# REE: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146585

Publisher: asx

Original announcement: 2026-09-30T07:38:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T08:29:04.416Z

Atlas analysis updated: 2026-09-30T08:29:04.416Z

- Company: RareX Limited

- Ticker: REE

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Rare earth elements

- Secondary commodities: Phosphate, Niobium, Scandium, Gallium, Copper, Thorium, Uranium, Dysprosium, Terbium, Manganese

- Document categories: Resource update, Metallurgy, Drill results

- Extracted: 2026-09-30 08:29:05 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

RareX Limited's Annual Report details substantial progress across its projects, notably the granting of a Mining Lease for the Cummins Range Rare Earths Project in Western Australia, a key de-risking milestone. Metallurgical testwork at Cummins Range achieved record rare earth and phosphate recoveries, alongside confirming viable extraction for gallium and scandium. Additionally, maiden drilling at the Khaleesi Project identified new copper mineralisation, and high-grade rare earth oxides were found at Mt Mansbridge, while the Mrima Hill Project in Kenya is advancing through a tender process with secured funding.

Reasoning: RareX Limited's annual report highlights significant progress across its project portfolio, including a major permitting milestone, strong metallurgical testwork results, and new exploration discoveries. The unchanged resource estimate is neutral, and the lack of a specific grade for the new copper discovery is a minor drawback, but overall the news is positive for project de-risking and value addition.

- Positive factor: Granting of Mining Lease significantly de-risks the Cummins Range Project's regulatory pathway.

- Positive factor: Metallurgical testwork at Cummins Range achieved record rare earth and phosphate recoveries, exceeding prior results.

- Positive factor: Viable extraction pathways for gallium and scandium were confirmed, adding potential by-product value.

- Positive factor: Maiden drilling at Khaleesi identified new copper mineralisation, expanding exploration potential.

- Positive factor: High-grade rare earth oxides were identified at Mt Mansbridge.

- Positive factor: Progress on the Mrima Hill Project tender and securing a A$50 million share subscription facility for its work program.

- Negative factor: The resource estimate for Cummins Range remains unchanged, indicating no new geological information for the resource itself.

- Negative factor: The Khaleesi drill result for copper did not provide a numerical grade, limiting its immediate interpretability.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 59

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document includes a detailed 'Mineral Resource Statement' for the Cummins Range Project, providing tonnage and grade figures for Measured, Indicated, and Inferred categories.

Evidence · text

> Mineral Resource for Cummins Range Project, Western Australia

**JORC Compliant**

Polarity: positive

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

Why it applies: The mineral resource estimate is reported in accordance with the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' \(the JORC Code\) \(2012 Edition\).

Evidence · text

> RareX Limited reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(the JORC Code\) \(2012 Edition\).

**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 document states that 'Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code', indicating professional sign-off.

Evidence · text

> Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code.

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Metallurgical testwork achieved rougher recovery of up to 74.6% for rare earth oxides, which is considered strong for flotation beneficiation.

Evidence · text

> rougher recovery of up to 74.6%

**Recovery Improving**

Polarity: positive

Definition: Recovery improved versus a like-for-like prior test program on the same domain and route.

Why it applies: The testwork 'substantially exceeding all prior Australian beneficiation results for this project' indicates an improvement in recovery.

Evidence · text

> substantially exceeding all prior Australian beneficiation results for this project.

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: The metallurgical program is focused on 'further optimising the Cummins Range flowsheet and assessing opportunities to enhance the project's economics through the recovery of additional critical minerals', and 'Advanced mineralogical characterisation identified monazite liberation as the primary constraint on recovery', suggesting variability work.

Evidence · text

> Advanced mineralogical characterisation identified monazite liberation as the primary constraint on recovery, providing a clear technical basis for further optimisation through finer, staged grinding.

**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 Khaleesi Project section describes a 'maiden drilling program' designed to test targets for the first time.

Evidence · text

> In August 2026, the Company’s maiden drilling program commenced, designed to test five priority targets

**New Discovery**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Maiden drilling at Khaleesi identified a 'broad zone of anomalous copper mineralisation' in drill hole KRC012, introducing copper as an 'additional exploration opportunity'.

Evidence · text

> The discovery introduces copper as an additional exploration opportunity within the broader Niobe system

**Permitting Milestone**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The granting of the Mining Lease for the Cummins Range Project is described as an 'important inflection point in the regulatory pathway' and establishes the 'statutory right to develop a mining operation'.

Evidence · text

> The granting of the Mining Lease represents an important inflection point in the regulatory pathway for the Cummins Range Project.

**Strategic Partnership**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: RareX is in a consortium with Iluka Resources for the Mrima Hill Project, which is described as a 'significant strategic growth opportunity'.

Evidence · text

> RareX and in consortium with Iluka Resources, as announced on 22 April 2025, progressing through the Kenyan Government's tender process.

**Capital Secured**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Mrima Hill Consortium is supported by a 'A$50 million Share Subscription Facility with GEM Global Yield LLC SCS' to fund its work programme.

Evidence · text

> The Consortium is supported by a A$50 million Share Subscription Facility with GEM Global Yield LLC SCS, earmarked to fund its Year 1–3 work programme, including construction of a pilot plant.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**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: 59. Some facts used in scoring do not have a stored record.

## Drill Results (1)

### KRC012

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-drill-facts-51)

Khaleesi · copper

#### Identity

- Hole ID: KRC012
- Project: Khaleesi
- Commodity: copper
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: REE

#### Geometry

- Intercept: 74 m
- From: 77 m
- To: 151 m
- Intercept Depth: 77 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: KRC012:77-151

#### Location

- Location: Niobe Prospect
- Loc. Source: document

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

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

Reasoning: Maiden drilling at Khaleesi identified a significant width of anomalous copper, representing a new discovery and expanding the project's commodity potential, despite the lack of a specific assay grade.

- Positive factor: Maiden drilling program identified a broad zone of copper mineralisation.

- Positive factor: Introduces copper as an additional exploration opportunity, expanding project potential.

- Negative factor: No specific numerical grade for copper was reported, only 'anomalous' and 'enrichment'.

- Negative factor: pXRF readings are indicative and not certified assays.

Evidence · text

> Initial results have identified a broad zone of anomalous copper mineralisation in drill hole KRC012 at the Niobe Prospect, with indicative pXRF readings defining copper enrichment over approximately 74 metres from 77m to 151m downhole.

#### 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

## Resource Estimates (55)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-0)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 6
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for phosphorus is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 6.0

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-1)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 5560
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 5560

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-2)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 280
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 280

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-3)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 880
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 880

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-4)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 260
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 260

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-5)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 990
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 990

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-6)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 90
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 90

Context: 44.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-7)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1d6050cd5d233d8b0aa0
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: indicated
- Tonnes: 44400000
- Grade: 80
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 80

Context: 44.4

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-8)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 43.9
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for phosphorus is part of an unchanged estimate, with a very high reported grade that may require further scrutiny.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

- Negative factor: The reported P2O5 grade of 43.9% is exceptionally high and may warrant further clarification.

Evidence · table

> 43.9

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-9)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 2960
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 2960

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-10)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 160
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 160

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-11)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 480
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 480

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-12)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 140
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 140

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-13)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 570
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 570

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-14)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 70
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 70

Context: 363.7

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-15)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9389e912fb813f8ecbf9
- Deposit or zone: RARE DYKE

#### Resource Data

- Category: inferred
- Tonnes: 363700000
- Grade: 40
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 40

Context: 363.7

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-16)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 7.6
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for phosphorus is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 7.6

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-17)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 3430
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 3430

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-18)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 290
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 290

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-19)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 670
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 670

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-20)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 170
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 170

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-21)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 500
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 500

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-22)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 80
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 80

Context: 33.0

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-23)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5d6c00dca5427b53a162
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: indicated
- Tonnes: 33000000
- Grade: 100
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 100

Context: 33.0

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-24)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 5.6
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for phosphorus is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 5.6

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-25)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 2390
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 2390

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-26)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 200
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 200

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-27)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 460
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 460

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-28)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 120
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 120

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-29)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 450
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 450

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-30)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 60
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 60

Context: 83.1

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-31)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dc1114794cfe737b5d25
- Deposit or zone: PHOS DYKE

#### Resource Data

- Category: inferred
- Tonnes: 83100000
- Grade: 60
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 60

Context: 83.1

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-32)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 6.7
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for phosphorus is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 6.7

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-33)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 4650
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 4650

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-34)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 280
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 280

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-35)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 790
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 790

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-36)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 230
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 230

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-37)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 780
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 780

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-38)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 90
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 90

Context: 77.4

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-39)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:9c9ddd9d25f13c082b5f
- Deposit or zone: COMBINED

#### Resource Data

- Category: indicated
- Tonnes: 77400000
- Grade: 90
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This indicated resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Indicated category provides a good level of geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 90

Context: 77.4

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-40)

Cummins Range Project · phosphorus

#### Identity

- Project: Cummins Range Project
- Commodity: phosphorus
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 4.2
- Grade Unit: %
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for phosphorus is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 4.2

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-41)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 2860
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 2860

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-42)

Cummins Range Project · heavy\_rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: heavy\_rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 170
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for heavy rare earth oxides is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 170

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-43)

Cummins Range Project · neodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: neodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 480
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for neodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 480

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-44)

Cummins Range Project · praseodymium\_oxide

#### Identity

- Project: Cummins Range Project
- Commodity: praseodymium\_oxide
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 140
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for praseodymium oxide is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 140

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-45)

Cummins Range Project · niobium

#### Identity

- Project: Cummins Range Project
- Commodity: niobium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 550
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for niobium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 550

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-46)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 70
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for scandium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 70

Context: 446.9

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-47)

Cummins Range Project · uranium

#### Identity

- Project: Cummins Range Project
- Commodity: uranium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:5857111a143734e036e9
- Deposit or zone: COMBINED

#### Resource Data

- Category: inferred
- Tonnes: 446900000
- Grade: 50
- Grade Unit: ppm
- Cutoff Grade: 2.5
- Cutoff Unit: % P2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: This inferred resource for thorium and uranium is part of an unchanged estimate, providing continuity but no new insights.

- Positive factor: Large tonnage in the inferred category.

- Negative factor: Inferred category has lower geological confidence.

- Negative factor: Resource estimate is unchanged from the prior year, offering no new information.

Evidence · table

> 50

Context: 446.9

#### 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

### Fact 49

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-52)

Mt Mansbridge Project · rare\_earth\_oxides

#### Identity

- Project: Mt Mansbridge Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Resource group id: resource:ed4b9b6a99d867f4c387

#### Resource Data

- Grade: 1.7
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Surface exploration at Mt Mansbridge identified high-grade rare earth oxides in mineralised veins, indicating promising early-stage potential.

- Positive factor: High-grade TREO identified in mineralised veins.

- Positive factor: Presence of DyTb \(Dysprosium, Terbium\) indicates heavy rare earth potential.

- Negative factor: Results are from surface exploration, not drilling, implying early stage.

Evidence · text

> The exploration team have located multiple mineralised veins up to 1.7% TREO with 10% DyTb

#### 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

**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

### Fact 50

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-53)

Mt Mansbridge Project · rare\_earth\_oxides

#### Identity

- Project: Mt Mansbridge Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Resource group id: resource:ed4b9b6a99d867f4c387

#### Resource Data

- Grade: 0.7
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Surface exploration at Mt Mansbridge identified rare earth oxides in altered sandstone, indicating promising early-stage potential.

- Positive factor: TREO identified in hydrothermally altered sandstone.

- Positive factor: Presence of DyTb \(Dysprosium, Terbium\) indicates heavy rare earth potential.

- Negative factor: Results are from surface exploration, not drilling, implying early stage.

Evidence · text

> hydrothermally altered sandstone up to 0.7% TREO with 13% DyTb

#### 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

**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

### Fact 51

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-54)

Mt Mansbridge Project · rare\_earth\_oxides

#### Identity

- Project: Mt Mansbridge Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Resource group id: resource:ed4b9b6a99d867f4c387

#### Resource Data

- Grade: 2.7
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: High-grade rare earth oxides were identified at the Sigma Prospect, indicating strong exploration potential.

- Positive factor: High-grade TREO identified at Sigma Prospect.

- Positive factor: Presence of DyTb \(Dysprosium, Terbium\) indicates heavy rare earth potential.

- Negative factor: Results are from surface exploration, not drilling, implying early stage.

Evidence · text

> identified high grade TREO up to 2.7% with 13% DyTb at Sigma Prospect.

#### 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

**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

### Fact 52

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-55)

Cummins Range Project

#### Identity

- Project: Cummins Range Project
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Resource scope

- Resource group id: resource:c0f56287e94455f4ab01

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: The granting of the Mining Lease for Cummins Range is a highly positive and material event, significantly de-risking the project's regulatory pathway and advancing it towards development.

- Positive factor: Granting of the Mining Lease is a major de-risking milestone.

- Positive factor: Establishes the State’s acceptance of the project in principle.

- Positive factor: Provides statutory right to develop a mining operation, reducing permitting risk.

Evidence · text

> The granting of the Mining Lease represents an important inflection point in the regulatory pathway for the Cummins Range Project.

#### 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

**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

### Fact 53

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-56)

Piper Project

#### Identity

- Project: Piper Project
- Region: australia\_nt
- Reported Region: Northern Territory
- Ticker: REE

#### Resource scope

- Resource group id: resource:c5f219ae8494e4dd2d97
- Ownership percent: 80 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: An earn-in agreement for the Piper Project was secured in October 2024, providing access to a new target, though the news is not novel in this annual report.

- Positive factor: Secured an earn-in agreement for a high-priority drill target.

- Negative factor: Agreement was entered into in October 2024, so the news is not recent.

Evidence · text

> In October 2024, RareX entered into an 80% earn-in agreement for the magnetic bulls-eye Piper Project through the completion of three >300m drill holes.

#### 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

**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

### Fact 54

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-57)

Mrima Hill Project

#### Identity

- Project: Mrima Hill Project
- Region: kenya
- Reported Region: Kenya
- Ticker: REE

#### Resource scope

- Resource group id: resource:e50f3e5b335b61fd0e86

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: The Mrima Hill Project, a strategic growth opportunity in consortium with Iluka Resources, is progressing through a competitive tender process, indicating positive advancement despite inherent risks.

- Positive factor: Consortium with Iluka Resources for a significant strategic growth opportunity.

- Positive factor: Progressing through the Kenyan Government's tender process for a potential production-scale asset.

- Negative factor: No guarantees that the application will be accepted or prospecting licence granted.

Evidence · text

> RareX and in consortium with Iluka Resources, as announced on 22 April 2025, progressing through the Kenyan Government's tender process.

#### 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

**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

### Fact 55

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-resource-facts-58)

Mrima Hill Project

#### Identity

- Project: Mrima Hill Project
- Region: kenya
- Reported Region: Kenya
- Ticker: REE

#### Resource scope

- Resource group id: resource:e50f3e5b335b61fd0e86

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: A significant A$50 million share subscription facility has been secured to fund the Mrima Hill Project's work program, providing crucial financial backing for its development.

- Positive factor: Secured A$50 million funding for the Mrima Hill work programme and pilot plant.

- Positive factor: Provides financial support for advancing a potential production-scale asset.

Evidence · text

> The Consortium is supported by a A$50 million Share Subscription Facility with GEM Global Yield LLC SCS, earmarked to fund its Year 1–3 work programme, including construction of a pilot plant.

#### 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

**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

## Metallurgical Results (3)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-metallurgical-facts-48)

Cummins Range Project · rare\_earth\_oxides

#### Identity

- Project: Cummins Range Project
- Commodity: rare\_earth\_oxides
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Test Work

- Program Status: optimization
- Test Type: flotation
- Processing Route: conventional flotation beneficiation
- Sample: conventional flotation beneficiation of rare earth and phosphate concentrates

#### Recovery

- Recovery: 74.6 %
- Recovery Basis: actual\_test
- Conc. Grade: 25.15
- Conc. Grade Unit: %

#### Lab

- Laboratory: SGS Lakefield

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Metallurgical testwork delivered the highest rare earth recoveries to date, with a strong concentrate grade and significant improvement over previous results, de-risking the project.

- Positive factor: Achieved high recovery for rare earth oxides.

- Positive factor: Concentrate grade of 25.15% is a significant upgrade.

- Positive factor: Recovery substantially exceeded all prior Australian beneficiation results for this project, indicating significant improvement.

- Positive factor: Testwork conducted by a reputable laboratory \(SGS Lakefield\).

Evidence · text

> SGS Lakefield testwork achieved a 9.5x TREO upgrade to 25.15% grade, with rougher recovery of up to 74.6%, substantially exceeding all prior Australian beneficiation results for this project.

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### unspecified

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-metallurgical-facts-49)

Cummins Range Project · gallium

#### Identity

- Project: Cummins Range Project
- Commodity: gallium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Test Work

- Program Status: optimization
- Test Type: unspecified
- Processing Route: extraction
- Sample: gallium extraction and refining

#### Recovery

- Recovery: 93 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: Gega Elements Pty Ltd

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Confirmation of a viable extraction pathway for gallium with high recovery adds significant potential value to the multi-element mineralisation.

- Positive factor: Near-complete gallium extraction achieved, indicating a viable pathway.

- Positive factor: Adds potential by-product value to the project.

Evidence · text

> Testwork also confirmed a viable extraction pathway for gallium, with Gega Elements achieving near-complete gallium extraction and strong scandium recovery of 89–93%

### unspecified

[Link to this fact](https://atlas-staging.minestarters.com/news/ree-annual-report-to-shareholders--710411d0-b8d5-4b40-81af-7a14a22ecb8b#fact-metallurgical-facts-50)

Cummins Range Project · scandium

#### Identity

- Project: Cummins Range Project
- Commodity: scandium
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: REE

#### Test Work

- Program Status: optimization
- Test Type: unspecified
- Processing Route: extraction
- Sample: strong scandium recovery

#### Recovery

- Recovery: 93 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: Gega Elements Pty Ltd

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Confirmation of a viable extraction pathway for scandium with high recovery adds significant potential value to the multi-element mineralisation.

- Positive factor: Strong scandium recovery achieved, indicating a viable pathway.

- Positive factor: Adds potential by-product value to the project.

Evidence · text

> Testwork also confirmed a viable extraction pathway for gallium, with Gega Elements achieving near-complete gallium extraction and strong scandium recovery of 89–93%

## 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.