# MEX: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145614 Publisher: asx Original announcement: 2026-09-29T09:01:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T13:36:33.893Z Atlas analysis updated: 2026-09-29T13:36:33.893Z - Company: Minerals Exploration Limited - Ticker: MEX - Exchange: ASX - Region: New Zealand - Primary commodity: Gold - Secondary commodities: Tungsten, Silver - Document categories: Drill results, Other - Extracted: 2026-09-29 13:36:34 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Minerals Exploration Limited's annual report details exploration activities at its New Zealand gold and gold-tungsten projects. The company reported high-grade rock chip samples from Waitekauri \(up to 2,273 g/t Au\) and Invincible \(up to 2.63% W\), alongside initial diamond drilling results from the Waitekauri Gold Project. While drilling identified broad zones of gold mineralization, it has yet to define the high-grade epithermal feeder zones. Reasoning: The annual report highlights bonanza-grade rock chip samples from gold and gold-tungsten projects, confirming high prospectivity. However, initial diamond drilling at Waitekauri, while encountering broad low-grade gold zones, did not intersect the targeted high-grade feeder structures, leading to a mixed outlook for the drill program's immediate success. - Positive factor: Bonanza-grade rock chip samples \(up to 2,273 g/t Au, 2.63% W\) indicate strong prospectivity. - Positive factor: Broad zones of gold mineralization encountered in initial drilling. - Positive factor: Identification of new tungsten prospectivity at Invincible Gold - Tungsten Project. - Positive factor: Ongoing exploration activities and commissioning of an independent review for future planning. - Negative factor: Initial drilling did not identify high-grade epithermal feeder zones as hoped. - Negative factor: True widths of drill intercepts are not known, potentially overstating apparent thickness. - Negative factor: No QA/QC disclosure for the reported results, limiting verifiability. - Negative factor: Cut-off grades for reported intervals are not disclosed, affecting transparency. - Negative factor: Relinquishment of South Australian Uranium Projects. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 37 ## Classification and evidence **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 document explicitly states that 'All intervals are downhole lengths; true widths are not known at this stage' for the drill intercepts. Evidence · text > All intervals are downhole lengths; true widths are not known at this stage. **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: The release does not disclose any QA/QC procedures, certified labs, or QP/CP sign-off for the reported drill and rock chip results. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changes. The Company confirm that form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The document reports drill intervals without stating the cut-off grade used for compositing. Evidence · text > Table 1: Jubilee Drillhole Intercepts All intervals are downhole lengths; true widths are not known at this stage. **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Rock chip samples returned exceptionally high gold grades of 2,273 g/t Au, 283 g/t Au, 129 g/t Au, 362 g/t Au, 37.4 g/t Au, and 32.9 g/t Au, which are well above typical bonanza thresholds for gold. Evidence · text > Some of the high-grade rock chip results reported were outstanding, including 2,273g/t Au near Sovereign, 283g/t Au and 129g/t Au at Scotia, and 362g/t Au at Jubilee. **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The drilling program at Jubilee was designed to test 'depth extensions of known near surface high grade shoots' and 'vertical and strike depth extensions of the modelled gold ore shoots'. Evidence · text > Drilling at Jubilee for holes TGW003 and TGW004 was restricted to -45° angle holes targeting depth extensions of known near surface high grade shoots ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Drill Results (37) ### TGW002A [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-0) Waitekauri · gold #### Identity - Hole ID: TGW002A - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 5.02 - Grade Unit: g/t - Intercept: 3.5 m - From: 97.5 m - To: 101 m - Intercept Depth: 97.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW002A:97.5-101 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 3.5m intercept at 5.02 g/t Au is a good result for initial exploration drilling in an epithermal system, confirming mineralization at the Scotia prospect, though true width and QA/QC details are not provided. - Positive factor: Good gold grade \(5.02 g/t\) for an epithermal deposit. - Positive factor: Initial drilling confirms mineralization at Scotia prospect. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · text > 3.5m @ 5.02g/t Au from TGW002A \(97.5m to 101.0m\) #### 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 ### TGW003 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-1) Waitekauri · gold #### Identity - Hole ID: TGW003 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.3 - Grade Unit: g/t - Intercept: 4.6 m - From: 85.3 m - To: 89.9 m - Intercept Depth: 85.3 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW003:85.3-89.9 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 4.6m intercept at 0.30 g/t Au is a low-grade result for an epithermal gold system, indicating mineralization but not high-grade feeder zones. - Positive factor: Confirms presence of gold mineralization. - Negative factor: Low gold grade \(0.30 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.30 Context: 4.6 #### 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 ### TGW003 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-2) Waitekauri · silver #### Identity - Hole ID: TGW003 - Project: Waitekauri - Commodity: silver - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 22.7 - Grade Unit: g/t - Intercept: 4.6 m - From: 85.3 m - To: 89.9 m - Intercept Depth: 85.3 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW003:85.3-89.9 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 4.6m intercept at 22.7 g/t Ag indicates silver mineralization, which can be a byproduct in epithermal gold systems. - Positive factor: Confirms presence of silver mineralization. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 22.7 Context: 4.6 #### 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 ### TGW004 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-3) Waitekauri · gold #### Identity - Hole ID: TGW004 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.15 - Grade Unit: g/t - Intercept: 6.3 m - From: 205 m - To: 211.3 m - Intercept Depth: 205 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW004:205-211.3 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 6.3m intercept at 0.15 g/t Au is a very low-grade result for an epithermal gold system, indicating limited economic potential at this depth. - Negative factor: Very low gold grade \(0.15 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.15 Context: 6.3 #### 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 ### TGW005 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-4) Waitekauri · gold #### Identity - Hole ID: TGW005 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 10.5 - Grade Unit: g/t - Intercept: 0.5 m - From: 90.5 m - To: 91 m - Intercept Depth: 90.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW005:90.5-91 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow but high-grade intercept of 0.5m at 10.5 g/t Au is a positive indicator of high-grade mineralization, though its limited width and unknown true width reduce its overall materiality. - Positive factor: High gold grade \(10.5 g/t\) for an epithermal deposit. - Positive factor: Indicates presence of high-grade mineralization within the system. - Negative factor: Very narrow intercept length \(0.5m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 10.5 Context: 0.5 #### 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 ### TGW006 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-5) Waitekauri · gold #### Identity - Hole ID: TGW006 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.34 - Grade Unit: g/t - Intercept: 2.1 m - From: 149.8 m - To: 151.9 m - Intercept Depth: 149.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW006:149.8-151.9 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 2.1m intercept at 0.34 g/t Au is a low-grade result, indicating minor gold mineralization. - Negative factor: Low gold grade \(0.34 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.34 Context: 2.1 #### 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 ### TGW006 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-6) Waitekauri · gold #### Identity - Hole ID: TGW006 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.41 - Grade Unit: g/t - Intercept: 1 m - From: 164 m - To: 165 m - Intercept Depth: 149.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW006:164-165 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 1.0m intercept at 0.41 g/t Au is a low-grade result, indicating minor gold mineralization. - Negative factor: Low gold grade \(0.41 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.41 Context: 1.0 #### 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 ### TGW007 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-7) Waitekauri · gold #### Identity - Hole ID: TGW007 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.25 - Grade Unit: g/t - Intercept: 3 m - From: 133 m - To: 136 m - Intercept Depth: 133 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW007:133-136 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 3.0m intercept at 0.25 g/t Au is a very low-grade result, indicating limited gold mineralization. - Negative factor: Very low gold grade \(0.25 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.25 Context: 3.0 #### 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 ### TGW007 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-8) Waitekauri · gold #### Identity - Hole ID: TGW007 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.29 - Grade Unit: g/t - Intercept: 2.9 m - From: 140.3 m - To: 143.2 m - Intercept Depth: 133 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW007:140.3-143.2 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 2.9m intercept at 0.29 g/t Au is a very low-grade result, indicating limited gold mineralization. - Negative factor: Very low gold grade \(0.29 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.29 Context: 2.9 #### 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 ### TGW008 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-9) Waitekauri · gold #### Identity - Hole ID: TGW008 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.08 - Grade Unit: g/t - Intercept: 27.7 m - From: 184.1 m - To: 211.8 m - Intercept Depth: 184.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW008:184.1-211.8 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A broad intercept of 27.7m at an extremely low grade of 0.08 g/t Au suggests very diffuse mineralization with limited economic significance. - Positive factor: Broad intercept length \(27.7m\). - Negative factor: Extremely low gold grade \(0.08 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.08 Context: 27.7 #### 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 ### TGW008 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-10) Waitekauri · silver #### Identity - Hole ID: TGW008 - Project: Waitekauri - Commodity: silver - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 21.5 - Grade Unit: g/t - Intercept: 27.7 m - From: 184.1 m - To: 211.8 m - Intercept Depth: 184.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW008:184.1-211.8 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A broad intercept of 27.7m at 21.5 g/t Ag indicates silver mineralization, which can be a byproduct in epithermal gold systems. - Positive factor: Broad intercept length \(27.7m\). - Positive factor: Confirms presence of silver mineralization. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 21.5 Context: 27.7 #### 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 ### TGW008 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-11) Waitekauri · gold #### Identity - Hole ID: TGW008 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.33 - Grade Unit: g/t - Intercept: 1.2 m - From: 200.4 m - To: 201.6 m - Intercept Depth: 184.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW008:200.4-201.6 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow sub-interval at 0.33 g/t Au is a low-grade result, indicating minor gold mineralization within a broader low-grade zone. - Negative factor: Low gold grade \(0.33 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.33 Context: 1.2 #### 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 ### TGW008 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-12) Waitekauri · silver #### Identity - Hole ID: TGW008 - Project: Waitekauri - Commodity: silver - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 91.6 - Grade Unit: g/t - Intercept: 1.2 m - From: 200.4 m - To: 201.6 m - Intercept Depth: 184.1 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW008:200.4-201.6 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow sub-interval with a good silver grade of 91.6 g/t Ag indicates higher-grade silver mineralization within the broader zone. - Positive factor: Good silver grade \(91.6 g/t\) for a narrow interval. - Negative factor: Narrow intercept length \(1.2m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 91.6 Context: 1.2 #### 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 ### TGW009 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-13) Waitekauri · gold #### Identity - Hole ID: TGW009 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.23 - Grade Unit: g/t - Intercept: 5 m - From: 69 m - To: 74 m - Intercept Depth: 69 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW009:69-74 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 5.0m intercept at 0.23 g/t Au is a very low-grade result, indicating limited gold mineralization. - Negative factor: Very low gold grade \(0.23 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.23 Context: 5.0 #### 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 ### TGW010 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-14) Waitekauri · gold #### Identity - Hole ID: TGW010 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.21 - Grade Unit: g/t - Intercept: 6.9 m - From: 88.2 m - To: 95.1 m - Intercept Depth: 88.2 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW010:88.2-95.1 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 6.9m intercept at 0.21 g/t Au is a very low-grade result, indicating limited gold mineralization. - Negative factor: Very low gold grade \(0.21 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.21 Context: 6.9 #### 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 ### TGW011 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-15) Waitekauri · gold #### Identity - Hole ID: TGW011 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.3 - Grade Unit: g/t - Intercept: 80.3 m - From: 122 m - To: 202.3 m - Intercept Depth: 122 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW011:122-202.3 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A very broad intercept of 80.3m at 0.30 g/t Au indicates a significant mineralized zone, though the grade is low for an epithermal system. - Positive factor: Very broad intercept length \(80.3m\) indicates significant mineralized footprint. - Negative factor: Low gold grade \(0.30 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.30 Context: 80.3 #### 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 ### TGW011 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-16) Waitekauri · gold #### Identity - Hole ID: TGW011 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.52 - Grade Unit: g/t - Intercept: 16 m - From: 159 m - To: 175 m - Intercept Depth: 122 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW011:159-175 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 16.0m intercept at 0.52 g/t Au represents a broader zone of low-grade gold mineralization within the overall intercept. - Positive factor: Broad intercept length \(16.0m\) within a larger mineralized zone. - Negative factor: Low gold grade \(0.52 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · text > 16.0m @ 0.52g/t Au from 159.0m #### 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 ### TGW011 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-17) Waitekauri · gold #### Identity - Hole ID: TGW011 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 1.21 - Grade Unit: g/t - Intercept: 1 m - From: 170 m - To: 171 m - Intercept Depth: 122 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW011:170-171 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow intercept of 1.0m at 1.21 g/t Au indicates a higher-grade zone within the broader mineralization, but its limited width reduces its significance. - Positive factor: Moderate gold grade \(1.21 g/t\) for a narrow interval. - Negative factor: Very narrow intercept length \(1.0m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 1.21 Context: 1.0 #### 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 ### TGW012 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-18) Waitekauri · gold #### Identity - Hole ID: TGW012 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.35 - Grade Unit: g/t - Intercept: 22.7 m - From: 135.5 m - To: 158.2 m - Intercept Depth: 135.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW012:135.5-158.2 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A broad intercept of 22.7m at 0.35 g/t Au indicates a significant mineralized zone, though the grade is low for an epithermal system. - Positive factor: Broad intercept length \(22.7m\) indicates significant mineralized footprint. - Negative factor: Low gold grade \(0.35 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.35 Context: 22.7 #### 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 ### TGW012 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-19) Waitekauri · gold #### Identity - Hole ID: TGW012 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 2.6 - Grade Unit: g/t - Intercept: 0.9 m - From: 150.8 m - To: 151.7 m - Intercept Depth: 135.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW012:150.8-151.7 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow intercept of 0.9m at 2.60 g/t Au indicates a higher-grade zone within the broader mineralization, but its limited width reduces its significance. - Positive factor: Moderate gold grade \(2.60 g/t\) for a narrow interval. - Negative factor: Very narrow intercept length \(0.9m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 2.60 Context: 0.9 #### 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 ### TGW013 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-20) Waitekauri · gold #### Identity - Hole ID: TGW013 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 1.1 - Grade Unit: g/t - Intercept: 3.8 m - From: 70.8 m - To: 74.6 m - Intercept Depth: 70.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW013:70.8-74.6 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A 3.8m intercept at 1.10 g/t Au is a moderate-grade result for an epithermal system, indicating a mineralized zone. - Positive factor: Moderate gold grade \(1.10 g/t\) over a reasonable width. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 1.10 Context: 3.8 #### 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 ### TGW013 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-21) Waitekauri · gold #### Identity - Hole ID: TGW013 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 2.79 - Grade Unit: g/t - Intercept: 1 m - From: 70.8 m - To: 71.8 m - Intercept Depth: 70.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW013:70.8-71.8 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow intercept of 1.0m at 2.79 g/t Au indicates a higher-grade zone within the broader mineralization, but its limited width reduces its significance. - Positive factor: Moderate gold grade \(2.79 g/t\) for a narrow interval. - Negative factor: Very narrow intercept length \(1.0m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 2.79 Context: 1.0 #### 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 ### TGW013 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-22) Waitekauri · gold #### Identity - Hole ID: TGW013 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 1.27 - Grade Unit: g/t - Intercept: 0.9 m - From: 75.8 m - To: 76.7 m - Intercept Depth: 70.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW013:75.8-76.7 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow intercept of 0.9m at 1.27 g/t Au indicates a higher-grade zone within the broader mineralization, but its limited width reduces its significance. - Positive factor: Moderate gold grade \(1.27 g/t\) for a narrow interval. - Negative factor: Very narrow intercept length \(0.9m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 1.27 Context: 0.9 #### 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 ### TGW014 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-23) Waitekauri · gold #### Identity - Hole ID: TGW014 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.25 - Grade Unit: g/t - Intercept: 52.5 m - From: 47.5 m - To: 100 m - Intercept Depth: 47.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW014:47.5-100 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A very broad intercept of 52.5m at 0.25 g/t Au indicates a significant mineralized zone, though the grade is low for an epithermal system. - Positive factor: Very broad intercept length \(52.5m\) indicates significant mineralized footprint. - Negative factor: Low gold grade \(0.25 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.25 Context: 52.5 #### 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 ### TGW014 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-24) Waitekauri · gold #### Identity - Hole ID: TGW014 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.52 - Grade Unit: g/t - Intercept: 8.5 m - From: 55 m - To: 63.5 m - Intercept Depth: 47.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW014:55-63.5 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: An 8.5m intercept at 0.52 g/t Au represents a broader zone of low-grade gold mineralization within the overall intercept. - Positive factor: Broad intercept length \(8.5m\) within a larger mineralized zone. - Negative factor: Low gold grade \(0.52 g/t\) for an epithermal deposit. - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · text > 8.5m @ 0.52g/t Au from 55.0m #### 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 ### TGW014 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-25) Waitekauri · gold #### Identity - Hole ID: TGW014 - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.71 - Grade Unit: g/t - Intercept: 1.5 m - From: 62 m - To: 63.5 m - Intercept Depth: 47.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: TGW014:62-63.5 #### QA/QC - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A narrow intercept of 1.5m at 0.71 g/t Au indicates a slightly higher-grade zone within the broader mineralization. - Positive factor: Moderate gold grade \(0.71 g/t\) for a narrow interval. - Negative factor: Narrow intercept length \(1.5m\). - Negative factor: True width not known, potentially overstating thickness. - Negative factor: No QA/QC disclosure. - Negative factor: Cut-off grade not disclosed. Evidence · table > 0.71 Context: 1.5 #### 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 27 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-26) Invincible Gold - Tungsten Project · gold #### Identity - Project: Invincible Gold - Tungsten Project - Commodity: gold - Region: new zealand - Reported Region: New Zealand - Ticker: MEX #### Geometry - Grade: 0.01 - Grade Unit: g/t #### Classification - Sample Type: surface #### Location - Location: Davidsons Mine - Easting: 1237776 - Northing: 5030049 - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QA/QC Disclosed: No - Lab Certified: No #### Deleterious - Deleterious Flag: No #### Compositing - Dilution Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A very low-grade rock chip sample of <0.01 g/t Au from Davidsons Mine indicates negligible gold presence. - Negative factor: Very low gold grade \(<0.01 g/t\) from rock chip sampling. - Negative factor: Rock chip samples are not representative of bulk mineralization. - Negative factor: No QA/QC disclosure. Evidence · table > <0.01 Context: A1075 #### 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 28 [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-27) Invincible Gold - Tungsten Project · tungsten #### Identity - Project: Invincible Gold - Tungsten Project - Commodity: tungsten - Region: new zealand - Reported Region: New Zealand - Ticker: MEX #### Geometry - Grade: 2.63 - Grade Unit: % #### Classification - Sample Type: surface #### Location - Location: Davidsons Mine - Easting: 1237776 - Northing: 5030049 - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QA/QC Disclosed: No - Lab Certified: No #### Deleterious - Deleterious Flag: No #### Compositing - Dilution Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A high-grade rock chip sample of 2.63% W from Davidsons Mine confirms the prospect's high-grade tungsten potential, though rock chip samples are not definitive for resource estimation. - Positive factor: High-grade tungsten \(2.63% W\) from rock chip sampling. - Positive factor: Confirms high-grade prospectivity at Davidsons Mine. - Negative factor: Rock chip samples are not representative of bulk mineralization. - Negative factor: No QA/QC disclosure. Evidence · table > 2.63 Context: A1075 #### 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 ### and [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-28) Waitekauri · gold #### Identity - Hole ID: and - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.41 - Grade Unit: g/t - Intercept: 1 m - From: 164 m - To: 165 m - Intercept Depth: 164 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: and:164-165 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 0.41 g/t gold is weak against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 0.4 g/t·m is below \(grade alone is weak; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 0.41 Context: and #### 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 ### and [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-29) Waitekauri · gold #### Identity - Hole ID: and - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.29 - Grade Unit: g/t - Intercept: 2.9 m - From: 140.3 m - To: 143.2 m - Intercept Depth: 140.3 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: and:140.3-143.2 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 0.29 g/t gold is below against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 0.8 g/t·m is below. - Negative factor: 0.29 g/t gold is below the weak threshold \(0.3 g/t\) on the default band. - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 0.29 Context: and #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-30) Waitekauri · gold #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.33 - Grade Unit: g/t - Intercept: 1.2 m - From: 200.4 m - To: 201.6 m - Intercept Depth: 200.4 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:200.4-201.6 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 0.33 g/t gold is weak against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 0.4 g/t·m is below \(grade alone is weak; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 0.33 Context: incl. #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-31) Waitekauri · silver #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: silver - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 91.6 - Grade Unit: g/t - Intercept: 1.2 m - From: 200.4 m - To: 201.6 m - Intercept Depth: 200.4 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:200.4-201.6 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 91.6 g/t silver is weak against the default band \[500, 200, 100, 30\] g/t. Grade×width 109.9 g/t·m is below \(grade alone is weak; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 91.6 Context: incl. #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-32) Waitekauri · gold #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 1.21 - Grade Unit: g/t - Intercept: 1 m - From: 170 m - To: 171 m - Intercept Depth: 170 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:170-171 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 1.21 g/t gold is moderate against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 1.2 g/t·m is below \(grade alone is moderate; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 1.21 Context: incl. #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-33) Waitekauri · gold #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 2.6 - Grade Unit: g/t - Intercept: 0.9 m - From: 150.8 m - To: 151.7 m - Intercept Depth: 150.8 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:150.8-151.7 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 2.6 g/t gold is strong against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 2.3 g/t·m is below \(grade alone is strong; the better of the two is used\). - Positive factor: 2.6 g/t gold is strong on the default band. - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 2.60 Context: incl. #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-34) Waitekauri · gold #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 2.79 - Grade Unit: g/t - Intercept: 1 m - From: 70.8 m - To: 71.8 m - Intercept Depth: 70.8 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:70.8-71.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 2.79 g/t gold is strong against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 2.8 g/t·m is below \(grade alone is strong; the better of the two is used\). - Positive factor: 2.79 g/t gold is strong on the default band. - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 2.79 Context: incl. #### 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 ### and [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-35) Waitekauri · gold #### Identity - Hole ID: and - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 1.27 - Grade Unit: g/t - Intercept: 0.9 m - From: 75.8 m - To: 76.7 m - Intercept Depth: 75.8 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: and:75.8-76.7 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 1.27 g/t gold is moderate against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 1.1 g/t·m is below \(grade alone is moderate; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 1.27 Context: and #### 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 ### incl. [Link to this fact](https://atlas-staging.minestarters.com/news/mex-annual-report-to-shareholders--9b744e7d-13a1-424f-9315-36ff2617d879#fact-drill-facts-36) Waitekauri · gold #### Identity - Hole ID: incl. - Project: Waitekauri - Commodity: gold - Region: new zealand - Reported Region: new zealand - Ticker: MEX #### Geometry - Grade: 0.71 - Grade Unit: g/t - Intercept: 1.5 m - From: 62 m - To: 63.5 m - Intercept Depth: 62 m #### Classification - Deposit Type: epithermal - Sample Type: drill - Group ID: incl.:62-63.5 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Expanded from assay table. 0.71 g/t gold is weak against the default band \[5, 2, 1, 0.3\] g/t. Grade×width 1.1 g/t·m is below \(grade alone is weak; the better of the two is used\). - Negative factor: Scored from rubric bands during table expansion, not from document context. Evidence · table > 0.71 Context: incl. #### 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 ## 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.