REZ: Annual Report to Shareholders
Original announcement by asx on
- Company
- Resources & Energy Group Limited
- Ticker
- REZ
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Silver, Nickel, Cobalt, Copper, Platinum
- Document categories
- Resource update, Agreement transaction, Production
- Extracted
- 2026-09-29 16:48:19 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Resources & Energy Group Limited announced an updated JORC-compliant Mineral Resource Estimate for its East Menzies Gold Project, highlighted by a 54% increase in contained gold at Goodenough, with over 90% now classified as Indicated. The company also established a new inferred resource at Gigante Grande and entered a joint venture for near-term gold production at Maranoa, following a successful 5,000-tonne trial vat leach campaign. Despite these operational advancements, the company reported a net loss for the year and faces auditor-noted going concern uncertainty.
Reasoning: The company reported a significant upgrade to its JORC-compliant gold resource for the Goodenough project, with a high proportion now in the Indicated category, and established a new inferred resource at Gigante Grande. Additionally, a joint venture for near-term gold production at Maranoa and a successful trial production campaign are positive developments, despite the company's ongoing operational losses and auditor-noted going concern uncertainty.
Positive factors
- significant increase in indicated gold resource for Goodenough
- high proportion of indicated resource for Goodenough
- new inferred gold resource for Gigante Grande
- joint venture for near-term gold production at Maranoa
- successful trial production campaign completed
Negative factors
- company still operating at a loss
- net current liabilities
- auditor's material uncertainty regarding going concern
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 4
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
indicatedEast Menzies Gold Project · goldTonnes: 1271000Grade: 1.38Grade Unit: g/tContained Metal: 56.4Contained Unit: kozView all detailsHide details
Identity
- Project
- East Menzies Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Greg Hudson, Mr Phil Jankowski
- Resource group id
- resource:76b7d141e19cefd3a24b
- Deposit or zone
- Goodenough
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1271000
- Grade
- 1.38
- Grade Unit
- g/t
- Contained Metal
- 56.4
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 634000
- Prior Grade
- 1.84
- Prior Contained Metal
- 38
- Prior Cutoff Grade
- 1
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Goodenough Indicated gold resource shows a substantial increase in tonnage and contained metal, with high confidence, contributing significantly to the project's overall value and de-risking.
Positive factors
- significant increase in indicated resource
- high confidence category
- category upgrade
Evidence · table
“1.38”
Context: 1,271
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 1271000 against 634000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.38 against 1.84 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 56.4 against 38 previously
Cut-off Lowerednegative
Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.5 against 1 previously
inferredEast Menzies Gold Project · goldTonnes: 87000Grade: 1.72Grade Unit: g/tContained Metal: 4.8Contained Unit: kozView all detailsHide details
Identity
- Project
- East Menzies Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Greg Hudson, Mr Phil Jankowski
- Resource group id
- resource:691adf606ad60d57a526
- Deposit or zone
- Goodenough
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 87000
- Grade
- 1.72
- Grade Unit
- g/t
- Contained Metal
- 4.8
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 82000
- Prior Grade
- 1.99
- Prior Contained Metal
- 5.2
- Prior Cutoff Grade
- 1
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Goodenough Inferred gold resource adds to the overall potential, though with lower confidence than indicated resources, and shows a slight increase in tonnage.
Positive factors
- additional inferred resource
Evidence · table
“1.72”
Context: 87
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.72 against 1.99 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 4.8 against 5.2 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 4.8 from 5.2
Cut-off Lowerednegative
Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.5 against 1 previously
GoodenoughEast Menzies Gold Project · goldTonnes: 1358000Grade: 1.4Grade Unit: g/tContained Metal: 61200Contained Unit: ozView all detailsHide details
Identity
- Project
- East Menzies Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Greg Hudson, Mr Phil Jankowski
- Resource group id
- resource:e520024377468c868eb5
- Deposit or zone
- Goodenough
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Tonnes
- 1358000
- Grade
- 1.4
- Grade Unit
- g/t
- Contained Metal
- 61200
- Contained Unit
- oz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 716000
- Prior Grade
- 1.86
- Prior Contained Metal
- 43
- Prior Cutoff Grade
- 1
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The total Goodenough gold resource shows a substantial increase in contained ounces and tonnage, with a high percentage in the Indicated category, indicating strong project de-risking and growth.
Positive factors
- significant overall resource increase
- high proportion of indicated resource
- contained metal growth
- tonnage growth
Evidence · table
“1.40”
Context: 1,358
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 1358000 against 716000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.4 against 1.86 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 61200 against 43 previously
Cut-off Lowerednegative
Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.5 against 1 previously
inferredEast Menzies Gold Project · goldTonnes: 1390000Grade: 0.91Grade Unit: g/tContained Metal: 40.7Contained Unit: kozView all detailsHide details
Identity
- Project
- East Menzies Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- REZ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr. Greg Hudson, Mr Phil Jankowski
- Resource group id
- resource:b7b0eca31723efcbe0d8
- Deposit or zone
- Gigante Grande
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1390000
- Grade
- 0.91
- Grade Unit
- g/t
- Contained Metal
- 40.7
- Contained Unit
- koz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Gigante Grande reports a new inferred gold resource, confirming the prospect as a large gold system and adding significantly to the project's overall potential.
Positive factors
- new inferred resource
- confirms broader gold system
- maiden resource
Evidence · table
“0.91”
Context: 1,390
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.