# MI6: 2026 Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146140 Publisher: asx Original announcement: 2026-09-30T03:41:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T04:29:17.561Z Atlas analysis updated: 2026-09-30T04:29:17.561Z - Company: Minerals 260 Limited - Ticker: MI6 - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Capital raise - Extracted: 2026-09-30 04:29:18 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Minerals 260 Limited has reported a transformational year for its Bullabulling Gold Project in Western Australia, highlighted by a substantial update to its Mineral Resource Estimate \(MRE\) and the declaration of a maiden Ore Reserve. The July 2026 MRE now stands at 190 Mt at 1.0 g/t Au for 6.2 Moz of gold, representing a 170% increase in contained ounces since the project's acquisition in April 2025. A Pre-Feasibility Study \(PFS\) outlined robust economics for a 19-year operation, including a post-tax NPV₅ of A$2.3 billion and a 43% IRR, with the Definitive Feasibility Study \(DFS\) now underway. Reasoning: Minerals 260 has reported a transformational year with substantial growth in its gold resource, declaration of a maiden Ore Reserve with compelling economics, and successful funding, marking significant progress towards project development. - Positive factor: Significant increase in contained gold ounces \(170% since acquisition, 38% since Dec 2025 MRE\) - Positive factor: Maiden Ore Reserve declared, underpinning a 19-year mine life - Positive factor: Strong Pre-Feasibility Study \(PFS\) economics with a post-tax NPV₅ of A$2.3 billion and 43% IRR - Positive factor: Successful capital raises and strategic funding packages from Franco-Nevada Corporation - Positive factor: Definitive Feasibility Study \(DFS\) underway targeting Final Investment Decision \(FID\) in Q1 CY27 - Positive factor: Inclusion in the S&P/ASX 200 Index - Negative factor: PFS and maiden Ore Reserve are based on the December 2025 MRE, not the larger July 2026 MRE, suggesting potential for further optimization - Negative factor: July 2026 MRE average grade \(1.0 g/t Au\) is lower than the December 2024 MRE \(1.2 g/t Au\) - Negative factor: July 2026 MRE cut-off grade \(0.35 g/t Au\) is lower than the December 2024 MRE \(0.50 g/t Au\), which may contribute to tonnage growth Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 39 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimates and Ore Reserve Estimates are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code, 2012 Edition\). Evidence · text > Minerals 260 reports its Mineral Resource Estimates and Ore Reserve Estimates in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code, 2012 Edition\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Competent Persons, including Luke McFadyen, Mark Muller, David Richards, and Adam Smits, have reviewed and consented to the inclusion of the Mineral Resource and Ore Reserve Estimates. Evidence · text > The Company has obtained the prior written consent of the relevant Competent Persons to the inclusion of the Mineral Resource and Ore Reserve Estimates in the form and context in which they appear in this Annual Report. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The July 2026 Mineral Resource Estimate shows a 170% increase in contained ounces compared to the December 2024 estimate. Evidence · table > 170% Context: 2,300 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The July 2026 Mineral Resource Estimate shows a 217% increase in total tonnage compared to the December 2024 estimate. Evidence · table > 217% Context: 60 **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The updated estimate reflects successful conversion of Inferred Resources to Indicated classification, with 4.4Moz classified as Indicated. Evidence · text > The updated estimate reflects both the successful conversion of Inferred Resources to Indicated classification and the extension of mineralisation beyond the previous resource boundaries. **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 document reports the company's maiden Ore Reserve of 90Mt at 0.86g/t Au for 2.5Moz. Evidence · text > A key outcome of the PFS was the Company’s maiden Ore Reserve of 90Mt at 0.86g/t Au for 2.5Moz. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate in July 2026. Evidence · text > In July 2026, following a further 78,000 metres of drilling, the Company announced another updated Mineral Resource Estimate of 190Mt at 1.0g/t Au for 6.2Moz **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The resource estimate and maiden Ore Reserve were prepared in conjunction with the completion of a Pre-Feasibility Study. Evidence · text > The July 2026 Mineral Resource Estimate was released alongside the outcomes of the Pre-Feasibility Study \(‘PFS’\) and Bullabulling’s maiden Ore Reserve **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The updated July 2026 Mineral Resource Estimate will be incorporated into the Definitive Feasibility Study \('DFS'\). Evidence · text > The updated July 2026 Mineral Resource Estimate will now be used as the basis of the ongoing DFS and future Ore Reserve. **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The July 2026 total resource grade of 1.0 g/t Au is lower than the December 2024 total resource grade of 1.2 g/t Au. Evidence · table > \(17%\) Context: 1.2 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The July 2026 Mineral Resource Estimate is reported above a cut-off grade of 0.35 g/t Au, which is lower than the December 2024 estimate's 0.50 g/t Au cut-off. Evidence · text > The July 2026 Mineral Resource Estimate is reported above a cut-off grade of 0.35 g/t Au within an A$5,250 pit shell, while the December 2024 Mineral Resource Estimate was reported above a cut-off grade of 0.50 g/t Au within an A$3,000 pit shell. ## Extracted facts Stored fact records: 39. Some facts used in scoring do not have a stored record. ## Resource Estimates (39) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-0) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:eb4008dd40c2766d9742 - Deposit or zone: Dicksons - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 17000000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 500 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource for Dicksons contributes positively to the overall resource base with good confidence. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Contributes to overall resource growth Evidence · table > 0.93 Context: 17 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-1) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:3c99e1eaabc14652641e - Deposit or zone: Dicksons - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5500000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 170 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred resource for Dicksons adds to the total resource but with lower confidence, requiring further drilling for upgrade. - Positive factor: Adds to the overall resource base - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 0.94 Context: 5.5 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-2) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:8d4573c90d74b76f2dba - Deposit or zone: Phoenix - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 62000000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 1900 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Phoenix deposit contributes a substantial indicated resource, significantly boosting the project's overall confidence and scale. - Positive factor: Significant indicated resource tonnage and contained metal - Positive factor: Provides strong geological confidence for mine planning Evidence · table > 0.94 Context: 62 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-3) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:1af51415c9d7edc237e3 - Deposit or zone: Phoenix - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 390 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Phoenix adds to the project's scale, but its lower confidence category indicates a need for further definition. - Positive factor: Adds to the overall resource base with good grade - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.0 Context: 12 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-4) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:29b7f81ac288c99d06a0 - Deposit or zone: Bacchus - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 55000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1800 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Bacchus deposit contributes a substantial indicated resource, significantly boosting the project's overall confidence and scale. - Positive factor: Significant indicated resource tonnage and contained metal - Positive factor: Provides strong geological confidence for mine planning Evidence · table > 1.0 Context: 55 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-5) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:2d1370f11252aa53a2f5 - Deposit or zone: Bacchus - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 580 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Bacchus adds to the project's scale, but its lower confidence category indicates a need for further definition. - Positive factor: Adds to the overall resource base with good grade - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.1 Context: 17 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-6) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:e3f7e4021226147997b0 - Deposit or zone: Kraken - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4800000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 170 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource for Kraken contributes positively to the overall resource base with good confidence. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Contributes to overall resource growth Evidence · table > 1.1 Context: 4.8 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-7) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:ee8f756717f72818e826 - Deposit or zone: Kraken - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 370 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Kraken adds to the project's scale, but its lower confidence category indicates a need for further definition. - Positive factor: Adds to the overall resource base with good grade - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.1 Context: 11 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-8) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:f256eaa075d346c05bbb - Deposit or zone: Gibraltar - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2300000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 77 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated resource for Gibraltar contributes positively to the overall resource base with good confidence. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Contributes to overall resource growth Evidence · table > 1.0 Context: 2.3 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-9) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:498ff0797601c8bc26e3 - Deposit or zone: Gibraltar - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 220 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource at Gibraltar adds to the project's scale, but its lower confidence category indicates a need for further definition. - Positive factor: Adds to the overall resource base with good grade - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.1 Context: 6.2 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-10) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:07e306e4855717c5bbef - Deposit or zone: Total - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 140000000 - Grade: 0.98 - Grade Unit: g/t - Contained Metal: 4400 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total indicated resource represents a substantial and high-confidence gold inventory for the project. - Positive factor: Large indicated resource base provides strong confidence for project development - Positive factor: Significant contained metal ounces Evidence · table > 0.98 Context: 140 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-11) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:6032cd282eb47efbd4af - Deposit or zone: Total - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1700 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total inferred resource adds substantial ounces but requires further work to upgrade confidence for development. - Positive factor: Adds significant contained metal to the overall resource - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.0 Context: 51 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-12) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:4cfbdbf9f17187463f89 - Deposit or zone: Total - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 190000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 6200 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated total resource of 6.2 Moz gold is a world-class scale, significantly enhancing the project's value and development potential. - Positive factor: Exceptional total contained gold ounces \(6.2 Moz\) - Positive factor: Significant increase in total resource \(170% since acquisition\) - Positive factor: Strong average grade for a large-scale open pit project Evidence · table > 1.0 Context: 190 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-13) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:570c9e6f5d6a285f4847 - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 3600000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 110 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated oxide resource provides a good start to the mine plan with potentially favorable processing characteristics. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Oxide material typically has simpler metallurgy Evidence · table > 0.90 Context: 3.6 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-14) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:c337f3c5374c23853b7d - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 38 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred oxide resource adds to the total but requires further definition for development. - Positive factor: Adds to the overall resource base - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 0.90 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-15) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:0c520b2ff6cb1e95a4b4 - Mining method: open\_pit - Material type: transitional - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 28000000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 860 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This indicated transitional resource provides good confidence and contributes to the overall resource base. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: Contributes to overall resource growth Evidence · table > 0.94 Context: 28 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-16) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:c85080fb6e4d8f57454e - Mining method: open\_pit - Material type: transitional - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 140 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This inferred transitional resource adds to the total but requires further definition for development. - Positive factor: Adds to the overall resource base - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 0.95 Context: 4.6 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-17) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:2423ecb16dd2cff87707 - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 0.99 - Grade Unit: g/t - Contained Metal: 3500 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The indicated fresh resource is a major component of the project, providing high confidence for long-term operations. - Positive factor: Largest component of the indicated resource, providing strong confidence - Positive factor: Significant contained metal ounces in fresh material Evidence · table > 0.99 Context: 110 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-18) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:3c77816aa5f7fae9c661 - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 45000000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 1500 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred fresh resource adds substantial ounces but requires further work to upgrade confidence for development. - Positive factor: Adds significant contained metal to the overall resource - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.1 Context: 45 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-19) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:2f82b3be0e2be74eb94e - Mining method: open\_pit - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 140000000 - Grade: 0.98 - Grade Unit: g/t - Contained Metal: 4400 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total indicated resource represents a substantial and high-confidence gold inventory for the project. - Positive factor: Large indicated resource base provides strong confidence for project development - Positive factor: Significant contained metal ounces Evidence · table > 0.98 Context: 140 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-20) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:0f5aec16e515cfe9f24e - Mining method: open\_pit - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1700 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total inferred resource adds substantial ounces but requires further work to upgrade confidence for development. - Positive factor: Adds significant contained metal to the overall resource - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.0 Context: 51 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-21) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:6c43b60985474f38ddea - Mining method: open\_pit - Material type: Total - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 190000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 6200 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated total resource of 6.2 Moz gold is a world-class scale, significantly enhancing the project's value and development potential. - Positive factor: Exceptional total contained gold ounces \(6.2 Moz\) - Positive factor: Significant increase in total resource \(170% since acquisition\) - Positive factor: Strong average grade for a large-scale open pit project Evidence · table > 1.0 Context: 190 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-22) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:cb4201743dc122ebc763 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 140000000 - Grade: 0.98 - Grade Unit: g/t - Contained Metal: 4400 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 - Prior Tonnes: 39000000 - Prior Grade: 1.1 - Prior Contained Metal: 1400 - Prior Cutoff Grade: 0.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The indicated resource shows significant growth in tonnage and contained metal, but with a lower grade and cut-off, indicating some dilutive growth. - Positive factor: Significant increase in indicated tonnage \(259%\) - Positive factor: Substantial growth in contained metal \(214%\) - Negative factor: Grade decreased by 11% compared to prior estimate - Negative factor: Cut-off grade was lowered from 0.50 g/t Au to 0.35 g/t Au Evidence · table > 0.98 Context: 140 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 140000000 against 39000000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.98 against 1.1 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 4400 against 1400 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.35 against 0.5 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-23) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:2686fc6810dbac53209c - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 51000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 1700 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 - Prior Tonnes: 21000000 - Prior Grade: 1.3 - Prior Contained Metal: 890 - Prior Cutoff Grade: 0.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inferred resource shows strong growth in tonnage and contained metal, but with a lower grade and cut-off, indicating some dilutive growth. - Positive factor: Significant increase in inferred tonnage \(143%\) - Positive factor: Substantial growth in contained metal \(91%\) - Negative factor: Grade decreased by 23% compared to prior estimate - Negative factor: Cut-off grade was lowered from 0.50 g/t Au to 0.35 g/t Au Evidence · table > 1.0 Context: 51 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 51000000 against 21000000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1 against 1.3 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1700 against 890 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.35 against 0.5 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-24) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:4e6b6295472357a2f388 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 190000000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 6200 - Contained Unit: koz - Cutoff Grade: 0.35 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-08 - Prior Tonnes: 60000000 - Prior Grade: 1.2 - Prior Contained Metal: 2300 - Prior Cutoff Grade: 0.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total resource shows exceptional growth in both tonnage and contained metal, despite a lower average grade and cut-off, indicating a significantly larger deposit. - Positive factor: Exceptional increase in total tonnage \(217%\) - Positive factor: Exceptional increase in total contained metal \(170%\) - Negative factor: Overall grade decreased by 17% compared to prior estimate - Negative factor: Cut-off grade was lowered from 0.50 g/t Au to 0.35 g/t Au Evidence · table > 1.0 Context: 190 #### 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 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 190000000 against 60000000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1 against 1.2 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 6200 against 2300 previously **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.35 against 0.5 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-25) Bullabulling Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:a6a9d78cd3da899e5221 #### Resource Data - Category: indicated - Tonnes: 39000000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 1400 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical indicated resource, now superseded by the larger July 2026 estimate. - Negative factor: Historical estimate, superseded by current MRE Evidence · table > 1.1 Context: 39 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-26) Bullabulling Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:9b88e00cd2d32bcfb4ff #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 890 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical inferred resource, now superseded by the larger July 2026 estimate. - Negative factor: Historical estimate, superseded by current MRE - Negative factor: Inferred resource category has lower geological confidence Evidence · table > 1.3 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-27) Bullabulling Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Mark Muller, David Richards - Resource group id: resource:42b59785869acb94e996 #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 2300 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2024-12-31 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical total resource, now superseded by the significantly larger July 2026 estimate. - Negative factor: Historical estimate, superseded by current MRE Evidence · table > 1.2 Context: 60 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-28) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Adam Smits - Resource group id: resource:cb2b49a2f9ee78c656c4 - Deposit or zone: Dicksons - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 12000000 - Grade: 0.87 - Grade Unit: g/t - Contained Metal: 330 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This probable reserve for Dicksons is a positive step, demonstrating economic viability for a portion of the resource. - Positive factor: Probable reserve category provides high confidence for economic extraction - Positive factor: Contributes to the maiden Ore Reserve Evidence · table > 0.87 Context: 12 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-29) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Adam Smits - Resource group id: resource:b20c04128c1512eeadaa - Deposit or zone: Phoenix - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 50000000 - Grade: 0.84 - Grade Unit: g/t - Contained Metal: 1300 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Phoenix deposit forms the largest part of the maiden Ore Reserve, significantly de-risking the project with high confidence. - Positive factor: Largest component of the maiden Ore Reserve, providing strong confidence - Positive factor: Significant contained metal ounces in the probable category Evidence · table > 0.84 Context: 50 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-30) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Adam Smits - Resource group id: resource:690ba76080dc6b5e09d2 - Deposit or zone: Bacchus - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 26000000 - Grade: 0.89 - Grade Unit: g/t - Contained Metal: 750 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Bacchus deposit contributes significantly to the maiden Ore Reserve, adding high-confidence ounces to the project. - Positive factor: Significant contained metal ounces in the probable category - Positive factor: Contributes substantially to the maiden Ore Reserve Evidence · table > 0.89 Context: 26 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-31) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Adam Smits - Resource group id: resource:84535a0df175fdb2ab43 - Deposit or zone: Kraken - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 2400000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 88 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This probable reserve for Kraken is a positive step, demonstrating economic viability for a portion of the resource. - Positive factor: Probable reserve category provides high confidence for economic extraction - Positive factor: Contributes to the maiden Ore Reserve Evidence · table > 1.1 Context: 2.4 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-32) Bullabulling Gold Project · gold #### Identity - Project: Bullabulling Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Luke McFadyen, Adam Smits - Resource group id: resource:2816ad3c014a3b05086d - Deposit or zone: Total - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 90000000 - Grade: 0.86 - Grade Unit: g/t - Contained Metal: 2500 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-08 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Ore Reserve is a major positive, confirming the economic viability of a substantial portion of the Bullabulling project. - Positive factor: Maiden Ore Reserve of 2.5 Moz gold is a significant de-risking milestone - Positive factor: Provides a strong foundation for project financing and development - Positive factor: High confidence in economic viability Evidence · table > 0.86 Context: 90 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 34 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-33) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A substantial equity investment from a major royalty company like Franco-Nevada is a strong positive signal for the project and company. - Positive factor: Significant equity investment strengthens balance sheet - Positive factor: Franco-Nevada's involvement provides strong endorsement Evidence · text > In February 2026, Franco-Nevada became a major shareholder in Minerals 260 through a A$220 million funding package comprising a $170 million royalty transaction and a $50 million equity investment. #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 35 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-34) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The royalty transaction provides substantial funding without equity dilution, backed by a reputable partner, which is highly positive for project development. - Positive factor: Provides significant non-dilutive funding for project advancement - Positive factor: Franco-Nevada's involvement provides strong endorsement Evidence · text > In February 2026, Franco-Nevada became a major shareholder in Minerals 260 through a A$220 million funding package comprising a $170 million royalty transaction and a $50 million equity investment. #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 36 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-35) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A second large royalty transaction further bolsters the company's funding position and reinforces the strategic partnership. - Positive factor: Provides additional significant non-dilutive funding - Positive factor: Further strengthens partnership with Franco-Nevada Evidence · text > This was followed in September 2026 by an additional $200 million funding package with Franco-Nevada, comprising a further $170 million royalty transaction and a $30 million cornerstone commitment to the Company’s $250 million two-tranche Placement. #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 37 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-36) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Franco-Nevada's cornerstone commitment to the placement is a strong vote of confidence and helps de-risk the equity raise. - Positive factor: Cornerstone commitment from a major investor provides confidence for the placement - Positive factor: Strengthens Franco-Nevada's equity stake Evidence · text > This was followed in September 2026 by an additional $200 million funding package with Franco-Nevada, comprising a further $170 million royalty transaction and a $30 million cornerstone commitment to the Company’s $250 million two-tranche Placement. #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 38 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-37) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The successful completion of Tranche 1 of the placement provides substantial funding for the Bullabulling project. - Positive factor: Significant capital raised to fund project development - Positive factor: Strengthens the company's financial position Evidence · text > Tranche 1 of the Placement, which raised approximately $178.9 million \(before costs\), has been completed #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/mi6-2026-annual-report-to-shareholders--eed44788-bc52-48b6-9b74-2032246b2242#fact-resource-facts-38) #### Identity - Region: australia\_wa - Reported Region: Western Australia - Ticker: MI6 #### Resource scope - Reporting standards: jorc - Mining method: open\_pit - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Share Purchase Plan offers existing shareholders participation and aims to secure additional capital for the project. - Positive factor: Opportunity for existing shareholders to participate in funding - Positive factor: Provides additional capital for project development Evidence · text > announced a Share Purchase Plan targeting up to a further $30 million #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.