Positive factor: Confirms market applicability for chloride pigment, titanium metal sponge and welding. Evidence · table > 97.4 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-19) Minta Project · iron\_ore #### Identity - Project: Minta Project - Commodity: iron\_ore - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 1 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low iron oxide content is favorable for rutile quality, reducing potential penalties. - Positive factor: Low iron content in rutile concentrate. Evidence · table > 1.0 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-20) Minta Project · aluminium oxide #### Identity - Project: Minta Project - Commodity: aluminium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.18 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low aluminium oxide content is favorable for rutile quality. - Positive factor: Low aluminium content in rutile concentrate. Evidence · table > 0.18 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-21) Minta Project · calcium oxide #### Identity - Project: Minta Project - Commodity: calcium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.01 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low calcium oxide content is favorable for rutile quality. - Positive factor: Very low calcium content in rutile concentrate. Evidence · table > <0.01 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-22) Minta Project · chromium #### Identity - Project: Minta Project - Commodity: chromium - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.08 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low chromium oxide content is favorable for rutile quality. - Positive factor: Low chromium content in rutile concentrate. Evidence · table > 0.08 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-23) Minta Project · magnesium oxide #### Identity - Project: Minta Project - Commodity: magnesium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.01 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low magnesium oxide content is favorable for rutile quality. - Positive factor: Very low magnesium content in rutile concentrate. Evidence · table > <0.01 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-24) Minta Project · manganese oxide #### Identity - Project: Minta Project - Commodity: manganese oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.003 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low manganese oxide content is favorable for rutile quality. - Positive factor: Very low manganese content in rutile concentrate. Evidence · table > 0.003 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-25) Minta Project · niobium oxide #### Identity - Project: Minta Project - Commodity: niobium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.23 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low niobium oxide content is favorable for rutile quality. - Positive factor: Low niobium content in rutile concentrate. Evidence · table > 0.23 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-26) Minta Project · phosphorus oxide #### Identity - Project: Minta Project - Commodity: phosphorus oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.01 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low phosphorus oxide content is favorable for rutile quality. - Positive factor: Very low phosphorus content in rutile concentrate. Evidence · table > <0.01 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-27) Minta Project · silicon dioxide #### Identity - Project: Minta Project - Commodity: silicon dioxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.5 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low silicon dioxide content is favorable for rutile quality. - Positive factor: Low silicon content in rutile concentrate. Evidence · table > 0.5 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-28) Minta Project · vanadium oxide #### Identity - Project: Minta Project - Commodity: vanadium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.27 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low vanadium oxide content is favorable for rutile quality. - Positive factor: Low vanadium content in rutile concentrate. Evidence · table > 0.27 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-29) Minta Project · zirconium oxide #### Identity - Project: Minta Project - Commodity: zirconium oxide - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.02 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low zirconium oxide content is favorable for rutile quality. - Positive factor: Very low zirconium content in rutile concentrate. Evidence · table > 0.02 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-30) Minta Project · sulfur #### Identity - Project: Minta Project - Commodity: sulfur - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.01 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Very low sulfur trioxide content is favorable for rutile quality. - Positive factor: Very low sulfur content in rutile concentrate. Evidence · table > <0.01 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-31) Minta Project · tin #### Identity - Project: Minta Project - Commodity: tin - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 0.013 - Conc. Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low tin oxide content is favorable for rutile quality. - Positive factor: Low tin content in rutile concentrate. Evidence · table > 0.013 Context: Minta average quality ### chemical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-32) Minta Project · uranium #### Identity - Project: Minta Project - Commodity: uranium - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: chemical analysis - Sample: Minta average quality rutile #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 50 - Conc. Grade Unit: ppm #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Low uranium content is favorable for rutile quality, reducing potential penalties. - Positive factor: Low uranium content in rutile concentrate. Evidence · table > <50 Context: Minta average quality ### mineralogical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-33) Minta Est · monazite Historical result Needs review: historical\_restatement #### Identity - Project: Minta Est - Commodity: monazite - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: mineralogical analysis - Sample: Historical Minta Est concentrates #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 74 - Conc. Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: A monazite assemblage of up to 74% in historical concentrates is a very strong indicator for rare earth potential, though it is historical data. - Positive factor: High monazite assemblage in historical concentrates. - Positive factor: Indicates strong potential for rare earth recovery. - Negative factor: Data is historical, not from current testwork. Evidence · text > monazite assemblages up to approximately 74% ### mineralogical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-34) Minta Est · neodymium praseodymium Historical result Needs review: historical\_restatement #### Identity - Project: Minta Est - Commodity: neodymium praseodymium - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: mineralogical analysis - Sample: Historical Minta Est concentrates #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 22.5 - Conc. Grade Unit: % of TREO #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: A NdPr distribution of up to 22.5% of TREO is very positive, as NdPr are highly sought-after magnet rare earths. - Positive factor: High NdPr distribution, which is critical for magnet rare earths. - Positive factor: Indicates a favorable basket composition. - Negative factor: Data is historical, not from current testwork. Evidence · text > NdPr up to 22.5% ### mineralogical analysis [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-35) Minta Est · dysprosium terbium Historical result Needs review: historical\_restatement #### Identity - Project: Minta Est - Commodity: dysprosium terbium - Region: cameroon - Reported Region: Cameroon - Ticker: LRM #### Test Work - Test Type: mineralogical analysis - Sample: Historical Minta Est concentrates #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 2.7 - Conc. Grade Unit: % of TREO #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: A DyTb distribution of up to 2.7% of TREO is very positive, as DyTb are critical for high-temperature magnet performance. - Positive factor: High DyTb distribution, which are strategically important heavy rare earths. - Positive factor: Indicates a favorable basket composition. - Negative factor: Data is historical, not from current testwork. Evidence · text > DyTb up to 2.7% of TREO ### resource estimate calculation [Link to this fact](https://atlas-staging.minestarters.com/news/lrm-annual-report-financial-year-ended-30-june-2026--1c0b9c8a-4f32-4053-8407-d77616a8859e#fact-metallurgical-facts-36) Yendon Kaolin Project · kaolin Historical result Needs review: historical\_restatement #### Identity - Project: Yendon Kaolin Project - Commodity: kaolin - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: LRM #### Test Work - Test Type: resource estimate calculation - Sample: Indicated category #### Recovery - Recovery: 84 % - Recovery Basis: theoretical #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-01T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The theoretical kaolin concentrate mass recovery for the Indicated category is noted, but it is historical and not based on actual testwork. - Positive factor: Recovery is part of an Indicated resource, indicating reasonable confidence in the estimate. - Negative factor: Recovery is theoretical, not from actual testwork. - Negative factor: Estimate is stale \(effective date 2018\). Evidence · table > 0.84 Context: 1.95 #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ## 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.