# MNE: EP 494 Prospective Resources Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148693 Publisher: asx Original announcement: 2026-10-05T21:44:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-05T22:15:14.231Z Atlas analysis updated: 2026-10-05T22:15:14.231Z - Company: Macallum New Energy Limited - Ticker: MNE - Exchange: ASX - Region: Western Australia - Primary commodity: Gas - Secondary commodities: Oil, Condensate - Document categories: Resource update - Extracted: 2026-10-05 22:15:15 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Macallum New Energy Limited has announced a material update to its prospective resource estimates for EP 494 in the onshore North Perth Basin, with the Gadee Prospect's mean prospective gas resource increasing by 70% to 221 PJ. The update, based on new 3D seismic data and advanced reprocessing, has significantly de-risked key Jurassic and Permian targets, including a new Triassic target in the Barberton Terrace Deep Prospect. The company plans to commence a farmout process to identify a joint venture partner for drilling up to two wells in H2 2027. Reasoning: Macallum New Energy announced a material update to its prospective resource estimates, showing a significant 70% increase in the mean prospective gas resource for the Gadee Prospect, driven by new 3D seismic data and advanced reprocessing that de-risked key targets. The estimates are independently assessed and comply with SPE-PRMS standards, enhancing confidence in the project's potential. - Positive factor: Significant increase in mean prospective gas resource \(70% for Gadee\) - Positive factor: Independent assessment by Molyneux Advisors Pty Ltd - Positive factor: New 3D seismic survey materially de-risked and upgraded targets - Positive factor: Identification of a new Triassic-age target in BTD Prospect - Positive factor: Prospects positioned shallower, potentially reducing well cost and improving reservoir quality - Positive factor: QP/CP sign-off by Mr Hongfeng Wu - Negative factor: Resources are prospective \(undiscovered\) and carry discovery and development risk - Negative factor: Yarra remains a lead due to partial 3D seismic coverage - Negative factor: Arithmetic summation used for total prospective resources, not rigorously probabilistic Facts used in scoring: 40 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an 'EP 494 Prospective Resources Update' based on new seismic data and reprocessing. Evidence · text > EP 494 Prospective Resources Update **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 resource estimates are signed off by Mr Hongfeng Wu, Director of Molyneux Advisors Pty Ltd, a qualified petroleum reserves and resource evaluator. Evidence · text > The information in this announcement that relates to estimates of Prospective Resources is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, qualified petroleum reserves and resource evaluator Mr Hongfeng Wu, Director of Molyneux Advisors Pty Ltd. **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 Gadee Prospect Mean Prospective Gas Resource increased by 70% compared to the previous estimate. Evidence · text > Gadee Prospect Mean Prospective Gas Resource Increased by 70% **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Prospective Resources' which are undiscovered accumulations, aligning with the lowest confidence category of 'inferred' in the provided schema. Evidence · text > The estimated quantities of petroleum that may potentially be recovered by the application of a future development project\(s\) relate to undiscovered accumulations. **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: All reported resource estimates are for 'Prospective Resources', which are undiscovered and thus fall into the lowest confidence category \(inferred\) within the schema. Evidence · text > The estimated quantities of petroleum that may potentially be recovered by the application of a future development project\(s\) relate to undiscovered accumulations. ## Extracted facts Stored fact records: 40. Some facts used in scoring do not have a stored record. ## Resource Estimates (40) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-0) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 343 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for BTD Prospect represents a significant low-end prospective gas resource, independently assessed and de-risked by new seismic data, indicating substantial potential for future discovery. - Positive factor: Large prospective gas resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) Evidence · table > 343 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-1) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1090 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for BTD Prospect indicates a very large prospective gas resource, independently assessed and benefiting from improved seismic data, suggesting strong potential for future discovery. - Positive factor: Very large prospective gas resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) Evidence · table > 1090 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-2) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 3134 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for BTD Prospect highlights an exceptionally large prospective gas resource, independently assessed and supported by improved seismic data, indicating significant upside potential. - Positive factor: Extremely large prospective gas resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective Evidence · table > 3134 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-3) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1513 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective gas resource for BTD Prospect is very large and independently assessed, benefiting from improved seismic data and being identified as potentially the largest undrilled prospect in the basin, indicating high materiality. - Positive factor: Very large mean prospective gas resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Positive factor: Largest undrilled Permian and gas prospect in Perth Basin - Negative factor: Prospective \(undiscovered\) resource Evidence · table > 1513 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-4) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 60 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Gadee East Prospect represents a significant low-end prospective gas resource, independently assessed and de-risked by new 3D seismic data, indicating strong potential. - Positive factor: Significant prospective gas resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) Evidence · table > 60 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-5) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 150 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Gadee East Prospect indicates a material prospective gas resource, independently assessed and benefiting from new 3D seismic data, suggesting strong potential for future discovery. - Positive factor: Material prospective gas resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) Evidence · table > 150 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-6) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 340 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Gadee East Prospect highlights a large prospective gas resource, independently assessed and supported by new 3D seismic data, indicating significant upside potential. - Positive factor: Large prospective gas resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective Evidence · table > 340 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-7) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 182 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective gas resource for Gadee East Prospect is significant and independently assessed, benefiting from new 3D seismic data and contributing materially to the overall increase in Gadee's combined mean resource. - Positive factor: Significant mean prospective gas resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Positive factor: Contributes to 70% increase in Gadee combined mean - Negative factor: Prospective \(undiscovered\) resource Evidence · table > 182 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-8) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 11 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Gadee West Prospect represents a prospective gas resource, independently assessed and de-risked by new 3D seismic data, though it is a smaller low-end estimate. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Relatively smaller resource Evidence · table > 11 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-9) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 30 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Gadee West Prospect indicates a prospective gas resource, independently assessed and benefiting from new 3D seismic data, though it is a smaller mid-range estimate. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Relatively smaller resource Evidence · table > 30 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-10) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 77 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Gadee West Prospect highlights a prospective gas resource, independently assessed and supported by new 3D seismic data, though it is a smaller high-end estimate. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Relatively smaller resource Evidence · table > 77 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-11) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 39 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective gas resource for Gadee West Prospect is independently assessed and benefits from new 3D seismic data, contributing to the overall increase in Gadee's combined mean resource, despite being a smaller individual component. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Positive factor: Contributes to 70% increase in Gadee combined mean - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Relatively smaller resource Evidence · table > 39 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-12) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 56 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Yarra Lead represents a prospective gas resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Remains a lead due to data gap Evidence · table > 56 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-13) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 159 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Yarra Lead indicates a prospective gas resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Remains a lead due to data gap Evidence · table > 159 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-14) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 387 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Yarra Lead highlights a prospective gas resource, independently assessed and supported by new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective gas resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Remains a lead due to data gap Evidence · table > 387 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-15) EP 494 · gas #### Identity - Project: EP 494 - Commodity: gas - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 199 - Contained Unit: pj #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective gas resource for Yarra Lead is significant and independently assessed, benefiting from new 3D seismic data, but its status as a lead due to a data gap remains a factor. - Positive factor: Significant mean prospective gas resource - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Remains a lead due to data gap Evidence · table > 199 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-16) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1.53 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for BTD Prospect indicates a prospective condensate resource, independently assessed and benefiting from new seismic data, representing a low-end estimate. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) Evidence · table > 1.53 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-17) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 4.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for BTD Prospect indicates a material prospective condensate resource, independently assessed and benefiting from new seismic data, suggesting strong potential. - Positive factor: Material prospective condensate resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) Evidence · table > 4.90 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-18) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 14.15 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for BTD Prospect highlights a large prospective condensate resource, independently assessed and supported by new seismic data, indicating significant upside potential. - Positive factor: Large prospective condensate resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective Evidence · table > 14.15 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-19) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:cf47f4f88fd55445197f - Deposit or zone: BTD Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 6.81 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective condensate resource for BTD Prospect is significant and independently assessed, benefiting from new seismic data, indicating high materiality. - Positive factor: Significant mean prospective condensate resource - Positive factor: Independent assessment - Positive factor: New seismic data improved confidence - Negative factor: Prospective \(undiscovered\) resource Evidence · table > 6.81 Context: BTD Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-20) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.45 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Gadee East Prospect represents a prospective condensate resource, independently assessed and de-risked by new 3D seismic data, indicating potential. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) Evidence · table > 0.45 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-21) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1.13 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Gadee East Prospect indicates a material prospective condensate resource, independently assessed and benefiting from new 3D seismic data, suggesting strong potential. - Positive factor: Material prospective condensate resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) Evidence · table > 1.13 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-22) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 2.55 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Gadee East Prospect highlights a large prospective condensate resource, independently assessed and supported by new 3D seismic data, indicating significant upside potential. - Positive factor: Large prospective condensate resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective Evidence · table > 2.55 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-23) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:440c64fd841124b8fa67 - Deposit or zone: Gadee East Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1.36 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective condensate resource for Gadee East Prospect is significant and independently assessed, benefiting from new 3D seismic data, indicating high materiality. - Positive factor: Significant mean prospective condensate resource - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource Evidence · table > 1.36 Context: Gadee East Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-24) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.08 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Gadee West Prospect represents a prospective condensate resource, independently assessed and de-risked by new 3D seismic data, though it is a smaller low-end estimate. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Relatively smaller resource Evidence · table > 0.08 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-25) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.22 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Gadee West Prospect indicates a prospective condensate resource, independently assessed and benefiting from new 3D seismic data, though it is a smaller mid-range estimate. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Relatively smaller resource Evidence · table > 0.22 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-26) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.58 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Gadee West Prospect highlights a prospective condensate resource, independently assessed and supported by new 3D seismic data, though it is a smaller high-end estimate. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Relatively smaller resource Evidence · table > 0.58 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-27) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.29 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective condensate resource for Gadee West Prospect is independently assessed and benefits from new 3D seismic data, indicating potential, despite being a smaller individual component. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Relatively smaller resource Evidence · table > 0.29 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-28) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 0.42 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Yarra Lead represents a prospective condensate resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Remains a lead due to data gap Evidence · table > 0.42 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-29) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Yarra Lead indicates a prospective condensate resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Remains a lead due to data gap Evidence · table > 1.20 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-30) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 2.91 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Yarra Lead highlights a prospective condensate resource, independently assessed and supported by new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective condensate resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Remains a lead due to data gap Evidence · table > 2.91 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-31) EP 494 · condensate #### Identity - Project: EP 494 - Commodity: condensate - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1.5 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective condensate resource for Yarra Lead is significant and independently assessed, benefiting from new 3D seismic data, but its status as a lead due to a data gap remains a factor. - Positive factor: Significant mean prospective condensate resource - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Remains a lead due to data gap Evidence · table > 1.50 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-32) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Gadee West Prospect represents a prospective oil resource, independently assessed and de-risked by new 3D seismic data, though it is a smaller low-end estimate. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Relatively smaller resource Evidence · table > 3.0 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-33) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 11 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Gadee West Prospect indicates a prospective oil resource, independently assessed and benefiting from new 3D seismic data, though it is a smaller mid-range estimate. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Relatively smaller resource Evidence · table > 11.0 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-34) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 30 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Gadee West Prospect highlights a prospective oil resource, independently assessed and supported by new 3D seismic data, though it is a smaller high-end estimate. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Relatively smaller resource Evidence · table > 30.0 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-35) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:5c63d219ad58a817604d - Deposit or zone: Gadee West Prospect - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 15 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective oil resource for Gadee West Prospect is independently assessed and benefits from new 3D seismic data, indicating potential, despite being a smaller individual component. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic de-risked target - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Relatively smaller resource Evidence · table > 15.0 Context: Gadee West Prospect #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-36) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 5.4 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 1U estimate for Yarra Lead represents a prospective oil resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Lowest confidence category \(1U\) - Negative factor: Remains a lead due to data gap Evidence · table > 5.4 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-37) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 18.4 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 2U estimate for Yarra Lead indicates a prospective oil resource, independently assessed and benefiting from new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Mid-range confidence category \(2U\) - Negative factor: Remains a lead due to data gap Evidence · table > 18.4 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-38) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 52.3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The 3U estimate for Yarra Lead highlights a prospective oil resource, independently assessed and supported by new 3D seismic data, but its status as a lead due to a data gap reduces confidence. - Positive factor: Prospective oil resource identified - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Highest confidence category \(3U\) for prospective - Negative factor: Remains a lead due to data gap Evidence · table > 52.3 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mne-ep-494-prospective-resources-update--cbb50c66-ea38-4250-a96c-49f552f1f3db#fact-resource-facts-39) EP 494 · oil #### Identity - Project: EP 494 - Commodity: oil - Region: australia\_wa - Reported Region: Western Australia - Ticker: MNE #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Hongfeng Wu - Resource group id: resource:c21346805045e04edc33 - Deposit or zone: Yarra Lead - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 25.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-09-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: The mean prospective oil resource for Yarra Lead is significant and independently assessed, benefiting from new 3D seismic data, but its status as a lead due to a data gap remains a factor. - Positive factor: Significant mean prospective oil resource - Positive factor: Independent assessment - Positive factor: New 3D seismic improved definition - Negative factor: Prospective \(undiscovered\) resource - Negative factor: Remains a lead due to data gap Evidence · table > 25.1 Context: Yarra Lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ## 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.