# MRD: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146333 Publisher: asx Original announcement: 2026-09-30T05:56:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T06:17:58.529Z Atlas analysis updated: 2026-09-30T06:17:58.529Z - Company: Mount Ridley Mines Limited - Ticker: MRD - Exchange: ASX - Region: Western Australia - Primary commodity: Rare earth - Secondary commodities: Scandium, Gallium - Document categories: Metallurgy, Resource update, Other, Drill results - Extracted: 2026-09-30 06:17:59 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Mount Ridley Mines Limited reported significant progress in FY2026, primarily driven by the flagship Grass Patch Project in Western Australia. The company announced substantial Mineral Resource Estimates for gallium, scandium, and heavy rare earth elements, including a significant upgrade to the Inferred Scandium MRE to 946Mt at 50.1 ppm Sc. Metallurgical testwork on its proprietary Selectro™ process yielded encouraging recoveries for scandium \(up to 92%\), HREE \(up to 86%\), and gallium, with improved reagent efficiency. The co-location of these critical minerals and successful post-year-end capital raise position the company for further development. Reasoning: The annual report details substantial progress in defining and de-risking the Grass Patch critical minerals project through significant resource upgrades and promising metallurgical advancements, supported by a recent capital raise. - Positive factor: Significant increase in Scandium Mineral Resource tonnage \(946Mt from 367.98Mt\). - Positive factor: High metallurgical recoveries for Scandium \(92%\), HREE \(up to 86%\), and Gallium \(41.5%\) using the proprietary Selectro™ Process. - Positive factor: Demonstrated improvement in metallurgical efficiency by halving reagent dose. - Positive factor: Identification of new scandium mineralisation zones and extension of known mineralisation through re-assaying. - Positive factor: Co-location of multiple critical minerals \(Sc, Ga, REE\) supporting integrated processing. - Positive factor: Successful capital raise post-year-end to fund further development. - Positive factor: All resource estimates are JORC 2012 compliant with Competent Person sign-off. - Negative factor: All reported resources are in the Inferred category, indicating early stage of confidence. - Negative factor: Metallurgical testwork is still in optimization phase, not yet at pilot or commercial scale. - Negative factor: Some drill results are re-assays of historical samples, though they yielded new information. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 35 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Scandium Mineral Resource Estimate increased from 367.98Mt to 946Mt, representing a 157% increase in tonnage. Evidence · text > increasing the Resource from 367.98Mt to 946Mt **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The average grade of the Scandium Mineral Resource Estimate decreased from 57.3 ppm Sc to 50.1 ppm Sc. Evidence · text > 367.98Mt at 57.3 ppm scandium... to 946Mt at 50.1 ppm scandium **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 contained scandium metal increased from 18,855 tonnes to 47,357 tonnes, representing a 151% increase. Evidence · text > containing approximately 18,855 tonnes of scandium metal and 28,920 tonnes of scandium oxide... containing approximately 47,357 tonnes of scandium metal **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: All reported Mineral Resources \(Gallium, Scandium, Heavy Rare Earth Elements, and Weld Range TREO\) are classified solely in the Inferred category. Evidence · text > Inferred Gallium Mineral Resource Estimate **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Gallium Mineral Resource Estimate and the Heavy Rare Earth Mineral Resource Estimate are explicitly stated as maiden JORC Code \(2012\) estimates. Evidence · text > announcement of a maiden JORC Code \(2012\) Inferred Gallium Mineral Resource Estimate **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All Mineral Resource Estimates are reported as JORC Code \(2012\) compliant. Evidence · text > JORC Code \(2012\) Inferred Gallium Mineral Resource Estimate **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 Mineral Resource Estimates are compiled and reviewed by Mr Alfred Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Evidence · text > The information in this announcement that relates to Mineral Resources is based on information compiled and reviewed by Mr Alfred Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Scandium Mineral Resource Estimate was updated subsequent to year-end, representing a significant upgrade from the maiden estimate. Evidence · text > Subsequent to year end, in August 2026, the Company announced a significant upgrade to the JORC Code \(2012\) Inferred Scandium Mineral Resource Estimate **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Scandium recovery reached 92%, and average heavy rare earth recoveries were approximately 84%, with individual HREE recoveries up to 86%. Evidence · text > achieved scandium recovery of approximately 92% and average heavy rare earth recoveries of approximately 84%, with individual HREE recoveries of up to 86%. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The optimization testwork achieved the stated recoveries while approximately halving the reagent dose used in earlier tests. Evidence · text > These results were achieved while approximately halving the reagent dose used in earlier tests, representing an important improvement in the efficiency of the process. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described as 'Phase 1' and 'optimisation testwork' without mention of locked-cycle or pilot scale, implying bench-scale work. Evidence · text > commenced a Phase 1 metallurgical testwork program **Step-Out Extension** Polarity: positive Story-specific tag Definition: Mineralization extended beyond the previously known limit. Why it applies: The re-assay program identified a new zone of scandium mineralisation approximately 13 kilometres southwest of Block 1, and confirmed extension beyond existing resource boundaries. Evidence · text > The program identified a new zone of scandium mineralisation approximately 13 kilometres southwest of Block 1 **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release details a systematic re-assay program of historical drill samples, indicating quality control procedures. Evidence · text > continued a systematic re-assay program targeting its extensive inventory of historical drill samples across the Grass Patch Project. **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results are from a re-assay program of historical air-core pulp samples, not new drilling. Evidence · text > Phase 1 of the program comprised the re-assay of 3,271 historical air-core pulp samples **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Drillhole MRAC0977 returned 22 metres at 134.09 ppm Sc₂O₃, which is approximately 46% above the existing Block 1 Resource grade of 91.8 ppm Sc₂O₃. Evidence · text > Results included a significant intersection of 22 metres at 134.09 ppm Sc₂O₃ from 33 metres in drillhole MRAC0977, approximately 46% above the existing Block 1 Resource grade of 91.8 ppm Sc₂O₃. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 35. Some facts used in scoring do not have a stored record. ## Drill Results (9) ### MRAC0977 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-26) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0977 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 134.09 - Grade Unit: ppm - Intercept: 22 m - From: 33 m - To: 55 m - Intercept Depth: 33 m #### Classification - Sample Type: drill - Group ID: MRAC0977:33-55 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This bonanza intercept significantly exceeds the existing resource grade and extends the known scandium mineralisation, indicating strong exploration potential. - Positive factor: Exceptional grade \(46% above existing resource grade\). - Positive factor: Significant intercept length. - Positive factor: Identified new mineralisation zone, extending known limits. - Positive factor: Area remains open for further extension. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 134.09 Context: MRAC0977 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0962 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-27) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0962 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 119.02 - Grade Unit: ppm - Intercept: 20 m - From: 18 m - To: 38 m - Intercept Depth: 18 m #### Classification - Sample Type: drill - Group ID: MRAC0962:18-38 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong intercept from the re-assay program, confirming significant scandium grades and contributing to resource expansion. - Positive factor: High grade. - Positive factor: Good intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 119.02 Context: MRAC0962 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0965 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-28) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0965 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 117.34 - Grade Unit: ppm - Intercept: 13 m - From: 12 m - To: 25 m - Intercept Depth: 12 m #### Classification - Sample Type: drill - Group ID: MRAC0965:12-25 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A solid intercept from the re-assay program, further supporting the continuity of scandium mineralisation. - Positive factor: High grade. - Positive factor: Good intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 117.34 Context: MRAC0965 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0964 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-29) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0964 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 115.57 - Grade Unit: ppm - Intercept: 6 m - From: 18 m - To: 24 m - Intercept Depth: 18 m #### Classification - Sample Type: drill - Group ID: MRAC0964:18-24 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A high-grade intercept from the re-assay program, adding to the overall scandium potential. - Positive factor: High grade. - Negative factor: Result is from a re-assay of historical drill material. - Negative factor: Shorter intercept length. Evidence · table > 115.57 Context: MRAC0964 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0971 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-30) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0971 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 104.68 - Grade Unit: ppm - Intercept: 18 m - From: 9 m - To: 27 m - Intercept Depth: 9 m #### Classification - Sample Type: drill - Group ID: MRAC0971:9-27 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong intercept from the re-assay program, further supporting the continuity of scandium mineralisation. - Positive factor: High grade. - Positive factor: Good intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 104.68 Context: MRAC0971 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0961 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-31) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0961 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 97.65 - Grade Unit: ppm - Intercept: 28 m - From: 12 m - To: 40 m - Intercept Depth: 12 m #### Classification - Sample Type: drill - Group ID: MRAC0961:12-40 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong and long intercept from the re-assay program, indicating good continuity of scandium mineralisation. - Positive factor: High grade. - Positive factor: Significant intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 97.65 Context: MRAC0961 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0982 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-32) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0982 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 96.74 - Grade Unit: ppm - Intercept: 19 m - From: 29 m - To: 48 m - Intercept Depth: 29 m #### Classification - Sample Type: drill - Group ID: MRAC0982:29-48 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong intercept from the re-assay program, further supporting the continuity of scandium mineralisation. - Positive factor: High grade. - Positive factor: Good intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 96.74 Context: MRAC0982 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC1045 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-33) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC1045 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 93.77 - Grade Unit: ppm - Intercept: 6 m - From: 36 m - To: 42 m - Intercept Depth: 36 m #### Classification - Sample Type: drill - Group ID: MRAC1045:36-42 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A high-grade intercept from the re-assay program, adding to the overall scandium potential. - Positive factor: High grade. - Negative factor: Result is from a re-assay of historical drill material. - Negative factor: Shorter intercept length. Evidence · table > 93.77 Context: MRAC1045 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### MRAC0981 [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-drill-facts-34) Grass Patch · scandium Historical result Needs review: historical\_restatement #### Identity - Hole ID: MRAC0981 - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: australia\_wa - Ticker: MRD #### Geometry - Grade: 93.28 - Grade Unit: ppm - Intercept: 41 m - From: 25 m - To: 66 m - Intercept Depth: 25 m #### Classification - Sample Type: drill - Group ID: MRAC0981:25-66 #### Location - Location: Central Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2014-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A strong and long intercept from the re-assay program, indicating good continuity of scandium mineralisation. - Positive factor: High grade. - Positive factor: Significant intercept length. - Positive factor: Contributes to expanding the scandium mineralisation footprint. - Negative factor: Result is from a re-assay of historical drill material. Evidence · table > 93.28 Context: MRAC0981 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (12) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-0) Grass Patch · gallium #### Identity - Project: Grass Patch - Commodity: gallium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:f3329da09be61a1abaa9 #### Resource Data - Category: inferred - Tonnes: 838771284 - Grade: 29.3 - Grade Unit: ppm - Contained Metal: 24584 - Contained Unit: t - Cutoff Grade: 25 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is the first formal resource estimate for gallium at Grass Patch, establishing a significant tonnage in the inferred category, which is a positive step for the project. - Positive factor: Maiden resource estimate for gallium, establishing a large-scale system. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Co-located with other critical minerals, supporting integrated processing. - Negative factor: Resource is entirely in the Inferred category. Evidence · table > 29.3 Context: 838,771,284 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-1) Grass Patch · scandium #### Identity - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:ab12254fadcf57328307 #### Resource Data - Category: inferred - Tonnes: 946086943 - Grade: 50.1 - Grade Unit: ppm - Contained Metal: 47357 - Contained Unit: t - Cutoff Grade: 25 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 367980000 - Prior Grade: 57.3 - Prior Contained Metal: 18855 - Prior Cutoff Grade: 25 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The substantial increase in scandium tonnage and contained metal represents a major de-risking and scale-up for the project, despite a slight decrease in average grade. - Positive factor: Significant upgrade to the Scandium Mineral Resource, with a substantial increase in tonnage and contained metal. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Co-located with other critical minerals, supporting integrated processing. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: Average grade has declined compared to the prior estimate. Evidence · table > 50.1 Context: 946,086,943 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 946086943 against 367980000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 50.1 against 57.3 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 47357 against 18855 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-2) Grass Patch · rare earth #### Identity - Project: Grass Patch - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:98f7123262be8cafd91e #### Resource Data - Category: inferred - Tonnes: 122546251 - Grade: 889 - Grade Unit: ppm - Contained Metal: 108954 - Contained Unit: t - Cutoff Grade: 300 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential. - Positive factor: Maiden resource estimate for rare earth elements, establishing a significant tonnage. - Positive factor: High proportion of Heavy Rare Earth Oxides \(41% of TREO\). - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Spatially co-located with scandium and gallium resources, enabling integrated processing. - Negative factor: Resource is entirely in the Inferred category. Evidence · table > 889 Context: 122,546,251 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-3) Grass Patch · rare earth #### Identity - Project: Grass Patch - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:98f7123262be8cafd91e #### Resource Data - Category: inferred - Tonnes: 122546251 - Grade: 364 - Grade Unit: ppm - Contained Metal: 44610 - Contained Unit: t - Cutoff Grade: 300 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential. - Positive factor: Maiden resource estimate for rare earth elements, establishing a significant tonnage. - Positive factor: High proportion of Heavy Rare Earth Oxides \(41% of TREO\). - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Spatially co-located with scandium and gallium resources, enabling integrated processing. - Negative factor: Resource is entirely in the Inferred category. Evidence · table > 364 Context: 122,546,251 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-4) Grass Patch · rare earth #### Identity - Project: Grass Patch - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:98f7123262be8cafd91e #### Resource Data - Category: inferred - Tonnes: 122546251 - Grade: 525 - Grade Unit: ppm - Cutoff Grade: 300 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential. - Positive factor: Maiden resource estimate for rare earth elements, establishing a significant tonnage. - Positive factor: High proportion of Heavy Rare Earth Oxides \(41% of TREO\). - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Spatially co-located with scandium and gallium resources, enabling integrated processing. - Negative factor: Resource is entirely in the Inferred category. Evidence · table > 525 Context: 122,546,251 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-5) Grass Patch · rare earth #### Identity - Project: Grass Patch - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:98f7123262be8cafd91e #### Resource Data - Category: inferred - Tonnes: 122546251 - Grade: 233 - Grade Unit: ppm - Cutoff Grade: 300 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The establishment of a maiden rare earth resource, particularly with a high HREO component, is a significant positive for the project's multi-commodity potential. - Positive factor: Maiden resource estimate for rare earth elements, establishing a significant tonnage. - Positive factor: High proportion of Heavy Rare Earth Oxides \(41% of TREO\). - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Positive factor: Spatially co-located with scandium and gallium resources, enabling integrated processing. - Negative factor: Resource is entirely in the Inferred category. Evidence · table > 233 Context: 122,546,251 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-6) Weld Range · rare earth #### Identity - Project: Weld Range - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 1201 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 1201 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-7) Weld Range · praseodymium #### Identity - Project: Weld Range - Commodity: praseodymium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 57 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 57 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-8) Weld Range · neodymium #### Identity - Project: Weld Range - Commodity: neodymium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 215 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 215 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-9) Weld Range · terbium #### Identity - Project: Weld Range - Commodity: terbium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 4 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 4 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-10) Weld Range · dysprosium #### Identity - Project: Weld Range - Commodity: dysprosium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 25 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 25 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-resource-facts-11) Weld Range · rare earth #### Identity - Project: Weld Range - Commodity: rare earth - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Alfred Gillman - Resource group id: resource:5042d0039d91e62b3ac7 #### Resource Data - Category: inferred - Tonnes: 168000000 - Grade: 301 - Grade Unit: ppm - Cutoff Grade: 750 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This resource estimate expands the company's critical minerals portfolio to the Weld Range Project, adding a substantial inferred TREO resource. - Positive factor: Establishes a significant TREO resource at the Mia Prospect. - Positive factor: JORC 2012 compliant with Competent Person sign-off. - Negative factor: Resource is entirely in the Inferred category. - Negative factor: No prior estimate for comparison. Evidence · table > 301 Context: 168,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (14) ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-12) Grass Patch · neodymium #### Identity - Project: Grass Patch - Commodity: neodymium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 81.7 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High recovery for Neodymium demonstrates the effectiveness of the Selectro™ Process for rare earth elements. - Positive factor: High recovery achieved for Neodymium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 81.7% Context: Nd ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-13) Grass Patch · praseodymium #### Identity - Project: Grass Patch - Commodity: praseodymium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 81.3 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High recovery for Praseodymium demonstrates the effectiveness of the Selectro™ Process for rare earth elements. - Positive factor: High recovery achieved for Praseodymium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 81.3% Context: Pr ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-14) Grass Patch · lanthanum #### Identity - Project: Grass Patch - Commodity: lanthanum - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 75.9 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Good recovery for Lanthanum demonstrates the effectiveness of the Selectro™ Process for rare earth elements. - Positive factor: Good recovery achieved for Lanthanum. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 75.9% Context: La ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-15) Grass Patch · cerium #### Identity - Project: Grass Patch - Commodity: cerium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 75.7 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Good recovery for Cerium demonstrates the effectiveness of the Selectro™ Process for rare earth elements. - Positive factor: Good recovery achieved for Cerium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 75.7% Context: Ce ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-16) Grass Patch · samarium #### Identity - Project: Grass Patch - Commodity: samarium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 80.4 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High recovery for Samarium demonstrates the effectiveness of the Selectro™ Process for rare earth elements. - Positive factor: High recovery achieved for Samarium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 80.4% Context: Sm ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-17) Grass Patch · dysprosium #### Identity - Project: Grass Patch - Commodity: dysprosium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Dysprosium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Dysprosium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 85.0% Context: Dy ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-18) Grass Patch · terbium #### Identity - Project: Grass Patch - Commodity: terbium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 83.1 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Terbium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Terbium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 83.1% Context: Tb ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-19) Grass Patch · yttrium #### Identity - Project: Grass Patch - Commodity: yttrium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 86.3 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Yttrium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Yttrium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 86.3% Context: Y ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-20) Grass Patch · erbium #### Identity - Project: Grass Patch - Commodity: erbium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 83.2 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Erbium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Erbium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 83.2% Context: Er ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-21) Grass Patch · europium #### Identity - Project: Grass Patch - Commodity: europium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 78.7 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High recovery for Europium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: High recovery achieved for Europium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 78.7% Context: Eu ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-22) Grass Patch · gadolinium #### Identity - Project: Grass Patch - Commodity: gadolinium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 85.3 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Gadolinium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Gadolinium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 85.3% Context: Gd ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-23) Grass Patch · holmium #### Identity - Project: Grass Patch - Commodity: holmium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 86.2 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptional recovery for Holmium highlights the potential of the Selectro™ Process for high-value heavy rare earth elements. - Positive factor: Very high recovery achieved for Holmium, a critical HREE. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 86.2% Context: Ho ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-24) Grass Patch · scandium #### Identity - Project: Grass Patch - Commodity: scandium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The very high scandium recovery, coupled with improved reagent efficiency, is a highly positive indicator for the commercial viability of the Selectro™ Process. - Positive factor: Exceptional recovery achieved for Scandium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Positive factor: Reagent dose was halved, indicating improved efficiency. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 92.0% Context: Scandium ### leach [Link to this fact](https://atlas-staging.minestarters.com/news/mrd-annual-report-to-shareholders--5d164624-683f-4d9e-8ada-fc8f6a26bd88#fact-metallurgical-facts-25) Grass Patch · gallium #### Identity - Project: Grass Patch - Commodity: gallium - Region: australia\_wa - Reported Region: Western Australia - Ticker: MRD #### Test Work - Program Status: optimization - Test Type: leach - Processing Route: Selectro™ Process #### Recovery - Recovery: 41.5 % - Recovery Basis: actual\_test #### Lab - Consultant: Chris Larder #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Gallium recovery, while positive, is lower than other critical minerals, suggesting further optimization may be needed for this specific element. - Positive factor: Recovery achieved for Gallium. - Positive factor: Part of an optimization program, indicating continuous improvement efforts. - Positive factor: Proprietary process \(Selectro™\) shows promising results. - Negative factor: Recovery is lower compared to other commodities tested. - Negative factor: Testwork is still at an optimization stage, not yet pilot scale. Evidence · table > 41.5% Context: Ga ## 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.