# REC: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146352 Publisher: asx Original announcement: 2026-09-30T06:08:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:33:40.402Z Atlas analysis updated: 2026-09-30T07:33:40.402Z - Company: Recharge Metals Limited - Ticker: REC - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper, Tungsten, Molybdenum, Uranium, Lithium - Document categories: Drill results, Resource update, Other - Extracted: 2026-09-30 07:33:41 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Recharge Metals Limited released its Annual Report for the financial year ended June 30, 2026, reporting a loss of $4.08 million. Key activities included the acquisition of the Sunset Well Gold Project in Western Australia, which hosts a JORC 2012 Inferred Mineral Resource of 2.87 Mt at 1.0 g/t Au for 94,500 oz Au. The company also successfully raised $5.97 million through a placement and rights issue to fund exploration and strengthened its board and technical team. Reasoning: Recharge Metals Limited's annual report highlights the acquisition of the Sunset Well Gold Project with an existing Inferred Gold Resource and a successful capital raise, which are positive for future exploration. However, the resource is historical and entirely inferred, and the company reported a loss for the year, tempering the overall positive outlook. - Positive factor: Acquisition of Sunset Well Gold Project with an existing JORC Inferred Resource - Positive factor: Successful capital raise of $5.97 million to fund exploration - Positive factor: Strengthening of Board and technical team with experienced professionals - Positive factor: Active exploration across multiple projects and commodities in WA, Canada, and USA - Positive factor: Identification of potential large Cu-W-Mo system at Brandy Hill South - Negative factor: Company reported a loss of $4.08 million for the financial year - Negative factor: The Prospero Gold Deposit resource is entirely Inferred, indicating lower geological confidence - Negative factor: The resource estimate is a re-statement of an older estimate \(originally 2011\), not a new discovery or updated estimate based on recent drilling - Negative factor: Drill results mentioned for Brandy Hill South are historical, not new assays from the reporting period Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## 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 Prospero Gold Deposit is reported as an 'Inferred Mineral Resource'. Evidence · text > Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The entire Prospero Gold Deposit resource is classified as Inferred, with no Measured or Indicated categories. Evidence · text > Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Prospero Gold Deposit resource is 'reported in accordance with the JORC Code \(2012 Edition\)'. Evidence · text > reported in accordance with the JORC Code \(2012 Edition\) **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 Mineral Resource Estimate was 'compiled by Mr. Shaun Searle who is a Director of Ashmore Advisory and a Member of the AIG', qualifying him as a Competent Person. Evidence · text > The Statement of Estimates of Mineral Resources has been compiled by Mr. Shaun Searle who is a Director of Ashmore Advisory and a Member of the AIG. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Prospero Mineral Resource was originally estimated in 2011 and reviewed in 2014, making it an older estimate re-reported in 2026. Evidence · text > The Prospero Mineral Resource was originally estimated and reported by Midas Resources Limited under the JORC Code \(2004 Edition\) and released to the ASX on 4 July 2011. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Prospero Mineral Resource was originally estimated in 2011 and is a re-statement of a prior estimate, not a new estimate. Evidence · text > The Prospero Mineral Resource was originally estimated and reported by Midas Resources Limited under the JORC Code \(2004 Edition\) and released to the ASX on 4 July 2011. **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results for Brandy Hill South \(BHRC004, BHA253, BHA254\) are referenced from a 'REC ASX Announcement 8 September 2026', indicating they were previously announced and are not new assays in this annual report. Evidence · text > REC ASX Announcement 8 September 2026 ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### BHRC004 [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-drill-facts-2) Brandy Hill South · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BHRC004 - Project: Brandy Hill South - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: REC #### Geometry - Grade: 0.56 - Grade Unit: % - Intercept: 73 m - From: 63 m - To: 136 m - Intercept Depth: 63 m #### Classification - Sample Type: drill - Group ID: BHRC004:63-136 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-08T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical broad copper intercept is positive for the project's potential, but its age and lack of true width information reduce its immediate impact. - Positive factor: Broad interval of copper mineralisation indicates potential for bulk tonnage - Positive factor: Supports the interpretation of a larger Cu-W-Mo system - Negative factor: Result is historical, not new drilling from the reporting period - Negative factor: No true width stated, so apparent width may overstate true thickness Evidence · text > 73m at 0.56% Cu from 63m #### 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 ### BHRC004 [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-drill-facts-3) Brandy Hill South · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BHRC004 - Project: Brandy Hill South - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: REC #### Geometry - Grade: 1.03 - Grade Unit: % - Intercept: 28 m - From: 63 m - To: 91 m - Intercept Depth: 63 m #### Classification - Sample Type: drill - Group ID: BHRC004:63-91 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-08T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical higher-grade copper sub-interval is encouraging for the project's potential, but its age and lack of true width information limit its immediate significance. - Positive factor: Higher-grade sub-interval within a broader zone, indicating potential for economic grades - Positive factor: Supports the interpretation of a larger Cu-W-Mo system - Negative factor: Result is historical, not new drilling from the reporting period - Negative factor: No true width stated, so apparent width may overstate true thickness Evidence · text > including 28m at 1.03% Cu from 63m \(BHRC004\) #### 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 ### BHA253 [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-drill-facts-4) Brandy Hill South · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BHA253 - Project: Brandy Hill South - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: REC #### Geometry - Grade: 0.75 - Grade Unit: % - Intercept: 21 m - From: 60 m - To: 81 m - Intercept Depth: 60 m #### Classification - Sample Type: drill - Group ID: BHA253:60-81 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-08T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical copper intercept 1km north of the main zone is positive for demonstrating potential strike extension, but its age and lack of true width information reduce its immediate impact. - Positive factor: Significant copper intercept at 1km north of previous drilling, suggesting potential for strike extension - Positive factor: Supports the interpretation of a larger Cu-W-Mo system - Negative factor: Result is historical, not new drilling from the reporting period - Negative factor: No true width stated, so apparent width may overstate true thickness Evidence · text > 21m at 0.75% Cu from 60m to EOH \(BHA253\) #### 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 ### BHA254 [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-drill-facts-5) Brandy Hill South · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: BHA254 - Project: Brandy Hill South - Commodity: copper - Region: australia\_wa - Reported Region: australia\_wa - Ticker: REC #### Geometry - Grade: 0.54 - Grade Unit: % - Intercept: 15 m - From: 64 m - To: 79 m - Intercept Depth: 64 m #### Classification - Sample Type: drill - Group ID: BHA254:64-79 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-08T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical copper intercept, alongside BHA253, provides further evidence of potential strike extension, but its age and lack of true width information limit its immediate significance. - Positive factor: Additional copper intercept at 1km north of previous drilling, further supporting strike extension potential - Positive factor: Supports the interpretation of a larger Cu-W-Mo system - Negative factor: Result is historical, not new drilling from the reporting period - Negative factor: No true width stated, so apparent width may overstate true thickness Evidence · text > 15m at 0.54% Cu from 64m to EOH \(BHA254\) #### 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 (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-resource-facts-0) Sunset Well Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Sunset Well Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: REC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:058df19813b5e2444f8d #### Resource Data - Category: inferred - Tonnes: 2866000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 94500 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2011-07-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The acquisition of a JORC 2012 compliant Inferred Resource provides a foundation for the project, but its historical nature and 100% Inferred classification limit its immediate impact and confidence for economic studies. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person - Positive factor: Provides a baseline for future exploration and potential upgrades - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence - Negative factor: The estimate is a re-statement of an older resource \(originally 2011\), not a new discovery or updated estimate - Negative factor: The resource is relatively small in terms of contained ounces Evidence · text > Inferred Mineral Resource of 2.87 Mt @ 1.0 g/t Au for 94,500 oz Au Prospero Gold Deposit, reported in accordance with the JORC Code \(2012 Edition\). #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rec-annual-report-to-shareholders--c595d036-4681-4fad-b4c0-3f5f5bfb3462#fact-resource-facts-1) Sunset Well Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Sunset Well Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: REC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:4728831b06479e2ef918 #### Resource Data - Category: inferred - Tonnes: 1096000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 50100 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2011-07-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This higher-grade portion of the Inferred Resource provides a more focused target, but still carries the limitations of being historical and entirely inferred. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person - Positive factor: Higher grade portion of the resource at a higher cut-off grade - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence - Negative factor: The estimate is a re-statement of an older resource \(originally 2011\), not a new discovery or updated estimate - Negative factor: The contained ounces are smaller at this higher cut-off Evidence · table > 1.40 Context: 1,096,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 ## 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.