# Results for the year ended 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108 Original source: https://www.londonstockexchange.com/news-article/THR/results-for-the-year-ended-30-june-2026/17812844 Publisher: lse Original announcement: 2026-09-30T09:42:46.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T13:22:36.879Z Atlas analysis updated: 2026-09-30T13:22:36.879Z - Company: Thor Energy Plc - Ticker: THR - Exchange: LSE - Region: South Australia - Primary commodity: Hydrogen - Secondary commodities: Helium, Copper, Gold, Uranium, Vanadium, Tungsten, Molybdenum - Document categories: Resource update, Agreement transaction, Other - Extracted: 2026-09-30 13:22:37 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Thor Energy Plc reported its annual results for the year ended June 30, 2026, highlighting a strategic pivot towards natural hydrogen and helium exploration. The company divested non-core assets, including its Molyhil Tungsten Project and US uranium/vanadium interests, to fund its flagship HY-Range natural hydrogen and helium project in South Australia. While the company reported historical inferred mineral resources for copper and gold projects in South Australia, it also announced a new prospective resource for hydrogen and helium at HY-Range, based on an assessment by RISC Advisory, though it noted a material uncertainty regarding its ability to continue as a going concern. Reasoning: Thor Energy has made a strategic shift towards natural hydrogen and helium, supported by asset divestments and a new prospective resource. However, the company faces a going concern risk, and its mineral resource estimates are historical and/or early-stage, limiting immediate confidence. - Positive factor: Strategic focus on natural hydrogen and helium - Positive factor: Divestment of non-core assets to fund core projects - Positive factor: New prospective resource for hydrogen and helium established - Positive factor: Cash position improved through asset sales - Negative factor: Material uncertainty related to going concern - Negative factor: Copper and gold resource estimates are historical and inferred - Negative factor: Hydrogen and helium estimates are early-stage prospective resources, not JORC categories - Negative factor: No explicit QP/CP sign-off for resource estimates in this document Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 39 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Alford East, Alford West, and Kapunda mineral resource estimates are all classified as Inferred, indicating a low level of geological confidence. Evidence · text > Alford East has an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,500 oz of contained gold. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Alford East, Alford West, and Kapunda resource estimates were reported in 2021, 2019, and 2018 respectively, making them historical and not new information. Evidence · text > Table A: Alford East Mineral Resource Estimate \(Reported 22 January 2021\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Alford East \(2021\), Alford West \(2019\), and Kapunda \(2018\) resource estimates are all older than 2 years, raising concerns about data currency. Evidence · text > Table A: Alford East Mineral Resource Estimate \(Reported 22 January 2021\) **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 Natural Hydrogen and Helium Prospective Resource is the first formal estimate for these commodities at the HY-Range Project, establishing a baseline for future exploration. Evidence · text > Table E: Natural Hydrogen and Helium Prospective Resource \(Reported 31 March 2026\) **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: The document does not explicitly name a Qualified Person or Competent Person responsible for the mineral resource estimates or the prospective resource in this release, despite mentioning JORC compliance for the historical estimates. Evidence · text > The Company confirms that it is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters underpinning the estimates in the Announcements, continue to apply and have not materially changed. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The company sold its US uranium and vanadium subsidiaries, indicating these were considered non-core and potentially problematic for their primary focus. Evidence · text > Completed the sale of a 75% interest in the Company's US uranium and vanadium subsidiaries \(Standard Minerals Inc. and Cisco Minerals Inc.\) to Metals One PLC **Going Concern Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The auditor's report highlights a material uncertainty related to going concern, as the company remains reliant on securing additional funding. Evidence · text > Material uncertainty related to going concern We draw attention to Note 1c in the financial statements, which explains that the Group remains reliant on securing additional funding in order to meet its working capital requirements as they fall due and to continue advancing its operations. ## Extracted facts Stored fact records: 39. Some facts used in scoring do not have a stored record. ## Resource Estimates (39) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-0) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3e459735655f514cfe31 - Deposit or zone: AE\_1 #### Resource Data - Category: inferred - Tonnes: 24600000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 30000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.12 Context: 24.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-1) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3e459735655f514cfe31 - Deposit or zone: AE\_1 #### Resource Data - Category: inferred - Tonnes: 24600000 - Grade: 0.021 - Grade Unit: g/t - Contained Metal: 16000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.021 Context: 24.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-2) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f3c243b86ebddb9c3ba7 - Deposit or zone: AE\_2 #### Resource Data - Category: inferred - Tonnes: 6800000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 9000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.13 Context: 6.8 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-3) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f3c243b86ebddb9c3ba7 - Deposit or zone: AE\_2 #### Resource Data - Category: inferred - Tonnes: 6800000 - Grade: 0.004 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.004 Context: 6.8 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-4) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:35b731a3502c4a6a602b - Deposit or zone: AE\_3 #### Resource Data - Category: inferred - Tonnes: 34900000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 33000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.09 Context: 34.9 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-5) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:35b731a3502c4a6a602b - Deposit or zone: AE\_3 #### Resource Data - Category: inferred - Tonnes: 34900000 - Grade: 0.022 - Grade Unit: g/t - Contained Metal: 25000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.022 Context: 34.9 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-6) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:62ee7a76a4d503a21a0a - Deposit or zone: AE\_4 #### Resource Data - Category: inferred - Tonnes: 8000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 8000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.11 Context: 8.0 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-7) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:62ee7a76a4d503a21a0a - Deposit or zone: AE\_4 #### Resource Data - Category: inferred - Tonnes: 8000000 - Grade: 0.016 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.016 Context: 8.0 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-8) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:2bbf66a592d64948ac45 - Deposit or zone: AE\_5 #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 24000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.22 Context: 11.0 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-9) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:2bbf66a592d64948ac45 - Deposit or zone: AE\_5 #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 11000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.030 Context: 11.0 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-10) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:0de0cfd823fccfef65b2 - Deposit or zone: AE-8 #### Resource Data - Category: inferred - Tonnes: 31300000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 61000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.19 Context: 31.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-11) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:0de0cfd823fccfef65b2 - Deposit or zone: AE-8 #### Resource Data - Category: inferred - Tonnes: 31300000 - Grade: 0.008 - Grade Unit: g/t - Contained Metal: 8000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.008 Context: 31.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-12) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d801c40bed80e198b8e2 - Deposit or zone: AE-7 #### Resource Data - Category: inferred - Tonnes: 7700000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 10000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.14 Context: 7.7 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-13) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d801c40bed80e198b8e2 - Deposit or zone: AE-7 #### Resource Data - Category: inferred - Tonnes: 7700000 - Grade: 0.025 - Grade Unit: g/t - Contained Metal: 6000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.025 Context: 7.7 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-14) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:abcf3042c25f17cf2c13 - Deposit or zone: AE-6 #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 2000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.13 Context: 1.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-15) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:abcf3042c25f17cf2c13 - Deposit or zone: AE-6 #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.011 - Grade Unit: g/t - Contained Metal: 500 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.011 Context: 1.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-16) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:513411746abcb6a5241f - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 125600000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 177000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a total inferred resource from 2021, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.14 Context: 125.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-17) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:513411746abcb6a5241f - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 125600000 - Grade: 0.018 - Grade Unit: g/t - Contained Metal: 71500 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a total inferred resource from 2021 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.018 Context: 125.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-18) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:362f6050653223e95e85 - Deposit or zone: Wombat - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 46500000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 80000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2019, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.17 Context: 46.5 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-19) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:efc779059fa7cc39b1f6 - Deposit or zone: Bruce - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 11800000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 22000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2019, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.19 Context: 11.8 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-20) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f9b2a060eb7aeeab16ef - Deposit or zone: Larwood - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 7800000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 12000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2019, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.15 Context: 7.8 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-21) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:f9b2a060eb7aeeab16ef - Deposit or zone: Larwood - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 7800000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2019 with a very low gold grade, indicating low confidence and limited novelty. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: Gold grade is very low, even for a porphyry deposit - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.04 Context: 7.8 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-22) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:b7ce18dfb3ea5c3eb0d4 - Deposit or zone: Total - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 66100000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 114000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a total inferred resource from 2019, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.17 Context: 66.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-23) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:81fb397208c287741d45 - Deposit or zone: Copper Oxide #### Resource Data - Category: inferred - Tonnes: 30300000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 73000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2018, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.24 Context: 30.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-24) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:84be5e57a9dba703154e - Deposit or zone: Secondary copper sulphide #### Resource Data - Category: inferred - Tonnes: 17100000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 46000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an inferred resource from 2018, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.27 Context: 17.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-25) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:aff2b2885e665f9c9fcd - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 47400000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 119000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a total inferred resource from 2018, indicating low confidence and limited novelty. The grade is moderate for copper. - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.25 Context: 47.4 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-26) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:7eb660578244441fdaf9 - Deposit or zone: RSEL 802 \(net\) \(1U\) #### Resource Data - Category: inferred - Contained Metal: 275 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 275 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-27) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:4d227c6dcd8798fccc30 - Deposit or zone: RSEL 802 \(net\) \(2U\) #### Resource Data - Category: inferred - Contained Metal: 1050 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 1,050 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-28) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:207113a32325bcecc576 - Deposit or zone: RSEL 802 \(net\) \(3U\) #### Resource Data - Category: inferred - Contained Metal: 3511 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 3,511 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-29) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:7eb660578244441fdaf9 - Deposit or zone: RSEL 802 \(net\) \(1U\) #### Resource Data - Category: inferred - Contained Metal: 25 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 25 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-30) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:4d227c6dcd8798fccc30 - Deposit or zone: RSEL 802 \(net\) \(2U\) #### Resource Data - Category: inferred - Contained Metal: 115 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 115 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-31) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:207113a32325bcecc576 - Deposit or zone: RSEL 802 \(net\) \(3U\) #### Resource Data - Category: inferred - Contained Metal: 427 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 427 Context: RSEL 802 \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-32) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:dc2d738cf5d77598f376 - Deposit or zone: Thor \(net\) \(1U\) #### Resource Data - Category: inferred - Contained Metal: 221 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 221 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-33) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:1114655ee33233ed1990 - Deposit or zone: Thor \(net\) \(2U\) #### Resource Data - Category: inferred - Contained Metal: 842 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 842 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-34) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:57e660ee5fc25663e5ac - Deposit or zone: Thor \(net\) \(3U\) #### Resource Data - Category: inferred - Contained Metal: 2816 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for hydrogen, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for hydrogen, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 2,816 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-35) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:dc2d738cf5d77598f376 - Deposit or zone: Thor \(net\) \(1U\) #### Resource Data - Category: inferred - Contained Metal: 20 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 20 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-36) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:1114655ee33233ed1990 - Deposit or zone: Thor \(net\) \(2U\) #### Resource Data - Category: inferred - Contained Metal: 90 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 90 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-37) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:57e660ee5fc25663e5ac - Deposit or zone: Thor \(net\) \(3U\) #### Resource Data - Category: inferred - Contained Metal: 343 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a new prospective resource for helium, indicating early-stage potential, but it is speculative and not a formal JORC resource category. - Positive factor: Maiden prospective resource for helium, indicating new potential - Positive factor: Assessment undertaken by RISC Advisory Pty Ltd - Negative factor: Prospective resource is an early-stage, speculative estimate, not a JORC compliant resource category \(Measured, Indicated, Inferred\) - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 343 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/results-for-the-year-ended-30-june-2026--544c511d-3650-421c-a63d-e8d4e8238108#fact-resource-facts-38) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:7525a2a7babcbc85e227 - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 66099999.99999999 - Grade: 0.17 - Grade Unit: % - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a total inferred resource from 2019, indicating low confidence and limited novelty. The grade is moderate for copper. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Inferred category indicates low geological confidence - Negative factor: Estimate is historical, reducing its current relevance - Negative factor: No explicit QP/CP sign-off for this estimate in the current document Evidence · table > 0.17 Context: 66.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.