# VTX: 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148126 Publisher: asx Original announcement: 2026-10-02T08:58:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T09:05:22.791Z Atlas analysis updated: 2026-10-02T09:05:22.791Z - Company: VERTEX MINERALS LIMITED - Ticker: VTX - Exchange: ASX - Region: New South Wales - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Capital raise, Production - Extracted: 2026-10-02 09:05:23 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary Vertex Minerals Limited released its Annual Report for the year ended 30 June 2026, highlighting an updated Mineral Resource Estimate for the Reward Gold Mine. While total contained gold ounces decreased by 35% to 146,900 oz, the indicated grade increased by 36% to 21.17 g/t Au, and the proportion of indicated ounces rose to 37%, reflecting improved geological confidence. The company also commenced gold production, reporting $4.24 million in gold and silver sales, and secured significant capital through placements and loan facilities to fund its transition to full production despite initial delays and a net loss for the year. Reasoning: Vertex Minerals Limited's Annual Report details an updated Mineral Resource Estimate for the Reward Gold Mine, which, despite a decrease in total contained ounces, demonstrates improved indicated grade and geological confidence. The report also highlights the commencement and ramp-up of gold production, successful capital raising efforts, and the completion of significant rehabilitation work, although production was below initial targets and the company incurred a net loss and environmental penalties. - Positive factor: Updated Mineral Resource Estimate for Reward Gold Mine shows improved indicated grade and proportion of indicated ounces, reflecting enhanced geological confidence. - Positive factor: Gold production commenced and is ramping up, with reported sales figures for the year. - Positive factor: Successful capital raising initiatives secured funding for ongoing operations and development. - Positive factor: Approval obtained for 24/7 underground operations, removing a significant operational bottleneck. - Positive factor: Major rehabilitation work at Reward Mine completed, paving the way for increased production. - Negative factor: Total contained gold ounces in the updated Reward MRE decreased by 35% compared to the prior estimate. - Negative factor: Gold production for the year was below initial expectations due to extended rehabilitation delays. - Negative factor: The company reported a significant net loss for the financial year. - Negative factor: Environmental penalties were incurred due to a slurry pipeline breach. - Negative factor: The company is in a net current liability position, indicating short-term liquidity challenges. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource estimate for the Reward Gold Mine, announced on 11 September 2026, and compares it to prior estimates. Evidence · text > On 11 September 2026, the Company announced an updated Mineral Resource estimate for the Reward Gold Mine **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The proportion of contained ounces classified as Indicated increased from 31% to 37% in the updated Reward MRE, reflecting improved geological confidence. Evidence · text > the proportion of contained ounces classified as Indicated increased from 31% to 37% **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: The Indicated grade for the Reward MRE increased by 36%, from 15.54 g/t Au to 21.17 g/t Au. Evidence · text > The Indicated grade increased by 36%, from 15.54 g/t Au to 21.17 g/t Au. **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 updated Reward Mineral Resource estimate was prepared by independent consultants HGS Australia in accordance with the JORC Code \(2012\) and signed off by Mr Andrew Hawker. Hargraves and Red Hill estimates are signed off by Mr Roger Jackson. Evidence · text > The updated Reward Mineral Resource estimate was prepared by independent consultants HGS Australia in accordance with the JORC Code \(2012\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All Mineral Resource estimates presented in the report are stated to be in accordance with the JORC Code \(2012\). Evidence · text > The Statement of Mineral Resources and Exploration Results presented in this Report has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition \(the JORC Code 2012\). **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: All three projects \(Reward, Hargraves, Red Hill\) have a significant portion of their Mineral Resources classified as Inferred. Evidence · table > Inferred Context: Reward **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Total contained ounces decreased by 35% from the 225,200 ounces reported in June 2023, indicating a reduction in tonnage. Evidence · text > Total contained ounces decreased by 35% from the 225,200 ounces reported in June 2023. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Total contained ounces decreased by 35% from the 225,200 ounces reported in June 2023 to 146,900 ounces in the updated Reward MRE. Evidence · text > Total contained ounces decreased by 35% from the 225,200 ounces reported in June 2023. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Mineral Resource estimates for Hargraves and Red Hill are from June 2023 and have not been updated in this 2026 annual report. Evidence · text > The Mineral Resource estimates at Reward, Hargraves and Red Hill reported as at 30 June 2026 are unchanged from those reported as at 30 June 2025. **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Mill recovery reached 81% by June 2026, which is at the weak tier for gold mill\_cil processing \(80% lower bound for weak\). Evidence · text > By June 2026, mill recovery had reached 81% ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-0) Hill End Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hill End Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hawker - Resource group id: resource:0e10707b9261a8d01cde - Deposit or zone: Reward #### Resource Data - Category: indicated - Tonnes: 141000 - Grade: 15.5 - Grade Unit: g/t - Contained Metal: 71000 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical indicated resource estimate for the Reward deposit, superseded by a more recent update. While the grade is high, the contained metal is small and the data is not current. - Positive factor: High grade for an underground gold project. - Positive factor: JORC compliant estimate. - Negative factor: Estimate is historical, superseded by a more recent update. - Negative factor: Contained metal is below weak thresholds. Evidence · table > 141 Context: Indicated #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-1) Hill End Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hill End Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hawker - Resource group id: resource:f45f39d49c47e2fa9b23 - Deposit or zone: Reward #### Resource Data - Category: inferred - Tonnes: 278000 - Grade: 17.3 - Grade Unit: g/t - Contained Metal: 155000 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical inferred resource estimate for the Reward deposit, superseded by a more recent update. While the grade is high, the contained metal is small and the data is not current, and it's in the inferred category. - Positive factor: High grade for an underground gold project. - Positive factor: JORC compliant estimate. - Negative factor: Estimate is historical, superseded by a more recent update. - Negative factor: Contained metal is below weak thresholds. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 278 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-2) Hargraves Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hargraves Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Roger Jackson - Resource group id: resource:c88c88a696e4d484a425 - Deposit or zone: Hargraves #### Resource Data - Category: indicated - Tonnes: 1109000 - Grade: 2.7 - Grade Unit: g/t - Contained Metal: 97000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical indicated resource estimate for the Hargraves project, which has not been updated in this report. The contained metal is small and the grade is moderate. - Positive factor: JORC compliant estimate. - Positive factor: Indicated category provides reasonable geological confidence. - Negative factor: Estimate is historical and not updated in this report. - Negative factor: Contained metal is below weak thresholds. - Negative factor: Grade is moderate for an open pit gold project. Evidence · table > 1,109 Context: Indicated #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-3) Hargraves Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hargraves Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Roger Jackson - Resource group id: resource:d28e8934baf5e1dcb726 - Deposit or zone: Hargraves #### Resource Data - Category: inferred - Tonnes: 1210000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 80000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical inferred resource estimate for the Hargraves project, which has not been updated in this report. The contained metal is small, the grade is moderate, and it's in the inferred category. - Positive factor: JORC compliant estimate. - Negative factor: Estimate is historical and not updated in this report. - Negative factor: Contained metal is below weak thresholds. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Grade is moderate for an open pit gold project. Evidence · table > 1,210 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-4) Red Hill Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Red Hill Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Roger Jackson - Resource group id: resource:72ffa76a505451cd6e55 - Deposit or zone: Red Hill #### Resource Data - Category: indicated - Tonnes: 413000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 19000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical indicated resource estimate for the Red Hill project, which has not been updated in this report. The contained metal is small and the grade is moderate. - Positive factor: JORC compliant estimate. - Positive factor: Indicated category provides reasonable geological confidence. - Negative factor: Estimate is historical and not updated in this report. - Negative factor: Contained metal is below weak thresholds. - Negative factor: Grade is moderate for an open pit gold project. Evidence · table > 413 Context: Indicated #### 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 **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 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-5) Red Hill Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Red Hill Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Roger Jackson - Resource group id: resource:96988c775918972b1220 - Deposit or zone: Red Hill #### Resource Data - Category: inferred - Tonnes: 1063000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 61000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-01T00:00:00.000Z #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: This is a historical inferred resource estimate for the Red Hill project, which has not been updated in this report. The contained metal is small, the grade is moderate, and it's in the inferred category. - Positive factor: JORC compliant estimate. - Negative factor: Estimate is historical and not updated in this report. - Negative factor: Contained metal is below weak thresholds. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Grade is moderate for an open pit gold project. Evidence · table > 1,063 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.3 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-6) Hill End Gold Project · gold #### Identity - Project: Hill End Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hawker - Resource group id: resource:29089c01606b1827d6bd - Deposit or zone: Reward #### Resource Data - Category: indicated - Tonnes: 80000 - Grade: 21.2 - Grade Unit: g/t - Contained Metal: 54700 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-11 - Prior Tonnes: 141000 - Prior Grade: 15.5 - Prior Contained Metal: 71000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The updated indicated resource for Reward shows a substantial increase in grade and improved confidence, despite a reduction in tonnage and contained metal, reflecting a more refined understanding of the high-grade zones. - Positive factor: Significant increase in indicated grade \(36% increase\). - Positive factor: High grade for an underground gold project \(strong tier\). - Positive factor: Improved geological confidence with higher indicated proportion. - Positive factor: JORC compliant estimate. - Negative factor: Decrease in indicated tonnage and contained metal. Evidence · table > 80 Context: Indicated #### 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 80000 against 141000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 21.2 against 15.5 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 54700 against 71000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-7) Hill End Gold Project · gold #### Identity - Project: Hill End Gold Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: VTX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Hawker - Resource group id: resource:2f14116504b23cd825ba - Deposit or zone: Reward #### Resource Data - Category: inferred - Tonnes: 194000 - Grade: 14.8 - Grade Unit: g/t - Contained Metal: 92200 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-09-11 - Prior Tonnes: 278000 - Prior Grade: 17.3 - Prior Contained Metal: 155000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: The updated inferred resource for Reward shows a decrease in tonnage, grade, and contained metal, indicating a reduction in the less confident portion of the resource, likely due to re-interpretation and top-cutting. - Positive factor: High grade for an underground gold project \(moderate tier\). - Positive factor: JORC compliant estimate. - Negative factor: Decrease in inferred tonnage, grade, and contained metal. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 194 Context: Inferred #### 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 194000 against 278000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 14.8 against 17.3 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 92200 against 155000 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-10) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:fd83ae100fd3f5b46994 #### Resource Data - Category: indicated - Tonnes: 141 - Grade: 15.5 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 15.5 Context: 141 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-11) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:264c41006a1f75130a7e #### Resource Data - Category: inferred - Tonnes: 278 - Grade: 17.3 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 17.3 Context: 278 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-12) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:a893571aa78a16c6e37e #### Resource Data - Category: indicated - Tonnes: 1109 - Grade: 2.7 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.7 Context: 1,109 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-13) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:a1d71d68802fe5ab7e3d #### Resource Data - Category: inferred - Tonnes: 1210 - Grade: 2.1 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.1 Context: 1,210 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-14) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:5cf7788aeb3b573931e2 #### Resource Data - Category: indicated - Tonnes: 413 - Grade: 1.4 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.4 Context: 413 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-15) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:61068bc367a37523aef2 #### Resource Data - Category: inferred - Tonnes: 1063 - Grade: 1.8 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.8 Context: 1,063 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-16) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:7db60b2bcd57743004ad #### Resource Data - Category: indicated - Tonnes: 80 - Grade: 21.2 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 21.2 Context: 80 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vtx-2026-annual-report--244b5b40-70d7-4407-a866-5b805fbcbe91#fact-resource-facts-17) Hargraves and Red Hill · gold #### Identity - Project: Hargraves and Red Hill - Commodity: gold - Ticker: VTX #### Resource scope - Estimate type: resource - Resource group id: resource:d93224ca0f595b780d33 #### Resource Data - Category: inferred - Tonnes: 194 - Grade: 14.8 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 14.8 Context: 194 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ## 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.