# OR3: 2026 Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/or3-2026-annual-report-to-shareholders--498866a8-376e-416f-ad88-2f5788279909 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146464 Publisher: asx Original announcement: 2026-09-30T06:52:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:18:20.333Z Atlas analysis updated: 2026-09-30T07:18:20.333Z - Company: Ore Resources Limited - Ticker: OR3 - Exchange: ASX - Region: Western Australia - Primary commodity: Lithium - Secondary commodities: Gold, Tantalum, Nickel, Copper, Cobalt, Iron ore - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-30 07:18:21 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Ore Resources Limited reported a landmark year in FY2026, marked by a maiden Mineral Resource Estimate and a positive Scoping Study for its Kangaroo Hills Lithium Project, outlining a rapid, capital-lite DSO operation. The company also achieved significant exploration success at its Coolgardie Gold Projects with high-grade intercepts and expanded its landholdings through strategic acquisitions. A successful A$7.5 million capital raise strengthened its balance, and a Project Agreement with Traditional Owners supports future development, although the auditor noted a material uncertainty regarding going concern. Reasoning: Ore Resources Limited achieved significant milestones in FY2026, including a maiden lithium MRE and a positive DSO Scoping Study for Kangaroo Hills, alongside strong gold exploration results and strategic acquisitions, positioning the company for future growth. However, the auditor noted a material uncertainty regarding going concern. - Positive factor: Maiden Mineral Resource Estimate for Kangaroo Hills Lithium Project - Positive factor: Positive Scoping Study for Kangaroo Hills DSO operation with robust economics - Positive factor: Significant high-grade lithium drill intercepts at Kangaroo Hills - Positive factor: Significant high-grade gold drill intercepts at Miriam Gold Project - Positive factor: Expanded gold and lithium landholdings through strategic acquisitions - Positive factor: Successful A$7.5 million equity capital raise - Positive factor: Project Agreement with Traditional Owners de-risks project development - Positive factor: Confirmation of low intrinsic iron content in Big Red lithium mineralization - Negative factor: Material uncertainty related to going concern noted in the auditor's report - Negative factor: Some historical drill results are re-stated without new assays - Negative factor: DSO Scoping Study is an early-stage economic assessment based on theoretical recovery Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 3 ## Classification and evidence **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/or3-2026-annual-report-to-shareholders--498866a8-376e-416f-ad88-2f5788279909#fact-resource-facts-0) Kangaroo Hills Lithium Project · lithium #### Identity - Project: Kangaroo Hills Lithium Project - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: OR3 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:331475b52a55adde132f - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2710000 - Grade: 1.05 - Grade Unit: % Li2O - Contained Metal: 28400 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a significant maiden Indicated resource for lithium, establishing a strong foundation for project development. - Positive factor: Maiden resource estimate for the project - Positive factor: High confidence category \(Indicated\) - Positive factor: Significant contained metal Evidence · table > 1.05 Context: 2.71 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/or3-2026-annual-report-to-shareholders--498866a8-376e-416f-ad88-2f5788279909#fact-resource-facts-1) Kangaroo Hills Lithium Project · tantalum #### Identity - Project: Kangaroo Hills Lithium Project - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: OR3 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:331475b52a55adde132f - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2710000 - Grade: 118 - Grade Unit: ppm - Contained Metal: 708700 - Contained Unit: lb - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a significant maiden Indicated resource for tantalum, adding byproduct potential to the lithium project. - Positive factor: Maiden resource estimate for the project - Positive factor: High confidence category \(Indicated\) Evidence · table > 118 Context: 2.71 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/or3-2026-annual-report-to-shareholders--498866a8-376e-416f-ad88-2f5788279909#fact-resource-facts-2) Kangaroo Hills Lithium Project · iron\_ore #### Identity - Project: Kangaroo Hills Lithium Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: OR3 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:331475b52a55adde132f - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2710000 - Grade: 1.2 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-07-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden Indicated resource for iron, providing additional detail on the ore body composition. - Positive factor: Maiden resource estimate for the project - Positive factor: High confidence category \(Indicated\) Evidence · table > 1.2 Context: 2.71 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## 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.