VBX: Annual Report to shareholders
Original announcement by asx on
- Company
- VBX Limited
- Ticker
- VBX
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Bauxite
- Secondary commodities
- Iron ore, Loss on ignition
- Document categories
- Resource update, Metallurgy, Capital raise
- Extracted
- 2026-09-29 14:45:14 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
VBX Limited's annual report for FY26 highlights significant progress at its Wuudagu Bauxite Project, including a substantial 108% increase in Measured and Indicated Mineral Resources to 131.9 Mt at 40.2% Al₂O₃ and 12.6% SiO₂. Metallurgical test work demonstrated improved product mass recovery, and the Definitive Feasibility Study (DFS) advanced with an optimized project configuration. However, the company reported a significant net loss of $13.2 million and a net asset deficiency, with a material uncertainty regarding its ability to continue as a going concern, necessitating a $4.5 million capital raise and extension of related-party loans post-year-end.
Reasoning: VBX Limited made substantial progress on its Wuudagu Bauxite Project with a significant resource upgrade and positive metallurgical results, advancing towards development. However, the company faces considerable financial challenges, including a large net loss and going concern doubts, necessitating further capital raises and loan extensions.
Positive factors
- Significant increase in Measured and Indicated Mineral Resource
- Improved product mass recovery from metallurgical test work
- Progress on Definitive Feasibility Study and environmental approvals
- Funding secured for DFS completion
Negative factors
- Significant net loss and net asset deficiency
- Material uncertainty related to going concern
- DFS completion extended
- Reliance on related-party loans and equity dilution
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 22
Classification and evidence
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The Mineral Resource estimate includes 41.9 Mt in the Measured category.
Evidence · table
“41.9”
Context: Measured
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The Mineral Resource estimate includes 90.0 Mt in the Indicated category.
Evidence · table
“90.0”
Context: Indicated
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The company reported a 108% increase in the Measured and Indicated Mineral Resource.
Evidence · text
“108% increase in the Measured and Indicated Mineral Resource”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The total Wuudagu Mineral Resource Estimate increased to 143.2 Mt from 95.6 Mt in FY2025.
Evidence · text
“total Wuudagu Mineral Resource Estimate increased to 143.2 Mt ... (from 95.6Mt ... in FY2025)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Mr Rodney Brown, a Principal Consultant at SRK Consulting, approved the Mineral Resource statement.
Evidence · text
“The Mineral Resource statement above has, as a whole, been approved by Mr Rodney Brown.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Ore Reserve and Mineral Resource estimates are classified in accordance with the JORC Code (2012).
Evidence · text
“classified in accordance with the JORC Code (2012)”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: An upper cut-off grade of 22.5% SiO₂ was applied to the estimated SiO₂ grade of each model cell.
Evidence · text
“an upper cut-off grade of 22.5% applied to the estimated SiO2 grade of each model cell.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Mineral Resource estimate includes 11.3 Mt in the Inferred category.
Evidence · table
“11.3”
Context: Inferred
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Ore Reserve estimate was revalidated in February 2025 and has not changed during the year ended 30 June 2026.
Evidence · text
“The Company confirms that, there was no change to the Ore Reserve estimate during the year ended 30 June 2026”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Metallurgical optimisation test work demonstrated the potential for improved product mass recovery.
Evidence · text
“Metallurgical optimisation test work demonstrated the potential for improved product mass recovery”
Dilutionnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The $4.5 million equity raise and $2.5 million debt conversion will be dilutive to shareholders.
Evidence · text
“Any additional equity financing will be dilutive to Shareholders”
Funding Securedpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company received firm commitments to raise $4.5 million in new equity and converted $2.5 million in loan notes to equity.
Evidence · text
“firm commitments had been received from sophisticated and professional investors to raise $4.5 million through the issue of 7,031,052 new Shares at an issue price of $0.64 per Share; Loan Note Variation Agreements were signed with Ryan de Franck and Richard de Franck pursuant to which the repayment date for the $5.0 million Loan Notes was extended to 31 December 2027 and the interest rate was increased from 4.5% to 8.0% effective 1 January 2027. In additional Ryan de Franck agreed to convert $2.5 million in Loan Notes into 3,906,250 Shares at $0.64 per Share, subject to Shareholder approval which will be sought at the upcoming AGM”
Extracted facts
Stored fact records: 22. Some facts used in scoring do not have a stored record.
Resource Estimates (21)
measuredWuudagu Bauxite Project · aluminium_oxideTonnes: 41900000Grade: 39.8Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- aluminium_oxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:632045d9f59bd1c46287
Resource Data
- Category
- measured
- Tonnes
- 41900000
- Grade
- 39.8
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Measured resource of 41.9 Mt at 39.8% Al₂O₃ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“39.8”
Context: 41.9
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredWuudagu Bauxite Project · silicon_dioxideTonnes: 41900000Grade: 12.7Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- silicon_dioxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:632045d9f59bd1c46287
Resource Data
- Category
- measured
- Tonnes
- 41900000
- Grade
- 12.7
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Measured resource of 41.9 Mt at 12.7% SiO₂ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“12.7”
Context: 41.9
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredWuudagu Bauxite Project · iron_oreTonnes: 41900000Grade: 23.1Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:632045d9f59bd1c46287
Resource Data
- Category
- measured
- Tonnes
- 41900000
- Grade
- 23.1
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Measured resource of 41.9 Mt at 23.1% Fe₂O₃ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“23.1”
Context: 41.9
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredWuudagu Bauxite Project · loss_on_ignitionTonnes: 41900000Grade: 19.8Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- loss_on_ignition
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:632045d9f59bd1c46287
Resource Data
- Category
- measured
- Tonnes
- 41900000
- Grade
- 19.8
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Measured resource of 41.9 Mt at 19.8% LOI provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“19.8”
Context: 41.9
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedWuudagu Bauxite Project · aluminium_oxideTonnes: 90000000Grade: 40.5Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- aluminium_oxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:9683af332c6733cf08e1
Resource Data
- Category
- indicated
- Tonnes
- 90000000
- Grade
- 40.5
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Indicated resource of 90.0 Mt at 40.5% Al₂O₃ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“40.5”
Context: 90.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedWuudagu Bauxite Project · silicon_dioxideTonnes: 90000000Grade: 12.5Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- silicon_dioxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:9683af332c6733cf08e1
Resource Data
- Category
- indicated
- Tonnes
- 90000000
- Grade
- 12.5
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Indicated resource of 90.0 Mt at 12.5% SiO₂ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“12.5”
Context: 90.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedWuudagu Bauxite Project · iron_oreTonnes: 90000000Grade: 22.2Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:9683af332c6733cf08e1
Resource Data
- Category
- indicated
- Tonnes
- 90000000
- Grade
- 22.2
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Indicated resource of 90.0 Mt at 22.2% Fe₂O₃ provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“22.2”
Context: 90.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedWuudagu Bauxite Project · loss_on_ignitionTonnes: 90000000Grade: 20.1Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- loss_on_ignition
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:9683af332c6733cf08e1
Resource Data
- Category
- indicated
- Tonnes
- 90000000
- Grade
- 20.1
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: A substantial Indicated resource of 90.0 Mt at 20.1% LOI provides high confidence for project development.
Positive factors
- High confidence category
- Significant tonnage
Evidence · table
“20.1”
Context: 90.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredWuudagu Bauxite Project · aluminium_oxideTonnes: 11300000Grade: 36.7Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- aluminium_oxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:6a0a0b43e4f7882f40ed
Resource Data
- Category
- inferred
- Tonnes
- 11300000
- Grade
- 36.7
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: An Inferred resource of 11.3 Mt at 36.7% Al₂O₃, while contributing to total tonnage, has lower geological confidence.
Negative factors
- Inferred Resource
Evidence · table
“36.7”
Context: 11.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredWuudagu Bauxite Project · silicon_dioxideTonnes: 11300000Grade: 13.7Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- silicon_dioxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:6a0a0b43e4f7882f40ed
Resource Data
- Category
- inferred
- Tonnes
- 11300000
- Grade
- 13.7
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: An Inferred resource of 11.3 Mt at 13.7% SiO₂, while contributing to total tonnage, has lower geological confidence.
Negative factors
- Inferred Resource
Evidence · table
“13.7”
Context: 11.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredWuudagu Bauxite Project · iron_oreTonnes: 11300000Grade: 27.1Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:6a0a0b43e4f7882f40ed
Resource Data
- Category
- inferred
- Tonnes
- 11300000
- Grade
- 27.1
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: An Inferred resource of 11.3 Mt at 27.1% Fe₂O₃, while contributing to total tonnage, has lower geological confidence.
Negative factors
- Inferred Resource
Evidence · table
“27.1”
Context: 11.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredWuudagu Bauxite Project · loss_on_ignitionTonnes: 11300000Grade: 18.4Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- loss_on_ignition
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:6a0a0b43e4f7882f40ed
Resource Data
- Category
- inferred
- Tonnes
- 11300000
- Grade
- 18.4
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: An Inferred resource of 11.3 Mt at 18.4% LOI, while contributing to total tonnage, has lower geological confidence.
Negative factors
- Inferred Resource
Evidence · table
“18.4”
Context: 11.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 13Wuudagu Bauxite Project · aluminium_oxideTonnes: 143200000Grade: 40Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- aluminium_oxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:12997ad53388f09f0453
Resource Data
- Tonnes
- 143200000
- Grade
- 40
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The total Mineral Resource increased to 143.2 Mt at 40.0% Al₂O₃, representing significant growth and confidence.
Positive factors
- Tonnage Growth
- Category Upgrade
Evidence · table
“40.0”
Context: 143.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 14Wuudagu Bauxite Project · silicon_dioxideTonnes: 143200000Grade: 12.7Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- silicon_dioxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:12997ad53388f09f0453
Resource Data
- Tonnes
- 143200000
- Grade
- 12.7
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The total Mineral Resource increased to 143.2 Mt at 12.7% SiO₂, representing significant growth and confidence.
Positive factors
- Tonnage Growth
- Category Upgrade
Evidence · table
“12.7”
Context: 143.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 15Wuudagu Bauxite Project · iron_oreTonnes: 143200000Grade: 22.8Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:12997ad53388f09f0453
Resource Data
- Tonnes
- 143200000
- Grade
- 22.8
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The total Mineral Resource increased to 143.2 Mt at 22.8% Fe₂O₃, representing significant growth and confidence.
Positive factors
- Tonnage Growth
- Category Upgrade
Evidence · table
“22.8”
Context: 143.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 16Wuudagu Bauxite Project · loss_on_ignitionTonnes: 143200000Grade: 20Grade Unit: %View all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- loss_on_ignition
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:12997ad53388f09f0453
Resource Data
- Tonnes
- 143200000
- Grade
- 20
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The total Mineral Resource increased to 143.2 Mt at 20.0% LOI, representing significant growth and confidence.
Positive factors
- Tonnage Growth
- Category Upgrade
Evidence · table
“20.0”
Context: 143.2
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 17Wuudagu Bauxite Project · aluminium_oxideTonnes: 95600000Grade: 39.4Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- aluminium_oxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:d111b33685782384e6d0
Resource Data
- Tonnes
- 95600000
- Grade
- 39.4
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This is the prior total Mineral Resource estimate for comparison purposes.
Evidence · text
“from 95.6Mt at 39.4% Al₂O₃ and 13.4% SiO₂ in FY2025”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 18Wuudagu Bauxite Project · silicon_dioxideTonnes: 95600000Grade: 13.4Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- silicon_dioxide
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Rodney Brown
- Resource group id
- resource:d111b33685782384e6d0
Resource Data
- Tonnes
- 95600000
- Grade
- 13.4
- Grade Unit
- %
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-06-30T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This is the prior total Mineral Resource estimate for comparison purposes.
Evidence · text
“from 95.6Mt at 39.4% Al₂O₃ and 13.4% SiO₂ in FY2025”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 19Wuudagu Bauxite ProjectHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Daniel Donald
- Resource group id
- resource:14677964f92dab486456
Resource Data
- Cutoff Grade
- 22.5
- Cutoff Unit
- % SiO₂
Prior Estimate
- Resource Date
- 2025-02-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-01T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Ore Reserve was revalidated in February 2025 and has not changed during the current year, indicating low novelty.
Negative factors
- Stale Estimate
Evidence · text
“A PFS level mine plan was completed and an Ore Reserve was declared on the Wuudagu Bauxite Project in 2021 and revalidated in February 2025. The Ore Reserve shown in the table below has been classified in accordance with the JORC Code (2012) and is based on the 2021 Mineral Resource estimate for Wuudagu C and defined by a range of criteria and considerations. The Company confirms that, there was no change to the Ore Reserve estimate during the year ended 30 June 2026 as such, the below table also reflects that of the comparative 2025 financial year.”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 20Wuudagu Bauxite ProjectView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:40cdcb1b43e7ae1426d8
Resource Data
- Cutoff Grade
- 22.5
- Cutoff Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The company secured $4.5 million in new equity to fund the DFS, providing necessary capital but resulting in shareholder dilution.
Positive factors
- Funding Secured
Negative factors
- Dilution
Evidence · text
“firm commitments had been received from sophisticated and professional investors to raise $4.5 million through the issue of 7,031,052 new Shares at an issue price of $0.64 per Share”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 21Wuudagu Bauxite ProjectView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:40cdcb1b43e7ae1426d8
Resource Data
- Cutoff Grade
- 22.5
- Cutoff Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Conversion of $2.5 million in loan notes to equity reduces debt and strengthens the balance sheet, but also causes dilution.
Positive factors
- Debt Reduced
Negative factors
- Dilution
Evidence · text
“Ryan de Franck agreed to convert $2.5 million in Loan Notes into 3,906,250 Shares at $0.64 per Share, subject to Shareholder approval”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (1)
Fact 1Wuudagu Bauxite Project · bauxiteView all detailsHide details
Identity
- Project
- Wuudagu Bauxite Project
- Commodity
- bauxite
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- VBX
Test Work
- Program Status
- optimization
- Processing Route
- beneficiation
Lab
- Laboratory
- Ausenco Services Pty Ltd
- Consultant
- Ausenco Services Pty Ltd
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Metallurgical optimization test work demonstrated improved product mass recovery, which is a positive step for project economics.
Positive factors
- Recovery Improving
Evidence · text
“Metallurgical optimisation test work demonstrated the potential for improved product mass recovery while maintaining the high-quality, low-silica characteristics of the beneficiated Wuudagu product.”
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.