# MGT: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146383 Publisher: asx Original announcement: 2026-09-30T06:22:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:21:09.730Z Atlas analysis updated: 2026-09-30T07:21:09.730Z - Company: Magnetite Mines Limited - Ticker: MGT - Exchange: ASX - Region: South Australia - Primary commodity: Iron ore - Secondary commodities: Rare earth elements, Neodymium oxide, Gold, Copper, Silver, Silicon dioxide, Aluminium oxide, Phosphorus, Loss on ignition, Magnetite - Document categories: Resource update, Capital raise, Other, Drill results - Extracted: 2026-09-30 07:21:10 UTC Narrative sentiment: -0.05 · Neutral ## Minestarters Atlas summary Magnetite Mines Limited's 2026 Annual Report highlights a strategic reset and capital raising efforts to advance its Razorback Iron Ore Project amidst evolving market conditions. The company secured Major Project Status for Razorback and is evaluating a more capital-efficient development pathway. While new, early-stage rare earth element drill results from Ironback Hill are encouraging, the reported iron ore resource estimates are re-statements of previous announcements, indicating low novelty for the main project. Reasoning: The annual report details a strategic reset and capital raises to navigate challenging market conditions for its flagship Razorback Iron Ore Project, which is positive for project viability but indicates financial pressure. While new REE drill results are encouraging, the primary iron ore resource estimates are re-statements of prior announcements, limiting novelty. - Positive factor: Major Project Status awarded for Razorback Iron Ore Project - Positive factor: Maiden air-core drilling confirmed shallow clay-hosted REE mineralisation at Ironback Hill - Positive factor: Capital raising initiatives completed to support ongoing activities - Positive factor: Strategic reset implemented to pursue a more capital-efficient development pathway for Razorback - Negative factor: Resource estimates are re-statements of prior announcements, indicating low novelty - Negative factor: Strategic reset and cost reductions highlight financial pressures and challenges in previous development pathway - Negative factor: Ongoing need for capital raises and funding flexibility - Negative factor: High percentage of inferred resources in global estimate - Negative factor: True widths not known for REE drill intercepts - Negative factor: Presence of penalty elements \(P, SiO2, Al2O3\) in iron ore resources Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 57 ## Classification and evidence **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The resource estimates are explicitly stated as re-statements of prior announcements, with no new material information. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements on 9 June 2023, 30 June 2025 and 4 September 2026, and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The drill results for rare earth elements are reported as downhole lengths with true widths not known. Evidence · text > All intercepts are reported as downhole lengths; true widths are not known. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The iron ore resource tables include phosphorus \(P\), silicon dioxide \(SiO2\), and aluminium oxide \(Al2O3\) as grade components, which are common penalty elements or impurities in iron ore. Evidence · table > P % Context: Fe % **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the reported global mineral resource is classified as Inferred, indicating lower geological confidence. Evidence · table > INFERRED Context: 1,864 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The rare earth element results are from a maiden air-core drilling program, establishing initial mineralization. Evidence · text > Maiden air-core drilling at Ironback Hill confirmed shallow clay-hosted rare earth element mineralisation **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed several capital raising initiatives during the financial year. Evidence · text > During FY2026, the Company completed capital raising initiatives totalling approximately $5.0 million before costs ## Extracted facts Stored fact records: 57. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### PLAC0001 [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-drill-facts-0) Ironback Hill REE · rare\_earth\_elements #### Identity - Hole ID: PLAC0001 - Project: Ironback Hill REE - Commodity: rare\_earth\_elements - Region: australia\_sa - Reported Region: australia\_sa - Ticker: MGT #### Geometry - Grade: 380 - Grade Unit: ppm - Intercept: 4 m - From: 4 m - To: 8 m - Intercept Depth: 4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PLAC0001:4-8 #### QA/QC - QA/QC Methods: standards #### Compositing - Cutoff Grade: 350 - Cutoff Unit: ppm TREO #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This rare earth element intercept from maiden air-core drilling confirms mineralization at Ironback Hill. - Positive factor: Rare earth element intercept - Positive factor: Maiden drilling confirms mineralization - Negative factor: Early stage exploration - Negative factor: True width not known Evidence · text > 4m @ 380ppm TREO \(66ppm Nd2O3\) from 4m to 8m in PLAC0001 #### 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 #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'All intercepts are reported as downhole lengths; true widths are not known.' Evidence · text > All intercepts are reported as downhole lengths; true widths are not known. ### PLAC0001 [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-drill-facts-1) Ironback Hill REE · neodymium\_oxide #### Identity - Hole ID: PLAC0001 - Project: Ironback Hill REE - Commodity: neodymium\_oxide - Region: australia\_sa - Reported Region: australia\_sa - Ticker: MGT #### Geometry - Grade: 66 - Grade Unit: ppm - Intercept: 4 m - From: 4 m - To: 8 m - Intercept Depth: 4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PLAC0001:4-8 #### QA/QC - QA/QC Methods: standards #### Compositing - Cutoff Grade: 350 - Cutoff Unit: ppm TREO #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This neodymium oxide intercept from maiden air-core drilling confirms mineralization at Ironback Hill. - Positive factor: Neodymium oxide intercept - Positive factor: Maiden drilling confirms mineralization - Negative factor: Early stage exploration - Negative factor: True width not known Evidence · text > 4m @ 380ppm TREO \(66ppm Nd2O3\) from 4m to 8m in PLAC0001 #### 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 #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'All intercepts are reported as downhole lengths; true widths are not known.' Evidence · text > All intercepts are reported as downhole lengths; true widths are not known. ## Resource Estimates (55) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-2) Iron Peak · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 16.74 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 16.74 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-3) Iron Peak · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 49.26 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 49.26 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-4) Iron Peak · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 8.5 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.50 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-5) Iron Peak · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 0.15 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.15 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-6) Iron Peak · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 6.03 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 6.03 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-7) Iron Peak · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1916be994cdb9fb67079 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 14.33 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 14.33 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-8) Iron Peak · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 17.63 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.63 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-9) Iron Peak · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 48.57 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 48.57 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-10) Iron Peak · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 8.33 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.33 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-11) Iron Peak · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 0.16 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.16 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-12) Iron Peak · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 5.9 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.90 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-13) Iron Peak · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Iron Peak - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:25d147561732a39969ca #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 14.77 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 14.77 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-14) Razorback · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 17.07 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.07 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-15) Razorback · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 49.28 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 49.28 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-16) Razorback · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 8.36 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.36 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-17) Razorback · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 0.18 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.18 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-18) Razorback · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 5.56 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.56 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-19) Razorback · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:697928579ad06172980f #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 14.48 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 14.48 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-20) Razorback · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 17.78 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.78 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-21) Razorback · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 48.59 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 48.59 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-22) Razorback · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 8.16 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.16 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-23) Razorback · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 0.18 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.18 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-24) Razorback · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 5.48 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.48 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-25) Razorback · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Razorback - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:3bd59b5046e00a869a9e #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 13.88 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 13.88 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-26) Razorback Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 17.02 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.02 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-27) Razorback Iron Ore Project · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 49.28 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 49.28 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-28) Razorback Iron Ore Project · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 8.38 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.38 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-29) Razorback Iron Ore Project · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 0.18 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.18 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-30) Razorback Iron Ore Project · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 5.63 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.63 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-31) Razorback Iron Ore Project · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 14.46 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 14.46 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-32) Razorback Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 17.75 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.75 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-33) Razorback Iron Ore Project · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 48.59 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 48.59 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-34) Razorback Iron Ore Project · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 8.19 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.19 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-35) Razorback Iron Ore Project · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 0.18 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.18 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-36) Razorback Iron Ore Project · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 5.55 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.55 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-37) Razorback Iron Ore Project · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 14.04 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 14.04 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-38) Ironback Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 23.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 23.20 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-39) Ironback Hill · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 44.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 44.40 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-40) Ironback Hill · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 7.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 7.20 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-41) Ironback Hill · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 0.21 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.21 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-42) Ironback Hill · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 5.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 5.40 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-43) Ironback Hill · magnetite Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: magnetite - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 12.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2018-11-20 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 12.90 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-44) Muster Dam Iron Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ba5445d9c20cf915d1ee #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 18.7 - Grade Unit: % - Cutoff Grade: 15.2 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2022-11-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 18.70 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 3.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-45) Muster Dam Iron Project · silicon\_dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Project - Commodity: silicon\_dioxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ba5445d9c20cf915d1ee #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 49.6 - Grade Unit: % - Cutoff Grade: 15.2 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2022-11-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 49.60 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 3.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-46) Muster Dam Iron Project · aluminium\_oxide Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Project - Commodity: aluminium\_oxide - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ba5445d9c20cf915d1ee #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 8.8 - Grade Unit: % - Cutoff Grade: 15.2 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2022-11-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 8.80 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 3.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-47) Muster Dam Iron Project · phosphorus Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Project - Commodity: phosphorus - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ba5445d9c20cf915d1ee #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 0.2 - Grade Unit: % - Cutoff Grade: 15.2 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2022-11-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 0.20 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 3.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-48) Muster Dam Iron Project · loss\_on\_ignition Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Project - Commodity: loss\_on\_ignition - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ba5445d9c20cf915d1ee #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 2.8 - Grade Unit: % - Cutoff Grade: 15.2 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2022-11-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 2.80 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 3.9 years before this release ### Fact 48 [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-49) #### Identity - Ticker: MGT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Capital raises provided necessary working capital but highlight the company's ongoing funding requirements. - Positive factor: Secured funding for ongoing operations - Negative factor: Indicates ongoing need for capital Evidence · text > a further $1.15 million renounceable rights issue in April 2026 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-50) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2ca1354e86ca4c15f9f3 #### Resource Data - Category: inferred - Tonnes: 263000000 - Grade: 16.74 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 16.74 Context: 263 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-51) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:71d8c5b450eedbe2ba7a #### Resource Data - Category: indicated - Tonnes: 344000000 - Grade: 17.63 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.63 Context: 344 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-52) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d48ff5d450752ac3756c #### Resource Data - Category: inferred - Tonnes: 607000000 - Grade: 17.24 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.24 Context: 607 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-53) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8c7f4cd32bb3418500e7 #### Resource Data - Category: inferred - Tonnes: 1601000000 - Grade: 17.07 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.07 Context: 1,601 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-54) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8791a521c3082a2a9104 #### Resource Data - Category: indicated - Tonnes: 1629000000 - Grade: 17.78 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant indicated resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.78 Context: 1,629 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-55) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5c3e01329920daad45c0 #### Resource Data - Category: inferred - Tonnes: 3230000000 - Grade: 17.43 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.43 Context: 3,230 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-annual-report-to-shareholders--3f2e034e-4a60-4904-968b-3ed5ac96617f#fact-resource-facts-56) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:6e28128a8c6d268ffc5f #### Resource Data - Category: inferred - Tonnes: 3837000000 - Grade: 17.4 - Grade Unit: % - Cutoff Grade: 8 - Cutoff Unit: % eDTR #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously announced JORC-compliant inferred resource estimate, indicating large tonnage but low novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Large tonnage - Negative factor: Re-statement of prior estimate - Negative factor: High inferred component - Negative factor: Presence of penalty elements \(SiO2, Al2O3, P\) Evidence · table > 17.40 Context: 3,837 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.