# MRR: Annual Report 2026

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146724

Publisher: asx

Original announcement: 2026-09-30T08:31:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T09:23:17.900Z

Atlas analysis updated: 2026-09-30T09:23:17.900Z

- Company: Minrex Resources Limited

- Ticker: MRR

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Gold

- Secondary commodities: Copper, Silver

- Document categories: Resource update, Drill results, Other

- Extracted: 2026-09-30 09:23:18 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Minrex Resources Limited's 2026 Annual Report highlights a transformational year, marked by a merger that expanded its portfolio to include significant gold, silver, and copper assets in Serbia. The company reported strong drill results from its flagship Tlamino Gold-Silver Project, including the widest and highest-grade intersection to date, and has commenced metallurgical test work and environmental studies to support a JORC-compliant resource update and economic study. With a solid cash position, Minrex is focused on advancing its Serbian projects towards development and production.

Reasoning: The annual report details a transformational merger, strong new drill results from the flagship Tlamino project, and outlines a clear, funded pathway to upgrade resources and advance towards development, indicating significant positive momentum and future potential. While current resources are largely Inferred, the company has a clear plan to de-risk and advance these assets.

- Positive factor: Transformational merger completed, expanding asset portfolio and funding

- Positive factor: Strong drill results from Tlamino, including the widest and highest-grade intersection in deposit history \(BAR046\)

- Positive factor: High-grade intercepts \(e.g., 15.67 g/t AuEq over 4.2m\) confirm and extend mineralization

- Positive factor: Clear pathway to JORC-compliant resource upgrade and updated economic studies for Tlamino

- Positive factor: Metallurgical test work commenced to confirm recoveries and marketability

- Positive factor: Strong cash position \($6.04 million\) fully funds current programs

- Positive factor: Strategic focus on Serbia, a prospective mining region, with in-country team established

- Negative factor: Tlamino resource is currently a foreign estimate and 100% Inferred, limiting engineering confidence

- Negative factor: Sofala resource is also 100% Inferred, indicating early stage of confidence

- Negative factor: Drill results are reported as gold equivalent \(AuEq\), though assumptions are disclosed

- Negative factor: No specific recovery percentages or concentrate grades reported from metallurgical test work yet

Facts used in scoring: 29

## 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 report includes a Competent Person Statement by Mr Ian Shackleton, a Member of the Australian Institute of Geoscientists, who qualifies under the 2012 JORC Code and consents to the inclusion of information.

Evidence · text

> The information in this report relating to Exploration Results is based on, and fairly represents, information compiled by Mr Ian Shackleton, a Member of the Australian Institute of Geoscientists. Mr Shackleton is a Non-Executive Director of Minrex \(Technical Director until 23 August 2026\) and holds securities in the Company. He has sufficient relevant experience to qualify as a Competent Person under the 2012 JORC Code and consents to the inclusion of this information in the form and context in which it appears.

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: Metal equivalent grades are reported with clear disclosure of the gold and silver prices and overall recoveries used in the calculation.

Evidence · text

> Metal equivalents for 2026 drilling at the Tlamino Gold-Silver Project have been calculated at a gold price of US$3,300/oz and silver price of US$45/oz and overall recoveries of 84%.

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: The document explicitly states that the Barje infill drill programme has been completed.

Evidence · text

> Since year end, the Barje infill drill programme has been completed on schedule and within budget.

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The company is undertaking step-out diamond drilling to test eastern and western extensions of the deposit, systematically exploring beyond outcropping mineralization.

Evidence · text

> Our step-out diamond drilling is testing the eastern and western extensions of the deposit, and for the first time is systematically exploring beyond its outcropping mineralisation.

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 4.2 m at 15.67 g/t AuEq in BAR046 is exceptionally high-grade, significantly exceeding typical gold deposit norms and is reported as the highest-grade intersection in the deposit's history.

Evidence · text

> including 4.2 m at 15.67 g/t AuEq

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Tlamino Barje Deposit hosts an Inferred resource, indicating a lower level of geological confidence.

Evidence · text

> The flagship Barje Deposit hosts a high-grade, gold-dominant Inferred resource of 670,000 oz at 2.9 g/t AuEq.

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: The Tlamino Barje Deposit resource is entirely in the Inferred category, with no Measured or Indicated components.

Evidence · text

> The estimate is in the Inferred category and reported in accordance with NI 43-101.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The Tlamino Barje Deposit resource is reported in accordance with NI 43-101.

Evidence · text

> The estimate is in the Inferred category and reported in accordance with NI 43-101.

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: The foreign estimate for Tlamino explicitly states that a Competent Person has not done sufficient work to classify it as a Mineral Resource under the JORC Code.

Evidence · text

> A Competent Person has not done sufficient work to classify it as a Mineral Resource under the JORC Code

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The effective date for the Tlamino foreign estimate is 7 January 2021, which is more than two years old.

Evidence · text

> filed on SEDAR \(www.sedar.com\) on 7 January 2021.

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: A Preliminary Economic Assessment for an open-pit operation was completed in 2021 for the Tlamino project, which the current resource estimate supports.

Evidence · text

> A Preliminary Economic Assessment for an open-pit operation was completed in 2021

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Sofala Gold Project hosts JORC \(2012\) Inferred Mineral Resources.

Evidence · text

> The project hosts JORC \(2012\) Inferred Mineral Resources of 10.3 Mt at 1.07 g/t Au for 352,300 oz gold.

## Extracted facts

Stored fact records: 29. Some facts used in scoring do not have a stored record.

## Drill Results (14)

### BAR040

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-0)

Tlamino · gold

#### Identity

- Hole ID: BAR040
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 4.04
- Grade Unit: g/t
- Intercept: 10.6 m
- From: 37.1 m
- To: 47.7 m
- Intercept Depth: 37.1 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR040:37.1-47.7

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 4.04
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept from infill drilling confirms high-grade mineralization consistent with the geological model and is above the project's average grade, contributing positively to resource confidence.

- Positive factor: High-grade gold equivalent intercept \(4.04 g/t AuEq\) is above the project average \(3.929 g/t Au\)

- Positive factor: Good intercept length \(10.6 m\) for infill drilling

- Positive factor: Confirms high-grade mineralization from surface in the Barje deposit

Evidence · text

> 10.6 m at 4.04 g/t AuEq from 37.1 m, including 2.5 m at 10.05 g/t AuEq \(BAR040\);

#### 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

### BAR040

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-1)

Tlamino · gold

#### Identity

- Hole ID: BAR040
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 10.05
- Grade Unit: g/t
- Intercept: 2.5 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 10.05
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade sub-interval demonstrates excellent gold equivalent grades, reinforcing the quality of the mineralization within the Barje deposit and supporting resource confidence.

- Positive factor: Very high-grade gold equivalent intercept \(10.05 g/t AuEq\) significantly above project average and 75th percentile for gold deposits

- Positive factor: Confirms strong grade continuity within the Barje deposit

- Positive factor: Contributes to increasing confidence in the existing resource

Evidence · text

> including 2.5 m at 10.05 g/t AuEq

#### 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

### BAR041

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-2)

Tlamino · gold

#### Identity

- Hole ID: BAR041
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 2.43
- Grade Unit: g/t
- Intercept: 12.8 m
- From: 32.4 m
- To: 45.2 m
- Intercept Depth: 32.4 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR041:32.4-45.2

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 2.43
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept, while having a good length, shows a gold equivalent grade below the project average, indicating variability but still confirming mineralization in the infill program.

- Positive factor: Good intercept length \(12.8 m\) for infill drilling

- Positive factor: Confirms mineralization continuity within the Barje deposit

- Negative factor: Grade \(2.43 g/t AuEq\) is below the project average \(3.929 g/t Au\)

Evidence · text

> 12.8 m @ 2.43 g/t AuEq from 32.4 m \(BAR041\);

#### 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

### BAR036

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-3)

Tlamino · gold

Needs review: ungrounded

#### Identity

- Hole ID: BAR036
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 1.26
- Grade Unit: g/t
- Intercept: 28.5 m
- From: 26.5 m
- To: 55 m
- Intercept Depth: 26.5 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR036:26.5-55

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 1.26
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: ungrounded
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept, while long, shows a gold equivalent grade well below the project average, suggesting lower-grade zones within the infill area but still confirming mineralization.

- Positive factor: Significant intercept length \(28.5 m\) for infill drilling

- Positive factor: Confirms mineralization continuity within the Barje deposit

- Negative factor: Grade \(1.26 g/t AuEq\) is significantly below the project average \(3.929 g/t Au\)

Evidence · text

> 28.5 m @ 1.26 g/t AuEq from 26.5 m, including 12.0m @ 1.9 g/t AuEq from 39.5m.

#### 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

### BAR036

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-4)

Tlamino · gold

Needs review: ungrounded

#### Identity

- Hole ID: BAR036
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 1.9
- Grade Unit: g/t
- Intercept: 12 m
- From: 39.5 m
- To: 51.5 m
- Intercept Depth: 39.5 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR036:39.5-51.5

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 1.9
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: ungrounded
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This sub-interval, while having a good length, shows a gold equivalent grade below the project average, indicating lower-grade zones within the infill area but still confirming mineralization.

- Positive factor: Good intercept length \(12.0 m\) for infill drilling

- Positive factor: Confirms mineralization continuity within the Barje deposit

- Negative factor: Grade \(1.9 g/t AuEq\) is below the project average \(3.929 g/t Au\)

Evidence · text

> including 12.0m @ 1.9 g/t AuEq from 39.5m.

#### 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

### BAR046

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-5)

Tlamino · gold

#### Identity

- Hole ID: BAR046
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 5.85
- Grade Unit: g/t
- Intercept: 36 m
- From: 47 m
- To: 83 m
- Intercept Depth: 47 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR046:47-83

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 5.85
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept represents a record-breaking result for the deposit, combining exceptional width and strong gold equivalent grade, which is highly material for the upcoming resource update and overall project value.

- Positive factor: Exceptional intercept length \(36.0 m\) combined with strong grade \(5.85 g/t AuEq\)

- Positive factor: Reported as the 'widest and highest-grade intersection in the deposit’s history'

- Positive factor: Significantly above project average grade \(3.929 g/t Au\)

- Positive factor: Positive implications for the updated Mineral Resource Estimate

Evidence · text

> 36.0 m at 5.85 g/t AuEq from 47.0 m, including 4.2 m at 15.67 g/t AuEq and 14.0 m at 7.74 g/t AuEq \(BAR046\);

#### 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

### BAR046

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-6)

Tlamino · gold

#### Identity

- Hole ID: BAR046
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 15.67
- Grade Unit: g/t
- Intercept: 4.2 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 15.67
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This bonanza-grade sub-interval is the highest reported for the deposit, confirming exceptionally rich mineralization and significantly enhancing the project's potential.

- Positive factor: Bonanza grade gold equivalent intercept \(15.67 g/t AuEq\) is the highest reported for the deposit

- Positive factor: Significantly exceeds the project's best grade \(15.67 g/t AuEq\) and 75th percentile for gold deposits

- Positive factor: Indicates very high-grade zones within the central corridor of Barje

Evidence · text

> including 4.2 m at 15.67 g/t AuEq

#### 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

### BAR046

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-7)

Tlamino · gold

#### Identity

- Hole ID: BAR046
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 7.74
- Grade Unit: g/t
- Intercept: 14 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 7.74
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This strong intercept further contributes to the record-breaking hole, demonstrating excellent gold equivalent grades over a significant width and enhancing the overall prospectivity.

- Positive factor: Strong gold equivalent grade \(7.74 g/t AuEq\) over a good intercept length \(14.0 m\)

- Positive factor: Well above the project average grade \(3.929 g/t Au\)

- Positive factor: Contributes to the 'widest and highest-grade intersection' reported

Evidence · text

> and 14.0 m at 7.74 g/t AuEq \(BAR046\);

#### 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

### BAR050

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-8)

Tlamino · gold

#### Identity

- Hole ID: BAR050
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 5.22
- Grade Unit: g/t
- Intercept: 17.5 m
- From: 14.4 m
- To: 31.9 m
- Intercept Depth: 14.4 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR050:14.4-31.9

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 5.22
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept shows strong gold equivalent grades over a good width, confirming high-grade mineralization in an area previously modeled as low-grade, which is a positive re-evaluation.

- Positive factor: Strong gold equivalent grade \(5.22 g/t AuEq\) over a good intercept length \(17.5 m\)

- Positive factor: Above the project average grade \(3.929 g/t Au\)

- Positive factor: Intersects high-grade mineralization within the central corridor of Barje

Evidence · text

> 17.5 m at 5.22 g/t AuEq from 14.4 m, including 8.2 m at 7.60 g/t AuEq \(BAR050\);

#### 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

### BAR050

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-9)

Tlamino · gold

#### Identity

- Hole ID: BAR050
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 7.6
- Grade Unit: g/t
- Intercept: 8.2 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 7.6
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This sub-interval demonstrates strong gold equivalent grades, further confirming high-grade mineralization in an area previously modeled as low-grade, which is a significant positive.

- Positive factor: Strong gold equivalent grade \(7.60 g/t AuEq\) over a good intercept length \(8.2 m\)

- Positive factor: Well above the project average grade \(3.929 g/t Au\)

- Positive factor: Confirms high-grade mineralization within the central corridor of Barje

Evidence · text

> including 8.2 m at 7.60 g/t AuEq

#### 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

### BAR047

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-10)

Tlamino · gold

#### Identity

- Hole ID: BAR047
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 4.87
- Grade Unit: g/t
- Intercept: 18.3 m
- From: 57.7 m
- To: 76 m
- Intercept Depth: 57.7 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR047:57.7-76

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 4.87
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept shows strong gold equivalent grades over a good width, confirming high-grade mineralization in an area previously modeled as low-grade, which is a positive re-evaluation.

- Positive factor: Strong gold equivalent grade \(4.87 g/t AuEq\) over a good intercept length \(18.3 m\)

- Positive factor: Above the project average grade \(3.929 g/t Au\)

- Positive factor: Confirms high-grade mineralization within the central corridor of Barje

Evidence · text

> 18.3 m at 4.87 g/t AuEq from 57.7 m, including 6.5 m at 8.53 g/t AuEq \(BAR047\);

#### 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

### BAR047

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-11)

Tlamino · gold

#### Identity

- Hole ID: BAR047
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 8.53
- Grade Unit: g/t
- Intercept: 6.5 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 8.53
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This sub-interval demonstrates strong gold equivalent grades, further confirming high-grade mineralization in an area previously modeled as low-grade, which is a significant positive.

- Positive factor: Strong gold equivalent grade \(8.53 g/t AuEq\) over a good intercept length \(6.5 m\)

- Positive factor: Well above the project average grade \(3.929 g/t Au\)

- Positive factor: Confirms high-grade mineralization within the central corridor of Barje

Evidence · text

> including 6.5 m at 8.53 g/t AuEq

#### 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

### BAR045

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-12)

Tlamino · gold

#### Identity

- Hole ID: BAR045
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 4.16
- Grade Unit: g/t
- Intercept: 10.2 m
- From: 67 m
- To: 77.2 m
- Intercept Depth: 67 m

#### Classification

- Program: infill
- Sample Type: drill
- Group ID: BAR045:67-77.2

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 4.16
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept shows strong gold equivalent grades over a good width, confirming high-grade mineralization in an area previously modeled as low-grade, which is a positive re-evaluation.

- Positive factor: Strong gold equivalent grade \(4.16 g/t AuEq\) over a good intercept length \(10.2 m\)

- Positive factor: Above the project average grade \(3.929 g/t Au\)

- Positive factor: Confirms high-grade mineralization within the central corridor of Barje

Evidence · text

> 10.2 m at 4.16 g/t AuEq from 67.0 m, including 5.15 m at 7.31 g/t AuEq \(BAR045\).

#### 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

### BAR045

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-drill-facts-13)

Tlamino · gold

#### Identity

- Hole ID: BAR045
- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: serbia
- Ticker: MRR

#### Geometry

- Grade: 7.31
- Grade Unit: g/t
- Intercept: 5.15 m

#### Classification

- Program: infill
- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Metal Equivalent

- Metal Eq. Grade: 7.31
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This sub-interval demonstrates strong gold equivalent grades, further confirming high-grade mineralization in an area previously modeled as low-grade, which is a significant positive.

- Positive factor: Strong gold equivalent grade \(7.31 g/t AuEq\) over a good intercept length \(5.15 m\)

- Positive factor: Well above the project average grade \(3.929 g/t Au\)

- Positive factor: Confirms high-grade mineralization within the central corridor of Barje

Evidence · text

> including 5.15 m at 7.31 g/t AuEq

#### 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 (15)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-14)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:2daa1afdcaf8d8dde8ed

#### Resource Data

- Category: inferred
- Tonnes: 7100000
- Grade: 2.9
- Grade Unit: g/t
- Contained Metal: 670000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Metal Eq. Grade: 2.9
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a substantial Inferred foreign resource with good gold equivalent grades, but its 100% Inferred classification, foreign reporting standard, and older effective date limit its current confidence and direct comparability for investment decisions.

- Positive factor: Significant contained metal \(670,000 oz AuEq\) for an early-stage project

- Positive factor: High-grade gold equivalent \(2.9 g/t AuEq\) for an Inferred resource

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 2.9

Context: 7,100,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-15)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:2daa1afdcaf8d8dde8ed

#### Resource Data

- Category: inferred
- Tonnes: 7100000
- Grade: 2.5
- Grade Unit: g/t
- Contained Metal: 570000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a substantial Inferred foreign resource with good gold grades, but its 100% Inferred classification, foreign reporting standard, and older effective date limit its current confidence and direct comparability for investment decisions.

- Positive factor: Significant contained gold \(570,000 oz\) for an early-stage project

- Positive factor: Good gold grade \(2.5 g/t Au\) for an Inferred resource

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 2.5

Context: 7,100,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-16)

Tlamino · silver

#### Identity

- Project: Tlamino
- Commodity: silver
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:2daa1afdcaf8d8dde8ed

#### Resource Data

- Category: inferred
- Tonnes: 7100000
- Grade: 38
- Grade Unit: g/t
- Contained Metal: 8800000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a substantial Inferred foreign resource with good silver grades, but its 100% Inferred classification, foreign reporting standard, and older effective date limit its current confidence and direct comparability for investment decisions.

- Positive factor: Significant contained silver \(8.8 Moz\) for an early-stage project

- Positive factor: Good silver grade \(38 g/t Ag\) for an Inferred resource

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 38

Context: 7,100,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-17)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:1c94e60caf0a228e0c12
- Deposit or zone: High-Grade Breccia

#### Resource Data

- Category: inferred
- Tonnes: 3200000
- Grade: 4.7
- Grade Unit: g/t
- Contained Metal: 470000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Metal Eq. Grade: 4.7
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade gold equivalent resource in the High-Grade Breccia domain is a significant component of the overall estimate, but its Inferred status and foreign reporting limit confidence.

- Positive factor: High-grade gold equivalent \(4.7 g/t AuEq\) in the High-Grade Breccia domain

- Positive factor: Accounts for 70% of contained ounces in the Barje deposit

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 4.7

Context: 3,200,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-18)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:1c94e60caf0a228e0c12
- Deposit or zone: High-Grade Breccia

#### Resource Data

- Category: inferred
- Tonnes: 3200000
- Grade: 3.9
- Grade Unit: g/t
- Contained Metal: 400000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade gold resource in the High-Grade Breccia domain is a significant component of the overall estimate, but its Inferred status and foreign reporting limit confidence.

- Positive factor: High gold grade \(3.9 g/t Au\) in the High-Grade Breccia domain

- Positive factor: Significant contained gold \(400,000 oz\)

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 3.9

Context: 3,200,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-19)

Tlamino · silver

#### Identity

- Project: Tlamino
- Commodity: silver
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:1c94e60caf0a228e0c12
- Deposit or zone: High-Grade Breccia

#### Resource Data

- Category: inferred
- Tonnes: 3200000
- Grade: 65
- Grade Unit: g/t
- Contained Metal: 6700000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade silver resource in the High-Grade Breccia domain is a significant component of the overall estimate, but its Inferred status and foreign reporting limit confidence.

- Positive factor: High silver grade \(65 g/t Ag\) in the High-Grade Breccia domain

- Positive factor: Significant contained silver \(6.7 Moz\)

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 65

Context: 3,200,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-20)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:0c9105f85170324e9f0e
- Deposit or zone: Low-Grade Schist

#### Resource Data

- Category: inferred
- Tonnes: 2400000
- Grade: 1.2
- Grade Unit: g/t
- Contained Metal: 96000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Metal Eq. Grade: 1.2
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This lower-grade gold equivalent resource in the Low-Grade Schist domain, combined with its Inferred status and foreign reporting, contributes less to overall confidence.

- Negative factor: Lower-grade gold equivalent \(1.2 g/t AuEq\) in the Low-Grade Schist domain

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 1.2

Context: 2,400,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-21)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:0c9105f85170324e9f0e
- Deposit or zone: Low-Grade Schist

#### Resource Data

- Category: inferred
- Tonnes: 2400000
- Grade: 1.1
- Grade Unit: g/t
- Contained Metal: 88000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This lower-grade gold resource in the Low-Grade Schist domain, combined with its Inferred status and foreign reporting, contributes less to overall confidence.

- Negative factor: Lower-grade gold \(1.1 g/t Au\) in the Low-Grade Schist domain

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 1.1

Context: 2,400,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-22)

Tlamino · silver

#### Identity

- Project: Tlamino
- Commodity: silver
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:0c9105f85170324e9f0e
- Deposit or zone: Low-Grade Schist

#### Resource Data

- Category: inferred
- Tonnes: 2400000
- Grade: 8.4
- Grade Unit: g/t
- Contained Metal: 650000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This lower-grade silver resource in the Low-Grade Schist domain, combined with its Inferred status and foreign reporting, contributes less to overall confidence.

- Negative factor: Lower-grade silver \(8.4 g/t Ag\) in the Low-Grade Schist domain

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 8.4

Context: 2,400,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-23)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:ee3efe5d9084dce62ec5
- Deposit or zone: Partially Oxidised Material

#### Resource Data

- Category: inferred
- Tonnes: 1500000
- Grade: 2.1
- Grade Unit: g/t
- Contained Metal: 100000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Metal Eq. Grade: 2.1
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This gold equivalent resource in the Partially Oxidised Material domain, while contributing to the total, is limited by its Inferred status, foreign reporting, and older effective date.

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 2.1

Context: 1,500,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-24)

Tlamino · gold

#### Identity

- Project: Tlamino
- Commodity: gold
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:ee3efe5d9084dce62ec5
- Deposit or zone: Partially Oxidised Material

#### Resource Data

- Category: inferred
- Tonnes: 1500000
- Grade: 1.7
- Grade Unit: g/t
- Contained Metal: 87000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This gold resource in the Partially Oxidised Material domain, while contributing to the total, is limited by its Inferred status, foreign reporting, and older effective date.

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 1.7

Context: 1,500,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-25)

Tlamino · silver

#### Identity

- Project: Tlamino
- Commodity: silver
- Region: serbia
- Reported Region: Serbia
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: other
- QP Signed: No
- Resource group id: resource:ee3efe5d9084dce62ec5
- Deposit or zone: Partially Oxidised Material

#### Resource Data

- Category: inferred
- Tonnes: 1500000
- Grade: 29
- Grade Unit: g/t
- Contained Metal: 1400000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2021-01-07

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This silver resource in the Partially Oxidised Material domain, while contributing to the total, is limited by its Inferred status, foreign reporting, and older effective date.

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Foreign estimate not yet classified under JORC Code, limiting direct comparability

- Negative factor: Effective date is over 2 years old \(2021-01-07\), raising currency concerns

- Negative factor: No Competent Person sign-off under JORC Code

Evidence · table

> 29

Context: 1,500,000

#### 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 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 Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 5.7 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-26)

Sofala · gold

#### Identity

- Project: Sofala
- Commodity: gold
- Region: australia\_nsw
- Reported Region: New South Wales
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:0d04a7bd50acf785694d

#### Resource Data

- Category: inferred
- Tonnes: 10300000
- Grade: 1.07
- Grade Unit: g/t
- Contained Metal: 352300
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-09-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This JORC-compliant Inferred resource provides a baseline for the Sofala project, but its 100% Inferred status and lower grade suggest it is an early-stage asset with potential for future growth.

- Positive factor: JORC \(2012\) compliant resource, indicating a recognized reporting standard

- Positive factor: Significant contained gold \(352,300 oz\) for an Inferred resource

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Lower average grade \(1.07 g/t Au\) compared to other projects

Evidence · text

> JORC \(2012\) Inferred Mineral Resources of 10.3 Mt at 1.07 g/t Au for 352,300 oz gold

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-27)

Sofala · gold

#### Identity

- Project: Sofala
- Commodity: gold
- Region: australia\_nsw
- Reported Region: New South Wales
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:7d2575ba5022a9cd2626
- Deposit or zone: Spring Gully

#### Resource Data

- Category: inferred
- Tonnes: 9500000
- Grade: 1.06
- Grade Unit: g/t
- Contained Metal: 324000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-09-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Spring Gully deposit represents the bulk of the Sofala project's JORC Inferred resource, providing a significant gold endowment despite its early stage of confidence and lower grade.

- Positive factor: JORC \(2012\) compliant resource for Spring Gully

- Positive factor: Significant contained gold \(324,000 oz\) for an Inferred resource

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Lower average grade \(1.06 g/t Au\) compared to other projects

Evidence · text

> Spring Gully deposit \(9.5 Mt at 1.06 g/t Au for 324,000 oz\)

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/mrr-annual-report-2026--35c929e4-ac15-47c2-ad31-0ee1014d4a4d#fact-resource-facts-28)

Sofala · gold

#### Identity

- Project: Sofala
- Commodity: gold
- Region: australia\_nsw
- Reported Region: New South Wales
- Ticker: MRR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:602c80e59f11ceaa9add
- Deposit or zone: Surface Hill

#### Resource Data

- Category: inferred
- Tonnes: 800000
- Grade: 1.09
- Grade Unit: g/t
- Contained Metal: 28300
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2026-09-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Surface Hill prospect contributes a smaller, lower-grade JORC Inferred resource to the Sofala project, indicating early-stage potential.

- Positive factor: JORC \(2012\) compliant resource for Surface Hill

- Negative factor: Resource is 100% Inferred, indicating low geological confidence

- Negative factor: Lower average grade \(1.09 g/t Au\) compared to other projects

- Negative factor: Smaller contained gold \(28,300 oz\)

Evidence · text

> Surface Hill prospect \(0.8 Mt at 1.09 g/t Au for 28,300 oz\)

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

## 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.