# VBX: Corporate Presentation - October 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150911 Publisher: asx Original announcement: 2026-10-11T21:21:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-11T22:28:31.393Z Atlas analysis updated: 2026-10-11T22:28:31.393Z - Company: VBX Limited - Ticker: VBX - Exchange: ASX - Region: Western Australia - Primary commodity: Aluminium oxide - Secondary commodities: Silicon dioxide, Iron ore, Loss on ignition - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-11 22:28:32 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary VBX Limited released a corporate presentation detailing the advancement of its Wuudagu Bauxite Project in Western Australia. Key highlights include a 108% increase in the Measured and Indicated Mineral Resource to 131.9 Mt and successful metallurgical test work demonstrating improved beneficiation recoveries up to 72.9% while maintaining a high-quality, low-silica product. The company is progressing towards a Definitive Feasibility Study \(DFS\) completion in Q1 2027, with a clear pathway to first production in 2028. Reasoning: The company presented a corporate update highlighting a substantial 108% increase in its Measured and Indicated Mineral Resource for the Wuudagu Bauxite Project, alongside successful metallurgical optimization test work showing improved beneficiation recoveries and maintained product quality, positioning the project for future development. - Positive factor: Significant increase in Measured and Indicated \(M&I\) Mineral Resource by 108% to 131.9 Mt. - Positive factor: Improved beneficiation mass recoveries achieved in DFS test work, reaching up to 72.9% at a +3.35mm screen size. - Positive factor: Maintained attractive low silica product grade \(3.2% SiO2 at highest recovery\). - Positive factor: Strong Preliminary Feasibility Study \(PFS\) results demonstrating a pre-tax IRR of 136% and NPV of A$821M. - Positive factor: Clear pathway to project approvals in 2027 and first production in 2028. - Negative factor: Delivery of the Definitive Feasibility Study \(DFS\) has been extended to Q1 2027. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 66 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is explicitly stated as 'JORC \(2012\) Mineral Resource Estimate' on page 21. Evidence · text > JORC \(2012\) Mineral Resource Estimate **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The compliance statement confirms that 'the form and context in which the Competent Person’s findings that are presented have not been materially modified' for both the Mineral Resource and Ore Reserve estimates. Evidence · text > The Company confirms that the form and context in which the Competent Person’s findings that are presented have not been materially modified. **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 resource table on page 21 includes a 'Measured' category with 41.9 Mt at 39.8% Al2O3. Evidence · table > Measured Context: 41.9 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource table on page 21 includes an 'Indicated' category with 90.0 Mt at 40.5% Al2O3. Evidence · table > Indicated Context: 90.0 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource table on page 21 includes an 'Inferred' category with 11.3 Mt at 36.7% Al2O3. Evidence · table > Inferred Context: 11.3 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The summary states '108% increase in M&I Resource from 2025 drilling program'. Evidence · text > 108% increase in M&I Resource from 2025 drilling program **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The summary states '108% increase in M&I Resource from 2025 drilling program', and grades are maintained, implying a proportional increase in contained metal. Evidence · text > 108% increase in M&I Resource from 2025 drilling program **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource table explicitly states 'Based on a 22.5% SiO2 upper cut-off grade'. Evidence · text > Based on a 22.5% SiO2 upper cut-off grade **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Mass recovery improved from 59.5% \(PFS 2025\) to 72.9% \(DFS Test Work\) at +3.35mm screen size. Evidence · table > 72.9 Context: 55% Solids / 2.0 Min **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical test work involves 'scrubbing and screening parameters' for beneficiation, which is a mill-based processing route. Evidence · text > optimise scrubbing and screening parameters **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 66. Some facts used in scoring do not have a stored record. ## Resource Estimates (60) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:43ce7911a55dc33d3437 - Deposit or zone: Wuudagu B #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 39.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Measured resource for Wuudagu B contributes to the overall high-confidence resource base with a good grade. - Positive factor: High confidence Measured category. - Positive factor: Good grade for bauxite. Evidence · table > 39.5 Context: 14.1 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:43ce7911a55dc33d3437 - Deposit or zone: Wuudagu B #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 13 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu B includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 13.0 Context: 14.1 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:43ce7911a55dc33d3437 - Deposit or zone: Wuudagu B #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 22.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu B includes iron content, which is a common component in bauxite deposits. Evidence · table > 22.8 Context: 14.1 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:43ce7911a55dc33d3437 - Deposit or zone: Wuudagu B #### Resource Data - Category: measured - Tonnes: 14100000 - Grade: 19.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu B includes a typical loss on ignition value for bauxite. Evidence · table > 19.9 Context: 14.1 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a42cd83a511b76c35d07 - Deposit or zone: Wuudagu C #### Resource Data - Category: measured - Tonnes: 27800000 - Grade: 39.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Measured resource for Wuudagu C contributes significantly to the overall high-confidence resource base with a good grade. - Positive factor: High confidence Measured category. - Positive factor: Good grade for bauxite. Evidence · table > 39.9 Context: 27.8 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a42cd83a511b76c35d07 - Deposit or zone: Wuudagu C #### Resource Data - Category: measured - Tonnes: 27800000 - Grade: 12.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu C includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 12.5 Context: 27.8 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a42cd83a511b76c35d07 - Deposit or zone: Wuudagu C #### Resource Data - Category: measured - Tonnes: 27800000 - Grade: 23.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu C includes iron content, which is a common component in bauxite deposits. Evidence · table > 23.3 Context: 27.8 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a42cd83a511b76c35d07 - Deposit or zone: Wuudagu C #### Resource Data - Category: measured - Tonnes: 27800000 - Grade: 19.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Measured resource for Wuudagu C includes a typical loss on ignition value for bauxite. Evidence · table > 19.8 Context: 27.8 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:61083be1e3c58d182005 - Deposit or zone: Sub-Total #### Resource Data - Category: measured - Tonnes: 41900000 - Grade: 39.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Measured resource provides a strong, high-confidence foundation for the project with a good average grade. - Positive factor: Large Measured resource base. - Positive factor: Good grade for bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:61083be1e3c58d182005 - Deposit or zone: Sub-Total #### Resource Data - Category: measured - Tonnes: 41900000 - Grade: 12.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Measured resource has a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:61083be1e3c58d182005 - Deposit or zone: Sub-Total #### Resource Data - Category: measured - Tonnes: 41900000 - Grade: 23.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Measured resource includes iron content, which is a common component in bauxite deposits. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:61083be1e3c58d182005 - Deposit or zone: Sub-Total #### Resource Data - Category: measured - Tonnes: 41900000 - Grade: 19.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Measured resource includes a typical loss on ignition value for bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a4682820492fe13a0ed9 - Deposit or zone: Wuudagu B #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 39.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Indicated resource for Wuudagu B adds to the overall resource base with good confidence and grade. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: Good grade for bauxite. Evidence · table > 39.2 Context: 6.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a4682820492fe13a0ed9 - Deposit or zone: Wuudagu B #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 13.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu B includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 13.7 Context: 6.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a4682820492fe13a0ed9 - Deposit or zone: Wuudagu B #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 22.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu B includes iron content, which is a common component in bauxite deposits. Evidence · table > 22.7 Context: 6.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#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 - Resource group id: resource:a4682820492fe13a0ed9 - Deposit or zone: Wuudagu B #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 19.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu B includes a typical loss on ignition value for bauxite. Evidence · table > 19.6 Context: 6.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-16) 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 - Resource group id: resource:6a4606f299b49ddeeca4 - Deposit or zone: Wuudagu C #### Resource Data - Category: indicated - Tonnes: 39400000 - Grade: 39.4 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This large Indicated resource for Wuudagu C significantly contributes to the overall resource base with good confidence and grade. - Positive factor: Large Indicated resource for Wuudagu C. - Positive factor: Good grade for bauxite. Evidence · table > 39.4 Context: 39.4 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-17) 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 - Resource group id: resource:6a4606f299b49ddeeca4 - Deposit or zone: Wuudagu C #### Resource Data - Category: indicated - Tonnes: 39400000 - Grade: 14.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu C includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 14.9 Context: 39.4 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-18) 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 - Resource group id: resource:6a4606f299b49ddeeca4 - Deposit or zone: Wuudagu C #### Resource Data - Category: indicated - Tonnes: 39400000 - Grade: 21.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu C includes iron content, which is a common component in bauxite deposits. Evidence · table > 21.8 Context: 39.4 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-19) 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 - Resource group id: resource:6a4606f299b49ddeeca4 - Deposit or zone: Wuudagu C #### Resource Data - Category: indicated - Tonnes: 39400000 - Grade: 19.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu C includes a typical loss on ignition value for bauxite. Evidence · table > 19.6 Context: 39.4 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-20) 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 - Resource group id: resource:fa9fbbdd2c3c090f74b6 - Deposit or zone: CNN #### Resource Data - Category: indicated - Tonnes: 7500000 - Grade: 39.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Indicated resource for CNN adds to the overall resource base with good confidence and grade. - Positive factor: Indicated category provides reasonable geological confidence. - Positive factor: Good grade for bauxite. Evidence · table > 39.2 Context: 7.5 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-21) 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 - Resource group id: resource:fa9fbbdd2c3c090f74b6 - Deposit or zone: CNN #### Resource Data - Category: indicated - Tonnes: 7500000 - Grade: 13.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for CNN includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 13.3 Context: 7.5 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-22) 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 - Resource group id: resource:fa9fbbdd2c3c090f74b6 - Deposit or zone: CNN #### Resource Data - Category: indicated - Tonnes: 7500000 - Grade: 23.4 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for CNN includes iron content, which is a common component in bauxite deposits. Evidence · table > 23.4 Context: 7.5 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-23) 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 - Resource group id: resource:fa9fbbdd2c3c090f74b6 - Deposit or zone: CNN #### Resource Data - Category: indicated - Tonnes: 7500000 - Grade: 19.8 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for CNN includes a typical loss on ignition value for bauxite. Evidence · table > 19.8 Context: 7.5 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-24) 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 - Resource group id: resource:a8689165f591cf428cf4 - Deposit or zone: Wuudagu D #### Resource Data - Category: indicated - Tonnes: 16700000 - Grade: 42.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Indicated resource for Wuudagu D shows a higher grade, contributing positively to the overall resource quality. - Positive factor: Higher grade for bauxite. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 42.1 Context: 16.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-25) 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 - Resource group id: resource:a8689165f591cf428cf4 - Deposit or zone: Wuudagu D #### Resource Data - Category: indicated - Tonnes: 16700000 - Grade: 9.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu D has a lower silica content, enhancing its quality. - Positive factor: Lower silica content, which is beneficial for bauxite quality. Evidence · table > 9.6 Context: 16.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-26) 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 - Resource group id: resource:a8689165f591cf428cf4 - Deposit or zone: Wuudagu D #### Resource Data - Category: indicated - Tonnes: 16700000 - Grade: 22.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu D includes iron content, which is a common component in bauxite deposits. Evidence · table > 22.5 Context: 16.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-27) 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 - Resource group id: resource:a8689165f591cf428cf4 - Deposit or zone: Wuudagu D #### Resource Data - Category: indicated - Tonnes: 16700000 - Grade: 21 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu D includes a typical loss on ignition value for bauxite. Evidence · table > 21.0 Context: 16.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-28) 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 - Resource group id: resource:d0b8cf09b7fcc1f8080f - Deposit or zone: Wuudagu E #### Resource Data - Category: indicated - Tonnes: 6700000 - Grade: 41.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Indicated resource for Wuudagu E shows a higher grade, contributing positively to the overall resource quality. - Positive factor: Higher grade for bauxite. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 41.3 Context: 6.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-29) 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 - Resource group id: resource:d0b8cf09b7fcc1f8080f - Deposit or zone: Wuudagu E #### Resource Data - Category: indicated - Tonnes: 6700000 - Grade: 9.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu E has a lower silica content, enhancing its quality. - Positive factor: Lower silica content, which is beneficial for bauxite quality. Evidence · table > 9.5 Context: 6.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-30) 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 - Resource group id: resource:d0b8cf09b7fcc1f8080f - Deposit or zone: Wuudagu E #### Resource Data - Category: indicated - Tonnes: 6700000 - Grade: 23.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu E includes iron content, which is a common component in bauxite deposits. Evidence · table > 23.3 Context: 6.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-31) 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 - Resource group id: resource:d0b8cf09b7fcc1f8080f - Deposit or zone: Wuudagu E #### Resource Data - Category: indicated - Tonnes: 6700000 - Grade: 21 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu E includes a typical loss on ignition value for bauxite. Evidence · table > 21.0 Context: 6.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-32) 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 - Resource group id: resource:d3a812ef28f312aa73db - Deposit or zone: Wuudagu F #### Resource Data - Category: indicated - Tonnes: 12700000 - Grade: 42.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Indicated resource for Wuudagu F shows a higher grade, contributing positively to the overall resource quality. - Positive factor: Higher grade for bauxite. - Positive factor: Indicated category provides reasonable geological confidence. Evidence · table > 42.6 Context: 12.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-33) 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 - Resource group id: resource:d3a812ef28f312aa73db - Deposit or zone: Wuudagu F #### Resource Data - Category: indicated - Tonnes: 12700000 - Grade: 9.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu F has a lower silica content, enhancing its quality. - Positive factor: Lower silica content, which is beneficial for bauxite quality. Evidence · table > 9.7 Context: 12.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-34) 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 - Resource group id: resource:d3a812ef28f312aa73db - Deposit or zone: Wuudagu F #### Resource Data - Category: indicated - Tonnes: 12700000 - Grade: 21.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu F includes iron content, which is a common component in bauxite deposits. Evidence · table > 21.2 Context: 12.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-35) 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 - Resource group id: resource:d3a812ef28f312aa73db - Deposit or zone: Wuudagu F #### Resource Data - Category: indicated - Tonnes: 12700000 - Grade: 21.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Indicated resource for Wuudagu F includes a typical loss on ignition value for bauxite. Evidence · table > 21.6 Context: 12.7 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-36) 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 - Resource group id: resource:52e5dc5aff122c73919d - Deposit or zone: Sub-Total #### Resource Data - Category: indicated - Tonnes: 90000000 - Grade: 40.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Indicated resource provides a substantial base for the project with good confidence and grade. - Positive factor: Large Indicated resource base. - Positive factor: Good grade for bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-37) 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 - Resource group id: resource:52e5dc5aff122c73919d - Deposit or zone: Sub-Total #### Resource Data - Category: indicated - Tonnes: 90000000 - Grade: 12.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Indicated resource has a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-38) 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 - Resource group id: resource:52e5dc5aff122c73919d - Deposit or zone: Sub-Total #### Resource Data - Category: indicated - Tonnes: 90000000 - Grade: 22.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Indicated resource includes iron content, which is a common component in bauxite deposits. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-39) 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 - Resource group id: resource:52e5dc5aff122c73919d - Deposit or zone: Sub-Total #### Resource Data - Category: indicated - Tonnes: 90000000 - Grade: 20.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Indicated resource includes a typical loss on ignition value for bauxite. Evidence · table > 20.3 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-40) 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 - Resource group id: resource:d6fe7b9430b91473718f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 131900000 - Grade: 40.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The combined Measured and Indicated resource represents a very substantial and high-confidence resource base for the project, with a significant increase from prior estimates. - Positive factor: Very large Measured & Indicated resource base \(131.9 Mt\). - Positive factor: Good average grade for bauxite. - Positive factor: 108% increase in M&I Resource from 2025 drilling program. Evidence · table > 40.2 Context: 131.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-41) 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 - Resource group id: resource:d6fe7b9430b91473718f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 131900000 - Grade: 12.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The combined Measured and Indicated resource has a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 12.6 Context: 131.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-42) 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 - Resource group id: resource:d6fe7b9430b91473718f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 131900000 - Grade: 22.5 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The combined Measured and Indicated resource includes iron content, which is a common component in bauxite deposits. Evidence · table > 22.5 Context: 131.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-43) 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 - Resource group id: resource:d6fe7b9430b91473718f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 131900000 - Grade: 20.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The combined Measured and Indicated resource includes a typical loss on ignition value for bauxite. Evidence · table > 20.1 Context: 131.9 #### 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-44) 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 - Resource group id: resource:41107c0f0da1482d3dcc - Deposit or zone: Wuudagu A #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 35.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Inferred resource for Wuudagu A provides potential upside but has lower confidence and grade compared to the higher categories. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Lower grade compared to M&I categories. Evidence · table > 35.9 Context: 8.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-45) 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 - Resource group id: resource:41107c0f0da1482d3dcc - Deposit or zone: Wuudagu A #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 14.3 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu A includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 14.3 Context: 8.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-46) 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 - Resource group id: resource:41107c0f0da1482d3dcc - Deposit or zone: Wuudagu A #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 28 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu A includes iron content, which is a common component in bauxite deposits. Evidence · table > 28.0 Context: 8.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-47) 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 - Resource group id: resource:41107c0f0da1482d3dcc - Deposit or zone: Wuudagu A #### Resource Data - Category: inferred - Tonnes: 8400000 - Grade: 17.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu A includes a typical loss on ignition value for bauxite. Evidence · table > 17.9 Context: 8.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-48) 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 - Resource group id: resource:50b3e7d0ff33069044a2 - Deposit or zone: CN #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 45.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Inferred resource for CN shows a higher grade, providing potential upside despite lower confidence. - Positive factor: Higher grade for bauxite. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 45.1 Context: 1.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-49) 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 - Resource group id: resource:50b3e7d0ff33069044a2 - Deposit or zone: CN #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 12.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for CN includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 12.1 Context: 1.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-50) 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 - Resource group id: resource:50b3e7d0ff33069044a2 - Deposit or zone: CN #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 14.6 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for CN includes iron content, which is a common component in bauxite deposits. Evidence · table > 14.6 Context: 1.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-51) 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 - Resource group id: resource:50b3e7d0ff33069044a2 - Deposit or zone: CN #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 22.9 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for CN includes a typical loss on ignition value for bauxite. Evidence · table > 22.9 Context: 1.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-52) 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 - Resource group id: resource:2b5ce6884b66ea6e5c6d - Deposit or zone: Wuudagu F #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 35.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This Inferred resource for Wuudagu F provides potential upside but has lower confidence and grade compared to the higher categories. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Lower grade compared to M&I categories. Evidence · table > 35.2 Context: 1.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-53) 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 - Resource group id: resource:2b5ce6884b66ea6e5c6d - Deposit or zone: Wuudagu F #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 12.2 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu F includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. Evidence · table > 12.2 Context: 1.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-54) 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 - Resource group id: resource:2b5ce6884b66ea6e5c6d - Deposit or zone: Wuudagu F #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 30.4 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu F includes iron content, which is a common component in bauxite deposits. Evidence · table > 30.4 Context: 1.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-55) 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 - Resource group id: resource:2b5ce6884b66ea6e5c6d - Deposit or zone: Wuudagu F #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 18 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource for Wuudagu F includes a typical loss on ignition value for bauxite. Evidence · table > 18.0 Context: 1.8 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-56) 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 - Resource group id: resource:e565e26274de4511a13d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 11300000 - Grade: 36.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Inferred resource provides potential upside but has lower confidence and average grade compared to the higher categories. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Lower average grade compared to M&I categories. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-57) 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 - Resource group id: resource:e565e26274de4511a13d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 11300000 - Grade: 13.7 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Inferred resource includes a moderate silica content, which is an important impurity to manage in bauxite processing. - Negative factor: Silica content is a key impurity in bauxite. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-58) 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 - Resource group id: resource:e565e26274de4511a13d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 11300000 - Grade: 27.1 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Inferred resource includes iron content, which is a common component in bauxite deposits. 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 **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-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-resource-facts-59) 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 - Resource group id: resource:e565e26274de4511a13d - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 11300000 - Grade: 18.4 - Grade Unit: % - Cutoff Grade: 22.5 - Cutoff Unit: % SiO2 #### Prior Estimate - Resource Date: 2026-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The total Inferred resource includes a typical loss on ignition value for bauxite. 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 **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 (6) ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-60) 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 #### Test Work - Program Status: scoping - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: PFS \(2025\) baseline, +3.35mm screen size #### Recovery - Conc. Grade: 45.4 - Conc. Grade Unit: % - Mass Pull: 59.5 % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This represents the baseline mass recovery and concentrate grade from the 2025 PFS, which has since been improved upon. Evidence · table > 59.5 Context: 2025 PFS ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-61) 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 #### Test Work - Program Status: scoping - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: PFS \(2025\) baseline, +3.35mm screen size #### Recovery - Conc. Grade: 3.6 - Conc. Grade Unit: % - Mass Pull: 59.5 % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This represents the baseline silica content in the concentrate from the 2025 PFS, which has since been improved upon. Evidence · table > 3.6 Context: PFS \(2025\) ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-62) Wuudagu Bauxite Project · aluminium\_oxide #### Identity - Project: Wuudagu Bauxite Project - Commodity: aluminium\_oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VBX #### Test Work - Program Status: optimization - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: DFS Test Work \(55% Solids / 1.5 min Residence Time\), +3.35mm screen size #### Recovery - Conc. Grade: 45.2 - Conc. Grade Unit: % - Mass Pull: 69.7 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This DFS test work shows a substantial improvement in mass recovery while maintaining a high alumina concentrate grade, indicating successful optimization. - Positive factor: Significant improvement in mass recovery \(from 59.5% to 69.7%\). - Positive factor: Maintained high concentrate grade. Evidence · table > 69.7 Context: 55% Solids / 1.5 Min ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-63) Wuudagu Bauxite Project · silicon\_dioxide #### Identity - Project: Wuudagu Bauxite Project - Commodity: silicon\_dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VBX #### Test Work - Program Status: optimization - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: DFS Test Work \(55% Solids / 1.5 min Residence Time\), +3.35mm screen size #### Recovery - Conc. Grade: 3.5 - Conc. Grade Unit: % - Mass Pull: 69.7 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This DFS test work shows successful optimization by maintaining low silica content in the concentrate while significantly improving mass recovery. - Positive factor: Maintained low silica content in concentrate despite increased mass recovery. Evidence · table > 3.5 Context: 55% Solids / 1.5 min Residence Time ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-64) Wuudagu Bauxite Project · aluminium\_oxide #### Identity - Project: Wuudagu Bauxite Project - Commodity: aluminium\_oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VBX #### Test Work - Program Status: optimization - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: DFS Test Work \(55% Solids / 2.0 min Residence Time\), +3.35mm screen size #### Recovery - Conc. Grade: 45.9 - Conc. Grade Unit: % - Mass Pull: 72.9 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This DFS test work demonstrates the highest mass recovery achieved with an increased alumina concentrate grade, indicating excellent optimization results. - Positive factor: Further significant improvement in mass recovery \(from 59.5% to 72.9%\). - Positive factor: Increased concentrate grade. Evidence · table > 72.9 Context: 55% Solids / 2.0 Min ### scrubbing and screening [Link to this fact](https://atlas-staging.minestarters.com/news/vbx-corporate-presentation-october-2026--8caed874-0ffe-4b58-99db-636326d90f99#fact-metallurgical-facts-65) Wuudagu Bauxite Project · silicon\_dioxide #### Identity - Project: Wuudagu Bauxite Project - Commodity: silicon\_dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VBX #### Test Work - Program Status: optimization - Test Type: scrubbing and screening - Processing Route: beneficiation \(scrubbing and screening\) - Sample: DFS Test Work \(55% Solids / 2.0 min Residence Time\), +3.35mm screen size #### Recovery - Conc. Grade: 3.2 - Conc. Grade Unit: % - Mass Pull: 72.9 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: This DFS test work shows the best overall result with the lowest silica content in the concentrate at the highest mass recovery, indicating excellent optimization. - Positive factor: Lowest silica content achieved in concentrate at the highest mass recovery. Evidence · table > 3.2 Context: 55% Solids / 2.0 min Residence Time ## 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.