# VMS: Full Year Statutory Accounts

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146098

Publisher: asx

Original announcement: 2026-09-30T02:29:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T03:08:18.695Z

Atlas analysis updated: 2026-09-30T03:08:18.695Z

- Company: Venari Minerals NL

- Ticker: VMS

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Lithium

- Secondary commodities: Gold, Heavy mineral, Strontium, Magnesium

- Document categories: Resource update, Capital raise, Metallurgy, Drill results

- Extracted: 2026-09-30 03:08:19 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Venari Minerals NL's annual report details a transformational year, marked by the delivery of a globally significant maiden Inferred Mineral Resource Estimate for its Red Mountain Lithium Project in Nevada, totaling 3.03 Mt of contained Lithium Carbonate Equivalent. Metallurgical test work successfully produced battery-grade lithium carbonate and identified strategic by-products. The company also secured substantial funding through placements and a share purchase plan, and has commenced a new diamond drilling program aimed at upgrading the Red Mountain resource to the Indicated category.

Reasoning: The annual report highlights the successful delivery of a globally significant maiden lithium resource, positive metallurgical results for battery-grade lithium carbonate, and substantial capital raises, positioning the company for further development and resource upgrades at its Red Mountain project.

- Positive factor: Maiden JORC-compliant Mineral Resource Estimate for Red Mountain Lithium Project

- Positive factor: Successful metallurgical test work demonstrating battery-grade lithium carbonate production and potential strategic by-products \(strontium, magnesium\)

- Positive factor: Significant capital raises providing strong funding platform

- Positive factor: New diamond drilling program commenced to upgrade resource category

- Negative factor: Impairment of Georgina Basin IOCG Project and Cobre Lithium Project \(though framed as portfolio simplification\)

- Negative factor: Listed options expired unexercised

- Negative factor: Red Mountain MRE is entirely in the Inferred category

- Negative factor: Metallurgical test work is bench-scale only

- Negative factor: Governor Broome Mineral Resource Estimate is stale \(effective date >2 years old\)

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 23

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document announces a maiden Inferred Mineral Resource Estimate for the Red Mountain Lithium and Strategic Metals Project.

Evidence · text

> Maiden JORC \(2012\) Inferred Mineral Resource Estimate \(MRE\) completed for the Red Mountain Lithium and Strategic Metals Project

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Red Mountain and Governor Broome Mineral Resource Estimates are reported in accordance with the JORC Code \(2012 Edition\).

Evidence · text

> reported in accordance with the JORC Code \(2012 Edition\)

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The Mineral Resource Estimates are signed off by Competent Persons Richard Newport and John Doepel.

Evidence · text

> prepared by independent consultant Richard Newport & Associates and reported in accordance with the JORC Code \(2012 Edition\).

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Metallurgical test work achieved 89% lithium leaching and produced 99.5% purity battery-grade lithium carbonate.

Evidence · text

> Hazen Research Inc. produced battery-grade lithium carbonate of 99.5% calculated purity from a composite of drill-hole RMDD002, using an established flowsheet of sulphuric acid leaching, neutralisation, impurity removal and precipitation. 89% of lithium was leached

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The maiden Mineral Resource Estimate for Red Mountain is entirely in the Inferred category.

Evidence · table

> Inferred

Context: 91.6

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: The entire Red Mountain Mineral Resource Estimate is classified as Inferred.

Evidence · table

> Total Inferred

Context: 500

**QA/QC Disclosed**

Polarity: positive

Story-specific tag

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The report states that drill samples are analysed by accredited laboratories, including ALS, under quality assurance and quality control procedures.

Evidence · text

> Drill samples are analysed by accredited laboratories, including ALS, under quality assurance and quality control procedures that include the use of certified reference materials, blanks and duplicates.

**True Width Disclosed**

Polarity: positive

Story-specific tag

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: Drill intercept RMRC013 reports an estimated true width of 62.2m.

Evidence · text

> 77.7m \(ETW 62.2m\) @ 2,440ppm Li from 76.2m

**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 Red Mountain MRE is reported at a 700ppm Li cut-off grade, and a high-grade zone at 1,300ppm Li cut-off.

Evidence · text

> at a 700ppm Li cut-off grade

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: A new diamond drilling program has commenced, designed to upgrade the high-grade northern zone of the Mineral Resource Estimate from Inferred to Indicated.

Evidence · text

> designed to upgrade the high-grade northern zone of the Mineral Resource Estimate from the Inferred to the Indicated category

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: A revised JORC Exploration Target for Red Mountain highlights significant potential for further resource growth.

Evidence · text

> Revised JORC Exploration Target for Red Mountain of 2,020-2,690Mt @ 1,000-1,300ppm Li for 10.7-18.6Mt contained LCE \(February 2026\).

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The battery-grade lithium carbonate production was achieved by Hazen Research Inc., implying bench-scale test work.

Evidence · text

> Hazen Research Inc. produced battery-grade lithium carbonate of 99.5% calculated purity from a composite of drill-hole RMDD002

**Byproduct Commodity**

Polarity: neutral

Definition: The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: Strontium and magnesium were identified as potential strategic by-products from the lithium test-work.

Evidence · text

> This work also identified strontium and magnesium as potential by-products

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The Governor Broome Mineral Resource Estimate has an effective date of 27 March 2024, which is over two years old relative to the report date of 29 September 2026.

Evidence · text

> The following table shows the Mineral Resource Estimate for the Governor Broome Project \(inclusive of the Jack Track and Fouracres deposits\) as at 30 June 2026, reported in accordance with the JORC Code \(2012 Edition\). There have been no material changes between the date that the estimate was made \(ASX announcement: 27 March 2024\) and the end of the financial year.

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 23. Some facts used in scoring do not have a stored record.

## Drill Results (3)

### RMRC016

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-drill-facts-16)

Red Mountain Lithium and Strategic Minerals · lithium

#### Identity

- Hole ID: RMRC016
- Project: Red Mountain Lithium and Strategic Minerals
- Commodity: lithium
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: VMS

#### Geometry

- Grade: 3550
- Grade Unit: ppm
- Intercept: 3 m
- From: 33.5 m
- To: 36.5 m
- Intercept Depth: 32 m

#### Classification

- Deposit Type: other
- Program: resource
- Sample Type: drill
- Group ID: RMRC016:33.5-36.5
- Mining Method: open\_pit

#### Location

- Location: North Zone
- Loc. Confidence: low
- Loc. Source: document

#### QA/QC

- Laboratory: ALS
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This very high-grade sub-interval indicates strong localized mineralization, adding to the project's potential despite its limited length.

- Positive factor: Very high-grade sub-interval

- Positive factor: Indicates strong localized mineralization

- Negative factor: Limited length

Evidence · text

> including 3m @ 3,550ppm Li from 33.5m.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "resource"

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-drill-facts-20)

Needles · gold

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Needles
- Commodity: gold
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: VMS

#### Geometry

- Grade: 0.46
- Grade Unit: g/t
- Intercept: 1.5 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Mining Method: underground

#### Location

- Location: Whopper Junior
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Anomalous gold tenor indicates potential for deeper drilling, but the grade and length are low for an epithermal deposit.

- Positive factor: Anomalous gold tenor

- Negative factor: Low grade for epithermal deposit

- Negative factor: Limited length

Evidence · text

> best results of 1.5m @ 0.46g/t Au and 5.29g/t Ag at Whopper Junior.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-drill-facts-21)

Needles · silver

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Needles
- Commodity: silver
- Region: usa\_nv
- Reported Region: usa\_nv
- Ticker: VMS

#### Geometry

- Grade: 5.29
- Grade Unit: g/t
- Intercept: 1.5 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Mining Method: underground

#### Location

- Location: Whopper Junior
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Anomalous silver tenor indicates potential for deeper drilling, but the grade and length are low for an epithermal deposit.

- Positive factor: Anomalous silver tenor

- Negative factor: Low grade for epithermal deposit

- Negative factor: Limited length

Evidence · text

> best results of 1.5m @ 0.46g/t Au and 5.29g/t Ag at Whopper Junior.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (17)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-0)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:c2971eeeb7788638b5ff
- Deposit or zone: Red Mountain North

#### Resource Data

- Category: inferred
- Tonnes: 91600000
- Grade: 1618
- Grade Unit: ppm
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This represents a high-grade component of the maiden resource, indicating positive project economics, though it is in the inferred category.

- Positive factor: High-grade zone within the maiden resource

- Negative factor: Inferred category

Evidence · table

> 1,618

Context: 91.6

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-1)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:c2971eeeb7788638b5ff
- Deposit or zone: Red Mountain North

#### Resource Data

- Category: inferred
- Tonnes: 91600000
- Grade: 0.86
- Grade Unit: %
- Contained Metal: 0.79
- Contained Unit: mt
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The northern zone contributes significantly to the overall contained LCE, enhancing the project's scale, despite being in the inferred category.

- Positive factor: Significant contained LCE in the northern zone

- Negative factor: Inferred category

Evidence · table

> 0.86

Context: 91.6

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-2)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:15f6736ccdd459bc4001
- Deposit or zone: Red Mountain Central

#### Resource Data

- Category: inferred
- Tonnes: 408000000
- Grade: 1031
- Grade Unit: ppm
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This large tonnage component indicates significant scale for the project, though it is in the inferred category.

- Positive factor: Large tonnage component of the maiden resource

- Negative factor: Inferred category

Evidence · table

> 1,031

Context: 408

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-3)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:15f6736ccdd459bc4001
- Deposit or zone: Red Mountain Central

#### Resource Data

- Category: inferred
- Tonnes: 408000000
- Grade: 0.55
- Grade Unit: %
- Contained Metal: 2.24
- Contained Unit: mt
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The central zone provides substantial contained LCE, contributing significantly to the overall resource, despite being in the inferred category.

- Positive factor: Substantial contained LCE in the central zone

- Negative factor: Inferred category

Evidence · table

> 0.55

Context: 408

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-4)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:043a5cb718ae2a0ff94d

#### Resource Data

- Category: inferred
- Tonnes: 500000000
- Grade: 1139
- Grade Unit: ppm
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This maiden resource establishes the overall scale of the project, which is a significant milestone, though it is entirely in the inferred category.

- Positive factor: Overall maiden resource establishing project scale

- Negative factor: Entirely in Inferred category

Evidence · table

> 1,139

Context: 500

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-5)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:043a5cb718ae2a0ff94d

#### Resource Data

- Category: inferred
- Tonnes: 500000000
- Grade: 0.61
- Grade Unit: %
- Contained Metal: 3.03
- Contained Unit: mt
- Cutoff Grade: 700
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The globally significant contained LCE positions the company as a major player in lithium exploration, despite the resource being entirely in the inferred category.

- Positive factor: Globally significant contained LCE

- Positive factor: Positions company among larger lithium explorers

- Negative factor: Entirely in Inferred category

Evidence · table

> 0.61

Context: 500

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-6)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:7089e015367650ad5bfc
- Deposit or zone: high-grade northern zone

#### Resource Data

- Category: inferred
- Tonnes: 47900000
- Grade: 2193
- Grade Unit: ppm
- Cutoff Grade: 1300
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade, near-surface component provides a strong foundation for future development and technical evaluation studies, despite being in the inferred category.

- Positive factor: High-grade, near-surface component

- Positive factor: Strong foundation for future development

- Negative factor: Inferred category

Evidence · text

> The Red Mountain North zone includes a higher-grade component of 47.9Mt at 2,193ppm Li for 0.56Mt of contained LCE, at a 1,300ppm Li cut-off grade.

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-7)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2026-02-02T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Richard Newport
- Resource group id: resource:7089e015367650ad5bfc
- Deposit or zone: high-grade northern zone

#### Resource Data

- Category: inferred
- Tonnes: 47900000
- Contained Metal: 0.56
- Contained Unit: mt
- Cutoff Grade: 1300
- Cutoff Unit: ppm Li

#### Prior Estimate

- Resource Date: 2026-02-02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The significant contained LCE in the high-grade northern zone enhances the project's economic potential, despite being in the inferred category.

- Positive factor: Significant contained LCE in the high-grade northern zone

- Positive factor: Enhances project economics

- Negative factor: Inferred category

Evidence · text

> The Red Mountain North zone includes a higher-grade component of 47.9Mt at 2,193ppm Li for 0.56Mt of contained LCE, at a 1,300ppm Li cut-off grade.

#### 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-8)

Governor Broome Mineral Sands Project · heavy mineral

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: heavy mineral
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:e719fed0f2f83f637171

#### Resource Data

- Category: measured
- Tonnes: 28400000
- Grade: 4.4
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This measured resource provides high confidence for heavy mineral, supporting project viability, but the estimate is stale.

- Positive factor: High confidence resource for heavy mineral

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 4.4

Context: 28.4

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-9)

Governor Broome Mineral Sands Project · slimes

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: slimes
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:e719fed0f2f83f637171

#### Resource Data

- Category: measured
- Tonnes: 28400000
- Grade: 9.7
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Slimes content is a factor in processing, noted for completeness, but the estimate is stale.

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 9.7

Context: 28.4

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-10)

Governor Broome Mineral Sands Project · heavy mineral

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: heavy mineral
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:c34147538648de7da055

#### Resource Data

- Category: indicated
- Tonnes: 66000000
- Grade: 4.5
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This indicated resource provides good confidence for heavy mineral, contributing to project scale, but the estimate is stale.

- Positive factor: Good confidence resource for heavy mineral

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 4.5

Context: 66

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-11)

Governor Broome Mineral Sands Project · slimes

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: slimes
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:c34147538648de7da055

#### Resource Data

- Category: indicated
- Tonnes: 66000000
- Grade: 12
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Slimes content is a factor in processing, noted for completeness, but the estimate is stale.

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 12

Context: 66

#### 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

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-12)

Governor Broome Mineral Sands Project · heavy mineral

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: heavy mineral
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:dbb865ec4001be0d552b

#### Resource Data

- Category: inferred
- Tonnes: 7000000
- Grade: 3.5
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This inferred resource indicates exploration upside for heavy mineral, but the estimate is stale and has lower confidence.

- Positive factor: Lower confidence resource for heavy mineral

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 3.5

Context: 7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-13)

Governor Broome Mineral Sands Project · slimes

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: slimes
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:dbb865ec4001be0d552b

#### Resource Data

- Category: inferred
- Tonnes: 7000000
- Grade: 12
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Slimes content is a factor in processing, noted for completeness, but the estimate is stale.

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 12

Context: 7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-14)

Governor Broome Mineral Sands Project · heavy mineral

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: heavy mineral
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:187cce6d4b528601496e

#### Resource Data

- Tonnes: 101000000
- Grade: 4.5
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This total resource provides the overall project scale for heavy mineral, but the estimate is stale.

- Positive factor: Total resource for heavy mineral, providing overall project scale

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 4.5

Context: 101

#### Tags used in scoring

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-15)

Governor Broome Mineral Sands Project · slimes

#### Identity

- Project: Governor Broome Mineral Sands Project
- Commodity: slimes
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: VMS

#### Resource scope

- Estimate type: resource
- Effective date: 2024-03-27T00:00:00.000Z
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: John Doepel
- Resource group id: resource:187cce6d4b528601496e

#### Resource Data

- Tonnes: 101000000
- Grade: 11
- Grade Unit: %
- Cutoff Grade: 2
- Cutoff Unit: % HM

#### Prior Estimate

- Resource Date: 2024-03-27

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Total slimes content, noted for completeness, but the estimate is stale.

- Negative factor: Stale estimate \(effective date >2 years old\)

Evidence · table

> 11

Context: 101

#### Tags used in scoring

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 2.5 years before this release

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-resource-facts-22)

#### Identity

- Ticker: VMS

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This further capital raise post-year-end strengthens the company's financial position, supporting future growth initiatives.

- Positive factor: Further capital raise post-year-end

- Positive factor: Strengthens the company's financial position

Evidence · text

> the issue of 37,280,000 Tranche 2 placement shares \(raising $2,982,400\)

#### Tags used in scoring

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## Metallurgical Results (3)

### hydrometallurgy

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-metallurgical-facts-17)

Red Mountain Lithium and Strategic Minerals Project · lithium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: lithium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Test Work

- Program Status: detailed
- Test Type: hydrometallurgy
- Processing Route: sulphuric acid leaching, neutralisation, impurity removal and precipitation
- Sample: composite of drill-hole RMDD002

#### Recovery

- Recovery: 89 %
- Recovery Basis: to\_payable\_metal
- Conc. Grade: 99.5
- Conc. Grade Unit: % calculated purity

#### Reagents

- Reagent Notes: most impurities were below detection limits

#### Lab

- Laboratory: Hazen Research Inc.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Successful production of high-purity battery-grade lithium carbonate significantly de-risks the project, despite being at bench scale.

- Positive factor: Successful production of high-purity battery-grade lithium carbonate

- Positive factor: Significantly de-risking the project

- Negative factor: Bench scale only

Evidence · text

> Battery-grade lithium carbonate produced \(April 2026\): Hazen Research Inc. produced battery-grade lithium carbonate of 99.5% calculated purity from a composite of drill-hole RMDD002, using an established flowsheet of sulphuric acid leaching, neutralisation, impurity removal and precipitation. 89% of lithium was leached, and most impurities were below detection limits;

### by-product identification

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-metallurgical-facts-18)

Red Mountain Lithium and Strategic Minerals Project · strontium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: strontium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Test Work

- Program Status: preliminary
- Test Type: by-product identification

#### Reagents

- Reagent Notes: identified the potential to recover magnesium \(as Epsomite\) and strontium. The US Department of War has declared strontium a Strategic Material, and magnesium is a US Department of Energy Critical Mineral. The US is 100% and 59% import-dependent on these commodities, respectively.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Identification of strontium as a potential strategic by-product adds value to the project, enhancing its overall economic potential.

- Positive factor: Identification of strontium as a potential strategic by-product

- Positive factor: Adds value to the project

Evidence · text

> Strategic by-products: the test-work identified the potential to recover magnesium \(as Epsomite\) and strontium. The US Department of War has declared strontium a Strategic Material, and magnesium is a US Department of Energy Critical Mineral. The US is 100% and 59% import-dependent on these commodities, respectively.

### by-product identification

[Link to this fact](https://atlas-staging.minestarters.com/news/vms-full-year-statutory-accounts--00a5183d-5698-4f65-a232-d73008cd61ee#fact-metallurgical-facts-19)

Red Mountain Lithium and Strategic Minerals Project · magnesium

#### Identity

- Project: Red Mountain Lithium and Strategic Minerals Project
- Commodity: magnesium
- Region: usa\_nv
- Reported Region: Nevada, USA
- Ticker: VMS

#### Test Work

- Program Status: preliminary
- Test Type: by-product identification

#### Reagents

- Reagent Notes: identified the potential to recover magnesium \(as Epsomite\) and strontium. The US Department of War has declared strontium a Strategic Material, and magnesium is a US Department of Energy Critical Mineral. The US is 100% and 59% import-dependent on these commodities, respectively.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Identification of magnesium as a potential critical by-product adds value to the project, enhancing its overall economic potential.

- Positive factor: Identification of magnesium as a potential critical by-product

- Positive factor: Adds value to the project

Evidence · text

> Strategic by-products: the test-work identified the potential to recover magnesium \(as Epsomite\) and strontium. The US Department of War has declared strontium a Strategic Material, and magnesium is a US Department of Energy Critical Mineral. The US is 100% and 59% import-dependent on these commodities, respectively.

## 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.