# ZNC: Annual Report 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146307 Publisher: asx Original announcement: 2026-09-30T05:43:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T06:16:02.690Z Atlas analysis updated: 2026-09-30T06:16:02.690Z - Company: Zenith Minerals Limited - Ticker: ZNC - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Lithium, Zinc, Lead, Silver, Caesium, Niobium, Tin, Tantalum, Copper, Bismuth, Tellurium - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-30 06:16:03 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Zenith Minerals Limited reported significant operational progress in FY26, highlighted by a more than doubling of the gold Mineral Resource at its Consolidated Dulcie Gold Project to 675,000 ounces and successful drilling at Red Mountain. The company also strengthened its financial position through capital raises and the sale of non-core assets, reducing its loss after tax. A strategic review led to a takeover offer from Forrestania Resources Limited, which is ongoing and introduces corporate uncertainty. Reasoning: The annual report highlights substantial operational progress, particularly in gold resource growth and exploration success, alongside a strengthened financial position. However, the ongoing takeover offer and the presence of stale resource estimates for other projects introduce elements of uncertainty and concern. - Positive factor: Significant increase in gold resource at Consolidated Dulcie Gold Project, more than doubling the previous estimate. - Positive factor: Successful drilling programs at Dulcie and Red Mountain, extending mineralization and identifying high-grade intercepts. - Positive factor: Strengthened financial position through successful capital raises and reduced loss after tax. - Positive factor: Positive metallurgical testwork results for Dulcie gold, indicating high recoveries. - Positive factor: Consolidation of the strategic Dulcie corridor through acquisition of M77/599. - Positive factor: Sale of non-core Turkish asset, simplifying the portfolio. - Negative factor: Takeover offer introduces corporate uncertainty and potential loss of independent control. - Negative factor: Dulcie resource is partially depth-constrained by mining lease boundaries, potentially restricting access. - Negative factor: Metallurgical testwork for Dulcie suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. - Negative factor: Rio Lithium and Earaheedy Zinc Joint Venture Mineral Resources are stale, with effective dates from 2023 and no updates. - Negative factor: Red Mountain follow-up drilling program is designed but no immediate work is scheduled, indicating a pause in advancement. - Negative factor: Some options expired, and legal/advisory costs related to the takeover are being expensed. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 84 ## Classification and evidence **Annual Report** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document is titled 'Annual Report' and covers the company's activities and financial performance for the year. Evidence · text > Annual Report **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All Mineral Resource estimates are reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > JORC \(2012\) Inferred Mineral Resource **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 Consolidated Dulcie Gold Project and Rio Lithium Deposit Mineral Resource estimates are signed off by Competent Persons \(CP\) who are FAusIMM. Evidence · text > John Horton FAusIMM \(CP\) of ResEval Pty Ltd **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The Consolidated Dulcie Gold Project's Inferred Mineral Resource more than doubled from 302,000 oz to 675,000 oz. Evidence · text > more than doubling the previous 302,000 oz resource **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an updated Mineral Resource for the Consolidated Dulcie Gold Project. Evidence · text > Zenith Defines 675,000 oz Gold Mineral Resource **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document reports maiden Mineral Resources for Dulcie and Dulcie North. Evidence · text > maiden JORC \(2012\) Inferred Mineral Resource for Dulcie and DN **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Rio Lithium and Earaheedy Zinc Joint Venture Mineral Resources are unchanged from 30 June 2025 and have effective dates of 2023. Evidence · text > The Rio lithium Mineral Resource and the Earaheedy Joint Venture Mineral Resource are unchanged from 30 June 2025. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: All reported Mineral Resources \(Dulcie, Rio Lithium, Earaheedy\) are classified as Inferred. Evidence · text > Inferred Mineral Resource of 21.3 Mt @ 1.0 g/t Au for 675,000 oz **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The entire Rio Lithium Resource is classified as Inferred, and the Dulcie and Earaheedy resources are also entirely Inferred. Evidence · text > The entire Resource is classified as Inferred **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The occurrence of pyrrhotite in drill core suggests that pressure oxidation or similar may be needed to obtain high recovery for the Dulcie gold project. Evidence · text > The occurrence of pyrrhotite in drill core suggests that pressure oxidation or similar may be needed to obtain high recovery **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The occurrence of pyrrhotite in drill core suggests that pressure oxidation or similar may be needed to obtain high recovery for the Dulcie gold project, indicating refractory ore. Evidence · text > The occurrence of pyrrhotite in drill core suggests that pressure oxidation or similar may be needed to obtain high recovery **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades are clearly stated for all Mineral Resources \(0.5 g/t Au for Dulcie, 0.5% Li₂O for Rio, and various Zn+Pb cut-offs for Earaheedy\). Evidence · text > at a 0.5 g/t Au cut-off **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document states that exploration results are extracted from ASX announcements and that the company confirms no material changes to assumptions and technical parameters, implying QA/QC was disclosed in original releases. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements referred to in this report and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Dulcie North extended the lode system approximately 400 m beyond the previous resource boundary, and deep diamond tails at Red Mountain extended mineralization approximately 350 m below previous drilling and more than 700 m vertically. Evidence · text > extending approximately 400 m beyond the previous resource boundary **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap-leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("pressure oxidation"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 84. Some facts used in scoring do not have a stored record. ## Drill Results (33) ### SRRC156 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-42) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC156 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 22.67 - Grade Unit: g/t - Intercept: 3 m - From: 101 m - To: 104 m - Intercept Depth: 101 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC156:101-104 #### Location - Location: DFN - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an exceptionally high-grade gold intercept, indicating strong mineralization, which is highly positive and material for the project, despite potential processing challenges. - Positive factor: Exceptional high-grade gold intercept, significantly above typical thresholds. - Positive factor: Confirms continuity of mineralization in line with exploration targets. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 3 m @ 22.67 g/t Au from 101 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The intercept of 22.67 g/t Au is well above the exceptional threshold for gold. Evidence · text > 22.67 g/t Au ### SRRC156 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-43) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC156 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 56.76 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: DFN - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval represents an exceptionally high-grade gold zone, which is highly positive and material for the project, despite potential processing challenges. - Positive factor: Extremely high-grade gold sub-interval, indicating very rich mineralization. - Positive factor: Confirms continuity of mineralization in line with exploration targets. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 1 m @ 56.76 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The intercept of 56.76 g/t Au is well above the exceptional threshold for gold. Evidence · text > 56.76 g/t Au ### SRRC138 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-44) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC138 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 3.53 - Grade Unit: g/t - Intercept: 11 m - From: 66 m - To: 77 m - Intercept Depth: 66 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC138:66-77 #### Location - Location: near Scott’s Grey - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a strong gold intercept over a good width, which is positive and material for the project, despite potential processing challenges. - Positive factor: Strong gold intercept over a good width, indicating significant mineralization. - Positive factor: Confirms continuity of mineralization in line with exploration targets. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 11 m @ 3.53 g/t Au from 66 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC138 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-45) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC138 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 6.21 - Grade Unit: g/t - Intercept: 6 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: near Scott’s Grey - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further enhances the positive interpretation of the overall intercept, indicating strong mineralization. - Positive factor: High-grade gold sub-interval over a good width, indicating significant mineralization. - Positive factor: Confirms continuity of mineralization in line with exploration targets. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 6 m @ 6.21 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC118 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-46) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC118 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 7.4 - Grade Unit: g/t - Intercept: 3 m - From: 71 m - To: 74 m - Intercept Depth: 71 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC118:71-74 #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This strong gold intercept is positive, especially as it identifies a new lode position, contributing to the overall prospectivity of the project. - Positive factor: Strong gold intercept, indicating good mineralization. - Positive factor: Identifies an additional stacked lode position, suggesting potential for resource expansion. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 3 m @ 7.40 g/t Au from 71 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC142 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-47) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC142 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 2.66 - Grade Unit: g/t - Intercept: 6 m - From: 162 m - To: 168 m - Intercept Depth: 162 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC142:162-168 #### Location - Location: DN - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization at Dulcie North, contributing positively to the understanding of the deposit, despite potential processing challenges. - Positive factor: Good gold intercept over a moderate width, confirming mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 6 m @ 2.66 g/t Au from 162 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC142 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-48) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC142 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 4.66 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: DN - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further strengthens the positive interpretation of mineralization at Dulcie North. - Positive factor: High-grade gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 3 m @ 4.66 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC092 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-49) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC092 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.06 - Grade Unit: g/t - Intercept: 15 m - From: 46 m - To: 61 m - Intercept Depth: 46 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC092:46-61 #### Location - Location: Dulcie - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization at Dulcie, contributing positively to the understanding of the deposit, despite potential processing challenges. - Positive factor: Good gold intercept over a significant width, confirming mineralization at Dulcie. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 15 m @ 1.06 g/t Au from 46 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC092 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-50) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC092 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 2.85 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Dulcie - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval further strengthens the positive interpretation of mineralization at Dulcie. - Positive factor: Moderate-grade gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 3 m @ 2.85 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC094 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-51) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC094 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.01 - Grade Unit: g/t - Intercept: 15 m - From: 47 m - To: 62 m - Intercept Depth: 47 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC094:47-62 #### Location - Location: Dulcie - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization at Dulcie, contributing positively to the understanding of the deposit, despite potential processing challenges. - Positive factor: Good gold intercept over a significant width, confirming mineralization at Dulcie. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 15 m @ 1.01 g/t Au from 47 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC094 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-52) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC094 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 3.64 - Grade Unit: g/t - Intercept: 2 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Dulcie - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval further strengthens the positive interpretation of mineralization at Dulcie. - Positive factor: Moderate-grade gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 2 m @ 3.64 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC152 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-53) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC152 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.43 - Grade Unit: g/t - Intercept: 7 m - From: 158 m - To: 165 m - Intercept Depth: 158 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC152:158-165 #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization, contributing positively to the understanding of the deposit, despite potential processing challenges. - Positive factor: Moderate gold intercept over a good width, confirming mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 7 m @ 1.43 g/t Au from 158 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC152 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-54) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC152 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 3.02 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval further strengthens the positive interpretation of mineralization. - Positive factor: Moderate-grade gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 3 m @ 3.02 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC120 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-55) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC120 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.43 - Grade Unit: g/t - Intercept: 8 m - From: 141 m - To: 149 m - Intercept Depth: 141 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC120:141-149 #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization, contributing positively to the understanding of the deposit, despite potential processing challenges. - Positive factor: Moderate gold intercept over a good width, confirming mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 8 m @ 1.43 g/t Au from 141 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC164 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-56) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC164 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 3.49 - Grade Unit: g/t - Intercept: 5 m - From: 91 m - To: 96 m - Intercept Depth: 91 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC164:91-96 #### Location - Location: Scott’s Grey - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This strong gold intercept confirms mineralization continuity at Scott's Grey, which is a positive for the project, despite potential processing challenges. - Positive factor: Strong gold intercept over a moderate width, confirming mineralization continuity. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 5 m @ 3.49 g/t Au from 91 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC164 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-57) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC164 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 13.24 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Scott’s Grey - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further strengthens the positive interpretation of mineralization at Scott's Grey. - Positive factor: High-grade gold sub-interval, indicating a rich zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 1 m @ 13.24 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The intercept of 13.24 g/t Au is well above the exceptional threshold for gold. Evidence · text > 13.24 g/t Au ### SRRC165 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-58) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC165 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.05 - Grade Unit: g/t - Intercept: 3 m - From: 160 m - To: 163 m - Intercept Depth: 160 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC165:160-163 #### Location - Location: Dulcie South - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization at Dulcie South, but its lower grade and width, combined with the note about lower than anticipated results, make it less impactful. - Positive factor: Moderate gold intercept, confirming mineralization continuity. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. - Negative factor: Grades and widths were lower than anticipated in parts of the target position. Evidence · text > 3 m @ 1.05 g/t Au from 160 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### SRRC083 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-59) Consolidated Dulcie · gold #### Identity - Hole ID: SRRC083 - Project: Consolidated Dulcie - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: ZNC #### Geometry - Grade: 1.32 - Grade Unit: g/t - Intercept: 2 m - From: 44 m - To: 46 m - Intercept Depth: 44 m #### Classification - Program: exploration - Sample Type: drill - Group ID: SRRC083:44-46 #### Location - Location: DFN - Loc. Source: document #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: pyrrhotite #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept is positive for identifying a new lode, but its limited width and moderate grade make it less material individually. - Positive factor: Identified a tenth footwall lode, suggesting potential for additional mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. - Negative factor: Apparent width only, true width not stated. Evidence · text > 2 m @ 1.32 g/t Au from 44 m, SRRC083 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true ### ZRMDD064 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-60) Red Mountain · gold #### Identity - Hole ID: ZRMDD064 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 1.05 - Grade Unit: g/t - Intercept: 139.7 m - From: 214.9 m - To: 354.6 m - Intercept Depth: 214.9 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMDD064:214.9-354.6 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This broad gold intercept at depth is a material positive, confirming significant mineralization and scale potential for the Red Mountain project. - Positive factor: Broad zone of gold mineralization at depth, indicating significant scale. - Positive factor: Part-funded by a government grant, validating project potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > 139.7 m @ 1.05 g/t Au from 214.9 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMDD064 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-61) Red Mountain · gold #### Identity - Hole ID: ZRMDD064 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 4.62 - Grade Unit: g/t - Intercept: 14.2 m - From: 276 m - To: 290.2 m - Intercept Depth: 276 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMDD064:276-290.2 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further enhances the positive interpretation of the overall intercept, indicating strong mineralization at Red Mountain. - Positive factor: High-grade gold sub-interval within the broader zone, indicating richer mineralization. - Positive factor: Part-funded by a government grant, validating project potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 14.2 m @ 4.62 g/t Au from 276 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMDD064 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-62) Red Mountain · gold #### Identity - Hole ID: ZRMDD064 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.56 - Grade Unit: g/t - Intercept: 325 m - From: 214.9 m - To: 539.9 m - Intercept Depth: 214.9 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMDD064:214.9-539.9 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This very broad intercept, while lower grade, indicates significant bulk tonnage potential, which is a positive for the project's scale. - Positive factor: Very broad zone of gold mineralization, indicating large-scale potential. - Positive factor: Part-funded by a government grant, validating project potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for such a broad intercept, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > within a final intercept of 325.0 m @ 0.56 g/t Au from 214.9 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMDD066 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-63) Red Mountain · gold #### Identity - Hole ID: ZRMDD066 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.47 - Grade Unit: g/t - Intercept: 349.95 m - From: 232.05 m - To: 582 m - Intercept Depth: 232.05 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMDD066:232.05-582 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This very broad intercept, while lower grade, indicates significant bulk tonnage potential and scale for the Red Mountain project. - Positive factor: Very broad zone of gold mineralization at depth, indicating significant scale. - Positive factor: Part-funded by a government grant, validating project potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for such a broad intercept, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > 349.95 m @ 0.47 g/t Au from 232.05 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMDD066 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-64) Red Mountain · gold #### Identity - Hole ID: ZRMDD066 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 6.32 - Grade Unit: g/t - Intercept: 5.57 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further enhances the positive interpretation of the overall intercept, indicating strong mineralization at Red Mountain. - Positive factor: High-grade gold sub-interval within the broader zone, indicating richer mineralization. - Positive factor: Part-funded by a government grant, validating project potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 5.57 m @ 6.32 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMDD066 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-65) Red Mountain · gold #### Identity - Hole ID: ZRMDD066 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 19.8 - Grade Unit: g/t - Intercept: 0.5 m - From: 394.9 m - To: 395.4 m - Intercept Depth: 394.9 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMDD066:394.9-395.4 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This exceptionally high-grade intercept with visible gold is a very strong positive, indicating bonanza grades within the Red Mountain system, despite its narrow width. - Positive factor: Exceptional high-grade gold intercept, indicating very rich mineralization. - Positive factor: First visible gold observed at depth, a strong visual indicator of high-grade. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Very narrow intercept width. - Negative factor: Apparent width only, true width not stated. Evidence · text > within 0.5 m @ 19.8 g/t Au from 394.90 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The intercept of 19.8 g/t Au is well above the exceptional threshold for gold. Evidence · text > 19.8 g/t Au ### ZRMRC068 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-66) Red Mountain · gold #### Identity - Hole ID: ZRMRC068 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 1.28 - Grade Unit: g/t - Intercept: 122 m - From: 209 m - To: 331 m - Intercept Depth: 209 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMRC068:209-331 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This broad gold intercept is a material positive, indicating significant mineralization and an expanding system footprint at Red Mountain. - Positive factor: Broad zone of gold mineralization, increasing the system footprint. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > 122 m @ 1.28 g/t Au from 209 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC068 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-67) Red Mountain · gold #### Identity - Hole ID: ZRMRC068 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 2.18 - Grade Unit: g/t - Intercept: 55 m - From: 274 m - To: 329 m - Intercept Depth: 274 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMRC068:274-329 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval further enhances the positive interpretation of the overall intercept, indicating strong mineralization at Red Mountain. - Positive factor: High-grade gold sub-interval over a significant width, indicating richer mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 55 m @ 2.18 g/t Au from 274 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-68) Red Mountain · gold #### Identity - Hole ID: ZRMRC069 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 1.16 - Grade Unit: g/t - Intercept: 10 m - From: 228 m - To: 238 m - Intercept Depth: 228 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMRC069:228-238 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept confirms mineralization at Red Mountain, contributing positively to the understanding of the deposit. - Positive factor: Moderate gold intercept over a good width, confirming mineralization. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > 10 m @ 1.16 g/t Au from 228 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC069 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-69) Red Mountain · gold #### Identity - Hole ID: ZRMRC069 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 7.77 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This strong sub-interval further strengthens the positive interpretation of mineralization at Red Mountain. - Positive factor: Strong gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 1 m @ 7.77 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC070 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-70) Red Mountain · gold #### Identity - Hole ID: ZRMRC070 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.43 - Grade Unit: g/t - Intercept: 93 m - From: 314 m - To: 407 m - Intercept Depth: 314 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMRC070:314-407 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This broad intercept, while lower grade, indicates significant bulk tonnage potential and an expanding system footprint at Red Mountain. - Positive factor: Broad zone of gold mineralization, increasing the system footprint. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for such a broad intercept, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > 93 m @ 0.43 g/t Au from 314 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC073 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-71) Red Mountain · gold #### Identity - Hole ID: ZRMRC073 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.39 - Grade Unit: g/t - Intercept: 34 m - From: 176 m - To: 210 m - Intercept Depth: 176 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMRC073:176-210 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept contributes to the understanding of the Red Mountain system, but its lower grade and moderate width make it less impactful individually. - Positive factor: Moderate width of gold mineralization, contributing to the system footprint. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for the width, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > 34 m @ 0.39 g/t Au from 176 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMRC073 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-72) Red Mountain · gold #### Identity - Hole ID: ZRMRC073 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.99 - Grade Unit: g/t - Intercept: 7 m #### Classification - Program: exploration - Sample Type: drill #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval further strengthens the positive interpretation of mineralization at Red Mountain. - Positive factor: Moderate-grade gold sub-interval, indicating a richer zone within the broader intercept. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Apparent width only, true width not stated. Evidence · text > including 7 m @ 0.99 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ZRMCD067 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-73) Red Mountain · gold #### Identity - Hole ID: ZRMCD067 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.27 - Grade Unit: g/t - Intercept: 333 m - From: 388 m - To: 721 m - Intercept Depth: 388 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMCD067:388-721 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This very broad intercept at depth is positive for extending the system vertically and indicating large-scale potential, despite the lower grade. - Positive factor: Very broad zone of gold mineralization, extending the system vertically. - Positive factor: Deepest drilling completed at the project, indicating depth potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for such a broad intercept, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > 333 m @ 0.27 g/t Au from 388 m \(ZRMCD067\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. Reason: This drilling extended mineralization approximately 350 m below previous drilling and more than 700 m vertically. Evidence · text > extended mineralisation approximately 350 m below previous drilling and more than 700 m vertically ### ZRMCD073 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-drill-facts-74) Red Mountain · gold #### Identity - Hole ID: ZRMCD073 - Project: Red Mountain - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: ZNC #### Geometry - Grade: 0.31 - Grade Unit: g/t - Intercept: 113.73 m - From: 476 m - To: 589.73 m - Intercept Depth: 476 m #### Classification - Program: exploration - Sample Type: drill - Group ID: ZRMCD073:476-589.73 #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This broad intercept at depth is positive for extending the system vertically and indicating large-scale potential, despite the lower grade. - Positive factor: Broad zone of gold mineralization, extending the system vertically. - Positive factor: Deepest drilling completed at the project, indicating depth potential. - Positive factor: QA/QC procedures are disclosed, enhancing data credibility. - Negative factor: Lower grade for such a broad intercept, suggesting bulk tonnage rather than high-grade. - Negative factor: Apparent width only, true width not stated. Evidence · text > 113.73 m @ 0.31 g/t Au from 476 m \(ZRMCD073\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. Reason: This drilling extended mineralization approximately 350 m below previous drilling and more than 700 m vertically. Evidence · text > extended mineralisation approximately 350 m below previous drilling and more than 700 m vertically ## Resource Estimates (45) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-0) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:75b3c46fd86c03e28b61 #### Resource Data - Category: inferred - Tonnes: 21300000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 675000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 - Prior Tonnes: 8200000 - Prior Grade: 1.15 - Prior Contained Metal: 302000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The more than doubling of the gold resource at Dulcie is a highly positive and material development, establishing a significant new gold inventory for the company, despite the Inferred classification and some identified risks. - Positive factor: Significant increase in contained gold \(more than doubling\) compared to the previous estimate. - Positive factor: Maiden resource for Dulcie and Dulcie North, establishing a new baseline. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Potential depth constraints from mining lease boundaries may restrict access to part of the resource. - Negative factor: Metallurgical testwork suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. - Negative factor: Assumed oxide and transitional bulk densities, and historical assays with variable quality, introduce uncertainty. Evidence · text > 21.3 Mt at 1.0 g/t Au for 675,000 ounces #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 21300000 against 8200000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1 against 1.15 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 675000 against 302000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-1) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:35ce9d4d6608020a11d0 - Deposit or zone: Dulcie #### Resource Data - Category: inferred - Tonnes: 9800000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 300000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred resource of 300,000 oz at Dulcie is a material positive, establishing a new gold inventory, though its Inferred classification and processing risks warrant caution. - Positive factor: Significant maiden resource for the Dulcie deposit, contributing substantially to the overall project resource. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Potential depth constraints from mining lease boundaries may restrict access to part of the resource. - Negative factor: Metallurgical testwork suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. Evidence · text > Dulcie 9.8 Mt @ 1.0 g/t Au for 300,000 oz #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-2) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:f24424a931d3993912e0 - Deposit or zone: Dulcie North #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 75000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred resource of 75,000 oz at Dulcie North is a positive addition, but its smaller scale and Inferred classification make it less material than the main Dulcie deposit. - Positive factor: Maiden resource for Dulcie North, adding to the overall project resource. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Potential depth constraints from mining lease boundaries may restrict access to part of the resource. - Negative factor: Metallurgical testwork suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. Evidence · text > DN 2.8 Mt @ 0.9 g/t Au for 75,000 oz #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-3) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:5a558f89df8cd734f6b3 - Deposit or zone: Dulcie Far North #### Resource Data - Category: inferred - Tonnes: 8700000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 300000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The updated Inferred resource of 300,000 oz at Dulcie Far North is a material positive, maintaining a significant gold inventory, though its Inferred classification and processing risks warrant caution. - Positive factor: Updated resource for Dulcie Far North, contributing significantly to the overall project resource. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Potential depth constraints from mining lease boundaries may restrict access to part of the resource. - Negative factor: Metallurgical testwork suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. Evidence · text > DFN 8.7 Mt @ 1.1 g/t Au for 300,000 oz #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-4) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:c54bfd8f4c943b5577bc - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 1200000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 40 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The oxide component of the Dulcie resource is a positive, offering potentially simpler processing, but its Inferred classification and smaller scale limit its individual materiality. - Positive factor: Contribution of oxide material to the overall resource, which is typically easier to process. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Assumed oxide bulk densities introduce uncertainty. Evidence · text > oxide 1.2 Mt @ 1.0 g/t Au \(40 koz\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-5) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:7335e0c55199fb063a9e - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 4800000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 150 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The transitional component of the Dulcie resource is a positive contribution, but its Inferred classification and assumed densities warrant caution. - Positive factor: Contribution of transitional material to the overall resource. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Assumed transitional bulk densities introduce uncertainty. Evidence · text > transitional 4.8 Mt @ 1.0 g/t Au \(150 koz\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-6) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: John Horton - Resource group id: resource:ae2b70f188f661c7febe - Material type: fresh #### Resource Data - Category: inferred - Tonnes: 15300000 - Grade: 1 - Grade Unit: g/t - Contained Metal: 485 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-02-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The fresh rock component is the most significant part of the Dulcie resource, but its Inferred classification and potential processing challenges need further evaluation. - Positive factor: Largest component of the Dulcie resource is in fresh rock, indicating potential for depth extension. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Metallurgical testwork suggests potential need for pressure oxidation due to pyrrhotite, indicating processing complexity. Evidence · text > fresh 15.3 Mt @ 1.0 g/t Au \(485 koz\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-7) Rio Lithium Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:607888efdaa6c4b796a3 #### Resource Data - Category: inferred - Tonnes: 11900000 - Grade: 0.72 - Grade Unit: % Li₂O - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Rio Lithium resource is a positive asset, but its stale nature, Inferred classification, and wide drill spacing reduce its current materiality and novelty. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Positive factor: Preliminary open pit optimisation suggests economic viability. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: Wide-spaced drilling \(200m x 100m\) limits confidence in grade continuity. Evidence · text > 11.9 Mt @ 0.72% Li₂O #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-8) Rio Lithium Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:70bb5fa0d43db8a43286 - Deposit or zone: Upper #### Resource Data - Category: inferred - Tonnes: 8450000 - Grade: 0.76 - Grade Unit: % Li₂O - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Upper zone contributes significantly to the Rio Lithium resource, but its stale nature and Inferred classification limit its current positive impact. - Positive factor: Higher grade than the Middle zone, contributing to overall resource quality. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: Wide-spaced drilling \(200m x 100m\) limits confidence in grade continuity. Evidence · table > 0.76 Context: 8.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-9) Rio Lithium Deposit · caesium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: caesium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:70bb5fa0d43db8a43286 - Deposit or zone: Upper #### Resource Data - Category: inferred - Tonnes: 8450000 - Grade: 426 - Grade Unit: ppm Cs - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The caesium content in the Upper zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of caesium as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 426 Context: 8.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-10) Rio Lithium Deposit · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: niobium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:70bb5fa0d43db8a43286 - Deposit or zone: Upper #### Resource Data - Category: inferred - Tonnes: 8450000 - Grade: 77 - Grade Unit: ppm Nb - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The niobium content in the Upper zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of niobium as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 77 Context: 8.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-11) Rio Lithium Deposit · tin Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: tin - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:70bb5fa0d43db8a43286 - Deposit or zone: Upper #### Resource Data - Category: inferred - Tonnes: 8450000 - Grade: 157 - Grade Unit: ppm - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The tin content in the Upper zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of tin as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 157 Context: 8.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-12) Rio Lithium Deposit · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:70bb5fa0d43db8a43286 - Deposit or zone: Upper #### Resource Data - Category: inferred - Tonnes: 8450000 - Grade: 62 - Grade Unit: ppm Ta - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The tantalum content in the Upper zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of tantalum as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 62 Context: 8.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-13) Rio Lithium Deposit · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:db49fc831aa8546da4ec - Deposit or zone: Middle #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 0.62 - Grade Unit: % Li₂O - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Middle zone contributes to the Rio Lithium resource, but its lower grade, stale nature, and Inferred classification limit its current positive impact. - Positive factor: Contribution of the Middle zone to the overall resource. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: Lower grade than the Upper zone. Evidence · table > 0.62 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-14) Rio Lithium Deposit · caesium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: caesium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:db49fc831aa8546da4ec - Deposit or zone: Middle #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 387 - Grade Unit: ppm Cs - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The caesium content in the Middle zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of caesium as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 387 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-15) Rio Lithium Deposit · niobium Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: niobium - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:db49fc831aa8546da4ec - Deposit or zone: Middle #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 71 - Grade Unit: ppm Nb - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The niobium content in the Middle zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of niobium as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 71 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-16) Rio Lithium Deposit · tin Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: tin - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:db49fc831aa8546da4ec - Deposit or zone: Middle #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 364 - Grade Unit: ppm - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The tin content in the Middle zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of tin as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 364 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-17) Rio Lithium Deposit · tantalum Historical result Needs review: historical\_restatement #### Identity - Project: Rio Lithium Deposit - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Phil Jankowski - Resource group id: resource:db49fc831aa8546da4ec - Deposit or zone: Middle #### Resource Data - Category: inferred - Tonnes: 3480000 - Grade: 49 - Grade Unit: ppm Ta - Cutoff Grade: 0.5 - Cutoff Unit: % Li₂O #### Prior Estimate - Resource Date: 2023-08-03 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-09-28T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The tantalum content in the Middle zone is a minor positive as a potential byproduct, but its overall materiality is low due to the stale and inferred nature of the estimate. - Positive factor: Presence of tantalum as a potential byproduct, adding value. - Positive factor: Resource is JORC 2012 compliant and signed off by a Competent Person. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. Evidence · table > 49 Context: 3.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-18) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:20866b3274394badf53d #### Resource Data - Category: inferred - Tonnes: 462000000 - Grade: 1.3 - Grade Unit: % Zn+Pb - Cutoff Grade: 0.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource is large but stale and entirely Inferred, limiting its current materiality and novelty, especially with no explicit QP sign-off in this report. - Positive factor: Large tonnage at a low cut-off grade, indicating bulk potential. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 1.3 Context: 462 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-19) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:20866b3274394badf53d #### Resource Data - Category: inferred - Tonnes: 462000000 - Grade: 1 - Grade Unit: % - Cutoff Grade: 0.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component is large but stale and entirely Inferred, limiting its current materiality and novelty, especially with no explicit QP sign-off in this report. - Positive factor: Large tonnage of zinc at a low cut-off grade, indicating bulk potential. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 1.0 Context: 462 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-20) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:20866b3274394badf53d #### Resource Data - Category: inferred - Tonnes: 462000000 - Grade: 0.3 - Grade Unit: % - Cutoff Grade: 0.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component is a minor positive as a byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 0.3 Context: 462 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-21) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:20866b3274394badf53d #### Resource Data - Category: inferred - Tonnes: 462000000 - Grade: 2.2 - Grade Unit: g/t - Cutoff Grade: 0.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component is a minor positive as a byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 2.2 Context: 462 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-22) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:fb4e8884aafa05a88c9c #### Resource Data - Category: inferred - Tonnes: 194000000 - Grade: 2.2 - Grade Unit: % Zn+Pb - Cutoff Grade: 1 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource at a 1.0% cut-off shows a more concentrated tonnage, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Significant tonnage at a higher cut-off grade, indicating a more focused resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 2.2 Context: 194 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-23) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:fb4e8884aafa05a88c9c #### Resource Data - Category: inferred - Tonnes: 194000000 - Grade: 1.6 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component at a 1.0% cut-off shows a more concentrated tonnage, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Significant tonnage of zinc at a higher cut-off grade, indicating a more focused resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 1.6 Context: 194 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-24) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:fb4e8884aafa05a88c9c #### Resource Data - Category: inferred - Tonnes: 194000000 - Grade: 0.5 - Grade Unit: % - Cutoff Grade: 1 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component at a 1.0% cut-off is a minor positive as a byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 0.5 Context: 194 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-25) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:fb4e8884aafa05a88c9c #### Resource Data - Category: inferred - Tonnes: 194000000 - Grade: 3.1 - Grade Unit: g/t - Cutoff Grade: 1 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component at a 1.0% cut-off is a minor positive as a byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.1 Context: 194 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-26) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9fe0ffc8cf17cf3ffd09 #### Resource Data - Category: inferred - Tonnes: 94000000 - Grade: 3.1 - Grade Unit: % Zn+Pb - Cutoff Grade: 2 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource at a 2.0% cut-off represents a more material portion of the resource, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Significant tonnage at a higher cut-off grade, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.1 Context: 94 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-27) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9fe0ffc8cf17cf3ffd09 #### Resource Data - Category: inferred - Tonnes: 94000000 - Grade: 2.4 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component at a 2.0% cut-off represents a more material portion of the resource, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Significant tonnage of zinc at a higher cut-off grade, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 2.4 Context: 94 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-28) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9fe0ffc8cf17cf3ffd09 #### Resource Data - Category: inferred - Tonnes: 94000000 - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 2 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component at a 2.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 0.7 Context: 94 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-29) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9fe0ffc8cf17cf3ffd09 #### Resource Data - Category: inferred - Tonnes: 94000000 - Grade: 4.2 - Grade Unit: g/t - Cutoff Grade: 2 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component at a 2.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 4.2 Context: 94 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-30) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3d4be45b7519b5ef4423 #### Resource Data - Category: inferred - Tonnes: 65000000 - Grade: 3.4 - Grade Unit: % Zn+Pb - Cutoff Grade: 2.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource at a 2.5% cut-off shows improved grade, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Higher grade at a higher cut-off, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.4 Context: 65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-31) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3d4be45b7519b5ef4423 #### Resource Data - Category: inferred - Tonnes: 65000000 - Grade: 2.6 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component at a 2.5% cut-off shows improved grade, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Higher grade of zinc at a higher cut-off, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 2.6 Context: 65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-32) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3d4be45b7519b5ef4423 #### Resource Data - Category: inferred - Tonnes: 65000000 - Grade: 0.8 - Grade Unit: % - Cutoff Grade: 2.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component at a 2.5% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 0.8 Context: 65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-33) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3d4be45b7519b5ef4423 #### Resource Data - Category: inferred - Tonnes: 65000000 - Grade: 4.5 - Grade Unit: g/t - Cutoff Grade: 2.5 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component at a 2.5% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 4.5 Context: 65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-34) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:baefcb2d3aa28dbdff75 #### Resource Data - Category: inferred - Tonnes: 41000000 - Grade: 3.8 - Grade Unit: % Zn+Pb - Cutoff Grade: 3 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource at a 3.0% cut-off shows improved grade, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Higher grade at a higher cut-off, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.8 Context: 41 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-35) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:baefcb2d3aa28dbdff75 #### Resource Data - Category: inferred - Tonnes: 41000000 - Grade: 3 - Grade Unit: % - Cutoff Grade: 3 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component at a 3.0% cut-off shows improved grade, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Higher grade of zinc at a higher cut-off, indicating a more focused and potentially higher-value resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.0 Context: 41 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-36) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:baefcb2d3aa28dbdff75 #### Resource Data - Category: inferred - Tonnes: 41000000 - Grade: 0.8 - Grade Unit: % - Cutoff Grade: 3 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component at a 3.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 0.8 Context: 41 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-37) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:baefcb2d3aa28dbdff75 #### Resource Data - Category: inferred - Tonnes: 41000000 - Grade: 4.9 - Grade Unit: g/t - Cutoff Grade: 3 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component at a 3.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 4.9 Context: 41 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-38) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:008e929c55e1567586bc #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 4.8 - Grade Unit: % Zn+Pb - Cutoff Grade: 4 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy resource at a 4.0% cut-off represents the highest-grade portion, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Highest grade at the highest cut-off, indicating a high-value core to the resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 4.8 Context: 12 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-39) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:008e929c55e1567586bc #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 3.6 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Earaheedy zinc component at a 4.0% cut-off represents the highest-grade portion, but its stale and Inferred nature still limit its current positive impact. - Positive factor: Highest grade of zinc at the highest cut-off, indicating a high-value core to the resource. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 3.6 Context: 12 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-40) Earaheedy Zinc Joint Venture · lead Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: lead - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:008e929c55e1567586bc #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 1.2 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead component at a 4.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of lead as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 1.2 Context: 12 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-41) Earaheedy Zinc Joint Venture · silver Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: silver - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:008e929c55e1567586bc #### Resource Data - Category: inferred - Tonnes: 12000000 - Grade: 5.7 - Grade Unit: g/t - Cutoff Grade: 4 - Cutoff Unit: % Zn+Pb #### Prior Estimate - Resource Date: 2023-04-19 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-04-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver component at a 4.0% cut-off is a positive byproduct, but its low grade, stale nature, and Inferred classification limit its individual materiality. - Positive factor: Presence of silver as a byproduct, adding to the polymetallic nature. - Positive factor: Resource is JORC 2012 compliant. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is stale, unchanged since 2023, suggesting no recent progress. - Negative factor: QP sign-off not explicitly stated in this document for this estimate. Evidence · table > 5.7 Context: 12 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### Fact 43 [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-81) #### Identity - Ticker: ZNC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The successful completion of the rights issue provided significant funding for exploration, which is a material positive for the company's operations. - Positive factor: Successful capital raise, strengthening the company's financial position. - Positive factor: Funds used to ramp up exploration activities. Evidence · text > $3.53 million rights issue completed in July 2025 #### 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/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-82) #### Identity - Ticker: ZNC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This substantial strategic placement at a premium price is a highly positive and material event, significantly improving the company's financial liquidity and investor backing. - Positive factor: Significant capital raise, further strengthening the company's financial position. - Positive factor: Placement at a premium to the last closing price, indicating investor confidence. - Positive factor: Strategic placement to Ida Metal Investments Pty Ltd. Evidence · text > $7.65 million strategic placement to Ida Metal Investments Pty Ltd at $0.1275 per share #### 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/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-resource-facts-83) #### Identity - Ticker: ZNC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The exercise of options provided additional capital, which is a positive for the company's financial position, though less material than the larger capital raises. - Positive factor: Additional funding generated from option exercises, contributing to the company's cash reserves. Evidence · text > approximately $1.75 million from the exercise of options #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (6) ### bottle roll [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-75) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: preliminary - Test Type: bottle roll - Processing Route: mill\_cil - Sample: fresh #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High gold recovery from fresh material is a strong positive, indicating good metallurgical characteristics, though the preliminary scale of the testwork and potential for pyrrhotite warrant some caution. - Positive factor: High gold recovery from fresh material, indicating good amenability to conventional processing. - Positive factor: Recovery is within the exceptional band for mill/CIL processing. - Negative factor: Testwork is at bench scale \(bottle-roll\), which is preliminary and may not fully reflect commercial performance. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. Evidence · text > 94% \(fresh\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The 94% gold recovery is within the exceptional band for mill/CIL processing. Evidence · text > 94% \(fresh\) ### bottle roll [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-76) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: preliminary - Test Type: bottle roll - Processing Route: mill\_cil - Sample: lower saprolite #### Recovery - Recovery: 97 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Very high gold recovery from lower saprolite is a strong positive, indicating excellent metallurgical characteristics, though the preliminary scale of the testwork and potential for pyrrhotite warrant some caution. - Positive factor: Very high gold recovery from lower saprolite material, indicating excellent amenability to conventional processing. - Positive factor: Recovery is within the exceptional band for mill/CIL processing. - Negative factor: Testwork is at bench scale \(bottle-roll\), which is preliminary and may not fully reflect commercial performance. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. Evidence · text > 97% \(lower saprolite\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The 97% gold recovery is within the exceptional band for mill/CIL processing. Evidence · text > 97% \(lower saprolite\) ### bottle roll [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-77) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: preliminary - Test Type: bottle roll - Processing Route: mill\_cil - Sample: saprock #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High gold recovery from saprock is a strong positive, indicating good metallurgical characteristics, though the preliminary scale of the testwork and potential for pyrrhotite warrant some caution. - Positive factor: High gold recovery from saprock material, indicating good amenability to conventional processing. - Positive factor: Recovery is within the exceptional band for mill/CIL processing. - Negative factor: Testwork is at bench scale \(bottle-roll\), which is preliminary and may not fully reflect commercial performance. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. Evidence · text > 94% \(saprock\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The 94% gold recovery is within the exceptional band for mill/CIL processing. Evidence · text > 94% \(saprock\) ### gravity leach [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-78) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: preliminary - Test Type: gravity leach - Processing Route: mill\_cil - Sample: oxide composites #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High cyanide leach recoveries from oxide material, combined with effective gravity separation, are a strong positive for the project's metallurgical profile, despite the preliminary scale and potential for pyrrhotite. - Positive factor: High cyanide leach recoveries from oxide composites, indicating good amenability to processing. - Positive factor: Recovery is within the strong to exceptional band for mill/CIL processing. - Positive factor: Gravity stage captures a significant portion of gold to a high-grade concentrate. - Negative factor: Testwork is at bench scale, which is preliminary and may not fully reflect commercial performance. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. Evidence · text > cyanide leach recoveries of 85–98% #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The 85-98% gold recovery is within the strong to exceptional band for mill/CIL processing. Evidence · text > 85–98% **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### gravity leach [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-79) Consolidated Dulcie Gold Project · gold #### Identity - Project: Consolidated Dulcie Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: preliminary - Test Type: gravity leach - Processing Route: mill\_cil - Sample: oxide composites #### Recovery - Recovery Basis: to\_concentrate - Mass Pull: 55 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high mass pull to a gravity concentrate is a positive indicator for efficient gold recovery and potential cost savings, despite the preliminary test scale. - Positive factor: Significant mass pull to a high-grade concentrate via gravity, indicating efficient pre-concentration. - Positive factor: This can reduce downstream processing costs and improve overall economics. - Negative factor: Testwork is at bench scale, which is preliminary and may not fully reflect commercial performance. - Negative factor: Potential for processing complexity due to pyrrhotite, as noted in the MRE risks. Evidence · text > Knelson gravity stage capturing up to 55% of gold to a high-grade concentrate #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/znc-annual-report-30-june-2026--5430adc8-cd7f-42fe-8b94-6d4f33aa7688#fact-metallurgical-facts-80) Earaheedy Zinc Joint Venture · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Earaheedy Zinc Joint Venture - Commodity: zinc - Region: australia\_wa - Reported Region: Western Australia - Ticker: ZNC #### Test Work - Program Status: scoping - Test Type: flotation - Processing Route: flotation #### Recovery - Recovery: 79 % - Recovery Basis: to\_concentrate - Conc. Grade: 61 - Conc. Grade Unit: % Zn+Pb #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-11-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The historical metallurgical testwork shows good zinc recovery and concentrate grade, which is positive for the project's viability, but its historical nature and bulk concentrate imply further work is needed. - Positive factor: Good zinc recovery into a high-grade bulk concentrate, indicating viable processing. - Positive factor: HydroFloat™ coarse gangue rejection demonstrates potential for efficiency gains. - Negative factor: Testwork is historical \(November 2024\) and part of an ongoing scoping study, not definitive. - Negative factor: Bulk concentrate implies further separation may be needed, adding complexity. Evidence · text > zinc recoveries of 79% into a 61% Zn+Pb bulk concentrate #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## 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.