2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics
Original announcement by newsfile on
- Company
- Ivanhoe Electric Inc.
- Ticker
- IE
- Exchange
- Unavailable
- Region
- Arizona
- Primary commodity
- Copper
- Secondary commodities
- Gold, Silver
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-23 11:05:04 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
The 2026 Preliminary Feasibility Study for Ivanhoe Electric's Santa Cruz Copper Project in Arizona confirms robust economics, including an after-tax NPV8% of $1.5 billion and an IRR of 19% at a base-case copper price of $4.75/lb. The study highlights a high-grade, low-cost underground copper mining operation with a 24-year mine life, 92.3% copper recovery, and significant additional mineral resources for future expansion. Initial development activities have commenced, targeting first copper cathode production in 2029.
Reasoning: The 2026 Preliminary Feasibility Study confirms robust economics for the Santa Cruz Copper Project, demonstrating improved production, high recovery, and low costs, supported by advanced engineering and significant resources, despite some cost escalation. The project is advancing towards production with strong financial metrics.
Positive factors
- Strong economics confirmed by PFS (high NPV, IRR)
- High copper recovery (92.3%) for heap leach processing
- Low capital intensity and operating costs
- Significant mineral resources beyond current mine plan provide expansion potential
- Advanced permitting and development readiness with targeted production in 2029
- Use of advanced technology (Tunnel Boring Machine) for mine access
- Project located in a mining-friendly jurisdiction (Arizona)
- QP/CP signed off on the study
- Compliant with SEC S-K 1300 and NI 43-101 reporting standards
Negative factors
- Initial capital and operating costs increased compared to the 2025 PFS due to inflation and scope changes
- Inferred resources are not included in the current mine plan, limiting immediate economic contribution
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 27
Classification and evidence
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports 'Probable' classification for the Santa Cruz and East Ridge deposits in the Mineral Reserves summary.
Evidence · text
“Probable”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports 'Indicated' classification for Santa Cruz and East Ridge deposits in the Mineral Resource Estimate.
Evidence · text
“Indicated”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports 'Inferred' classification for Santa Cruz, East Ridge, and Texaco deposits in the Mineral Resource Estimate.
Evidence · text
“Inferred”
QP/CP Signedpositive
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: Multiple Qualified Persons are listed as responsible for preparing and approving the scientific and technical information in the news release and the 2026 Study.
Evidence · text
“The independent Qualified Persons responsible for preparing the scientific and technical information disclosed in this news release announcing the 2026 Study are Todd McCracken and David Willock (BBA), Ulises Arvayo (Burns & McDonnell), Eric Mears (H&A), Annelia Tinklenberg (INTERA), Jim Casey (KCB), Tom Meuzelaar (LCG), James Moore (Met Engineering), Casey Schmitt and Adam House (P&C), Kim Trapani (Stantec), and Daryl Longwell (Tetra Tech), and Manochehr Oliazadeh (Worley).”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document explicitly states NSR cutoff values for both mineral reserves and resources.
Evidence · text
“Mineral Reserves are estimated at an NSR cutoff value of US$43.95/t for longhole stoping and US$60.00/t for longitudinal retreat stopes and drift-and-fill.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The document states that an independent technical report will be prepared pursuant to Canadian National Instrument 43-101.
Evidence · text
“Ivanhoe Electric will prepare and file an independent technical report pursuant to Canadian National Instrument 43-101 within 45 days of this news release.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document is titled '2026 Preliminary Feasibility Study' and refers to the '2025 Preliminary Feasibility Study', indicating an update to a prior estimate.
Evidence · text
“2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The document is a Preliminary Feasibility Study (PFS) and states it provides necessary engineering studies to support project financing activities.
Evidence · text
“2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The reported 92.3% life-of-mine copper recovery for heap leach processing is above the exceptional band for this processing route.
Evidence · text
“Recovery % 92.3%”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The study includes 'Completion of six-meter column tests', which are considered a moderate to strong scale of metallurgical testwork.
Evidence · text
“Completion of six-meter column tests support 92.3% life-of-mine copper recovery”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: The study confirms a 'heap leach processing facility' and reports metallurgical recoveries for heap leach.
Evidence · text
“heap leach processing facility”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The resource estimate notes refer to 'Recoveries for concentrator' and 'NSR cutoff... for concentrator', indicating a mill route for some material.
Evidence · text
“Recoveries for concentrator are 0% for acid-soluble copper, 90% for cyanide-soluble copper, 90% for residual copper, 59% for gold, and 69% for silver.”
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: Gold and silver grades and contained metal are reported alongside copper in the resource estimate, indicating they are byproducts.
Evidence · table
“Gold (grams per tonne)”
Extracted facts
Stored fact records: 27. Some facts used in scoring do not have a stored record.
Resource Estimates (24)
probableSanta Cruz Copper Project · copperTonnes: 140129000Grade: 1.08Grade Unit: %Contained Metal: 1519Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:19e6062f8be57a0131ce
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 140129000
- Grade
- 1.08
- Grade Unit
- %
- Contained Metal
- 1519
- Contained Unit
- kt
- Cutoff Grade
- 43.95
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The total probable reserve of 140.1 million tonnes at 1.08% copper represents a substantial and high-grade foundation for the project's economics.
Positive factors
- Large probable reserve tonnage
- High copper grade for a probable reserve
- Significant contained copper metal
Evidence · table
“1.08”
Context: 140,129
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableSanta Cruz Copper Project · copperTonnes: 136022000Grade: 1.09Grade Unit: %Contained Metal: 1477Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:5b23c8ad84b2802c3a8a
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 136022000
- Grade
- 1.09
- Grade Unit
- %
- Contained Metal
- 1477
- Contained Unit
- kt
- Cutoff Grade
- 43.95
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Santa Cruz deposit contributes the majority of the high-grade probable reserves, underpinning the project's economic viability.
Positive factors
- Large probable reserve tonnage for the Santa Cruz deposit
- High copper grade for a probable reserve
- Significant contained copper metal
Evidence · table
“1.09”
Context: 136,022
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableSanta Cruz Copper Project · copperTonnes: 4107000Grade: 1.03Grade Unit: %Contained Metal: 42Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:df1e0a20a4d9eafa6c81
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 4107000
- Grade
- 1.03
- Grade Unit
- %
- Contained Metal
- 42
- Contained Unit
- kt
- Cutoff Grade
- 43.95
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The East Ridge deposit adds a smaller but still high-grade component to the overall probable reserves.
Positive factors
- High copper grade for a probable reserve
Evidence · table
“1.03”
Context: 4,107
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · copperTonnes: 182959000Grade: 0.79Grade Unit: %Contained Metal: 1444Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:943a2e01cb3cb5dbad1b
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 182959000
- Grade
- 0.79
- Grade Unit
- %
- Contained Metal
- 1444
- Contained Unit
- kt
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The combined indicated resources provide a strong base for future reserve conversion and project expansion.
Positive factors
- Significant indicated resource tonnage across all deposits
- Good copper grade for an indicated resource
- Substantial contained copper metal
Evidence · table
“0.79”
Context: 182,959
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · goldTonnes: 182959000Grade: 0.024Grade Unit: grams per tonneContained Metal: 143Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:943a2e01cb3cb5dbad1b
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 182959000
- Grade
- 0.024
- Grade Unit
- grams per tonne
- Contained Metal
- 143
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated gold resource, while low grade, provides additional byproduct value to the copper project.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Low gold grade
Evidence · table
“0.024”
Context: 182,959
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · silverTonnes: 182959000Grade: 1.43Grade Unit: grams per tonneContained Metal: 8380Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:943a2e01cb3cb5dbad1b
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 182959000
- Grade
- 1.43
- Grade Unit
- grams per tonne
- Contained Metal
- 8380
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated silver resource, while low grade, contributes additional byproduct value to the copper project.
Positive factors
- Significant contained silver adds byproduct value
Negative factors
- Low silver grade
Evidence · table
“1.43”
Context: 182,959
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · copperTonnes: 422020000Grade: 0.79Grade Unit: %Contained Metal: 3332Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:01f61a6300013b539839
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 422020000
- Grade
- 0.79
- Grade Unit
- %
- Contained Metal
- 3332
- Contained Unit
- kt
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The large inferred copper resource provides significant long-term potential for the project, though it requires further drilling to upgrade confidence.
Positive factors
- Very large inferred resource tonnage across all deposits
- Good copper grade for an inferred resource
- Substantial contained copper metal provides future expansion potential
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.79”
Context: 422,020
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · goldTonnes: 422020000Grade: 0.025Grade Unit: grams per tonneContained Metal: 333Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:01f61a6300013b539839
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 422020000
- Grade
- 0.025
- Grade Unit
- grams per tonne
- Contained Metal
- 333
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred gold resource, while low grade and in a lower confidence category, provides additional byproduct potential.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Low gold grade
- Inferred category has lower geological confidence
Evidence · table
“0.025”
Context: 422,020
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · silverTonnes: 422020000Grade: 0.83Grade Unit: grams per tonneContained Metal: 11304Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:01f61a6300013b539839
- Deposit or zone
- All Deposits
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 422020000
- Grade
- 0.83
- Grade Unit
- grams per tonne
- Contained Metal
- 11304
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred silver resource, while low grade and in a lower confidence category, contributes additional byproduct potential.
Positive factors
- Significant contained silver adds byproduct value
Negative factors
- Low silver grade
- Inferred category has lower geological confidence
Evidence · table
“0.83”
Context: 422,020
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · copperTonnes: 177547000Grade: 0.79Grade Unit: %Contained Metal: 1403Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:9f318413d72b0deec0c7
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 177547000
- Grade
- 0.79
- Grade Unit
- %
- Contained Metal
- 1403
- Contained Unit
- kt
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Santa Cruz deposit holds a significant indicated copper resource, contributing strongly to the project's overall resource base.
Positive factors
- Large indicated resource tonnage for the Santa Cruz deposit
- Good copper grade for an indicated resource
- Substantial contained copper metal
Evidence · table
“0.79”
Context: 177,547
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · goldTonnes: 177547000Grade: 0.025Grade Unit: grams per tonneContained Metal: 140Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:9f318413d72b0deec0c7
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 177547000
- Grade
- 0.025
- Grade Unit
- grams per tonne
- Contained Metal
- 140
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated gold resource for Santa Cruz, while low grade, provides additional byproduct value.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Low gold grade
Evidence · table
“0.025”
Context: 177,547
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · silverTonnes: 177547000Grade: 1.45Grade Unit: grams per tonneContained Metal: 8279Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:9f318413d72b0deec0c7
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 177547000
- Grade
- 1.45
- Grade Unit
- grams per tonne
- Contained Metal
- 8279
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated silver resource for Santa Cruz, while low grade, contributes additional byproduct value.
Positive factors
- Significant contained silver adds byproduct value
Negative factors
- Low silver grade
Evidence · table
“1.45”
Context: 177,547
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · copperTonnes: 31998000Grade: 0.73Grade Unit: %Contained Metal: 232Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:518b57b97e43c6f762ba
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31998000
- Grade
- 0.73
- Grade Unit
- %
- Contained Metal
- 232
- Contained Unit
- kt
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred copper resource for Santa Cruz adds to the overall resource base, but requires further work to upgrade confidence.
Positive factors
- Good copper grade for an inferred resource
- Contained copper metal provides future expansion potential
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.73”
Context: 31,998
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · goldTonnes: 31998000Grade: 0.021Grade Unit: grams per tonneContained Metal: 21Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:518b57b97e43c6f762ba
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31998000
- Grade
- 0.021
- Grade Unit
- grams per tonne
- Contained Metal
- 21
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred gold resource for Santa Cruz, while low grade and in a lower confidence category, provides additional byproduct potential.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Low gold grade
- Inferred category has lower geological confidence
Evidence · table
“0.021”
Context: 31,998
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · silverTonnes: 31998000Grade: 1.78Grade Unit: grams per tonneContained Metal: 1832Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:518b57b97e43c6f762ba
- Deposit or zone
- Santa Cruz
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31998000
- Grade
- 1.78
- Grade Unit
- grams per tonne
- Contained Metal
- 1832
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred silver resource for Santa Cruz, while low grade and in a lower confidence category, contributes additional byproduct potential.
Positive factors
- Contained silver adds byproduct value
Negative factors
- Low silver grade
- Inferred category has lower geological confidence
Evidence · table
“1.78”
Context: 31,998
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · copperTonnes: 4412000Grade: 0.94Grade Unit: %Contained Metal: 41Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:98ff2b8c626d44fbbe3a
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4412000
- Grade
- 0.94
- Grade Unit
- %
- Contained Metal
- 41
- Contained Unit
- kt
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The East Ridge deposit contributes a smaller but high-grade indicated copper resource.
Positive factors
- Good copper grade for an indicated resource
Evidence · table
“0.94”
Context: 4,412
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · goldTonnes: 4412000Grade: 0.015Grade Unit: grams per tonneContained Metal: 2Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:98ff2b8c626d44fbbe3a
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4412000
- Grade
- 0.015
- Grade Unit
- grams per tonne
- Contained Metal
- 2
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated gold resource for East Ridge is very low grade, offering minimal byproduct value.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Very low gold grade
Evidence · table
“0.015”
Context: 4,412
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Cruz Copper Project · silverTonnes: 4412000Grade: 0.71Grade Unit: grams per tonneContained Metal: 101Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:98ff2b8c626d44fbbe3a
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4412000
- Grade
- 0.71
- Grade Unit
- grams per tonne
- Contained Metal
- 101
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The indicated silver resource for East Ridge is very low grade, offering minimal byproduct value.
Positive factors
- Contained silver adds byproduct value
Negative factors
- Very low silver grade
Evidence · table
“0.71”
Context: 4,412
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · copperTonnes: 48676000Grade: 0.89Grade Unit: %Contained Metal: 436Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:f66b49b9ceb7a20fb865
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 48676000
- Grade
- 0.89
- Grade Unit
- %
- Contained Metal
- 436
- Contained Unit
- kt
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred copper resource for East Ridge adds to the overall resource base, but requires further work to upgrade confidence.
Positive factors
- Good copper grade for an inferred resource
- Significant contained copper metal provides future expansion potential
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.89”
Context: 48,676
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · goldTonnes: 48676000Grade: 0.006Grade Unit: grams per tonneContained Metal: 9Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:f66b49b9ceb7a20fb865
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 48676000
- Grade
- 0.006
- Grade Unit
- grams per tonne
- Contained Metal
- 9
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred gold resource for East Ridge is extremely low grade, offering negligible byproduct potential.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Extremely low gold grade
- Inferred category has lower geological confidence
Evidence · table
“0.006”
Context: 48,676
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · silverTonnes: 48676000Grade: 0.4Grade Unit: grams per tonneContained Metal: 623Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:f66b49b9ceb7a20fb865
- Deposit or zone
- East Ridge
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 48676000
- Grade
- 0.4
- Grade Unit
- grams per tonne
- Contained Metal
- 623
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred silver resource for East Ridge is very low grade, offering minimal byproduct potential.
Positive factors
- Contained silver adds byproduct value
Negative factors
- Very low silver grade
- Inferred category has lower geological confidence
Evidence · table
“0.40”
Context: 48,676
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · copperTonnes: 341345000Grade: 0.78Grade Unit: %Contained Metal: 2664Contained Unit: ktView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- sec_sk1300, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:0e221a977d890b15184b
- Deposit or zone
- Texaco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 341345000
- Grade
- 0.78
- Grade Unit
- %
- Contained Metal
- 2664
- Contained Unit
- kt
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Texaco deposit hosts a very large inferred copper resource, representing significant long-term potential for the project.
Positive factors
- Very large inferred resource tonnage for the Texaco deposit
- Good copper grade for an inferred resource
- Substantial contained copper metal provides future expansion potential
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.78”
Context: 341,345
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · goldTonnes: 341345000Grade: 0.028Grade Unit: grams per tonneContained Metal: 302Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:0e221a977d890b15184b
- Deposit or zone
- Texaco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 341345000
- Grade
- 0.028
- Grade Unit
- grams per tonne
- Contained Metal
- 302
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred gold resource for Texaco, while low grade and in a lower confidence category, provides additional byproduct potential.
Positive factors
- Contained gold adds byproduct value
Negative factors
- Low gold grade
- Inferred category has lower geological confidence
Evidence · table
“0.028”
Context: 341,345
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Cruz Copper Project · silverTonnes: 341345000Grade: 0.81Grade Unit: grams per tonneContained Metal: 8850Contained Unit: kozView all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-23T00:00:00.000Z
- Reporting standards
- ni_43_101, sec_sk1300
- QP Signed
- Yes
- Qualified person names
- Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz
- Resource group id
- resource:0e221a977d890b15184b
- Deposit or zone
- Texaco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 341345000
- Grade
- 0.81
- Grade Unit
- grams per tonne
- Contained Metal
- 8850
- Contained Unit
- koz
- Cutoff Grade
- 32
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2026-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The inferred silver resource for Texaco, while low grade and in a lower confidence category, contributes additional byproduct potential.
Positive factors
- Significant contained silver adds byproduct value
Negative factors
- Low silver grade
- Inferred category has lower geological confidence
Evidence · table
“0.81”
Context: 341,345
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (3)
Fact 1Santa Cruz Copper Project · copperRecovery: 90 %View all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Test Work
- Program Status
- detailed
- Processing Route
- concentrator
Recovery
- Recovery
- 90 %
- Recovery Basis
- unspecified
Lab
- Laboratory
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
- Consultant
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The 90% recovery for residual copper via concentrator indicates efficient extraction for this ore type.
Positive factors
- High recovery for residual copper via concentrator
Evidence · text
“90% for residual copper”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Fact 2Santa Cruz Copper Project · goldRecovery: 59 %View all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Test Work
- Program Status
- detailed
- Processing Route
- concentrator
Recovery
- Recovery
- 59 %
- Recovery Basis
- unspecified
Lab
- Laboratory
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
- Consultant
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The 59% gold recovery via concentrator provides a moderate level of byproduct gold extraction.
Positive factors
- Moderate gold recovery adds byproduct value
Evidence · text
“59% for gold”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 59% is below the weak band (80%)
Fact 3Santa Cruz Copper Project · silverRecovery: 69 %View all detailsHide details
Identity
- Project
- Santa Cruz Copper Project
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- IE
Test Work
- Program Status
- detailed
- Processing Route
- concentrator
Recovery
- Recovery
- 69 %
- Recovery Basis
- unspecified
Lab
- Laboratory
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
- Consultant
- BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The 69% silver recovery via concentrator provides a moderate level of byproduct silver extraction.
Positive factors
- Moderate silver recovery adds byproduct value
Evidence · text
“69% for silver”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 69% is below the weak band (75%)
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.