# MRQ: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146108 Publisher: asx Original announcement: 2026-09-30T02:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T03:04:51.416Z Atlas analysis updated: 2026-09-30T03:04:51.416Z - Company: MRG Metals Limited - Ticker: MRQ - Exchange: ASX - Region: South Africa - Primary commodity: Rare earths - Secondary commodities: Titanium, Gallium, Uranium, Ilmenite, Rutile, Monazite, Zircon, Leucoxene - Document categories: Metallurgy, Drill results, Resource update - Extracted: 2026-09-30 03:04:52 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary MRG Metals Limited reported a defining year with high-grade rare earth drill results and positive metallurgical testwork from its Garies project in South Africa, including a significant gallium discovery. In Mozambique, the company advanced its Adriano-Fotinho rare earth corridor with auger drilling results and progressed its titanium dioxide joint venture with substantial resource estimates and permitting milestones. The company successfully raised capital during and after the financial year to fund ongoing exploration and development activities. Reasoning: The annual report highlights strong drill results and metallurgical progress at the Garies Rare Earth Project, including high TREO grades and a gallium discovery. Significant heavy mineral sands resources are reported for the Mozambican JV, which is advancing towards production. While the company faces going concern risks typical of explorers, the operational updates are largely positive and demonstrate progress across its key projects. - Positive factor: High-grade rare earth drill intercepts at Garies, significantly above global benchmarks. - Positive factor: Successful metallurgical testwork for monazite recovery with a clear pathway for optimization. - Positive factor: Discovery of significant gallium associated with rare earth mineralization, adding potential byproduct value. - Positive factor: Substantial heavy mineral sands resource estimates for the Titanium Dioxide Joint Venture. - Positive factor: Progress on permitting and exploration for both rare earth and heavy mineral sands projects. - Negative factor: Going concern uncertainty noted in financial statements, requiring future capital raises. - Negative factor: Mining Right for Corridor South remains under review, delaying progress for that asset. - Negative factor: Many rare earth targets at Garies remain undrilled, indicating early stage of exploration for much of the project. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 49 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document mentions SGS mineralogy on a composite heavy mineral concentrate, indicating external laboratory involvement. Evidence · text > Final SGS mineralogy on a composite heavy mineral concentrate drawn from four Adriano targets was reported on 13 May 2026. **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 were prepared by IHC Mining, and the document mentions 'independent Competent Person' in relation to JORC resources. Evidence · text > All Mineral Resource estimates were prepared by IHC Mining. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The mineral resource estimates for Corridor Central and Corridor South are explicitly stated as 'JORC Mineral Resource'. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes, indicating a very large scale. Evidence · text > The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Initial monazite recovery of approximately 72% is reported, with a defined pathway toward recoveries above 80%, which is strong for rare earths. Evidence · text > Initial monazite recovery of approximately 72%, with a defined pathway toward recoveries above 80%. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The document mentions discussions on funding a 'pilot plant' for Garies, indicating a move towards larger scale testwork. Evidence · text > discussions with those groups on funding a pilot plant. **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Metallurgical testwork used 'conventional processing' and a 'flowsheet using conventional crushing, milling, magnetic separation, gravity concentration and flotation', suggesting a relatively simple ore. Evidence · text > A flowsheet using conventional crushing, milling, magnetic separation, gravity concentration and flotation. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Adriano mineralogy was conducted on a 'composite heavy mineral concentrate drawn from four Adriano targets', indicating testing across different areas. Evidence · text > Final SGS mineralogy on a composite heavy mineral concentrate drawn from four Adriano targets **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Metallurgical testwork returned approximately 72% monazite recovery with a 'defined pathway beyond 80%', indicating expected improvement. Evidence · text > Initial monazite recovery of approximately 72%, with a defined pathway toward recoveries above 80%. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades are explicitly stated for the heavy mineral sands resources \(4% and 5.5% THM\). Evidence · text > at a 4% cut-off grade **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The combined resource for Corridor Central and Corridor South includes an 'Inferred' component. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade **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 company is advancing towards a 'maiden Mineral Resource Estimate' for the Adriano-Fotinho corridor. Evidence · text > ahead of a maiden Mineral Resource Estimate. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides updated mineral resource estimates for Corridor Central and Corridor South. Evidence · text > Corridor Central \(11142C\) hosts the Koko Massava deposit with a Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 49. Some facts used in scoring do not have a stored record. ## Drill Results (17) ### D25RC037 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-0) Garies Rare Earth · rare\_earths #### Identity - Hole ID: D25RC037 - Project: Garies Rare Earth - Commodity: rare\_earths - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 4.49 - Grade Unit: % - Intercept: 6.6 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: DrillTarg - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept represents an exceptionally high-grade rare earth result, well above typical high-grade deposits, indicating strong potential for the Garies project. - Positive factor: Exceptional grade of 4.49% TREO, significantly above the global benchmark of 1-2% TREO. - Positive factor: Good intercept length of 6.6 metres, indicating a substantial mineralized zone. - Positive factor: The result is from the DrillTarg prospect, which is a key focus area for the company. Evidence · text > 6.6 metres at 4.49% TREO in hole D25RC037. #### 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 #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The grade of 4.49% TREO is described as a 'peak intersection' and is significantly above the global benchmark of 1-2% TREO for high-grade rare earth deposits. Evidence · text > 6.6 metres at 4.49% TREO in hole D25RC037. ... against a global benchmark where most high-grade rare earth deposits grade between 1% and 2% TREO. ### D25RC030 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-1) Garies Rare Earth · rare\_earths #### Identity - Hole ID: D25RC030 - Project: Garies Rare Earth - Commodity: rare\_earths - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 3.39 - Grade Unit: % - Intercept: 5.45 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: DrillTarg - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms high-grade rare earth mineralization at Garies, supporting the project's potential. - Positive factor: Strong grade of 3.39% TREO, well above the global benchmark of 1-2% TREO. - Positive factor: Good intercept length of 5.45 metres, indicating continuity of mineralization. Evidence · text > 5.45 metres at 3.39% TREO in hole D25RC030. #### 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 #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The grade of 3.39% TREO is significantly above the global benchmark of 1-2% TREO for high-grade rare earth deposits. Evidence · text > 5.45 metres at 3.39% TREO in hole D25RC030. ... Most high-grade rare earth deposits worldwide grade between 1% and 2% TREO. ### D25RC023 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-2) Garies Rare Earth · rare\_earths #### Identity - Hole ID: D25RC023 - Project: Garies Rare Earth - Commodity: rare\_earths - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 3.35 - Grade Unit: % - Intercept: 6 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: DrillTarg - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept further confirms high-grade rare earth mineralization at Garies, supporting the project's potential. - Positive factor: Strong grade of 3.35% TREO, well above the global benchmark of 1-2% TREO. - Positive factor: Good intercept length of 6.0 metres, indicating continuity of mineralization. Evidence · text > 6.0 metres at 3.35% TREO in hole D25RC023. #### 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 #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The grade of 3.35% TREO is significantly above the global benchmark of 1-2% TREO for high-grade rare earth deposits. Evidence · text > 6.0 metres at 3.35% TREO in hole D25RC023. ... Most high-grade rare earth deposits worldwide grade between 1% and 2% TREO. ### D25RC028 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-3) Garies Rare Earth · rare\_earths #### Identity - Hole ID: D25RC028 - Project: Garies Rare Earth - Commodity: rare\_earths - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 3.34 - Grade Unit: % - Intercept: 5.8 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: DrillTarg - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept further confirms high-grade rare earth mineralization at Garies, supporting the project's potential. - Positive factor: Strong grade of 3.34% TREO, well above the global benchmark of 1-2% TREO. - Positive factor: Good intercept length of 5.8 metres, indicating continuity of mineralization. Evidence · text > 5.8 metres at 3.34% TREO in hole D25RC028. #### 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 #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The grade of 3.34% TREO is significantly above the global benchmark of 1-2% TREO for high-grade rare earth deposits. Evidence · text > 5.8 metres at 3.34% TREO in hole D25RC028. ... Most high-grade rare earth deposits worldwide grade between 1% and 2% TREO. ### D25RC045 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-4) Garies Rare Earth · rare\_earths #### Identity - Hole ID: D25RC045 - Project: Garies Rare Earth - Commodity: rare\_earths - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 3.01 - Grade Unit: % - Intercept: 4.75 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: DrillTarg - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept further confirms high-grade rare earth mineralization at Garies, supporting the project's potential. - Positive factor: Strong grade of 3.01% TREO, well above the global benchmark of 1-2% TREO. - Positive factor: Good intercept length of 4.75 metres, indicating continuity of mineralization. Evidence · text > 4.75 metres at 3.01% TREO in hole D25RC045. #### 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 #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The grade of 3.01% TREO is significantly above the global benchmark of 1-2% TREO for high-grade rare earth deposits. Evidence · text > 4.75 metres at 3.01% TREO in hole D25RC045. ... Most high-grade rare earth deposits worldwide grade between 1% and 2% TREO. ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-5) Garies Rare Earth · gallium Needs review: drill\_no\_hole\_id #### Identity - Project: Garies Rare Earth - Commodity: gallium - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 290 - Grade Unit: ppm gallium oxide #### Classification - Program: exploration - Sample Type: drill #### Location - Loc. Confidence: low #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The identification of significant gallium in drill samples is a novel and potentially material discovery, opening up new revenue streams for the Garies project. - Positive factor: Discovery of significant gallium, adding potential byproduct value to the rare earth project. - Positive factor: Gallium is hosted in free pyrite grains, suggesting potential for concentration. Evidence · text > averaging 290 ppm gallium oxide across 85 drill samples. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-6) Garies Rare Earth · gallium Needs review: drill\_no\_hole\_id #### Identity - Project: Garies Rare Earth - Commodity: gallium - Region: south\_africa - Reported Region: south\_africa - Ticker: MRQ #### Geometry - Grade: 450 - Grade Unit: ppm gallium oxide #### Classification - Program: exploration - Sample Type: drill #### Location - Loc. Confidence: low #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The peak gallium grade further supports the potential economic significance of this byproduct. - Positive factor: High peak grade of 450 ppm gallium oxide, indicating zones of higher concentration. Evidence · text > maximum of 450 ppm. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-7) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 4.5 - Grade Unit: % - Intercept: 2.84 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Adriano - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Auger drilling results confirm significant heavy mineral sands mineralization at Adriano, suggesting a viable shallow resource. - Positive factor: Good weighted average grade of 4.50% THM over a reasonable width, indicating potential for economic heavy mineral sands. - Positive factor: Mineralization occurs at surface, supporting a potential low-cost, low-strip development pathway. Evidence · text > weighted average grade of 4.50% THM over an average 2.84 metres, with no cut-off applied. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-8) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 7.16 - Grade Unit: % - Intercept: 2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Adriano - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This best intercept highlights the potential for high-grade zones within the Adriano heavy mineral sands project. - Positive factor: High-grade intercept of 7.16% THM over 2.0 metres, indicating strong heavy mineral concentration. Evidence · text > Best result of 7.16% THM over 2.0 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-9) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 9.56 - Grade Unit: % - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Adriano - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This peak sample grade demonstrates the presence of very high-grade heavy mineral sands within the Adriano project. - Positive factor: Very high individual sample grade of 9.56% THM, indicating localized high concentrations of heavy minerals. Evidence · text > individual samples to 9.56% THM over 1.0 metre. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-10) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 4.56 - Grade Unit: % - Intercept: 3.95 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Adriano - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This auger drill result from the fifth target at Adriano further supports the project's heavy mineral sands potential. - Positive factor: Good grade of 4.56% THM over a significant width of 3.95 metres, indicating consistent mineralization. Evidence · text > Best hole at the fifth target of 4.56% THM over 3.95 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-11) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 6.14 - Grade Unit: % - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Adriano - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This peak sample grade demonstrates the presence of very high-grade heavy mineral sands within the Adriano project. - Positive factor: High peak sample grade of 6.14% THM, indicating localized high concentrations of heavy minerals. Evidence · text > peak one metre sample of 6.14% THM. #### 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 ### FHA25015 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-12) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands #### Identity - Hole ID: FHA25015 - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 9.49 - Grade Unit: % - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Fotinho - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This best intersection from Fotinho auger drilling demonstrates the presence of very high-grade heavy mineral sands. - Positive factor: Very high-grade intersection of 9.49% THM, indicating strong heavy mineral concentration. Evidence · text > Best intersection of 9.49% THM over 1.0 metre in hole FHA25015. #### 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 ### FHA25008 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-13) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands #### Identity - Hole ID: FHA25008 - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 5.84 - Grade Unit: % - Intercept: 2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Fotinho - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This auger drill result from Fotinho further supports the project's heavy mineral sands potential. - Positive factor: Good grade of 5.84% THM over 2.0 metres, indicating consistent heavy mineral concentration. Evidence · text > 5.84% THM over 2.0 metres in hole FHA25008. #### 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 ### FHA25002 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-14) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands #### Identity - Hole ID: FHA25002 - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 5.22 - Grade Unit: % - Intercept: 4.3 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Fotinho - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This auger drill result from Fotinho further supports the project's heavy mineral sands potential. - Positive factor: Good grade of 5.22% THM over a significant width of 4.3 metres, indicating consistent heavy mineral concentration. Evidence · text > 5.22% THM over 4.3 metres in hole FHA25002. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-15) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 3.23 - Grade Unit: % #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Fotinho - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The weighted average grade indicates consistent heavy mineral sands mineralization across the Fotinho project area. - Positive factor: Consistent weighted average grade of 3.23% THM across the Fotinho auger program. Evidence · text > Weighted average grade of 3.23% THM. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-drill-facts-16) Adriano-Fotinho Rare Earth Corridor · heavy mineral sands Needs review: drill\_no\_hole\_id #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: heavy mineral sands - Region: mozambique - Reported Region: mozambique - Ticker: MRQ #### Geometry - Grade: 7.69 - Grade Unit: % - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: open\_pit #### Location - Location: Fotinho - Loc. Confidence: low - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This post-balance date auger drill result from Fotinho further demonstrates the presence of very high-grade heavy mineral sands. - Positive factor: Very high-grade intersection of 7.69% THM, indicating strong heavy mineral concentration. Evidence · text > best intersection of 7.69% THM over 1.0 metre. #### 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 ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-37) Corridor Central · heavy mineral sands #### Identity - Project: Corridor Central - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:971f35828373cf328f6e - Deposit or zone: Koko Massava #### Resource Data - Category: indicated - Tonnes: 1534000000 - Grade: 5.5 - Grade Unit: % THM - Cutoff Grade: 4 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial JORC compliant heavy mineral sands resource, forming a strong foundation for the titanium dioxide joint venture. - Positive factor: Very large tonnage of 1,534 Mt, indicating a significant heavy mineral sands deposit. - Positive factor: Good grade of 5.5% THM at a reasonable cut-off grade. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is reported as 'Indicated and Inferred', with Indicated being the higher confidence category. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade **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/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-38) Corridor Central · heavy mineral sands #### Identity - Project: Corridor Central - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f80812df585e3b680bac - Deposit or zone: Koko Massava #### Resource Data - Category: inferred - Tonnes: 1534000000 - Grade: 5.5 - Grade Unit: % THM - Cutoff Grade: 4 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial JORC compliant heavy mineral sands resource, forming a strong foundation for the titanium dioxide joint venture. - Positive factor: Very large tonnage of 1,534 Mt, indicating a significant heavy mineral sands deposit. - Positive factor: Good grade of 5.5% THM at a reasonable cut-off grade. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade #### Tags used in scoring **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-39) Corridor Central · heavy mineral sands #### Identity - Project: Corridor Central - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:542954b953775964bcb2 - Deposit or zone: Koko Massava #### Resource Data - Category: indicated - Tonnes: 103000000 - Grade: 6.6 - Grade Unit: % THM - Cutoff Grade: 5.5 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The identified high-grade zone within Corridor Central significantly enhances the project's economic potential. - Positive factor: High-grade zone with 103 Mt at 6.6% THM, indicating a valuable core to the deposit. - Positive factor: Higher cut-off grade \(5.5%\) suggests robust economics for this zone. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > including a high-grade zone of 103 Mt at 6.6% THM at a 5.5% cut-off grade. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The high-grade zone is part of the 'Indicated and Inferred' resource, with Indicated being the higher confidence category. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 1,534 Mt at 5.5% THM at a 4% cut-off grade **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/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-40) Corridor Central · heavy mineral sands #### Identity - Project: Corridor Central - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3ead8e441e03eb180dcb - Deposit or zone: Koko Massava #### Resource Data - Category: inferred - Tonnes: 103000000 - Grade: 6.6 - Grade Unit: % THM - Cutoff Grade: 5.5 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The identified high-grade zone within Corridor Central significantly enhances the project's economic potential. - Positive factor: High-grade zone with 103 Mt at 6.6% THM, indicating a valuable core to the deposit. - Positive factor: Higher cut-off grade \(5.5%\) suggests robust economics for this zone. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > including a high-grade zone of 103 Mt at 6.6% THM at a 5.5% cut-off grade. #### Tags used in scoring **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-41) Corridor South · heavy mineral sands #### Identity - Project: Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:1b964bf1963418eb7b9e - Deposit or zone: Nhacutse and Poiombo #### Resource Data - Category: indicated - Tonnes: 860000000 - Grade: 4.9 - Grade Unit: % THM - Cutoff Grade: 4 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial JORC compliant heavy mineral sands resource, further strengthening the titanium dioxide joint venture. - Positive factor: Large tonnage of 860 Mt, indicating a significant heavy mineral sands deposit. - Positive factor: Good grade of 4.9% THM at a reasonable cut-off grade. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 860 Mt at 4.9% THM at a 4% cut-off grade #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is reported as 'Indicated and Inferred', with Indicated being the higher confidence category. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 860 Mt at 4.9% THM at a 4% cut-off grade **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/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-42) Corridor South · heavy mineral sands #### Identity - Project: Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:074ee9007ffa2201442c - Deposit or zone: Nhacutse and Poiombo #### Resource Data - Category: inferred - Tonnes: 860000000 - Grade: 4.9 - Grade Unit: % THM - Cutoff Grade: 4 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial JORC compliant heavy mineral sands resource, further strengthening the titanium dioxide joint venture. - Positive factor: Large tonnage of 860 Mt, indicating a significant heavy mineral sands deposit. - Positive factor: Good grade of 4.9% THM at a reasonable cut-off grade. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 860 Mt at 4.9% THM at a 4% cut-off grade #### Tags used in scoring **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-43) Corridor South · heavy mineral sands #### Identity - Project: Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:4e25bcdc28f609fc2a06 - Deposit or zone: Nhacutse and Poiombo #### Resource Data - Category: indicated - Tonnes: 257000000 - Grade: 6 - Grade Unit: % THM - Cutoff Grade: 5 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The identified high-grade zone within Corridor South significantly enhances the project's economic potential. - Positive factor: High-grade zone with 257 Mt at 6.0% THM, indicating a valuable core to the deposit. - Positive factor: Higher cut-off grade \(5%\) suggests robust economics for this zone. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > including a high-grade zone of 257 Mt at 6.0% THM at a 5% cut-off grade. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The high-grade zone is part of the 'Indicated and Inferred' resource, with Indicated being the higher confidence category. Evidence · text > Global Indicated and Inferred JORC Mineral Resource of 860 Mt at 4.9% THM at a 4% cut-off grade **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/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-44) Corridor South · heavy mineral sands #### Identity - Project: Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:c8e884d5ce9de3420c51 - Deposit or zone: Nhacutse and Poiombo #### Resource Data - Category: inferred - Tonnes: 257000000 - Grade: 6 - Grade Unit: % THM - Cutoff Grade: 5 - Cutoff Unit: % #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The identified high-grade zone within Corridor South significantly enhances the project's economic potential. - Positive factor: High-grade zone with 257 Mt at 6.0% THM, indicating a valuable core to the deposit. - Positive factor: Higher cut-off grade \(5%\) suggests robust economics for this zone. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > including a high-grade zone of 257 Mt at 6.0% THM at a 5% cut-off grade. #### Tags used in scoring **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-45) Corridor Central and Corridor South · heavy mineral sands #### Identity - Project: Corridor Central and Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:173b4c1861d14d523a0b #### Resource Data - Category: indicated - Tonnes: 2000000000 #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The combined resource size is exceptionally large, positioning the titanium dioxide joint venture as a globally significant project. - Positive factor: Massive combined resource exceeding 2 billion tonnes, indicating a world-class heavy mineral sands project. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The combined resource is reported as 'Indicated and Inferred', with Indicated being the higher confidence category. Evidence · text > The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes. **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-46) Corridor Central and Corridor South · heavy mineral sands #### Identity - Project: Corridor Central and Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:8adc69987695518bfc57 #### Resource Data - Category: inferred - Tonnes: 2000000000 #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The combined resource size is exceptionally large, positioning the titanium dioxide joint venture as a globally significant project. - Positive factor: Massive combined resource exceeding 2 billion tonnes, indicating a world-class heavy mineral sands project. - Positive factor: JORC compliant resource, providing a high level of confidence. Evidence · text > The combined Global Indicated and Inferred JORC Mineral Resource across the two licences exceeds 2 billion tonnes. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-47) Corridor Central and Corridor South · heavy mineral sands #### Identity - Project: Corridor Central and Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3210b9293e73f69bf2bb #### Resource Data - Tonnes: 170000000 - Cutoff Grade: 3 - Cutoff Unit: % THM #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exploration target highlights substantial potential for future resource expansion, although it is conceptual in nature. - Positive factor: Large exploration target range, indicating significant upside potential for resource growth. Evidence · text > A combined Exploration Target range of 170 Mt to 1,130 Mt applies across the two licences, reported at a cut-off grade of 3% to 5% THM. #### Tags used in scoring **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 **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 ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-resource-facts-48) Corridor Central and Corridor South · heavy mineral sands #### Identity - Project: Corridor Central and Corridor South - Commodity: heavy mineral sands - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:dd0ac072b22573bd6d07 #### Resource Data - Tonnes: 1130000000 - Cutoff Grade: 5 - Cutoff Unit: % THM #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exploration target highlights substantial potential for future resource expansion, although it is conceptual in nature. - Positive factor: Large exploration target range, indicating significant upside potential for resource growth. Evidence · text > A combined Exploration Target range of 170 Mt to 1,130 Mt applies across the two licences, reported at a cut-off grade of 3% to 5% THM. #### Tags used in scoring **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 **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 (20) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-17) Garies Rare Earth Project · rare\_earths #### Identity - Project: Garies Rare Earth Project - Commodity: rare\_earths - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Recovery - Recovery: 72 % - Recovery Basis: actual\_test #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The metallurgical testwork demonstrates promising monazite recovery using conventional methods, which is a key de-risking step for the Garies project. - Positive factor: Strong initial monazite recovery of 72%, indicating good amenability to conventional processing. - Positive factor: Defined pathway towards recoveries above 80%, suggesting further optimization potential. - Positive factor: Testwork conducted on a large composite sample \(350 kg\), providing robust results. Evidence · text > Initial monazite recovery of approximately 72%, with a defined pathway toward recoveries above 80%. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-18) Garies Rare Earth Project · monazite #### Identity - Project: Garies Rare Earth Project - Commodity: monazite - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Recovery - Conc. Grade: 51 - Conc. Grade Unit: % monazite #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high concentrate grade demonstrates the ability to produce a saleable monazite product from the Garies ore. - Positive factor: High-grade monazite concentrate of 51% monazite, indicating effective separation. Evidence · text > Monazite concentrate grading approximately 51% monazite. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-19) Garies Rare Earth Project · rare\_earths #### Identity - Project: Garies Rare Earth Project - Commodity: rare\_earths - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Recovery - Conc. Grade: 60 - Conc. Grade Unit: % rare earth oxides #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high REO grade in the monazite concentrate confirms the quality of the rare earth product from Garies. - Positive factor: High-grade rare earth oxide content in the recovered monazite, indicating a valuable product. Evidence · text > Recovered monazite grading approximately 60% rare earth oxides. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-20) Garies Rare Earth Project · neodymium #### Identity - Project: Garies Rare Earth Project - Commodity: neodymium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The significant presence of magnet rare earths indicates a high-value rare earth basket, which is a strong positive for the project. - Positive factor: High proportion of valuable magnet rare earths \(neodymium, praseodymium, terbium, dysprosium\) at 26% of TREO, enhancing project economics. Evidence · text > Magnet rare earths neodymium, praseodymium, terbium and dysprosium comprising approximately 26% of TREO. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-21) Garies Rare Earth Project · praseodymium #### Identity - Project: Garies Rare Earth Project - Commodity: praseodymium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The significant presence of magnet rare earths indicates a high-value rare earth basket, which is a strong positive for the project. - Positive factor: High proportion of valuable magnet rare earths \(neodymium, praseodymium, terbium, dysprosium\) at 26% of TREO, enhancing project economics. Evidence · text > Magnet rare earths neodymium, praseodymium, terbium and dysprosium comprising approximately 26% of TREO. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-22) Garies Rare Earth Project · terbium #### Identity - Project: Garies Rare Earth Project - Commodity: terbium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The significant presence of magnet rare earths indicates a high-value rare earth basket, which is a strong positive for the project. - Positive factor: High proportion of valuable magnet rare earths \(neodymium, praseodymium, terbium, dysprosium\) at 26% of TREO, enhancing project economics. Evidence · text > Magnet rare earths neodymium, praseodymium, terbium and dysprosium comprising approximately 26% of TREO. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-23) Garies Rare Earth Project · dysprosium #### Identity - Project: Garies Rare Earth Project - Commodity: dysprosium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The significant presence of magnet rare earths indicates a high-value rare earth basket, which is a strong positive for the project. - Positive factor: High proportion of valuable magnet rare earths \(neodymium, praseodymium, terbium, dysprosium\) at 26% of TREO, enhancing project economics. Evidence · text > Magnet rare earths neodymium, praseodymium, terbium and dysprosium comprising approximately 26% of TREO. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-24) Garies Rare Earth Project · rare\_earths #### Identity - Project: Garies Rare Earth Project - Commodity: rare\_earths - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing, milling, magnetic separation, gravity concentration and flotation - Sample: approximately 350 kilogram composite of high-grade DrillTarg mineralisation #### Lab - Laboratory: Light Deep Earth Laboratories #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of valuable heavy rare earths further enhances the economic potential of the Garies project. - Positive factor: Significant contribution of heavy rare earths \(9% of TREO\), which are among the most valuable rare earths. Evidence · text > heavy rare earths accounting for approximately 9%. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-25) Garies Rare Earth Project · gallium #### Identity - Project: Garies Rare Earth Project - Commodity: gallium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: rare-earth-rich concentrates #### Recovery - Conc. Grade: 880 - Conc. Grade Unit: ppm #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of high gallium grades in concentrates suggests it could be a valuable byproduct, enhancing project economics. - Positive factor: High gallium grades in rare-earth-rich concentrates, indicating potential for co-production. Evidence · text > two rare-earth-rich concentrates returned 880 ppm and 573 ppm. ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-26) Garies Rare Earth Project · gallium #### Identity - Project: Garies Rare Earth Project - Commodity: gallium - Region: south\_africa - Reported Region: Northern Cape Province, South Africa - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: rare-earth-rich concentrates #### Recovery - Conc. Grade: 573 - Conc. Grade Unit: ppm #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of high gallium grades in concentrates suggests it could be a valuable byproduct, enhancing project economics. - Positive factor: High gallium grades in rare-earth-rich concentrates, indicating potential for co-production. Evidence · text > two rare-earth-rich concentrates returned 880 ppm and 573 ppm. ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-27) Adriano-Fotinho Rare Earth Corridor · ilmenite #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: ilmenite - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Conc. Grade: 24.4 - Conc. Grade Unit: % #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Mineralogy results confirm a high proportion of ilmenite, a key component for the titanium dioxide joint venture. - Positive factor: Significant ilmenite content \(24.4%\) in the heavy mineral concentrate, indicating a valuable titanium mineral. Evidence · text > Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-28) Adriano-Fotinho Rare Earth Corridor · rutile #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: rutile - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Conc. Grade: 2.3 - Conc. Grade Unit: % #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Mineralogy results confirm the presence of rutile, a valuable heavy mineral, in the Adriano concentrate. - Positive factor: Presence of rutile \(2.3%\) in the heavy mineral concentrate, contributing to the overall value. Evidence · text > Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-29) Adriano-Fotinho Rare Earth Corridor · monazite #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: monazite - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Conc. Grade: 1.9 - Conc. Grade Unit: % #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Mineralogy results confirm the presence of monazite, a rare earth mineral, in the Adriano concentrate. - Positive factor: Presence of monazite \(1.9%\) in the heavy mineral concentrate, indicating a rare earth component. Evidence · text > Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-30) Adriano-Fotinho Rare Earth Corridor · zircon #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: zircon - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Conc. Grade: 1.9 - Conc. Grade Unit: % #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Mineralogy results confirm the presence of zircon, a valuable heavy mineral, in the Adriano concentrate. - Positive factor: Presence of zircon \(1.9%\) in the heavy mineral concentrate, contributing to the overall value. Evidence · text > Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-31) Adriano-Fotinho Rare Earth Corridor · leucoxene #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: leucoxene - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Conc. Grade: 1.8 - Conc. Grade Unit: % #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Mineralogy results confirm the presence of leucoxene, a valuable heavy mineral, in the Adriano concentrate. - Positive factor: Presence of leucoxene \(1.8%\) in the heavy mineral concentrate, contributing to the overall value. Evidence · text > Ilmenite 24.4%, rutile 2.3%, monazite 1.9%, zircon 1.9% and leucoxene 1.8%. ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-32) Adriano-Fotinho Rare Earth Corridor · rare\_earths #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: rare\_earths - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Head Grade: 1.46 - Head Grade Unit: % total rare earth oxide #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The TREO grade in the heavy mineral concentrate confirms the rare earth potential of the Adriano project. - Positive factor: Good composite grade of 1.46% TREO, indicating a significant rare earth component in the heavy mineral sands. Evidence · text > Composite grade of 1.46% total rare earth oxide. ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-33) Adriano-Fotinho Rare Earth Corridor · praseodymium #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: praseodymium - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Head Grade: 3264 - Head Grade Unit: ppm #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of high-value magnet rare earths in the Adriano concentrate enhances its economic potential. - Positive factor: Significant concentration of valuable magnet rare earths \(praseodymium and neodymium\) in the concentrate. Evidence · text > 3,264 ppm praseodymium oxide plus neodymium oxide. ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-34) Adriano-Fotinho Rare Earth Corridor · neodymium #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: neodymium - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Head Grade: 3264 - Head Grade Unit: ppm #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of high-value magnet rare earths in the Adriano concentrate enhances its economic potential. - Positive factor: Significant concentration of valuable magnet rare earths \(praseodymium and neodymium\) in the concentrate. Evidence · text > 3,264 ppm praseodymium oxide plus neodymium oxide. ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-35) Adriano-Fotinho Rare Earth Corridor · terbium #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: terbium - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Head Grade: 103 - Head Grade Unit: ppm #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of heavy rare earths in the Adriano concentrate adds to its overall value. - Positive factor: Presence of valuable heavy rare earths \(terbium and dysprosium\) in the concentrate. Evidence · text > 103 ppm terbium oxide plus dysprosium oxide. ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/mrq-annual-report-to-shareholders--aeb0a38e-0055-45df-a0eb-f9bc2c446ec7#fact-metallurgical-facts-36) Adriano-Fotinho Rare Earth Corridor · dysprosium #### Identity - Project: Adriano-Fotinho Rare Earth Corridor - Commodity: dysprosium - Region: mozambique - Reported Region: Mozambique - Ticker: MRQ #### Test Work - Program Status: preliminary - Sample: composite heavy mineral concentrate drawn from four Adriano targets #### Recovery - Head Grade: 103 - Head Grade Unit: ppm #### Lab - Laboratory: SGS #### Location - Loc. Confidence: low #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The presence of heavy rare earths in the Adriano concentrate adds to its overall value. - Positive factor: Presence of valuable heavy rare earths \(terbium and dysprosium\) in the concentrate. Evidence · text > 103 ppm terbium oxide plus dysprosium oxide. ## 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.