# RBX: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rbx-annual-report-to-shareholders--9019a752-5b99-49af-b53a-3b9664138369 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145483 Publisher: asx Original announcement: 2026-09-29T07:12:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:55:57.033Z Atlas analysis updated: 2026-09-29T14:55:57.033Z - Company: Resource Base Limited - Ticker: RBX - Exchange: ASX - Region: Victoria, Australia - Primary commodity: Rare earths - Secondary commodities: Titanium, Gold, Platinum, Uranium, Thorium - Document categories: Resource update, Capital raise, Other - Extracted: 2026-09-29 14:55:57 UTC Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas summary Resource Base Limited reported a loss of $714,802 for the financial year ended June 30, 2026, and continued to focus on its Gawler Craton critical minerals and Mitre Hill rare earth element projects in Australia. The company maintained its Inferred Mineral Resource at Mitre Hill \(21 Mt at 767 ppm TREO\), first reported in February 2023, and relinquished its James Bay lithium projects. Post-period, the company secured a $650,000 capital raise to fund future exploration activities. Reasoning: Resource Base Limited reported a loss for the financial year and maintained an early-stage Inferred rare earth resource that was first reported in 2023. The company also relinquished its lithium projects. A post-period capital raise provides funding for ongoing exploration. - Positive factor: JORC compliant resource - Positive factor: QP/CP signed - Positive factor: Cut-off grade disclosed - Positive factor: Post-period capital raise - Negative factor: Company reported a loss - Negative factor: Resource estimate is stale \(2023\) - Negative factor: Resource is 100% Inferred category - Negative factor: Relinquishment of lithium projects Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource Summary reports 21 Mt at 767 ppm TREO in the Inferred category. Evidence · table > Inferred Context: 21 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The maiden JORC Inferred Mineral Resource was first reported on 3 February 2023 and is unchanged at 30 June 2026, making it over 3 years old. Evidence · text > The maiden JORC Inferred Mineral Resource at EL007647, first reported on 3 February 2023 and unchanged at 30 June 2026 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is stated to be compliant with the JORC Code. Evidence · text > Maiden JORC Resource at Mitre Hill REE Project **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: Mr Michael Beven, a Director of the Company, is stated to be a Competent Person as defined in the JORC Code \(2012 edition\) and consents to the information. Evidence · text > The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Michael Beven, a Director of the Company. Mr Beven was previously engaged by the Company as a consultant and has subsequently been appointed as a Director of the Company. He is a Member of the Australasian Institute of Geoscientists. Mr Beven consents to the inclusion of this information in the form and context in which it appears in this report. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 325 ppm TREO minus CeO₂ is clearly stated for the Mineral Resources. Evidence · text > Mineral Resources are reported at a cut-off grade of 325 ppm TREO minus CeO₂ \(TREO–CeO₂\). **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The resource estimate is referred to as a 'Maiden JORC Resource' in the context of its initial reporting date. Evidence · text > Maiden JORC Resource at Mitre Hill REE Project ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rbx-annual-report-to-shareholders--9019a752-5b99-49af-b53a-3b9664138369#fact-resource-facts-0) Mitre Hill · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Mitre Hill - Commodity: rare\_earths - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: RBX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Beven - Resource group id: resource:b380dc80b495f185c734 - Deposit or zone: EL007647 #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 541 - Grade Unit: ppm - Cutoff Grade: 325 - Cutoff Unit: ppm TREO minus CeO₂ #### Prior Estimate - Resource Date: 2023-02-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-03T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a restatement of an Inferred JORC-compliant resource from 2023, indicating low confidence and novelty, despite QP sign-off and disclosed cut-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Resource is 100% Inferred category - Negative factor: Estimate is stale \(first reported in 2023\) Evidence · table > 541 Context: 21 #### 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 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 **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 3.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rbx-annual-report-to-shareholders--9019a752-5b99-49af-b53a-3b9664138369#fact-resource-facts-1) Mitre Hill · thorium Historical result Needs review: historical\_restatement #### Identity - Project: Mitre Hill - Commodity: thorium - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: RBX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Beven - Resource group id: resource:b380dc80b495f185c734 - Deposit or zone: EL007647 #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 325 - Cutoff Unit: ppm TREO minus CeO₂ #### Prior Estimate - Resource Date: 2023-02-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-03T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a restatement of an Inferred JORC-compliant resource from 2023, indicating low confidence and novelty, despite QP sign-off and disclosed cut-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Resource is 100% Inferred category - Negative factor: Estimate is stale \(first reported in 2023\) Evidence · table > 18 Context: 21 #### 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 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 **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 3.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rbx-annual-report-to-shareholders--9019a752-5b99-49af-b53a-3b9664138369#fact-resource-facts-2) Mitre Hill · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Mitre Hill - Commodity: uranium - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: RBX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Beven - Resource group id: resource:448ed1152e4d423fe7b2 - Deposit or zone: EL007647 - Mining method: combined - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 2 - Grade Unit: ppm - Cutoff Grade: 325 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2023-02-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-03T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a restatement of an Inferred JORC-compliant resource from 2023, indicating low confidence and novelty, despite QP sign-off and disclosed cut-off. - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Resource is 100% Inferred category - Negative factor: Estimate is stale \(first reported in 2023\) Evidence · table > 2 Context: 21 #### 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 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 **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 3.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rbx-annual-report-to-shareholders--9019a752-5b99-49af-b53a-3b9664138369#fact-resource-facts-3) Mitre Hill · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Mitre Hill - Commodity: uranium - Region: australia\_vic - Reported Region: Victoria, Australia - Ticker: RBX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Beven - Resource group id: resource:1b1d40507e742c490b0a - Mining method: combined - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 2 - Grade Unit: ppm - Cutoff Grade: 325 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2023-02-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-02-03T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a restatement of an Inferred JORC-compliant resource from 2023, indicating low confidence and novelty, despite QP sign-off and disclosed cut-off. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Cut-off grade disclosed - Negative factor: Resource is 100% Inferred category - Negative factor: Estimate is stale \(first reported in 2023\) Evidence · table > 2 Context: 21 #### 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 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 **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 3.7 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.