# QXR: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146770

Publisher: asx

Original announcement: 2026-09-30T08:47:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T09:12:00.333Z

Atlas analysis updated: 2026-09-30T09:12:00.333Z

- Company: QX Resources Limited

- Ticker: QXR

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Uranium

- Secondary commodities: Gold, Copper, Molybdenum, Lithium

- Document categories: Drill results, Resource update, Other

- Extracted: 2026-09-30 09:12:01 UTC

Narrative sentiment: 0.30 · Bullish

## Minestarters Atlas summary

QX Resources Limited's annual report highlights a JORC Exploration Target of 20-30 Mt grading 400-500 ppm eU3O8 for its Madaba Uranium Project in Tanzania, based on historical data and supported by high-grade drill results. The company also reported increased cash reserves and net assets. However, the report notes material uncertainties regarding going concern and the carrying value of investments, and no on-ground exploration was conducted on its gold, copper-gold-molybdenum, and lithium projects during the year.

Reasoning: QX Resources Limited's annual report highlights a JORC Exploration Target for its Madaba Uranium Project, supported by historical high-grade drill results and a planned geophysical survey, which is positive for future potential. However, the target is conceptual, and the company faces going concern uncertainties, reported a net loss, and conducted no on-ground exploration on other projects.

- Positive factor: JORC Exploration Target announced

- Positive factor: Historical high-grade uranium drill results re-reported

- Positive factor: Increased cash reserves and net assets

- Positive factor: Geophysical survey planned/contracted

- Positive factor: QP/CP sign-off for exploration results and targets

- Negative factor: Material uncertainty regarding going concern

- Negative factor: Material uncertainty regarding carrying value of investments in associates

- Negative factor: Exploration Target is conceptual in nature

- Negative factor: Historical drill results are re-reported, not new assays

- Negative factor: No on-ground exploration for gold, copper-gold-molybdenum, and lithium projects during the year

- Negative factor: Significant net loss for the year

Facts used in scoring: 17

## Classification and evidence

**JORC Compliant**

Polarity: positive

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

Why it applies: The company announced a JORC Code \(2012\) compliant Exploration Target for the Madaba Uranium Project.

Evidence · text

> On 19 August 2026, the Company announced a JORC Code \(2012\) compliant Exploration Target

**QP/CP Signed**

Polarity: positive

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

Why it applies: The report includes a Competent Persons Statement signed by Mr. Roger Jackson \(FAusIMM\) for Exploration Results and Exploration Targets, and Mr George van der Walt Pr.Sci.Nat. for the Exploration Target and geological interpretation.

Evidence · text

> The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr. Roger Jackson, a Director and Shareholder of the Company, who is a 25+ year Fellow of the Australasian Institute of Mining and Metallurgy \(FAusIMM\)

**Exploration Target is conceptual**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource.

Evidence · text

> The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

**Material Uncertainty \(Going Concern\)**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The auditor's report highlights a material uncertainty regarding Going Concern, as the company is dependent on future equity raising to fund working capital and discharge liabilities.

Evidence · text

> We draw attention to Note 1 “Going Concern’ of the financial report, which indicates that the Company is dependent upon future equity raising in order to fund its working capital and discharge its liabilities in the ordinary course of business.

**Material Uncertainty \(Investments\)**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The auditor's report highlights a material uncertainty related to the carrying value of interests in associates, as their underlying assets are exploration tenements not yet commercialized.

Evidence · text

> We also draw attention to Note 18 to the financial report which indicates that a material uncertainty exists in relation to the Company’s ability to realise the carrying value of its interests in associates.

**No On-Ground Exploration**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: No on-ground exploration was undertaken at the Queensland Gold, Copper-Gold-Molybdenum, and Pilbara Hard Rock Lithium projects during the year.

Evidence · text

> No ground exploration was undertaken at the projects during the year.

## Extracted facts

Stored fact records: 17. Some facts used in scoring do not have a stored record.

## Drill Results (9)

### P15

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-2)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P15
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 612
- Grade Unit: ppm U3O8
- Intercept: 15 m
- From: 4 m
- To: 19 m
- Intercept Depth: 4 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P15:4-19

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project, indicating significant mineralization.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 15m @ 612 ppm U3O8 from 4m incl. 3m @ 2,465 ppm U3O8 from 10m \(P15\)

#### 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

### P15

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-3)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P15
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 2465
- Grade Unit: ppm U3O8
- Intercept: 3 m
- From: 10 m
- To: 13 m
- Intercept Depth: 10 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P15:10-13

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Exceptionally high-grade historical uranium sub-interval from the Madaba project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 3m @ 2,465 ppm U3O8 from 10m \(P15\)

#### 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

### P16

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-4)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P16
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 337
- Grade Unit: ppm U3O8
- Intercept: 16 m
- From: 4 m
- To: 20 m
- Intercept Depth: 4 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P16:4-20

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 16m @ 337 ppm U3O8 from 4m incl. 4m @1,082 ppm U3O8 from 8m \(P16\)

#### 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

### P16

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-5)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P16
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 1082
- Grade Unit: ppm U3O8
- Intercept: 4 m
- From: 8 m
- To: 12 m
- Intercept Depth: 8 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P16:8-12

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Very high-grade historical uranium sub-interval from the Madaba project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 4m @1082 ppm U3O8 from 8m \(P16\)

#### 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

### P17

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-6)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P17
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 693
- Grade Unit: ppm U3O8
- Intercept: 7 m
- From: 9 m
- To: 16 m
- Intercept Depth: 9 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P17:9-16

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 7m @ 693 ppm U3O8 from 9m \(P17\)

#### 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

### D12

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-7)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: D12
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 510
- Grade Unit: ppm eU3O8
- Intercept: 7 m
- From: 136.5 m
- To: 143.5 m
- Intercept Depth: 136.5 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: D12:136.5-143.5

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 7m @ 510 ppm eU3O8 from 136.5m \(D12\)

#### 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

### D8

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-8)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: D8
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 675
- Grade Unit: ppm eU3O8
- Intercept: 9.6 m
- From: 74 m
- To: 83.6 m
- Intercept Depth: 74 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: D8:74-83.6

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 9.6m @ 675 ppm eU3O8 from 74m \(D8\)

#### 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

### P104

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-9)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P104
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 890
- Grade Unit: ppm U3O8
- Intercept: 7 m
- From: 30 m
- To: 37 m
- Intercept Depth: 30 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P104:30-37

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 7m @ 890 ppm U3O8 from 30m \(P104\)

#### 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

### P103

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-drill-facts-10)

Madaba Uranium · uranium

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: P103
- Project: Madaba Uranium
- Commodity: uranium
- Region: tanzania
- Reported Region: tanzania
- Ticker: QXR

#### Geometry

- Grade: 420
- Grade Unit: ppm eU3O8
- Intercept: 15 m
- From: 47 m
- To: 62 m
- Intercept Depth: 47 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: P103:47-62

#### QA/QC

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

#### Deleterious

- Deleterious Flag: No

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-08-26T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade uranium intercept from the Madaba project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> 15m @ 420 ppm eU3O8 from 47m \(P103\)

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

## Resource Estimates (8)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-0)

Madaba Uranium Project · uranium

#### Identity

- Project: Madaba Uranium Project
- Commodity: uranium
- Region: tanzania
- Reported Region: Tanzania
- Ticker: QXR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr George van der Walt Pr.Sci.Nat.
- Resource group id: resource:dedf3a9b5b65de2406a9

#### Resource Data

- Category: inferred
- Tonnes: 20000000
- Grade: 400
- Grade Unit: ppm eU3O8
- Contained Metal: 18000000
- Contained Unit: lb u3o8

#### Prior Estimate

- Resource Date: 2026-08-19

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: A JORC compliant Exploration Target has been announced for the Madaba Uranium Project, providing a significant conceptual estimate of potential mineralization.

- Positive factor: JORC compliant

- Positive factor: QP/CP Signed

- Positive factor: Contained Metal Growth

- Negative factor: Exploration Target is conceptual

Evidence · text

> On 19 August 2026, the Company announced a JORC Code \(2012\) compliant Exploration Target, based on historic information, of 20 – 30 Mt grading 400 – 500 ppm eU₃O₈ \(containing approximately 18 – 33 Mlb U₃O₈\) for the 100%-owned Madaba Uranium Project.

#### 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/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-1)

Madaba Uranium Project · uranium

#### Identity

- Project: Madaba Uranium Project
- Commodity: uranium
- Region: tanzania
- Reported Region: Tanzania
- Ticker: QXR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr George van der Walt Pr.Sci.Nat.
- Resource group id: resource:5afda8e77d24e25f7822

#### Resource Data

- Category: inferred
- Tonnes: 30000000
- Grade: 500
- Grade Unit: ppm eU3O8
- Contained Metal: 33000000
- Contained Unit: lb u3o8

#### Prior Estimate

- Resource Date: 2026-08-19

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: The upper bound of the JORC compliant Exploration Target for the Madaba Uranium Project indicates significant potential mineralization.

- Positive factor: JORC compliant

- Positive factor: QP/CP Signed

- Positive factor: Contained Metal Growth

- Negative factor: Exploration Target is conceptual

Evidence · text

> On 19 August 2026, the Company announced a JORC Code \(2012\) compliant Exploration Target, based on historic information, of 20 – 30 Mt grading 400 – 500 ppm eU₃O₈ \(containing approximately 18 – 33 Mlb U₃O₈\) for the 100%-owned Madaba Uranium Project.

#### 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

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-11)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 5.9
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Historical high-grade gold trench result from the Big Red Project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Trench 1 - 9m @ 5.9 g/t Au within a mineralised zone 35m wide.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this release

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-12)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 1.2
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Historical wide gold trench result from the Big Red Project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Large zone 80m @1.2 g/t Au

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this release

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-13)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 2.2
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Historical moderate-grade gold trench result from the Big Red Project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Trench 2- 3m @ 2.2 g/t Au within a mineralised zone 13m wide.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this release

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-14)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 1.8
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Historical wide gold trench result from the Big Red Project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Large zone 28m @ 1.8 g/t Au

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this release

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-15)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 23
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Exceptionally high-grade historical gold trench result from the Big Red Project.

- Positive factor: Bonanza Intercept

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Trench 4 - 2m @ 23 g/t Au with a mineralised zone 7m wide.

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this release

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/qxr-annual-report-to-shareholders--f13b22c0-ec41-4135-b01e-579922985b83#fact-resource-facts-16)

Big Red Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Big Red Project
- Commodity: gold
- Region: australia\_qld
- Reported Region: Queensland
- Ticker: QXR

#### Resource scope

- QP Signed: Yes
- Resource group id: resource:3983dfc298519eb976b8

#### Resource Data

- Grade: 1.7
- Grade Unit: g/t

#### Metal Equivalent

- Assumptions Disclosed: No

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-11-01T00:00:00.000Z

#### Dates

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

Reasoning: Historical wide gold trench result from the Big Red Project.

- Negative factor: Stale Data Re-release

- Negative factor: Cut-off Undisclosed

Evidence · text

> Large zone 32m @ 1.7 g/t Au

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

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

Why it applies: no cutoff\_grade was stated

**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

**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

**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 4.9 years before this 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.