# Arizona Sonoran Pre-Feasibility Study Delivers Exceptional Results for the Cactus Project, Outlining Long-Life, Low-Cost Copper Production in Arizona

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11

Original source: https://money.tmx.com/en/quote/ASCU/news/4576466215804688/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu

Publisher: tmx

Original announcement: 2025-10-20T10:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Arizona Sonoran Copper Company Inc.

- Ticker: ASCU

- Exchange: TSX

- Region: Arizona

- Primary commodity: Copper

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy

- Extracted: 2026-08-24 23:06:53 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Arizona Sonoran Copper Company announced exceptional results from its Pre-Feasibility Study for the Cactus Project in Arizona, outlining a long-life, low-cost copper operation. The study highlights robust economics with a significant after-tax NPV of $2.3 billion and an IRR of 22.8%, supported by 513 million tons of Proven and Probable reserves at 0.52% total copper. Metallurgical testwork shows an improved average recovery of 75% for total copper via heap leach and SXEW processing.

Reasoning: The Pre-Feasibility Study for the Cactus Project demonstrates strong economic viability, substantial copper reserves and resources, and improved metallurgical performance, significantly de-risking the project and advancing it towards a final investment decision.

- Positive factor: Robust project economics with high NPV and IRR

- Positive factor: Significant copper reserve and resource base

- Positive factor: High metallurgical recovery for heap leach operation

- Positive factor: Conversion of Measured and Indicated resources to reserves

- Positive factor: Located in a tier-1 mining jurisdiction with existing infrastructure

- Positive factor: Low operating costs \(C1, AISC, AIC\)

- Positive factor: Long project life of 22 years

- Positive factor: NI 43-101 compliant Pre-Feasibility Study

- Negative factor: Inferred resources are conceptual and not included in economic studies

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 35

## Classification and evidence

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The document reports 'Total Proven' reserves of 64,256 ktons at 0.79% CuT.

Evidence · table

> Total Proven

Context: 64,256

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The document reports 'Total Probable' reserves of 448,603 ktons at 0.48% CuT.

Evidence · table

> Total Probable

Context: 448,603

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The document reports 'Total Measured' resources of 131,400 ktons at 0.80% CuT.

Evidence · table

> Total Measured

Context: 131,400

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The document reports 'Total Indicated' resources of 1,011,400 ktons at 0.44% CuT.

Evidence · table

> Total Indicated

Context: 1,011,400

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The document states '65% conversion of leachable M&I mineral resources to mineral reserves'.

Evidence · text

> 65% conversion of leachable M&I mineral resources to mineral reserves

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The CEO states 'mineral resources have grown by over 580% in the M&I category'.

Evidence · text

> mineral resources have grown by over 580% in the M&I category

**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 document lists multiple 'Qualified Persons' who have reviewed and verified the scientific and technical information.

Evidence · text

> Each of the persons listed below are authors of the PFS and have reviewed and verified the scientific and technical information contained in this press release as it relates to their respective specified areas of responsibility. By virtue of their education, experience and professional association membership, each of the below listed persons are considered “qualified person" as defined by NI 43-101.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The document explicitly states the PFS is an 'NI 43-101 Pre-Feasibility Study' and that a technical report will be filed in accordance with NI 43-101.

Evidence · text

> NI 43-101 Pre-Feasibility Study

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The notes for the Mineral Reserve Estimates state 'Ore/Waste delineation in open pit areas was based on a Block Value cut-off of $0/t' and for Mineral Resources 'Variable cut-off grades were reported depending on material type'.

Evidence · text

> Variable cut-off grades were reported depending on material type, conceptual mining method, potential processing method, and applicable royalties.

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The metallurgical testwork shows an 'average of 75% of total copper extracted' for a heap leach operation, which is strong for this processing route.

Evidence · text

> average of 75% of total copper extracted

**Recovery Improving**

Polarity: positive

Definition: Recovery improved versus a like-for-like prior test program on the same domain and route.

Why it applies: The document states 'Metallurgical and recovery performance improved to 75% Total Copper recovery from 65% Total Copper'.

Evidence · text

> recovery performance improved to 75% Total Copper recovery from 65% Total Copper

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: The document describes the processing as 'Open-pit, Heap Leach and SXEW Operation'.

Evidence · text

> Open-pit, Heap Leach and SXEW Operation

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: The entire document is a Pre-Feasibility Study \(PFS\) announcement.

Evidence · text

> Arizona Sonoran Pre-Feasibility Study Delivers Exceptional Results for the Cactus Project

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The document reports 'Total Inferred' resources of 233,400 ktons at 0.37% CuT and notes that 'Inferred mineral resources are uncertain in nature'.

Evidence · table

> Total Inferred

Context: 233,400

## Extracted facts

Stored fact records: 35. Some facts used in scoring do not have a stored record.

## Resource Estimates (35)

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-0)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 21201000
- Grade: 0.3
- Grade Unit: % CuT
- Contained Metal: 129158000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This represents a portion of the high-confidence Proven reserves for the project, contributing to the overall economic viability.

- Positive factor: Proven reserve category indicates high confidence

- Positive factor: Part of a significant overall reserve base

Evidence · table

> 0.30

Context: 21,201

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-1)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 21201000
- Grade: 0.19
- Grade Unit: % Cu Tsol
- Contained Metal: 81327000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This represents the soluble copper component of the Proven reserves, directly contributing to the project's heap leach economics.

- Positive factor: Proven reserve category indicates high confidence

- Positive factor: Soluble copper grade is relevant for SXEW processing

Evidence · table

> 0.19

Context: 21,201

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-2)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 43055000
- Grade: 1.03
- Grade Unit: % CuT
- Contained Metal: 890055000
- Contained Unit: lbs
- Cutoff Grade: 0.085

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This high-grade Proven reserve from Parks/Salyer is a key contributor to the project's strong economics and low operating costs.

- Positive factor: High grade for an open pit copper project

- Positive factor: Proven reserve category indicates high confidence

- Positive factor: Significant contained metal

Evidence · table

> 1.03

Context: 43,055

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-3)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 43055000
- Grade: 0.87
- Grade Unit: % Cu Tsol
- Contained Metal: 747217000
- Contained Unit: lbs
- Cutoff Grade: 0.085

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The high soluble copper grade in this Proven reserve is crucial for the project's heap leach and SXEW operation, supporting strong recoveries.

- Positive factor: High soluble copper grade for SXEW processing

- Positive factor: Proven reserve category indicates high confidence

Evidence · table

> 0.87

Context: 43,055

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-4)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 64256000
- Grade: 0.79
- Grade Unit: % CuT
- Contained Metal: 1019213000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total Proven reserves demonstrate a substantial, high-confidence mineral inventory that underpins the project's economic viability.

- Positive factor: Significant total Proven reserves

- Positive factor: High grade for an open pit copper project

Evidence · table

> 0.79

Context: 64,256

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-5)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: proven
- Tonnes: 64256000
- Grade: 0.64
- Grade Unit: % Cu Tsol
- Contained Metal: 828544000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total soluble Proven reserves provide a strong foundation for the heap leach operation, ensuring a reliable feed for copper cathode production.

- Positive factor: Significant soluble Proven reserves

- Positive factor: High soluble grade for SXEW processing

Evidence · table

> 0.64

Context: 64,256

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-6)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 117903000
- Grade: 0.33
- Grade Unit: % CuT
- Contained Metal: 778312000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Probable reserve from Cactus West contributes to the project's overall scale and mine life.

- Positive factor: Probable reserve category indicates good confidence

- Positive factor: Adds to the overall reserve base

Evidence · table

> 0.33

Context: 117,903

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-7)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 117903000
- Grade: 0.2
- Grade Unit: % Cu Tsol
- Contained Metal: 475530000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The soluble copper in this Probable reserve supports the heap leach operation, adding to the project's processing inventory.

- Positive factor: Probable reserve category indicates good confidence

- Positive factor: Soluble copper grade is relevant for SXEW processing

Evidence · table

> 0.20

Context: 117,903

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-8)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 330700000
- Grade: 0.53
- Grade Unit: % CuT
- Contained Metal: 3506361000
- Contained Unit: lbs
- Cutoff Grade: 0.079

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This large Probable reserve from Parks/Salyer is a major component of the project's economic base and mine life.

- Positive factor: Significant tonnage in Probable category

- Positive factor: Good grade for an open pit copper project

Evidence · table

> 0.53

Context: 330,700

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-9)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 330700000
- Grade: 0.46
- Grade Unit: % Cu Tsol
- Contained Metal: 3035919000
- Contained Unit: lbs
- Cutoff Grade: 0.079

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The substantial soluble copper in this Probable reserve is critical for the project's heap leach operation and future copper production.

- Positive factor: Significant soluble copper tonnage in Probable category

- Positive factor: Good soluble grade for SXEW processing

Evidence · table

> 0.46

Context: 330,700

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-10)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 448603000
- Grade: 0.48
- Grade Unit: % CuT
- Contained Metal: 4284673000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total Probable reserves significantly contribute to the project's overall scale and economic potential.

- Positive factor: Large total Probable reserves

- Positive factor: Good grade for an open pit copper project

Evidence · table

> 0.48

Context: 448,603

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-11)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 448603000
- Grade: 0.39
- Grade Unit: % Cu Tsol
- Contained Metal: 3511449000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total soluble Probable reserves are a key factor for the project's heap leach operation, ensuring a substantial feed for copper production.

- Positive factor: Large total soluble Probable reserves

- Positive factor: Good soluble grade for SXEW processing

Evidence · table

> 0.39

Context: 448,603

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-12)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 512859000
- Grade: 0.52
- Grade Unit: % CuT
- Contained Metal: 5303886000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The combined Proven and Probable reserves represent a significant, economically viable copper inventory that underpins the project's long life and strong financial metrics.

- Positive factor: Very large total Proven + Probable reserves

- Positive factor: Good average grade for an open pit copper project

- Positive factor: Forms the basis of the PFS economics

Evidence · table

> 0.52

Context: 512,859

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-13)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: probable
- Tonnes: 512859000
- Grade: 0.42
- Grade Unit: % Cu Tsol
- Contained Metal: 4339993000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The combined soluble Proven and Probable reserves are fundamental to the project's heap leach operation, ensuring a substantial and reliable feed for copper cathode production.

- Positive factor: Very large total soluble Proven + Probable reserves

- Positive factor: Good average soluble grade for SXEW processing

- Positive factor: Forms the basis of the PFS economics

Evidence · table

> 0.42

Context: 512,859

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-14)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 101500000
- Grade: 0.91
- Grade Unit: % CuT
- Contained Metal: 1853400000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Measured resource represents a high-confidence, high-grade portion of the leachable material, contributing significantly to the project's early mine life.

- Positive factor: High confidence Measured category

- Positive factor: High grade for an open pit copper project

- Positive factor: Significant contained metal

Evidence · table

> 0.91

Context: 101,500

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-15)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 101500000
- Grade: 0.79
- Grade Unit: % Cu Tsol
- Contained Metal: 1605800000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The high soluble copper grade in this Measured resource is ideal for the heap leach operation, ensuring efficient copper extraction.

- Positive factor: High confidence Measured category

- Positive factor: High soluble grade for SXEW processing

- Positive factor: Significant contained soluble metal

Evidence · table

> 0.79

Context: 101,500

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-16)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 29900000
- Grade: 0.42
- Grade Unit: % CuT
- Contained Metal: 251000000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Measured resource for primary material provides a high-confidence, albeit lower-grade, component to the overall resource.

- Positive factor: High confidence Measured category

- Positive factor: Adds to the overall resource base

Evidence · table

> 0.42

Context: 29,900

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-17)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 29900000
- Grade: 0.05
- Grade Unit: % Cu Tsol
- Contained Metal: 30200000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The very low soluble copper grade in this Measured primary resource indicates it is not amenable to the current heap leach process, likely requiring future processing options.

- Positive factor: High confidence Measured category

- Negative factor: Very low soluble copper grade

Evidence · table

> 0.05

Context: 29,900

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-18)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 131400000
- Grade: 0.8
- Grade Unit: % CuT
- Contained Metal: 2104400000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total Measured resources represent a substantial, high-confidence mineral inventory, providing a robust foundation for the project.

- Positive factor: Significant total Measured resources

- Positive factor: High grade for an open pit copper project

Evidence · table

> 0.80

Context: 131,400

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-19)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: measured
- Tonnes: 131400000
- Grade: 0.62
- Grade Unit: % Cu Tsol
- Contained Metal: 1636000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total soluble Measured resources are crucial for the heap leach operation, ensuring a high-quality feed for copper cathode production.

- Positive factor: Significant total soluble Measured resources

- Positive factor: High soluble grade for SXEW processing

Evidence · table

> 0.62

Context: 131,400

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-20)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 658000000
- Grade: 0.48
- Grade Unit: % CuT
- Contained Metal: 6354900000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This large Indicated resource of leachable material significantly expands the project's overall scale and potential mine life.

- Positive factor: Very large tonnage in Indicated category

- Positive factor: Good grade for an open pit copper project

- Positive factor: Significant contained metal

Evidence · table

> 0.48

Context: 658,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-21)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 658000000
- Grade: 0.42
- Grade Unit: % Cu Tsol
- Contained Metal: 5580200000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The substantial soluble copper in this Indicated resource provides a large, reliable feed for the heap leach operation.

- Positive factor: Very large soluble copper tonnage in Indicated category

- Positive factor: Good soluble grade for SXEW processing

- Positive factor: Significant contained soluble metal

Evidence · table

> 0.42

Context: 658,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-22)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 353400000
- Grade: 0.36
- Grade Unit: % CuT
- Contained Metal: 2535900000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Indicated resource for primary material contributes significantly to the project's total mineral inventory.

- Positive factor: Large tonnage in Indicated category

- Positive factor: Adds to the overall resource base

Evidence · table

> 0.36

Context: 353,400

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-23)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 353400000
- Grade: 0.04
- Grade Unit: % Cu Tsol
- Contained Metal: 270900000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The very low soluble copper grade in this Indicated primary resource suggests it is not suitable for the current heap leach process, indicating a need for future processing solutions.

- Positive factor: Large tonnage in Indicated category

- Negative factor: Very low soluble copper grade

Evidence · table

> 0.04

Context: 353,400

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-24)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 1011400000
- Grade: 0.44
- Grade Unit: % CuT
- Contained Metal: 8890800000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total Indicated resources represent a substantial mineral inventory, providing a strong base for future reserve conversion and project expansion.

- Positive factor: Very large total Indicated resources

- Positive factor: Good average grade for an open pit copper project

Evidence · table

> 0.44

Context: 1,011,400

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-25)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 1011400000
- Grade: 0.29
- Grade Unit: % Cu Tsol
- Contained Metal: 5851100000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total soluble Indicated resources provide a significant, high-confidence feed for the heap leach operation, supporting long-term copper production.

- Positive factor: Very large total soluble Indicated resources

- Positive factor: Good average soluble grade for SXEW processing

Evidence · table

> 0.29

Context: 1,011,400

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-26)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 1142800000
- Grade: 0.48
- Grade Unit: % CuT
- Contained Metal: 10995200000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The combined Measured and Indicated resources represent a world-class copper inventory, providing a robust foundation for the project's long-term development and production.

- Positive factor: Massive total Measured + Indicated resources

- Positive factor: Good average grade for an open pit copper project

- Positive factor: Significant contained metal, indicating project scale

Evidence · table

> 0.48

Context: 1,142,800

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-27)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: indicated
- Tonnes: 1142800000
- Grade: 0.33
- Grade Unit: % Cu Tsol
- Contained Metal: 7487100000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The combined soluble Measured and Indicated resources are fundamental to the project's heap leach operation, ensuring a substantial and reliable feed for copper cathode production.

- Positive factor: Massive total soluble Measured + Indicated resources

- Positive factor: Good average soluble grade for SXEW processing

- Positive factor: Significant contained soluble metal, indicating project scale

Evidence · table

> 0.33

Context: 1,142,800

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-28)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 95100000
- Grade: 0.4
- Grade Unit: % CuT
- Contained Metal: 760900000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Inferred resource provides additional exploration upside, but requires further drilling to upgrade to higher confidence categories.

- Positive factor: Adds to the overall resource base

- Positive factor: Good grade for an open pit copper project

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.40

Context: 95,100

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-29)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 95100000
- Grade: 0.34
- Grade Unit: % Cu Tsol
- Contained Metal: 653400000
- Contained Unit: lbs
- Cutoff Grade: 0.087

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The soluble copper in this Inferred resource offers future potential for heap leach processing, subject to further drilling and classification upgrades.

- Positive factor: Adds to the overall soluble resource base

- Positive factor: Good soluble grade for SXEW processing

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.34

Context: 95,100

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-30)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 138400000
- Grade: 0.34
- Grade Unit: % CuT
- Contained Metal: 947100000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: This Inferred resource for primary material provides additional tonnage for future consideration, but requires further de-risking.

- Positive factor: Adds to the overall resource base

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.34

Context: 138,400

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-31)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 138400000
- Grade: 0.04
- Grade Unit: % Cu Tsol
- Contained Metal: 121500000
- Contained Unit: lbs
- Cutoff Grade: 0.197

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The very low soluble copper grade in this Inferred primary resource indicates it is not amenable to current processing, and its inferred status adds to the uncertainty.

- Positive factor: Adds to the overall resource base

- Negative factor: Very low soluble copper grade

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.04

Context: 138,400

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-32)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 233400000
- Grade: 0.37
- Grade Unit: % CuT
- Contained Metal: 1708100000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total Inferred resources represent a substantial exploration target, but require further work to be considered for economic studies.

- Positive factor: Significant total Inferred resources

- Positive factor: Adds to the overall resource base

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.37

Context: 233,400

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-33)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Resource Data

- Category: inferred
- Tonnes: 233400000
- Grade: 0.17
- Grade Unit: % Cu Tsol
- Contained Metal: 774900000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The total soluble Inferred resources provide future potential for heap leach processing, but their inferred status means higher uncertainty.

- Positive factor: Significant total soluble Inferred resources

- Positive factor: Adds to the overall soluble resource base

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 0.17

Context: 233,400

### Fact 35

[Link to this fact](https://atlas-staging.minestarters.com/news/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactu--073bd641-db32-4d69-a95a-9343a5756e11#fact-resource-facts-34)

Cactus Project · copper

#### Identity

- Project: Cactus Project
- Commodity: copper
- Ticker: ASCU

#### Lab

- Laboratory: BaseMet and McClelland labs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-10-20T00:00:00.000Z

Reasoning: The 75% copper recovery is strong for a heap leach operation and represents a significant improvement, de-risking the project's processing economics.

- Positive factor: High recovery for a heap leach operation

- Positive factor: Recovery improved from prior estimates

- Positive factor: Detailed column leach testwork supports the figure

- Positive factor: QP signed off on metallurgy

Evidence · text

> Testing, including 20 additional columns, in the PFS shows an average of 75% of total copper extracted inclusive of heap efficiency factor of 95%.

## 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.