# THR: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146118 Publisher: asx Original announcement: 2026-09-30T03:10:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T04:36:03.838Z Atlas analysis updated: 2026-09-30T04:36:03.838Z - Company: THOR ENERGY PLC - Ticker: THR - Exchange: ASX - Region: South Australia - Primary commodity: Hydrogen - Secondary commodities: Helium, Copper, Gold - Document categories: Resource update, Agreement transaction, Other - Extracted: 2026-09-30 04:36:04 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary THOR ENERGY PLC's annual report highlights a strategic pivot towards natural hydrogen and helium, marked by strong geochemical results at its HY-Range project and a fully funded seismic acquisition program. The company rationalized its portfolio through the sale of non-core tungsten and US uranium/vanadium assets, generating cash and reducing holding costs. While these moves have strengthened the balance sheet, the company continues to report losses and faces material uncertainty regarding its going concern status, necessitating future capital raises. Reasoning: Thor Energy has made a significant strategic pivot towards natural hydrogen and helium, supported by positive exploration results and asset sales that have improved its cash position. However, the company continues to incur losses and faces material uncertainty regarding its ability to continue as a going concern, relying on future funding. While hydrogen/helium progress is positive, copper resources are historical and inferred, and the core licence renewal is pending. - Positive factor: Strong geochemical results for natural hydrogen and helium at HY-Range project, significantly exceeding background levels and validating priority areas. - Positive factor: Fully funded 2D seismic acquisition program planned for HY-Range, marking a critical step towards drilling. - Positive factor: Successful rationalization of non-core assets \(Molyhil, US uranium/vanadium\) generating cash and reducing holding costs. - Positive factor: Retained exposure to copper projects \(Alford East, EnviroCopper's Alford West and Kapunda\) provides valuable optionality. - Positive factor: Appointment of a director to the EnviroCopper Limited \(ECL\) board, regaining significant influence over copper interests. - Negative factor: Company continues to report financial losses \(£1.427 million loss for the year\). - Negative factor: Material uncertainty related to going concern, with reliance on future capital raises to fund operations. - Negative factor: Resource estimates for copper-gold projects \(Alford East, Alford West, Kapunda\) are historical \(2018-2021\) and entirely in the Inferred category. - Negative factor: Renewal application for the core HY-Range RSEL 802 licence is pending review, posing a potential impairment risk if not granted. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 54 ## Classification and evidence **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Alford East Mineral Resource Estimate was reported on 22 January 2021, making it over 5 years old at the time of this annual report. Evidence · text > Table A: Alford East Mineral Resource Estimate \(Reported 22 January 2021\) **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Alford East Mineral Resource Estimate does not explicitly state categories for individual domains, but the overall context of historical estimates without further classification often implies inferred, and the total is presented without higher confidence categories. Evidence · text > Table A: Alford East Mineral Resource Estimate \(Reported 22 January 2021\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Alford East Mineral Resource Estimate is explicitly stated as JORC \(2012\) compliant. Evidence · text > JORC \(2012\) COMPLIANT MINERAL RESOURCES AND RESERVES **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document states that 'all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed', implying the original JORC compliant estimate was signed off by a Competent Person. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcements, and that all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Alford East Mineral Resource Estimate explicitly states a cut-off grade of 0.05% copper. Evidence · text > MRE reported on oxide material only, at a cut-off grade of 0.05% copper which is consistent with the assumed ISR technique. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Alford East Mineral Resource Estimate was reported in 2021 and is being re-presented without new information, indicating it is a historical estimate. Evidence · text > Table A: Alford East Mineral Resource Estimate \(Reported 22 January 2021\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Alford West Copper Mineral Resource Estimate was reported on 15 August 2019, making it over 7 years old at the time of this annual report. Evidence · text > Table B: Alford West Copper Mineral Resource Estimate \(Reported 15 August 2019\) **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Alford West Copper Mineral Resource Estimate is entirely classified as Inferred. Evidence · table > Inferred Context: Wombat **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Alford West Copper Mineral Resource Estimate is implicitly JORC compliant as it is presented alongside other JORC compliant estimates and the document refers to 'JORC \(2012\) COMPLIANT MINERAL RESOURCES AND RESERVES'. Evidence · text > JORC \(2012\) COMPLIANT MINERAL RESOURCES AND RESERVES **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document states that 'all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed', implying the original JORC compliant estimate was signed off by a Competent Person. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcements, and that all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Alford West Copper Mineral Resource Estimate explicitly states a cut-off grade of 0.05% Cu. Evidence · text > Cut-off grade used of 0.05% Cu. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Alford West Copper Mineral Resource Estimate was reported in 2019 and is being re-presented without new information, indicating it is a historical estimate. Evidence · text > Table B: Alford West Copper Mineral Resource Estimate \(Reported 15 August 2019\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Kapunda Resource Summary was reported on 12 February 2018, making it over 8 years old at the time of this annual report. Evidence · text > Table C: Kapunda Resource Summary 2018 \(Reported 12 February 2018\) **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Kapunda Resource Summary is entirely classified as Inferred. Evidence · table > Inferred Context: Copper Oxide **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Kapunda Resource Summary is implicitly JORC compliant as it is presented alongside other JORC compliant estimates and the document refers to 'JORC \(2012\) COMPLIANT MINERAL RESOURCES AND RESERVES'. Evidence · text > JORC \(2012\) COMPLIANT MINERAL RESOURCES AND RESERVES **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The document states that 'all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed', implying the original JORC compliant estimate was signed off by a Competent Person. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcements, and that all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Kapunda Resource Summary explicitly states a cut-off grade of 0.05% Cu. Evidence · text > Cut-off of 0.05% Cu. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Kapunda Resource Summary was reported in 2018 and is being re-presented without new information, indicating it is a historical estimate. Evidence · text > Table C: Kapunda Resource Summary 2018 \(Reported 12 February 2018\) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Natural Hydrogen and Helium Prospective Resource is the first formal estimate for the HY-Range project, establishing a baseline for this new commodity focus. Evidence · text > Table E: Natural Hydrogen and Helium Prospective Resource \(Reported 31 March 2026\) **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Natural Hydrogen and Helium Prospective Resource is inherently speculative and represents undiscovered accumulations, which aligns with the characteristics of an Inferred resource. Evidence · text > The estimated quantities of hydrogen and helium that may potentially be recovered by the application of a future development project\(s\) relate to undiscovered accumulations. **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 Natural Hydrogen and Helium Prospective Resource assessment was undertaken by RISC Advisory Pty Ltd, a reputable independent consultant, implying a qualified person sign-off. Evidence · text > The assessment was undertaken by RISC Advisory Pty Ltd. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Natural Hydrogen and Helium Prospective Resource is explicitly described as relating to 'undiscovered accumulations', which is characteristic of an Inferred resource. Evidence · text > The estimated quantities of hydrogen and helium that may potentially be recovered by the application of a future development project\(s\) relate to undiscovered accumulations. ## Extracted facts Stored fact records: 54. Some facts used in scoring do not have a stored record. ## Resource Estimates (54) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-0) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:fb9b0a871f7f3d139752 - Deposit or zone: AE\_1 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 24600000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 30000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.12% copper is low for a standalone copper project. Evidence · table > 0.12 Context: 24.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-1) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:fb9b0a871f7f3d139752 - Deposit or zone: AE\_1 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 24600000 - Grade: 0.021 - Grade Unit: g/t - Contained Metal: 16000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.021 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.021 Context: 24.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-2) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:937d3ba6b257c04ddc7d - Deposit or zone: AE\_2 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 6800000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 9000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.13% copper is low for a standalone copper project. Evidence · table > 0.13 Context: 6.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-3) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:937d3ba6b257c04ddc7d - Deposit or zone: AE\_2 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 6800000 - Grade: 0.004 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.004 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.004 Context: 6.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-4) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ad965b8c3705cbae1ecb - Deposit or zone: AE\_3 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 34900000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 33000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.09% copper is low for a standalone copper project. Evidence · table > 0.09 Context: 34.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-5) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ad965b8c3705cbae1ecb - Deposit or zone: AE\_3 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 34900000 - Grade: 0.022 - Grade Unit: g/t - Contained Metal: 25000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.022 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.022 Context: 34.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-6) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:38afd71d0bcfdb30491d - Deposit or zone: AE\_4 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 8000000 - Grade: 0.11 - Grade Unit: % - Contained Metal: 8000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.11% copper is low for a standalone copper project. Evidence · table > 0.11 Context: 8.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-7) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:38afd71d0bcfdb30491d - Deposit or zone: AE\_4 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 8000000 - Grade: 0.016 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.016 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.016 Context: 8.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-8) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:be3e885b5c5a678a72e2 - Deposit or zone: AE\_5 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 24000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.22% copper is low for a standalone copper project. Evidence · table > 0.22 Context: 11.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-9) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:be3e885b5c5a678a72e2 - Deposit or zone: AE\_5 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 11000000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 11000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.030 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.030 Context: 11.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-10) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d3dbf9b84639c12dd78 - Deposit or zone: AE-8 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 31300000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 61000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.19% copper is low for a standalone copper project. Evidence · table > 0.19 Context: 31.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-11) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d3dbf9b84639c12dd78 - Deposit or zone: AE-8 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 31300000 - Grade: 0.008 - Grade Unit: g/t - Contained Metal: 8000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.008 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.008 Context: 31.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-12) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f5d882bfbb811262ec30 - Deposit or zone: AE-7 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 7700000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 10000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.14% copper is low for a standalone copper project. Evidence · table > 0.14 Context: 7.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-13) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f5d882bfbb811262ec30 - Deposit or zone: AE-7 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 7700000 - Grade: 0.025 - Grade Unit: g/t - Contained Metal: 6000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.025 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.025 Context: 7.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-14) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a272e986f5af3c038d5a - Deposit or zone: AE-6 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.13 - Grade Unit: % - Contained Metal: 2000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.13% copper is low for a standalone copper project. Evidence · table > 0.13 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-15) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a272e986f5af3c038d5a - Deposit or zone: AE-6 - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.011 - Grade Unit: g/t - Contained Metal: 500 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.011 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.011 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-16) Alford East · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:fa812a0f65d9d1fccc6e - Deposit or zone: Total - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 125600000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 177000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.14% copper is low for a standalone copper project. Evidence · table > 0.14 Context: 125.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-17) Alford East · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford East - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:fa812a0f65d9d1fccc6e - Deposit or zone: Total - Material type: oxide - Ownership percent: 80 % #### Resource Data - Category: inferred - Tonnes: 125600000 - Grade: 0.018 - Grade Unit: g/t - Contained Metal: 71500 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2021-01-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2021-01-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2021, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.018 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.018 Context: 125.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-18) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:362f6050653223e95e85 - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 46500000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 80000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 0.17 Context: 46.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-19) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:efc779059fa7cc39b1f6 - Deposit or zone: Bruce - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 11800000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 22000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.19% copper is low for a standalone copper project. Evidence · table > 0.19 Context: 11.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-20) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f9b2a060eb7aeeab16ef - Deposit or zone: Larwood - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 7800000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 12000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.15% copper is low for a standalone copper project. Evidence · table > 0.15 Context: 7.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-21) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:f9b2a060eb7aeeab16ef - Deposit or zone: Larwood - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 7800000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, very low-grade inferred resource for gold, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.04 g/t gold is very low and likely a byproduct credit. Evidence · table > 0.04 Context: 7.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-22) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b7ce18dfb3ea5c3eb0d4 - Deposit or zone: Total - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 66100000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 114000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 0.17 Context: 66.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-23) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2c80198b5bbf653979f1 - Deposit or zone: Copper Oxide - Material type: oxide - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 30300000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 73000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2018, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.24% copper is low for a standalone copper project. Evidence · table > 0.24 Context: 30.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-24) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:20a757367aee9289ecbd - Deposit or zone: Secondary copper sulphide - Material type: sulphide - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 17100000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 46000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2018, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.27% copper is low for a standalone copper project. Evidence · table > 0.27 Context: 17.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-25) Kapunda · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kapunda - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:aff2b2885e665f9c9fcd - Deposit or zone: Total - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 47400000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 119000 - Contained Unit: t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2018-02-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-02-12T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. - Negative factor: Estimate is historical, reported in 2018, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.25% copper is low for a standalone copper project. Evidence · table > 0.25 Context: 47.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 8.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-26) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:3c209edc8886a4ddb373 - Deposit or zone: RSEL 802 \(net\) 1U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 275 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for hydrogen, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 275 Context: 1U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-27) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:3c209edc8886a4ddb373 - Deposit or zone: RSEL 802 \(net\) 1U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 25 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for helium, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 25 Context: 1U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-28) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:eae6deb703aa0ebc6ce6 - Deposit or zone: RSEL 802 \(net\) 2U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 1050 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for hydrogen with a significant contained metal quantity, but remains highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Positive factor: Significant contained metal quantity \(1,050 Bcf\) for a prospective resource. - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 1,050 Context: 2U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-29) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:eae6deb703aa0ebc6ce6 - Deposit or zone: RSEL 802 \(net\) 2U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 115 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for helium with a significant contained metal quantity, but remains highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Positive factor: Significant contained metal quantity \(115 Bcf\) for a prospective resource. - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 115 Context: 2U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-30) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:701e3d48327e988c991f - Deposit or zone: RSEL 802 \(net\) 3U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 3511 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for hydrogen, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 3,511 Context: 3U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-31) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:701e3d48327e988c991f - Deposit or zone: RSEL 802 \(net\) 3U - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 427 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden prospective resource for helium, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 427 Context: 3U #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-32) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:ba046488d5d14d9b37d1 - Deposit or zone: Thor \(net\) 1U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 221 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for hydrogen, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 221 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-33) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:ba046488d5d14d9b37d1 - Deposit or zone: Thor \(net\) 1U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 20 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for helium, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 20 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-34) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:18b4e23224a10517dd5b - Deposit or zone: Thor \(net\) 2U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 842 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for hydrogen with a significant contained metal quantity, but remains highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Positive factor: Significant contained metal quantity \(842 Bcf\) for a prospective resource. - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 842 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-35) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:18b4e23224a10517dd5b - Deposit or zone: Thor \(net\) 2U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 90 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for helium with a significant contained metal quantity, but remains highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Positive factor: Significant contained metal quantity \(90 Bcf\) for a prospective resource. - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 90 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-36) HY-Range · hydrogen #### Identity - Project: HY-Range - Commodity: hydrogen - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a25c0854c968b4b06e99 - Deposit or zone: Thor \(net\) 3U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 2816 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for hydrogen, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for hydrogen, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 2,816 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-37) HY-Range · helium #### Identity - Project: HY-Range - Commodity: helium - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a25c0854c968b4b06e99 - Deposit or zone: Thor \(net\) 3U - Ownership percent: 80.2 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 343 - Contained Unit: bcf #### Prior Estimate - Resource Date: 2026-03-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a maiden attributable prospective resource for helium, providing an initial estimate of potential, but is highly speculative due to its inferred nature and undiscovered status. - Positive factor: Maiden attributable prospective resource for helium, establishing a baseline for future exploration. - Positive factor: Assessment undertaken by reputable independent consultant \(RISC Advisory Pty Ltd\). - Negative factor: Resource is prospective and entirely in the Inferred category, indicating high geological uncertainty. - Negative factor: Quantities relate to undiscovered accumulations, requiring further exploration and evaluation. Evidence · table > 343 Context: Thor \(net\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-38) Molyhil Tungsten Project · tungsten #### Identity - Project: Molyhil Tungsten Project - Commodity: tungsten - Region: australia\_nt - Reported Region: Northern Territory - Ticker: THR #### Resource scope - Resource group id: resource:64cb40ecf910a825119f #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of the Molyhil project is a positive strategic move, generating substantial non-dilutive funding and streamlining the company's portfolio. - Positive factor: Sale generated significant cash and deferred consideration, funding core projects without dilution. - Positive factor: Reduced holding costs for a non-core asset. - Positive factor: Consideration includes cash and shares, providing flexibility. Evidence · text > In September 2025 we signed a Term Sheet for the sale of our 75% interest in the Molyhil Tungsten Project \(held via the FRAM Joint Venture\) to ASX-listed Tivan Limited for total consideration of up to A$8.75 million\(£4.375 million\)with Molyhil’s 75% share worth $6,562,500 \(£3,281,250\). The first cash payment of A$2.25 million \(£1,125 million\) was received in January 2026, and we received the first of three further annual deferred completion payments of A$1,312,500 \(£656,000\), post period, in September 2026 with Tivan electing to pay 50% in cash and 50% in shares. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 40 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-39) Molyhil Tungsten Project · molybdenum #### Identity - Project: Molyhil Tungsten Project - Commodity: molybdenum - Region: australia\_nt - Reported Region: Northern Territory - Ticker: THR #### Resource scope - Resource group id: resource:64cb40ecf910a825119f #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of the Molyhil project is a positive strategic move, generating substantial non-dilutive funding and streamlining the company's portfolio. - Positive factor: Sale generated significant cash and deferred consideration, funding core projects without dilution. - Positive factor: Reduced holding costs for a non-core asset. - Positive factor: Consideration includes cash and shares, providing flexibility. Evidence · text > In September 2025 we signed a Term Sheet for the sale of our 75% interest in the Molyhil Tungsten Project \(held via the FRAM Joint Venture\) to ASX-listed Tivan Limited for total consideration of up to A$8.75 million\(£4.375 million\)with Molyhil’s 75% share worth $6,562,500 \(£3,281,250\). The first cash payment of A$2.25 million \(£1,125 million\) was received in January 2026, and we received the first of three further annual deferred completion payments of A$1,312,500 \(£656,000\), post period, in September 2026 with Tivan electing to pay 50% in cash and 50% in shares. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 41 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-40) Molyhil Tungsten Project · copper #### Identity - Project: Molyhil Tungsten Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: THR #### Resource scope - Resource group id: resource:64cb40ecf910a825119f #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of the Molyhil project is a positive strategic move, generating substantial non-dilutive funding and streamlining the company's portfolio. - Positive factor: Sale generated significant cash and deferred consideration, funding core projects without dilution. - Positive factor: Reduced holding costs for a non-core asset. - Positive factor: Consideration includes cash and shares, providing flexibility. Evidence · text > In September 2025 we signed a Term Sheet for the sale of our 75% interest in the Molyhil Tungsten Project \(held via the FRAM Joint Venture\) to ASX-listed Tivan Limited for total consideration of up to A$8.75 million\(£4.375 million\)with Molyhil’s 75% share worth $6,562,500 \(£3,281,250\). The first cash payment of A$2.25 million \(£1,125 million\) was received in January 2026, and we received the first of three further annual deferred completion payments of A$1,312,500 \(£656,000\), post period, in September 2026 with Tivan electing to pay 50% in cash and 50% in shares. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-41) US assets \(Groundhog, Radium Mountain, Vanadium King claim groups\) · uranium #### Identity - Project: US assets \(Groundhog, Radium Mountain, Vanadium King claim groups\) - Commodity: uranium - Region: usa\_ut - Reported Region: Colorado & Utah, USA - Ticker: THR #### Resource scope - Resource group id: resource:f9d6df5ef5b7988a4074 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of US uranium/vanadium assets is a positive strategic move, providing non-dilutive funding and retaining exposure to future upside without further capital outlay. - Positive factor: Sale generated cash and shares, contributing to non-dilutive funding. - Positive factor: Reduced holding costs for non-core US assets. - Positive factor: Retained 25% fully carried interest provides future upside without expenditure. Evidence · text > In August 2025, the Group also successfully sold its 75% stake in its US assets to Metals One Plc \(AIM:MET1\). In October 2025 via our retained 25% interest in the above we signed a binding agreement with DISA Technologies, Inc. to evaluate and potentially develop historically abandoned uranium mine waste at our Colorado Projects, with the potential to generate a fully carried gross revenue share of 2.5% to 4.0% for Thor, requiring no capital or operating expenditure from the Company and delivering socio-environmental improvements to the area. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-42) US assets \(Groundhog, Radium Mountain, Vanadium King claim groups\) · vanadium #### Identity - Project: US assets \(Groundhog, Radium Mountain, Vanadium King claim groups\) - Commodity: vanadium - Region: usa\_ut - Reported Region: Colorado & Utah, USA - Ticker: THR #### Resource scope - Resource group id: resource:f9d6df5ef5b7988a4074 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The sale of US uranium/vanadium assets is a positive strategic move, providing non-dilutive funding and retaining exposure to future upside without further capital outlay. - Positive factor: Sale generated cash and shares, contributing to non-dilutive funding. - Positive factor: Reduced holding costs for non-core US assets. - Positive factor: Retained 25% fully carried interest provides future upside without expenditure. Evidence · text > In August 2025, the Group also successfully sold its 75% stake in its US assets to Metals One Plc \(AIM:MET1\). In October 2025 via our retained 25% interest in the above we signed a binding agreement with DISA Technologies, Inc. to evaluate and potentially develop historically abandoned uranium mine waste at our Colorado Projects, with the potential to generate a fully carried gross revenue share of 2.5% to 4.0% for Thor, requiring no capital or operating expenditure from the Company and delivering socio-environmental improvements to the area. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 44 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-43) Colorado Projects \(historically abandoned uranium mine waste\) · uranium #### Identity - Project: Colorado Projects \(historically abandoned uranium mine waste\) - Commodity: uranium - Region: usa\_co - Reported Region: Colorado, USA - Ticker: THR #### Resource scope - Resource group id: resource:0f84ef8417fb09abd686 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This agreement provides a low-risk opportunity for Thor to generate revenue from its retained US uranium interests without further capital investment. - Positive factor: Potential for revenue generation from historically abandoned mine waste. - Positive factor: No capital or operating expenditure required from Thor, de-risking the venture. - Positive factor: Leverages retained interest in US assets for additional value. Evidence · text > In October 2025 via our retained 25% interest in the above we signed a binding agreement with DISA Technologies, Inc. to evaluate and potentially develop historically abandoned uranium mine waste at our Colorado Projects, with the potential to generate a fully carried gross revenue share of 2.5% to 4.0% for Thor, requiring no capital or operating expenditure from the Company and delivering socio-environmental improvements to the area. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 45 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-44) Colorado Projects \(historically abandoned uranium mine waste\) · critical minerals #### Identity - Project: Colorado Projects \(historically abandoned uranium mine waste\) - Commodity: critical minerals - Region: usa\_co - Reported Region: Colorado, USA - Ticker: THR #### Resource scope - Resource group id: resource:0f84ef8417fb09abd686 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This agreement provides a low-risk opportunity for Thor to generate revenue from its retained US uranium interests without further capital investment. - Positive factor: Potential for revenue generation from historically abandoned mine waste. - Positive factor: No capital or operating expenditure required from Thor, de-risking the venture. - Positive factor: Leverages retained interest in US assets for additional value. Evidence · text > In October 2025 via our retained 25% interest in the above we signed a binding agreement with DISA Technologies, Inc. to evaluate and potentially develop historically abandoned uranium mine waste at our Colorado Projects, with the potential to generate a fully carried gross revenue share of 2.5% to 4.0% for Thor, requiring no capital or operating expenditure from the Company and delivering socio-environmental improvements to the area. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 46 [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-45) Alford West and Kapunda projects · copper #### Identity - Project: Alford West and Kapunda projects - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Resource group id: resource:3d0f3d2a058d2d77c010 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The investment by a large international energy company in ECL's copper projects provides strong external validation and removes funding requirements for Thor, despite potential future dilution. - Positive factor: Significant external endorsement of ECL's ISR technology and projects. - Positive factor: Removes funding requirements from Thor for these projects. - Positive factor: Validates the quality of the underlying assets. - Negative factor: Potential for dilution of Thor's equity holding in ECL if the investment converts to shares. Evidence · text > In October 2025, we announced that a large international energy company had agreed to invest A$3.5 million \(£1.75 million\) into ECL to collaborate on its ISR technology and on the Kapunda and Alford copper projects, with the option to convert that investment into a shareholding in ECL. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-46) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4ee49bb6e146c94e451e - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 20910000 - Grade: 46.5 - Grade Unit: % - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 46.5 Context: 20.91 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-47) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:4ee49bb6e146c94e451e - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 20910000 - Grade: 80000 - Grade Unit: g/t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 80,000 Context: 20.91 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-48) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a10cdd25ed7be9c78a11 - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 5510000 - Grade: 11.8 - Grade Unit: % - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 11.8 Context: 5.51 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-49) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a10cdd25ed7be9c78a11 - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 5510000 - Grade: 22000 - Grade Unit: g/t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 22,000 Context: 5.51 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-50) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2ecaf5d664a2fd66850c - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 7.8 - Grade Unit: % - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 7.8 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-51) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:2ecaf5d664a2fd66850c - Deposit or zone: Wombat - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 12000 - Grade Unit: g/t - Contained Metal: 0.04 - Contained Unit: oz - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 12,000 Context: 3.48 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-52) Alford West · copper Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:95e29405a006acb4bf82 - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 29900000 - Grade: 66.1 - Grade Unit: % - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 66.1 Context: 29.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/thr-annual-report-to-shareholders--be564212-d4df-4d44-9a25-a8e1e94f86fe#fact-resource-facts-53) Alford West · gold Historical result Needs review: historical\_restatement #### Identity - Project: Alford West - Commodity: gold - Region: australia\_sa - Reported Region: South Australia - Ticker: THR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:95e29405a006acb4bf82 - Ownership percent: 24 % #### Resource Data - Category: inferred - Tonnes: 29900000 - Grade: 114000 - Grade Unit: g/t - Cutoff Grade: 0.05 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2019-08-15 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-08-15T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an historical, low-grade inferred resource for copper, indicating low confidence and limited current relevance. \(Expanded from multi-commodity resource table for completeness.\) - Negative factor: Estimate is historical, reported in 2019, and may not reflect current geological understanding. - Negative factor: Resource is entirely in the Inferred category, indicating low geological confidence. - Negative factor: Grade of 0.17% copper is low for a standalone copper project. Evidence · table > 114,000 Context: 29.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.1 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.