# NRX: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146503 Publisher: asx Original announcement: 2026-09-30T07:04:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:03:56.404Z Atlas analysis updated: 2026-09-30T09:03:56.404Z - Company: Noronex Limited - Ticker: NRX - Exchange: ASX - Region: Namibia, Botswana, Alaska, USA, Canada - Primary commodity: Copper - Secondary commodities: Tin, Uranium, Silver - Document categories: Drill results, Agreement transaction, Capital raise, Other - Extracted: 2026-09-30 09:03:57 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Noronex Limited reported a net profit of $1.14 million for the year ended June 30, 2026, a significant improvement from the previous year's loss. The company advanced its exploration portfolio through strategic acquisitions, including the Sleitat Tin Project in Alaska, and disposals of non-core assets in Namibia. It also continued its copper exploration partnership with South32 in the Kalahari Copper Belt and reported new uranium drill results from Etango North, Namibia. Reasoning: Noronex Limited reported a net profit for the year, driven by strategic transactions and ongoing exploration, but faces a material uncertainty regarding its going concern status and reliance on future funding. - Positive factor: Company achieved a net profit for the year - Positive factor: Strategic acquisitions and disposals to streamline asset base - Positive factor: Ongoing exploration partnership with South32 - Positive factor: New uranium drill results reported - Negative factor: Auditor's report highlights material uncertainty related to going concern - Negative factor: Reliance on future funding for continued operations Facts used in scoring: 28 ## Classification and evidence **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The reported intervals for the Etango North drill results are down-hole lengths and true widths are explicitly stated as unknown. Evidence · text > The reported intervals are down-hole lengths and true widths are unknown due to the early-stage nature of the drilling and uncertain geometry of mineralisation. **No QA/QC Disclosure** Polarity: negative Story-specific tag 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: The document mentions 'final laboratory uranium assay results' but does not disclose specific QA/QC procedures, certified labs, or QP sign-off for the Etango North drill results. Evidence · text > Subsequent to the period, the Company reported final laboratory uranium assay results from its maiden Reverse Circulation \(RC\) drilling program at the Etango North Uranium Project \(EPL 6776\), located in Namibia’s premier hard-rock uranium district. **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document refers to 'Historical drilling at Sleitat' for the tin and silver intercepts, indicating these are not new assay results. Evidence · text > Historical drilling at Sleitat includes intercepts of up to 29.1m @ 1.56% Sn, 28g/t Ag \(including 3.1m @ 12.55% Sn, 198g/t Ag from 20.4m\) ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Drill Results (18) ### ODC002 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-0) Etango North Uranium · uranium #### Identity - Hole ID: ODC002 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 151 - Grade Unit: ppm U3O8 - Intercept: 3 m - From: 84 m - To: 87 m - Hole Depth: 227 m - Intercept Depth: 84 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC002:84-87 #### Location - Easting: 481877 - Northing: 7498069 - Elevation: 280 m - Azimuth: 289 ° - Dip: -55 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: First drill results from a new project, confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 151 Context: 3 #### 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 ### ODC004 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-1) Etango North Uranium · uranium #### Identity - Hole ID: ODC004 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 261 - Grade Unit: ppm U3O8 - Intercept: 3 m - From: 181 m - To: 184 m - Hole Depth: 306 m - Intercept Depth: 181 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC004:181-184 #### Location - Easting: 481911 - Northing: 7497716 - Elevation: 286 m - Azimuth: 285 ° - Dip: -50 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, with a slightly higher grade, but true width is unknown. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 261 Context: 3 #### 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 ### ODC005 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-2) Etango North Uranium · uranium #### Identity - Hole ID: ODC005 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 132 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 155 m - To: 157 m - Hole Depth: 224 m - Intercept Depth: 155 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC005:155-157 #### Location - Easting: 481860 - Northing: 7497577 - Elevation: 289 m - Azimuth: 246 ° - Dip: -59 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 132 Context: 2 #### 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 ### ODC006 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-3) Etango North Uranium · uranium #### Identity - Hole ID: ODC006 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 138 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 213 m - To: 215 m - Hole Depth: 255 m - Intercept Depth: 213 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC006:213-215 #### Location - Easting: 481829 - Northing: 7497437 - Elevation: 290 m - Azimuth: 257 ° - Dip: -57 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 138 Context: 2 #### 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 ### ODC008 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-4) Etango North Uranium · uranium #### Identity - Hole ID: ODC008 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 130 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 13 m - To: 15 m - Hole Depth: 257 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC008:13-15 #### Location - Easting: 483312 - Northing: 7499002 - Elevation: 308 m - Azimuth: 32 ° - Dip: -60 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 130 Context: 2 #### 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 ### ODC008 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-5) Etango North Uranium · uranium #### Identity - Hole ID: ODC008 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 140 - Grade Unit: ppm U3O8 - Intercept: 3 m - From: 41 m - To: 44 m - Hole Depth: 257 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC008:41-44 #### Location - Easting: 483312 - Northing: 7499002 - Elevation: 308 m - Azimuth: 32 ° - Dip: -60 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 140 Context: 3 #### 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 ### ODC008 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-6) Etango North Uranium · uranium #### Identity - Hole ID: ODC008 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 130 - Grade Unit: ppm U3O8 - Intercept: 7 m - From: 61 m - To: 68 m - Hole Depth: 257 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC008:61-68 #### Location - Easting: 483312 - Northing: 7499002 - Elevation: 308 m - Azimuth: 32 ° - Dip: -60 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 130 Context: 7 #### 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 ### ODC008 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-7) Etango North Uranium · uranium #### Identity - Hole ID: ODC008 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 126 - Grade Unit: ppm U3O8 - Intercept: 3 m - From: 70 m - To: 73 m - Hole Depth: 257 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC008:70-73 #### Location - Easting: 483312 - Northing: 7499002 - Elevation: 308 m - Azimuth: 32 ° - Dip: -60 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 126 Context: 3 #### 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 ### ODC008 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-8) Etango North Uranium · uranium #### Identity - Hole ID: ODC008 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 270 - Grade Unit: ppm U3O8 - Intercept: 4 m - From: 78 m - To: 82 m - Hole Depth: 257 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC008:78-82 #### Location - Easting: 483312 - Northing: 7499002 - Elevation: 308 m - Azimuth: 32 ° - Dip: -60 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, with a slightly higher grade, but true width is unknown. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 270 Context: 4 #### 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 ### ODC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-9) Etango North Uranium · uranium #### Identity - Hole ID: ODC009 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 133 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 12 m - To: 14 m - Hole Depth: 250 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC009:12-14 #### Location - Easting: 483414 - Northing: 7498908 - Elevation: 308 m - Azimuth: 15 ° - Dip: -52 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 133 Context: 2 #### 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 ### ODC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-10) Etango North Uranium · uranium #### Identity - Hole ID: ODC009 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 119 - Grade Unit: ppm U3O8 - Intercept: 5 m - From: 102 m - To: 107 m - Hole Depth: 250 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC009:102-107 #### Location - Easting: 483414 - Northing: 7498908 - Elevation: 308 m - Azimuth: 15 ° - Dip: -52 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 119 Context: 5 #### 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 ### ODC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-11) Etango North Uranium · uranium #### Identity - Hole ID: ODC009 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 139 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 192 m - To: 194 m - Hole Depth: 250 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC009:192-194 #### Location - Easting: 483414 - Northing: 7498908 - Elevation: 308 m - Azimuth: 15 ° - Dip: -52 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 139 Context: 2 #### 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 ### ODC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-12) Etango North Uranium · uranium #### Identity - Hole ID: ODC009 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 183 - Grade Unit: ppm U3O8 - Intercept: 5 m - From: 205 m - To: 210 m - Hole Depth: 250 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC009:205-210 #### Location - Easting: 483414 - Northing: 7498908 - Elevation: 308 m - Azimuth: 15 ° - Dip: -52 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 183 Context: 5 #### 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 ### ODC009 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-13) Etango North Uranium · uranium #### Identity - Hole ID: ODC009 - Project: Etango North Uranium - Commodity: uranium - Region: namibia - Reported Region: namibia - Ticker: NRX #### Geometry - Grade: 189 - Grade Unit: ppm U3O8 - Intercept: 2 m - From: 215 m - To: 217 m - Hole Depth: 250 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ODC009:215-217 #### Location - Easting: 483414 - Northing: 7498908 - Elevation: 308 m - Azimuth: 15 ° - Dip: -52 ° - Loc. Confidence: medium - Loc. Source: document #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drill results confirming mineralization, but grade is low and true width is not known. - Positive factor: Maiden drill program - Positive factor: Intercept above reporting cut-off - Negative factor: True width unknown - Negative factor: Grade is below weak threshold for uranium - Negative factor: No QA/QC disclosure Evidence · table > 189 Context: 2 #### 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 15 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-14) Sleitat · tin Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Sleitat - Commodity: tin - Region: usa\_ak - Reported Region: usa\_ak - Ticker: NRX #### Geometry - Grade: 1.56 - Grade Unit: % - Intercept: 29.1 m #### Classification - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Strong historical tin intercept, indicating potential, but not new information. - Positive factor: High-grade historical intercept - Positive factor: Significant intercept length - Negative factor: Historical data, not new - Negative factor: No true width stated Evidence · text > 29.1m @ 1.56% Sn #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-15) Sleitat · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Sleitat - Commodity: silver - Region: usa\_ak - Reported Region: usa\_ak - Ticker: NRX #### Geometry - Grade: 28 - Grade Unit: g/t - Intercept: 29.1 m #### Classification - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Moderate historical silver credit alongside tin, but not new information. - Positive factor: Historical silver credit - Negative factor: Historical data, not new - Negative factor: No true width stated Evidence · text > 28g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-16) Sleitat · tin Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Sleitat - Commodity: tin - Region: usa\_ak - Reported Region: usa\_ak - Ticker: NRX #### Geometry - Grade: 12.55 - Grade Unit: % - Intercept: 3.1 m - From: 20.4 m - To: 23.5 m - Intercept Depth: 20.4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Sleitat:20.4-23.5 #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Exceptionally high-grade historical tin intercept within a broader zone, but not new information. - Positive factor: Bonanza-grade historical intercept - Positive factor: High-grade sub-interval - Negative factor: Historical data, not new - Negative factor: No true width stated Evidence · text > 3.1m @ 12.55% Sn #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/nrx-annual-report-to-shareholders--6e75301a-d281-4538-ba16-ae0f6ffa959e#fact-drill-facts-17) Sleitat · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Sleitat - Commodity: silver - Region: usa\_ak - Reported Region: usa\_ak - Ticker: NRX #### Geometry - Grade: 198 - Grade Unit: g/t - Intercept: 3.1 m - From: 20.4 m - To: 23.5 m - Intercept Depth: 20.4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: Sleitat:20.4-23.5 #### QA/QC - QP Signed: No #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Strong historical silver credit within a high-grade tin sub-interval, but not new information. - Positive factor: Strong historical silver credit - Negative factor: Historical data, not new - Negative factor: No true width stated Evidence · text > 198g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## 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.