diff --git a/lang/de.json b/lang/de.json
index 7a02f8a..efb5579 100644
--- a/lang/de.json
+++ b/lang/de.json
@@ -42,7 +42,8 @@
     },
     "Notice": {
       "Title": "Hinweise",
-      "InactiveModuleReferences": "Die aktive Welt referenziert Dateien aus inaktiven Modulen. Diese Modulziele wurden nicht als unverankert gewertet: {modules}"
+      "InactiveModuleReferences": "Die aktive Welt referenziert Dateien aus inaktiven Modulen: {modules}",
+      "MissingModuleReferences": "Die aktive Welt referenziert Dateien aus Modulordnern, die von Foundry derzeit nicht als Module erkannt werden: {modules}"
     },
     "Summary": {
       "NoAnalysis": "Noch keine Analyse ausgeführt.",
diff --git a/lang/en.json b/lang/en.json
index 0f9566a..55c493d 100644
--- a/lang/en.json
+++ b/lang/en.json
@@ -42,7 +42,8 @@
     },
     "Notice": {
       "Title": "Notes",
-      "InactiveModuleReferences": "The active world references files from inactive modules. These module targets were not treated as unanchored: {modules}"
+      "InactiveModuleReferences": "The active world references files from inactive modules: {modules}",
+      "MissingModuleReferences": "The active world references files from module folders that Foundry does not currently recognize as installed modules: {modules}"
     },
     "Summary": {
       "NoAnalysis": "No analysis has been run yet.",
diff --git a/module.json b/module.json
index c17420b..d5b4b9a 100644
--- a/module.json
+++ b/module.json
@@ -2,7 +2,7 @@
   "id": "kosmos-storage-audit",
   "title": "Kosmos Storage Audit",
   "description": "Analyzes media references and risky storage locations across Foundry data and public roots.",
-  "version": "0.0.24",
+  "version": "0.0.25",
   "compatibility": {
     "minimum": "13",
     "verified": "13"
diff --git a/scripts/core/finding-engine.js b/scripts/core/finding-engine.js
index bff930c..da30a6f 100644
--- a/scripts/core/finding-engine.js
+++ b/scripts/core/finding-engine.js
@@ -44,6 +44,7 @@ export function buildFindings({ files, references, i18n, packageActivity }={}) {
   const wildcardReferences = [];
   const findings = [];
   const inactiveModuleReferenceIds = new Set();
+  const missingModuleReferenceIds = new Set();
 
   for (const reference of resolvedReferences) {
     const normalized = reference.normalized;
@@ -85,6 +86,10 @@ export function buildFindings({ files, references, i18n, packageActivity }={}) {
 
     const ownerRelation = compareOwner(reference.sourceScope, file.ownerHint);
     if (ownerRelation === "non-package-to-package") {
+      if (isMissingModuleTarget(file, packageActivity)) {
+        missingModuleReferenceIds.add(file.ownerHint.ownerId);
+        continue;
+      }
       if (isInactiveModuleTarget(file, packageActivity)) {
         inactiveModuleReferenceIds.add(file.ownerHint.ownerId);
         continue;
@@ -144,7 +149,7 @@ export function buildFindings({ files, references, i18n, packageActivity }={}) {
 
   return {
     findings,
-    notices: createNotices({ inactiveModuleReferenceIds, packageActivity, i18n })
+    notices: createNotices({ inactiveModuleReferenceIds, missingModuleReferenceIds, packageActivity, i18n })
   };
 }
 
@@ -239,19 +244,42 @@ function isInactiveModuleTarget(file, packageActivity) {
   return active === false;
 }
 
-function createNotices({ inactiveModuleReferenceIds, packageActivity, i18n }) {
-  const moduleIds = [...inactiveModuleReferenceIds].sort((a, b) => a.localeCompare(b));
-  if (!moduleIds.length) return [];
-  const moduleLabels = moduleIds.map(id => packageActivity?.moduleLabels?.get?.(id) ?? id);
-  return [{
-    kind: "inactive-module-references",
-    severity: "info",
-    moduleIds,
-    moduleLabels,
-    message: format(i18n, "KSA.Notice.InactiveModuleReferences", {
-      modules: moduleLabels.join(", ")
-    })
-  }];
+function isMissingModuleTarget(file, packageActivity) {
+  if (file.ownerHint?.ownerType !== "module") return false;
+  return packageActivity?.modules?.has?.(file.ownerHint.ownerId) === false;
+}
+
+function createNotices({ inactiveModuleReferenceIds, missingModuleReferenceIds, packageActivity, i18n }) {
+  const notices = [];
+
+  const inactiveModuleIds = [...inactiveModuleReferenceIds].sort((a, b) => a.localeCompare(b));
+  if (inactiveModuleIds.length) {
+    const moduleLabels = inactiveModuleIds.map(id => packageActivity?.moduleLabels?.get?.(id) ?? id);
+    notices.push({
+      kind: "inactive-module-references",
+      severity: "info",
+      moduleIds: inactiveModuleIds,
+      moduleLabels,
+      message: format(i18n, "KSA.Notice.InactiveModuleReferences", {
+        modules: moduleLabels.join(", ")
+      })
+    });
+  }
+
+  const missingModuleIds = [...missingModuleReferenceIds].sort((a, b) => a.localeCompare(b));
+  if (missingModuleIds.length) {
+    notices.push({
+      kind: "missing-module-references",
+      severity: "info",
+      moduleIds: missingModuleIds,
+      moduleLabels: missingModuleIds,
+      message: format(i18n, "KSA.Notice.MissingModuleReferences", {
+        modules: missingModuleIds.join(", ")
+      })
+    });
+  }
+
+  return notices;
 }
 
 function isDerivedSceneThumbnail(file) {
diff --git a/tests/missing-module-reference-test.mjs b/tests/missing-module-reference-test.mjs
new file mode 100644
index 0000000..05e7821
--- /dev/null
+++ b/tests/missing-module-reference-test.mjs
@@ -0,0 +1,40 @@
+import assert from "node:assert/strict";
+import { buildFindings, createFileRecord } from "../scripts/core/finding-engine.js";
+import { createFileLocator } from "../scripts/core/path-utils.js";
+
+const files = [
+  createFileRecord(createFileLocator("data", "modules/legacy-module/icons/token.webp"), 1234)
+];
+
+const references = [
+  {
+    sourceType: "world-document",
+    sourceScope: { ownerType: "world", ownerId: "demo-world", systemId: "demo-system", subtype: "actors" },
+    sourceLabel: "Actor demo",
+    normalized: {
+      ...createFileLocator("data", "modules/legacy-module/icons/token.webp"),
+      targetKind: "local-file"
+    }
+  }
+];
+
+const packageActivity = {
+  modules: new Map(),
+  moduleLabels: new Map()
+};
+
+const result = buildFindings({ files, references, packageActivity, i18n: { format: (key, data={}) => `${key}:${data.modules ?? ""}` } });
+
+assert.equal(
+  result.findings.some(finding => finding.kind === "non-package-to-package-reference"),
+  false,
+  "world references into module folders that Foundry does not recognize should not be reported as unanchored package targets"
+);
+
+assert.equal(
+  result.notices.some(notice => notice.kind === "missing-module-references" && notice.moduleIds.includes("legacy-module")),
+  true,
+  "missing module references should create a dedicated report notice"
+);
+
+console.log("missing-module-reference-test: ok");