# VBX: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145504 Publisher: asx Original announcement: 2026-09-29T07:24:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:45:13.307Z Atlas analysis updated: 2026-09-29T14:45:13.307Z - 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 Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas 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 factor: Significant increase in Measured and Indicated Mineral Resource - Positive factor: Improved product mass recovery from metallurgical test work - Positive factor: Progress on Definitive Feasibility Study and environmental approvals - Positive factor: Funding secured for DFS completion - Negative factor: Significant net loss and net asset deficiency - Negative factor: Material uncertainty related to going concern - Negative factor: DFS completion extended - Negative factor: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 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: 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Estimate** Polarity: negative Definition: 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 Improving** Polarity: positive Definition: 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 **Dilution** Polarity: negative Story-specific tag Definition: 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 Secured** Polarity: positive Story-specific tag Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-0) Wuudagu Bauxite Project · aluminium\_oxide #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 39.8 Context: 41.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-1) Wuudagu Bauxite Project · silicon\_dioxide #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 12.7 Context: 41.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-2) Wuudagu Bauxite Project · iron\_ore #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 23.1 Context: 41.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-3) Wuudagu Bauxite Project · loss\_on\_ignition #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 19.8 Context: 41.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-4) Wuudagu Bauxite Project · aluminium\_oxide #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 40.5 Context: 90.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-5) Wuudagu Bauxite Project · silicon\_dioxide #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 12.5 Context: 90.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-6) Wuudagu Bauxite Project · iron\_ore #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 22.2 Context: 90.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-7) Wuudagu Bauxite Project · loss\_on\_ignition #### 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 factor: High confidence category - Positive factor: Significant tonnage Evidence · table > 20.1 Context: 90.0 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-8) Wuudagu Bauxite Project · aluminium\_oxide #### 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 factor: Inferred Resource Evidence · table > 36.7 Context: 11.3 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-9) Wuudagu Bauxite Project · silicon\_dioxide #### 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 factor: Inferred Resource Evidence · table > 13.7 Context: 11.3 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-10) Wuudagu Bauxite Project · iron\_ore #### 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 factor: Inferred Resource Evidence · table > 27.1 Context: 11.3 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-11) Wuudagu Bauxite Project · loss\_on\_ignition #### 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 factor: Inferred Resource Evidence · table > 18.4 Context: 11.3 #### 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-12) Wuudagu Bauxite Project · aluminium\_oxide #### 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 factor: Tonnage Growth - Positive factor: Category Upgrade Evidence · table > 40.0 Context: 143.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-13) Wuudagu Bauxite Project · silicon\_dioxide #### 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 factor: Tonnage Growth - Positive factor: Category Upgrade Evidence · table > 12.7 Context: 143.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-14) Wuudagu Bauxite Project · iron\_ore #### 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 factor: Tonnage Growth - Positive factor: Category Upgrade Evidence · table > 22.8 Context: 143.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-15) Wuudagu Bauxite Project · loss\_on\_ignition #### 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 factor: Tonnage Growth - Positive factor: Category Upgrade Evidence · table > 20.0 Context: 143.2 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-16) Wuudagu Bauxite Project · aluminium\_oxide Historical result Needs review: historical\_restatement #### 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 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-17) Wuudagu Bauxite Project · silicon\_dioxide Historical result Needs review: historical\_restatement #### 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 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 19 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-18) Wuudagu Bauxite Project Historical result Needs review: historical\_restatement #### 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 factor: 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 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 20 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-20) Wuudagu Bauxite Project #### 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 factor: Funding Secured - Negative factor: 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-resource-facts-21) Wuudagu Bauxite Project #### 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 factor: Debt Reduced - Negative factor: 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 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 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-annual-report-to-shareholders--ea271881-18d3-4b82-bf6e-f970f4d6f0e7#fact-metallurgical-facts-19) Wuudagu Bauxite Project · bauxite #### 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 factor: 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.