# XRA: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142918 Publisher: asx Original announcement: 2026-09-23T07:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T08:12:34.443Z Atlas analysis updated: 2026-09-23T08:12:34.443Z - Company: Xenora Minerals Ltd - Ticker: XRA - Exchange: ASX - Region: Unavailable - Primary commodity: Lithium - Secondary commodities: Zinc, Copper, Lead, Silver - Document categories: Resource update, Capital raise, Agreement transaction - Extracted: 2026-09-23 08:12:35 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Xenora Minerals Ltd \(XRA\) released its Annual Report for the year ended 30 June 2026, detailing exploration activities at its lithium projects in South Australia and Canada, and reporting a historical Mineral Resource Estimate for the Mt Hardy Project. The company completed capital raises totaling $3.03 million during the year and advanced its earn-in at the Dudley Lithium Project, with drilling planned for later in 2026. The report includes an unchanged Inferred Mineral Resource Estimate for the Mt Hardy Project's Hendrix deposit, effective 10 July 2019, for zinc, copper, lead, and silver. Reasoning: Xenora Minerals Ltd's annual report highlights successful capital raises and progress on its Dudley Lithium Project earn-in, with drilling planned. However, the reported Mt Hardy Mineral Resource Estimate is historical and entirely in the Inferred category, limiting its current materiality. - Positive factor: Funding Secured - Positive factor: Project Advancement - Negative factor: Stale Estimate - Negative factor: All Inferred Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 45 ## 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 includes an 'Annual Mineral Resources and Reserves' section with a detailed table for the Hendrix Inferred Mineral Resource Estimate. Evidence · text > Annual Mineral Resources and Reserves **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The entire Hendrix Mineral Resource Estimate is classified as 'Inferred'. Evidence · table > Inferred Context: 2,700,000 **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Hendrix Mineral Resource Statement explicitly lists all reported tonnage under the 'Inferred' category, with no Measured or Indicated resources. Evidence · table > Inferred Context: 2,700,000 **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 report states that the Mineral Resource Estimate is based on information compiled by Andrew Thompson and approved by Sam Ekins, both members of relevant professional bodies. Evidence · text > The information in this report that relates to the Inferred Hendrix Mineral Resource is based on information compiled by Andrew Thompson, who is an employee of S2 Resources and was carrying out work for Trinex Minerals under a Shared Services Agreement between the companies. Mr Thompson is a member of the Australian Institute of Mining and Metallurgy \(MAusIMM\) and has sufficient experience of relevance to the style of mineralisation and the types of deposits under consideration, and to the activities undertaken, to quality as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee \(JORC\) Australasia Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. This Resources Statement remains materially unchanged and is consistent with the Mineral Resource Estimation announced by the Company on 10 July 2019. The re-listing of the resources statement as a whole has been approved by Sam Ekins, who is a Non-Executive Director of Xenora Minerals Limited. Mr. Ekins is a Member of the Australian Institute of Mining and Metallurgy. Mr. Ekins consents to the inclusion of the Mineral Resources Statement in this annual report in the form and context in which it appears. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is stated to be in accordance with the JORC Code \(2012 Edition\). Evidence · text > to quality as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee \(JORC\) Australasia Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. **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 Estimate is stated to be unchanged since 10 July 2019, making it over two years old at the reporting date of 30 June 2026. Evidence · text > There has been no change in the Hendrix Inferred Mineral Resource since 10 July 2019. ## Extracted facts Stored fact records: 45. Some facts used in scoring do not have a stored record. ## Resource Estimates (45) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-0) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:cb42797f42e05015055b - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 6.5 - Grade Unit: % - Contained Metal: 176000 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.3 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.7 Mt at 6.5% Zn at a 0.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 6.5 Context: 2,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-1) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:cb42797f42e05015055b - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 23200 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.3 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.7 Mt at 0.9% Cu at a 0.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-2) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:cb42797f42e05015055b - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.3 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.7 Mt at 1.5% Pb at a 0.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.5 Context: 2,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-3) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:cb42797f42e05015055b - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 34 - Grade Unit: g/t - Contained Metal: 3000000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.3 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.7 Mt at 34 g/t Ag at a 0.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 34 Context: 2,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-4) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 6.6 - Grade Unit: % - Contained Metal: 175000 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.4 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 6.6% Zn at a 1.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 6.6 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-5) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 22700 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.4 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 0.9% Cu at a 1.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-6) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 1 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.4 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 1.5% Pb at a 1.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.5 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-7) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 34 - Grade Unit: g/t - Contained Metal: 2900000 - Contained Unit: oz - Cutoff Grade: 1 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.4 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 34 g/t Ag at a 1.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 34 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-8) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 6.7 - Grade Unit: % - Contained Metal: 175000 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 6.7% Zn at a 1.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 6.7 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-9) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 22500 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 0.9% Cu at a 1.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-10) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 1.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 1.5% Pb at a 1.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.5 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-11) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:c4406af2b215a7d93d7d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2600000 - Grade: 35 - Grade Unit: g/t - Contained Metal: 2900000 - Contained Unit: oz - Cutoff Grade: 1.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.6 Mt at 35 g/t Ag at a 1.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 35 Context: 2,600,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-12) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 6.8 - Grade Unit: % - Contained Metal: 173000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 6.8% Zn at a 2.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 6.8 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-13) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 22000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 0.9% Cu at a 2.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-14) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 2 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 1.6% Pb at a 2.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.6 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-15) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 35 - Grade Unit: g/t - Contained Metal: 2900000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 35 g/t Ag at a 2.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 35 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-16) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 7 - Grade Unit: % - Contained Metal: 172000 - Contained Unit: t - Cutoff Grade: 2.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.8 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 7.0% Zn at a 2.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 7.0 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-17) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 21500 - Contained Unit: t - Cutoff Grade: 2.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.8 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 0.9% Cu at a 2.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-18) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 39000 - Contained Unit: t - Cutoff Grade: 2.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.8 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 1.6% Pb at a 2.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.6 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-19) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:fd3e0686eb26ff56f5d3 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2500000 - Grade: 35 - Grade Unit: g/t - Contained Metal: 2800000 - Contained Unit: oz - Cutoff Grade: 2.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 10.8 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.5 Mt at 35 g/t Ag at a 2.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 35 Context: 2,500,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-20) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:d864d28e128b7b10ea26 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 7.1 - Grade Unit: % - Contained Metal: 170000 - Contained Unit: t - Cutoff Grade: 3 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.4 Mt at 7.1% Zn at a 3.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 7.1 Context: 2,400,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-21) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:d864d28e128b7b10ea26 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 21100 - Contained Unit: t - Cutoff Grade: 3 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.4 Mt at 0.9% Cu at a 3.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,400,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-22) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:d864d28e128b7b10ea26 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 38000 - Contained Unit: t - Cutoff Grade: 3 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.4 Mt at 1.6% Pb at a 3.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.6 Context: 2,400,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-23) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:d864d28e128b7b10ea26 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 36 - Grade Unit: g/t - Contained Metal: 2800000 - Contained Unit: oz - Cutoff Grade: 3 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.4 Mt at 36 g/t Ag at a 3.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 36 Context: 2,400,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-24) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:dcbce59af563870bd3c9 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2300000 - Grade: 7.2 - Grade Unit: % - Contained Metal: 167000 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.2 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.3 Mt at 7.2% Zn at a 3.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 7.2 Context: 2,300,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-25) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:dcbce59af563870bd3c9 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2300000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 20600 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.2 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.3 Mt at 0.9% Cu at a 3.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,300,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-26) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:dcbce59af563870bd3c9 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2300000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 37000 - Contained Unit: t - Cutoff Grade: 3.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.2 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.3 Mt at 1.6% Pb at a 3.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.6 Context: 2,300,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-27) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:dcbce59af563870bd3c9 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2300000 - Grade: 36 - Grade Unit: g/t - Contained Metal: 2700000 - Contained Unit: oz - Cutoff Grade: 3.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.2 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.3 Mt at 36 g/t Ag at a 3.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 36 Context: 2,300,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-28) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:6d03a8f57b72d1ce149d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 7.5 - Grade Unit: % - Contained Metal: 162000 - Contained Unit: t - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.2 Mt at 7.5% Zn at a 4.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 7.5 Context: 2,200,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-29) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:6d03a8f57b72d1ce149d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 0.9 - Grade Unit: % - Contained Metal: 19900 - Contained Unit: t - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.2 Mt at 0.9% Cu at a 4.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 0.9 Context: 2,200,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-30) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:6d03a8f57b72d1ce149d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 1.6 - Grade Unit: % - Contained Metal: 35000 - Contained Unit: t - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.2 Mt at 1.6% Pb at a 4.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.6 Context: 2,200,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-31) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:6d03a8f57b72d1ce149d - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2200000 - Grade: 37 - Grade Unit: g/t - Contained Metal: 2600000 - Contained Unit: oz - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 11.5 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.2 Mt at 37 g/t Ag at a 4.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 37 Context: 2,200,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-32) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:0331daede4b4a9d357a0 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 7.8 - Grade Unit: % - Contained Metal: 153000 - Contained Unit: t - Cutoff Grade: 4.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.0 Mt at 7.8% Zn at a 4.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 7.8 Context: 2,000,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-33) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:0331daede4b4a9d357a0 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 1 - Grade Unit: % - Contained Metal: 18800 - Contained Unit: t - Cutoff Grade: 4.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.0 Mt at 1.0% Cu at a 4.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.0 Context: 2,000,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-34) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:0331daede4b4a9d357a0 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 34000 - Contained Unit: t - Cutoff Grade: 4.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.0 Mt at 1.7% Pb at a 4.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.7 Context: 2,000,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-35) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:0331daede4b4a9d357a0 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 39 - Grade Unit: g/t - Contained Metal: 2400000 - Contained Unit: oz - Cutoff Grade: 4.5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 2.0 Mt at 39 g/t Ag at a 4.5% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 39 Context: 2,000,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-36) Mt Hardy Project · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: zinc - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:8029edb0bba55bdae3c8 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 1700000 - Grade: 8.2 - Grade Unit: % - Contained Metal: 142000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 1.7 Mt at 8.2% Zn at a 5.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 8.2 Context: 1,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-37) Mt Hardy Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: copper - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:8029edb0bba55bdae3c8 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 1700000 - Grade: 1 - Grade Unit: % - Contained Metal: 17300 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 1.7 Mt at 1.0% Cu at a 5.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.0 Context: 1,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-38) Mt Hardy Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: lead - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:8029edb0bba55bdae3c8 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 1700000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 32000 - Contained Unit: t - Cutoff Grade: 5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 1.7 Mt at 1.8% Pb at a 5.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 1.8 Context: 1,700,000 #### 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 7.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-39) Mt Hardy Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hardy Project - Commodity: silver - Region: australia\_nt - Reported Region: Northern Territory - Ticker: XRA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Thompson, Sam Ekins - Resource group id: resource:8029edb0bba55bdae3c8 - Deposit or zone: Hendrix #### Resource Data - Category: inferred - Tonnes: 1700000 - Grade: 41 - Grade Unit: g/t - Contained Metal: 2300000 - Contained Unit: oz - Cutoff Grade: 5 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2019-07-10 #### Metal Equivalent - Metal Eq. Grade: 12.7 - Metal Eq. Unit: % ZnEq #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-07-10T00:00:00.000Z #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This Inferred Mineral Resource Estimate for the Hendrix deposit, unchanged since 2019, reports 1.7 Mt at 41 g/t Ag at a 5.0% ZnEq cut-off, indicating early-stage geological confidence and is historical. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 41 Context: 1,700,000 #### 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 7.2 years before this release ### Fact 41 [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-40) #### Identity - Ticker: XRA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The company successfully completed the second tranche of a capital raising, securing $0.93 million through the issuance of 3.716 billion shares to sophisticated investors, which is material for funding operations. - Positive factor: Funding Secured - Negative factor: Dilution Evidence · text > The Company completed the second tranche of the capital raising announced on 15 May 2025, issuing 3.716 billion shares on 2 July 2025 to sophisticated investors and raising $0.93 million before costs. #### 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 ### Fact 42 [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-41) #### Identity - Ticker: XRA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The company completed Tranche 1 of a capital raising, issuing 11.67 million shares at $0.16 per share to raise $1.87 million, providing significant funding for its activities. - Positive factor: Funding Secured - Negative factor: Dilution Evidence · text > Tranche 1: 11,670,360 were issued on 13 October 2025 to raise $1,867,258 before costs. #### 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 ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-42) #### Identity - Ticker: XRA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The company completed Tranche 2 of a capital raising, issuing 1.45 million shares to Directors at $0.16 per share to raise $0.23 million, contributing to the company's funding. - Positive factor: Funding Secured - Negative factor: Dilution Evidence · text > Tranche 2: 1,454,640 were issued to Directors on 3 December 2025 following shareholder approval at the Annual General Meeting \('AGM'\) on 27 November 2025, to raise $232,742 before costs. #### 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 ### Fact 44 [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-43) Dudley Lithium Project #### Identity - Project: Dudley Lithium Project - Region: australia\_sa - Reported Region: South Australia - Ticker: XRA #### Resource scope - Resource group id: resource:be7f0199eda399c8f138 #### Prior Estimate - Resource Date: 2026-01-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The company elected to proceed with Stage 1b of the Dudley Lithium Project earn-in, involving a cash payment and share issuance, demonstrating continued commitment and progress on the project. - Positive factor: Project Advancement Evidence · text > On 9 January 2026, the Company elected to proceed with Stage 1b of the earn-in for the Dudley Lithium Project. In accordance with the earn-in terms, the Company paid $37,500 and issued 393,701 fully paid ordinary shares, representing an agreed value of $100,000. #### 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 ### Fact 45 [Link to this fact](https://atlas-staging.minestarters.com/news/xra-annual-report-to-shareholders--87a6b066-d72f-4944-8b51-b2dc5bea1926#fact-resource-facts-44) Mount Hardy Project #### Identity - Project: Mount Hardy Project - Ticker: XRA #### Resource scope - Resource group id: resource:0f06eaeaddcca40634d4 #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Rehabilitation activities at the Mount Hardy Project are ongoing, aiming to complete required works and recover environmental bonds, indicating responsible environmental management. - Positive factor: Environmental Compliance Evidence · text > Rehabilitation activities were undertaken at the Mount Hardy Project during the year, with the objective of completing the required works and facilitating the return of the associated cash-backed environmental bonds. #### 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 ## 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.