# REZ: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rez-annual-report-to-shareholders--8767c8de-78b4-49b2-ba30-a220e1f97b17 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145105 Publisher: asx Original announcement: 2026-09-28T22:47:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:48:18.660Z Atlas analysis updated: 2026-09-29T16:48:18.660Z - 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 Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas 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 factor: significant increase in indicated gold resource for Goodenough - Positive factor: high proportion of indicated resource for Goodenough - Positive factor: new inferred gold resource for Gigante Grande - Positive factor: joint venture for near-term gold production at Maranoa - Positive factor: successful trial production campaign completed - Negative factor: company still operating at a loss - Negative factor: net current liabilities - Negative factor: auditor's material uncertainty regarding going concern Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/rez-annual-report-to-shareholders--8767c8de-78b4-49b2-ba30-a220e1f97b17#fact-resource-facts-0) East Menzies Gold Project · gold #### 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 factor: significant increase in indicated resource - Positive factor: high confidence category - Positive factor: category upgrade Evidence · table > 1.38 Context: 1,271 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1271000 against 634000 previously **Grade Decline** Polarity: negative Definition: 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 Growth** Polarity: positive Definition: 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 Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.5 against 1 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rez-annual-report-to-shareholders--8767c8de-78b4-49b2-ba30-a220e1f97b17#fact-resource-facts-1) East Menzies Gold Project · gold #### 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 factor: additional inferred resource Evidence · table > 1.72 Context: 87 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 4.8 against 5.2 previously **Dilutive Growth** Polarity: negative Definition: 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 Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.5 against 1 previously ### Goodenough [Link to this fact](https://atlas-staging.minestarters.com/news/rez-annual-report-to-shareholders--8767c8de-78b4-49b2-ba30-a220e1f97b17#fact-resource-facts-2) East Menzies Gold Project · gold #### 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 factor: significant overall resource increase - Positive factor: high proportion of indicated resource - Positive factor: contained metal growth - Positive factor: tonnage growth Evidence · table > 1.40 Context: 1,358 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 1358000 against 716000 previously **Grade Decline** Polarity: negative Definition: 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 Growth** Polarity: positive Definition: 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 Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.5 against 1 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/rez-annual-report-to-shareholders--8767c8de-78b4-49b2-ba30-a220e1f97b17#fact-resource-facts-3) East Menzies Gold Project · gold #### 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 factor: new inferred resource - Positive factor: confirms broader gold system - Positive factor: maiden resource Evidence · table > 0.91 Context: 1,390 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.