# STK: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146013 Publisher: asx Original announcement: 2026-09-30T00:33:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T01:06:20.152Z Atlas analysis updated: 2026-09-30T01:06:20.152Z - Company: Strickland Metals Limited - Ticker: STK - Exchange: ASX - Region: Serbia - Primary commodity: Gold - Secondary commodities: Copper, Silver, Zinc, Lead - Document categories: Resource update, Other - Extracted: 2026-09-30 01:06:20 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Strickland Metals Limited's Annual Report for 2026 highlights significant progress at its Rogozna Project in Serbia, reporting a total JORC-compliant Mineral Resource of 9.25 million ounces of gold equivalent. This includes a maiden Indicated Resource at Shanac and a 50% increase in the Gradina resource, demonstrating substantial growth in the project's scale. The company is advancing multiple workstreams towards a Pre-Feasibility Study, with ongoing exploration and metallurgical testwork. Reasoning: The annual report consolidates significant resource growth at the Rogozna Project, including maiden indicated resources and substantial increases in inferred resources, all reported under JORC. While some updates were previously announced, the overall scale and advancement towards PFS are positive, though a large portion remains in the inferred category and one estimate is stale. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Positive factor: Maiden Resource - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: PFS-Supporting - Positive factor: Indicated Resource - Negative factor: Inferred Resource - Negative factor: Stale Estimate Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 28 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Statement is reported in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources \(The JORC 2012 Edition\). Evidence · text > The Company’s Mineral Resource Statement has been compiled and is reported in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources \(The JORC 2012 Edition\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document includes a 'Competent Person Statement' on page 78, indicating that the resource estimates have been signed off by a qualified professional. Evidence · text > Competent Person Statement **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents 'Rogozna Mineral Resources' and discusses 'multiple Mineral Resource Estimate \(MRE\) updates'. Evidence · text > Rogozna Mineral Resources **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 report highlights a 'Maiden Indicated MRE of 1.25Moz AuEq at Shanac' and a 'Maiden Inferred MRE for Gradina of 1.2Moz Au'. Evidence · text > Maiden Indicated MRE of 1.25Moz AuEq at Shanac **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Gradina MRE update resulted in a '50% Increase in Gradina Resource to 1.8Moz @ 2.8g/t Au'. Evidence · text > 50% Increase in Gradina Resource to 1.8Moz @ 2.8g/t Au **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: The drilling campaign delivered multiple MRE updates, resulting in a 'total updated MRE at Rogozna of 9.25Moz AuEq'. Evidence · text > total updated MRE at Rogozna of 9.25Moz AuEq **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The company is 'Advancing multiple project work streams in parallel to ensure delivery of the pre-feasibility studies \(PFS\)'. Evidence · text > Advancing multiple project work streams in parallel to ensure delivery of the pre-feasibility studies \(PFS\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The total Mineral Resource for the Rogozna Project includes a significant portion of Inferred resources \(8.00 Moz AuEq Inferred out of 9.25 Moz AuEq total\). Evidence · table > 187 Context: Inferred **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Medenovac resource estimate has an effective date of February 2025, which is over a year old compared to the report date of September 2026. Evidence · text > Medenovac \(February 2025\) ## Extracted facts Stored fact records: 28. Some facts used in scoring do not have a stored record. ## Resource Estimates (28) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-0) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:022b4301ac5ed2f2c3b5 - Deposit or zone: Shanac #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.83 - Grade Unit: g/t - Contained Metal: 0.8 - Contained Unit: moz - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden Indicated Resource for Shanac with significant contained gold, contributing to overall project growth and reported under JORC standards. - Positive factor: Maiden Resource - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.83 Context: 30 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-1) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:022b4301ac5ed2f2c3b5 - Deposit or zone: Shanac #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 39 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated copper resource at Shanac contributes to the polymetallic nature of the deposit, reported under JORC standards. - Positive factor: Maiden Resource - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.13 Context: 30 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-2) Rogozna · silver #### Identity - Project: Rogozna - Commodity: silver - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:022b4301ac5ed2f2c3b5 - Deposit or zone: Shanac #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 7.2 - Grade Unit: g/t - Contained Metal: 6.9 - Contained Unit: moz - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated silver resource at Shanac contributes to the polymetallic nature of the deposit, reported under JORC standards. - Positive factor: Maiden Resource - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 7.20 Context: 30 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-3) Rogozna · lead #### Identity - Project: Rogozna - Commodity: lead - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:022b4301ac5ed2f2c3b5 - Deposit or zone: Shanac #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 87 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated lead resource at Shanac contributes to the polymetallic nature of the deposit, reported under JORC standards. - Positive factor: Maiden Resource - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.29 Context: 30 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-4) Rogozna · zinc #### Identity - Project: Rogozna - Commodity: zinc - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:022b4301ac5ed2f2c3b5 - Deposit or zone: Shanac #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.36 - Grade Unit: % - Contained Metal: 108 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated zinc resource at Shanac contributes to the polymetallic nature of the deposit, reported under JORC standards. - Positive factor: Maiden Resource - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.36 Context: 30 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-5) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7fde6de0d460008a82ef - Deposit or zone: Shanac #### Resource Data - Category: inferred - Tonnes: 130000000 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 2.3 - Contained Unit: moz - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 0.98 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred gold resource at Shanac, contributing significantly to the project's overall scale, but with lower confidence due to its inferred category. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.55 Context: 130 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-6) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7fde6de0d460008a82ef - Deposit or zone: Shanac #### Resource Data - Category: inferred - Tonnes: 130000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 143 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 0.98 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred copper resource at Shanac, contributing to the polymetallic nature of the deposit, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.11 Context: 130 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-7) Rogozna · silver #### Identity - Project: Rogozna - Commodity: silver - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7fde6de0d460008a82ef - Deposit or zone: Shanac #### Resource Data - Category: inferred - Tonnes: 130000000 - Grade: 6.1 - Grade Unit: g/t - Contained Metal: 25.5 - Contained Unit: moz - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 0.98 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred silver resource at Shanac, contributing to the polymetallic nature of the deposit, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 6.10 Context: 130 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-8) Rogozna · lead #### Identity - Project: Rogozna - Commodity: lead - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7fde6de0d460008a82ef - Deposit or zone: Shanac #### Resource Data - Category: inferred - Tonnes: 130000000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 273 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 0.98 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred lead resource at Shanac, contributing to the polymetallic nature of the deposit, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.21 Context: 130 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-9) Rogozna · zinc #### Identity - Project: Rogozna - Commodity: zinc - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7fde6de0d460008a82ef - Deposit or zone: Shanac #### Resource Data - Category: inferred - Tonnes: 130000000 - Grade: 0.34 - Grade Unit: % - Contained Metal: 442 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-04-01 #### Metal Equivalent - Metal Eq. Grade: 0.98 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred zinc resource at Shanac, contributing to the polymetallic nature of the deposit, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.34 Context: 130 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-10) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:bfdb414a9104ad088fb1 - Deposit or zone: Gradina #### Resource Data - Category: inferred - Tonnes: 20000000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 1.8 - Contained Unit: moz - Cutoff Grade: 1.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Significant inferred gold resource at Gradina, showing a 50% increase, but still in the inferred category. - Positive factor: Maiden Resource - Positive factor: Tonnage Growth - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 2.8 Context: 20 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-11) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5eddef767ca67f066c90 - Deposit or zone: Medenovac #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 0.77 - Grade Unit: g/t - Contained Metal: 0.52 - Contained Unit: moz - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 1.9 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred gold resource at Medenovac, contributing to the polymetallic nature, but the estimate is over a year old. - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 0.77 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-12) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5eddef767ca67f066c90 - Deposit or zone: Medenovac #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 57 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 1.9 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred copper resource at Medenovac, contributing to the polymetallic nature, but the estimate is over a year old. - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 0.27 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-13) Rogozna · silver #### Identity - Project: Rogozna - Commodity: silver - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5eddef767ca67f066c90 - Deposit or zone: Medenovac #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 6.3 - Grade Unit: g/t - Contained Metal: 4.3 - Contained Unit: moz - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 1.9 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred silver resource at Medenovac, contributing to the polymetallic nature, but the estimate is over a year old. - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 6.3 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-14) Rogozna · lead #### Identity - Project: Rogozna - Commodity: lead - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5eddef767ca67f066c90 - Deposit or zone: Medenovac #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 23 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 1.9 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred lead resource at Medenovac, contributing to the polymetallic nature, but the estimate is over a year old. - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 0.11 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-15) Rogozna · zinc #### Identity - Project: Rogozna - Commodity: zinc - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5eddef767ca67f066c90 - Deposit or zone: Medenovac #### Resource Data - Category: inferred - Tonnes: 21000000 - Grade: 1.54 - Grade Unit: % - Contained Metal: 320 - Contained Unit: kt - Cutoff Grade: 1 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2025-02-01 #### Metal Equivalent - Metal Eq. Grade: 1.9 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred zinc resource at Medenovac, contributing to the polymetallic nature, but the estimate is over a year old. - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 1.54 Context: 21 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-16) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b996d2a4837dd8988d18 - Deposit or zone: Copper Canyon #### Resource Data - Category: inferred - Tonnes: 16000000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 0.65 - Contained Unit: moz - Cutoff Grade: 76 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred gold resource at Copper Canyon, contributing to the polymetallic nature, reported under JORC standards. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 1.3 Context: 16 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-17) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b996d2a4837dd8988d18 - Deposit or zone: Copper Canyon #### Resource Data - Category: inferred - Tonnes: 16000000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 72 - Contained Unit: kt - Cutoff Grade: 76 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Inferred copper resource at Copper Canyon, contributing to the polymetallic nature, reported under JORC standards. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.45 Context: 16 #### 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-18) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dc1fa18c539d9ff51cbf - Deposit or zone: Project Total #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.83 - Grade Unit: g/t - Contained Metal: 0.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated gold resource for the overall project, providing higher confidence for a portion of the total resource. - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.83 Context: 30 #### 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-19) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dc1fa18c539d9ff51cbf - Deposit or zone: Project Total #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 39 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated copper resource for the overall project, contributing to the polymetallic nature. - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.13 Context: 30 #### 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-20) Rogozna · silver #### Identity - Project: Rogozna - Commodity: silver - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dc1fa18c539d9ff51cbf - Deposit or zone: Project Total #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 7.2 - Grade Unit: g/t - Contained Metal: 6.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated silver resource for the overall project, contributing to the polymetallic nature. - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 7.20 Context: 30 #### 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-21) Rogozna · lead #### Identity - Project: Rogozna - Commodity: lead - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dc1fa18c539d9ff51cbf - Deposit or zone: Project Total #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 87 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated lead resource for the overall project, contributing to the polymetallic nature. - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.29 Context: 30 #### 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-22) Rogozna · zinc #### Identity - Project: Rogozna - Commodity: zinc - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:dc1fa18c539d9ff51cbf - Deposit or zone: Project Total #### Resource Data - Category: indicated - Tonnes: 30000000 - Grade: 0.36 - Grade Unit: % - Contained Metal: 108 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Indicated zinc resource for the overall project, contributing to the polymetallic nature. - Positive factor: Indicated Resource - Positive factor: JORC Compliant Evidence · table > 0.36 Context: 30 #### 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-23) Rogozna · gold #### Identity - Project: Rogozna - Commodity: gold - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e8df9fb82c30383f47d0 - Deposit or zone: Project Total #### Resource Data - Category: inferred - Tonnes: 187000000 - Grade: 0.88 - Grade Unit: g/t - Contained Metal: 5.27 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred gold resource for the overall project, contributing significantly to the total contained metal, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.88 Context: 187 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-24) Rogozna · copper #### Identity - Project: Rogozna - Commodity: copper - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e8df9fb82c30383f47d0 - Deposit or zone: Project Total #### Resource Data - Category: inferred - Tonnes: 187000000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 272 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred copper resource for the overall project, contributing to the polymetallic nature, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.14 Context: 187 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-25) Rogozna · silver #### Identity - Project: Rogozna - Commodity: silver - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e8df9fb82c30383f47d0 - Deposit or zone: Project Total #### Resource Data - Category: inferred - Tonnes: 187000000 - Grade: 4.95 - Grade Unit: g/t - Contained Metal: 29.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred silver resource for the overall project, contributing to the polymetallic nature, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 4.95 Context: 187 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-26) Rogozna · lead #### Identity - Project: Rogozna - Commodity: lead - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e8df9fb82c30383f47d0 - Deposit or zone: Project Total #### Resource Data - Category: inferred - Tonnes: 187000000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 296 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred lead resource for the overall project, contributing to the polymetallic nature, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.16 Context: 187 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/stk-annual-report-to-shareholders--4ba492f4-ef39-4b64-a806-90e305ea3a30#fact-resource-facts-27) Rogozna · zinc #### Identity - Project: Rogozna - Commodity: zinc - Region: serbia - Reported Region: Serbia - Ticker: STK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:e8df9fb82c30383f47d0 - Deposit or zone: Project Total #### Resource Data - Category: inferred - Tonnes: 187000000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 762 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-01 #### Metal Equivalent - Metal Eq. Grade: 1.35 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large inferred zinc resource for the overall project, contributing to the polymetallic nature, but with lower confidence. - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 0.41 Context: 187 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.