# Increased Ore Reserve and Improved Economics Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706 Original source: https://www.londonstockexchange.com/news-article/HALO/increased-ore-reserve-and-improved-economics/17838606 Publisher: lse Original announcement: 2026-10-16T05:00:07.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-16T07:09:47.051Z Atlas analysis updated: 2026-10-16T07:09:47.051Z - Company: Halo Minerals PLC - Ticker: HALO - Exchange: LSE - Region: Chile - Primary commodity: Copper - Secondary commodities: None reported - Document categories: Resource update, Other, Metallurgy - Extracted: 2026-10-16 07:09:47 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Halo Minerals announced an updated Competent Person's Report for its Playa Verde copper tailings project in Chile, which increased the Ore Reserve by 5.4% to 33.94 Mt. The updated economics for the Ore Reserve base case show an after-tax NPV10 of US$174.3 million and an IRR of 45.6%. The report also highlights potential for further Ore Reserve growth of 25-30% and additional economic upside through optimization. Reasoning: The updated Competent Person's Report for the Playa Verde copper tailings project shows a material increase in Ore Reserves and significantly improved project economics, with clear pathways for further growth and optimization, all compliant with JORC standards. - Positive factor: Ore Reserve increased by 5.4% to 33.94 Mt, demonstrating growth in the project's economic inventory. - Positive factor: After-tax NPV10 for the Ore Reserve base case improved to US$174.3 million with an IRR of 45.6%, indicating strong project economics. - Positive factor: The updated CPR identifies significant potential for further Ore Reserve growth \(25-30%\) and additional economic upside through optimization. - Positive factor: The Mineral Resource and Ore Reserve estimates are reported in accordance with the JORC Code \(2012\) and signed off by a Competent Person, ensuring high reporting standards and credibility. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 7 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an 'updated Competent Person’s Report' and 'Increased Ore Reserve and improved project economics'. Evidence · text > Increased Ore Reserve and improved project economics **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource and Ore Reserve estimates are reported in accordance with the JORC Code \(2012\). Evidence · text > The Mineral Resource and Ore Reserve estimates are reported in accordance with the JORC Code \(2012\). **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: Mr Orlando Rojas Vercelotti, Civil Mining Engineer, is a Competent Person as defined in the JORC Code \(2012\) and acts as a Qualified Person. Evidence · text > Mr Orlando Rojas Vercelotti, Civil Mining Engineer, a Competent Person as defined in the JORC Code \(2012\) and acts as a Qualified Person under the AIM Rules **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Ore Reserves increased by 1.74 Mt, or approximately 5.4%, to 33.94 Mt. Evidence · text > Ore Reserves increased by 1.74 Mt, or approximately 5.4%, to 33.94 Mt **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The economic evaluation is based on a '2026 basic engineering update and Class 3 capital and operating cost estimates', which are consistent with a Pre-Feasibility Study level. Evidence · text > It incorporates the 2026 basic engineering update and Class 3 capital and operating cost estimates prepared by BIOS Mining & Infrastructure **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Ore Reserve of 33.94 Mt is presented as the basis for the economic assessment in a JORC-compliant CPR, implying a Probable Reserve classification. Evidence · text > The declared Ore Reserve has increased to 33.94 million tonnes **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The total Mineral Resources are 53.44 Mt and include an additional 1.74 Mt of Measured and Indicated Resources, making 'Indicated' the most representative category for the total resource. Evidence · text > Total Mineral Resources are 53.44 Mt at 0.24% Cu, inclusive of Ore Reserves **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: An overall copper recovery of 72.0% from a combined acid leaching, SX-EW, and flotation process on tailings material is considered a strong result for this type of project. Evidence · table > 72.0% Context: Overall copper recovery **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-0) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:3b920cd9a20770907d29 #### Resource Data - Category: probable - Tonnes: 33940000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 83626 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 32200000 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The Ore Reserve for copper increased by 5.4% to 33.94 Mt at 0.25% Cu, representing a material growth in the project's economic inventory, supported by JORC standards and QP sign-off. - Positive factor: Significant increase in Ore Reserve tonnage \(5.4%\) compared to the prior estimate. - Positive factor: High confidence in the estimate due to JORC compliance and QP sign-off. Evidence · text > Ore Reserves increased by 1.74 Mt, or approximately 5.4%, to 33.94 Mt at 0.25% Cu, containing 83,626 tonnes of in-situ fine copper. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-1) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:33e5cf362bcbdb70dd44 #### Resource Data - Category: indicated - Tonnes: 53440000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 127911 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-10-15 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The total Mineral Resources of 53.44 Mt at 0.24% Cu, inclusive of Ore Reserves, provides a substantial resource base for the project, with high confidence due to JORC compliance and QP sign-off. - Positive factor: Large total Mineral Resource base of 53.44 Mt, providing long-term potential. - Positive factor: High confidence in the estimate due to JORC compliance and QP sign-off. Evidence · text > Total Mineral Resources are 53.44 Mt at 0.24% Cu, inclusive of Ore Reserves, containing 127,911 tonnes of in-situ fine copper. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-2) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:87f3f2e976372b9abbf4 #### Prior Estimate - Resource Date: 2026-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The Ore Reserve base case demonstrates strong economic viability with a significant after-tax NPV10 and IRR, supported by detailed cost estimates and metal price assumptions. - Positive factor: Strong after-tax NPV10 of US$174.3 million and IRR of 45.6% for the Ore Reserve base case. - Positive factor: Reasonable initial CAPEX of US$92.8 million for the project. - Positive factor: Detailed economic assessment provided in the CPR, indicating a robust project. Evidence · table > US$174.3m Context: 33.94 Mt Ore Reserve; US$6.20/lb Cu; US$3,700/oz Au; US$92.8m initial CAPEX; acid at US$200/t #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-3) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:87f3f2e976372b9abbf4 #### Prior Estimate - Resource Date: 2026-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The optimised Ore Reserve case shows improved economics with higher NPV and IRR, driven by CAPEX savings and lower reagent costs, indicating successful value engineering. - Positive factor: Optimisation efforts lead to a significant increase in after-tax NPV10 \(US$190.6m\) and IRR \(51%\). - Positive factor: Identified CAPEX savings and reduced acid costs further enhance project economics. Evidence · table > US$190.6m Context: Ore Reserve base case plus US$6m CAPEX saving and acid at US$150/t #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-4) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:87f3f2e976372b9abbf4 #### Prior Estimate - Resource Date: 2026-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The full-resource management case highlights substantial economic upside by incorporating the entire 53.44 Mt Mineral Resource, yielding a much higher NPV and IRR. - Positive factor: Significantly higher after-tax NPV10 \(US$267.5 million\) and IRR \(48%\) when considering the full Mineral Resource. - Positive factor: Demonstrates substantial upside potential beyond the current Ore Reserve. Evidence · table > US$267.5m Context: Full 53.44 Mt onshore Mineral Resource; not based solely on Ore Reserves #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-resource-facts-5) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Resource scope - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Orlando Rojas Vercelotti - Resource group id: resource:87f3f2e976372b9abbf4 #### Prior Estimate - Resource Date: 2026-10-15 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The optimised full-resource management case presents the most compelling economics, demonstrating the project's maximum potential value through resource expansion and cost efficiencies. - Positive factor: Highest after-tax NPV10 \(US$295.5 million\) and IRR \(54%\) achieved in the optimised full-resource case. - Positive factor: Combines the benefits of full resource utilization with cost optimizations, maximizing project value. Evidence · table > US$295.5m Context: Full-resource management case plus US$6m CAPEX saving and acid at US$150/t #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/increased-ore-reserve-and-improved-economics--ad1a4dd1-c981-47fd-866e-e876c3011706#fact-metallurgical-facts-6) Playa Verde · copper #### Identity - Project: Playa Verde - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: HALO #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: acid leaching, SX-EW, flotation #### Recovery - Recovery: 72 % - Recovery Basis: actual\_test - Head Grade: 0.243 - Head Grade Unit: % Cu #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-16T00:00:00.000Z Reasoning: The reported overall copper recovery of 72.0% is a positive metallurgical outcome for the combined processing route, indicating efficient extraction from the tailings. - Positive factor: Overall copper recovery of 72.0% is a good result for a combined acid leaching, SX-EW, and flotation process on tailings material. Evidence · table > 72.0% Context: Overall copper recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 72% is below the weak band \(80%\) ## 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.