Meridian Mining's Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback
Original announcement by orestocks on
- Company
- Meridian Mining plc
- Ticker
- MNO.TO
- Exchange
- Unavailable
- Region
- Mato Grosso, Brazil
- Primary commodity
- Gold
- Secondary commodities
- Copper, Silver
- Document categories
- Resource update, Production, Metallurgy
- Extracted
- 2026-09-22 06:48:40 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Meridian Mining announced highly positive results from the Definitive Feasibility Study (DFS) for its Cabaçal gold-copper-silver project in Brazil, reporting an after-tax NPV5 of USD 2.09 billion, an IRR of 108%, and a payback period of 0.9 years. The study outlines a 13.9-year mine life with average annual production of 183,526 AuEq ounces in the first five years at an AISC of USD 715/oz AuEq. Initial capital expenditure is estimated at USD 322 million, and pre-construction activities are already underway.
Reasoning: The Definitive Feasibility Study for Cabaçal demonstrates robust economics with a high NPV, IRR, and short payback period, supported by an updated mineral reserve and optimized mine plan, despite some cost increases. The project is advancing rapidly towards construction.
Positive factors
- High NPV5 of USD 2.09 billion (Base Case)
- Exceptional IRR of 108% (Base Case)
- Very short payback period of 0.9 years (Base Case)
- Low LOM AISC of USD 1,056/oz AuEq
- Significant average annual production of 183,526 AuEq in first 5 years
- Updated and larger Mineral Reserve statement
- Optimized mine plan and improved metallurgy
- QP/CP signed off on the study
- NI 43-101 compliant study
- Pre-construction activities and financing efforts are well underway
- Installation Licence for power line granted
Negative factors
- Initial capital cost increased compared to PFS
- Operating costs increased compared to PFS
- Potential for license amendment required for increased mined material volumes beyond initial plan
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 39
Classification and evidence
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The document is a Definitive Feasibility Study (DFS) announcement, which is the highest level of study before construction.
Evidence · text
“Meridian Mining's Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback”
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: The DFS study was authored by independent Qualified Persons and includes a list of QPs responsible for different aspects of the study.
Evidence · text
“The DFS Study has an effective date of September 15, 2026. It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The following Qualified Persons ("QPs") are responsible for the DFS Study and have reviewed the information in this news release that is summarised from the DFS Study in their areas of expertise:”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The DFS study explicitly states it is prepared in accordance with National Instrument 43-101.
Evidence · text
“It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.”
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports a Proven Mineral Reserve of 54.91 Mt at 0.62 g/t Au, 1.33 g/t Ag, and 0.35% Cu.
Evidence · table
“Proven”
Context: 54.91
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports a Probable Mineral Reserve of 1.13 Mt at 0.28 g/t Au, 1.00 g/t Ag, and 0.25% Cu.
Evidence · table
“Probable”
Context: 1.13
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The document reports a Measured Mineral Resource of 64.69 Mt at 0.57 g/t Au, 1.34 g/t Ag, and 0.34% Cu.
Evidence · table
“Measured”
Context: 64.69
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document reports an Indicated Mineral Resource of 5.41 Mt at 0.48 g/t Au, 0.99 g/t Ag, and 0.22% Cu.
Evidence · table
“Indicated”
Context: 5.41
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Mineral Resource Estimate was previously announced on January 20, 2026, and is unchanged, making it historical data within this DFS.
Evidence · text
“The mineral resource was previously announced by Meridian on January 20, 2026, and is unchanged.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The average LOM copper recovery of 92.8% is exceptional for flotation processing, and gold recovery of 89.3% is strong.
Evidence · table
“Average metallurgical recovery - Copper % 92.8%”
Context: Average metallurgical recovery - Gold
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The fourth phase of test work included a mini pilot plant run to demonstrate scale and provide samples for DFS inputs.
Evidence · text
“Test work included variability flotation of samples from each six-month period of the first 5 years of the mine plan, and a mini pilot plant run of mineralised feed from the first 5 years of the mine plan, to demonstrate scale and provide samples for other test work to fill gaps in the data for the DFS.”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: The second phase of test work included 23 variability samples covering oxidised, transition, and sulphide zones.
Evidence · text
“In 2023, 23 variability samples from across the deposit (including nine through the vertical profile of drill hole CD-228) were collected, covering oxidised, transition and sulphide zones.”
Flotation Routeneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The processing route involves flotation techniques for copper, gold, and silver, and pyrite flotation.
Evidence · text
“The beneficiation process is simple due to a clean mineralised material, with low impurities and an absence of organic material. This makes the mined material, at a 150 μm grind, amenable to flotation techniques, with the excellent auto-flotation characteristics of the Cabaçal mine's chalcopyrite.”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: Gold is recovered via a gravity circuit concentrator as part of the processing flowsheet.
Evidence · text
“Gold is recovered via a gravity circuit concentrator and flotation with the copper.”
Deleterious Elements Presentnegative · Story-specific tag
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: Test work identified significant amounts of chlorite (14.2 to 27.0%) which interferes with sulphide flotation, requiring adjusted reagent dosing and a re-cleaner circuit.
Evidence · text
“This sample material contained significant amounts of chlorite, in the range of 14.2 to 27.0%, an amount that would interfere with sulphide flotation by absorbing flotation reagent and destabilising the froth bed.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("concentrator")
Extracted facts
Stored fact records: 39. Some facts used in scoring do not have a stored record.
Resource Estimates (36)
measuredCabaçal · goldTonnes: 330000Grade: 0.44Grade Unit: g/tContained Metal: 4.56Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:6f1f6fbdb7ba23eae89b
- Deposit or zone
- Saprolite
Resource Data
- Category
- measured
- Tonnes
- 330000
- Grade
- 0.44
- Grade Unit
- g/t
- Contained Metal
- 4.56
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.44”
Context: 0.33
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · silverTonnes: 330000Grade: 0.69Grade Unit: g/tContained Metal: 7.22Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:6f1f6fbdb7ba23eae89b
- Deposit or zone
- Saprolite
Resource Data
- Category
- measured
- Tonnes
- 330000
- Grade
- 0.69
- Grade Unit
- g/t
- Contained Metal
- 7.22
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.69”
Context: 0.33
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · copperTonnes: 330000Grade: 0.12Grade Unit: %Contained Metal: 0.38Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:6f1f6fbdb7ba23eae89b
- Deposit or zone
- Saprolite
Resource Data
- Category
- measured
- Tonnes
- 330000
- Grade
- 0.12
- Grade Unit
- %
- Contained Metal
- 0.38
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in saprolite is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.12”
Context: 0.33
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · goldTonnes: 1830000Grade: 0.55Grade Unit: g/tContained Metal: 32.6Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:dce55707d64750e6a69e
- Deposit or zone
- Transition
Resource Data
- Category
- measured
- Tonnes
- 1830000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 32.6
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.55”
Context: 1.83
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · silverTonnes: 1830000Grade: 0.63Grade Unit: g/tContained Metal: 37.25Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:dce55707d64750e6a69e
- Deposit or zone
- Transition
Resource Data
- Category
- measured
- Tonnes
- 1830000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 37.25
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.63”
Context: 1.83
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · copperTonnes: 1830000Grade: 0.21Grade Unit: %Contained Metal: 3.81Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:dce55707d64750e6a69e
- Deposit or zone
- Transition
Resource Data
- Category
- measured
- Tonnes
- 1830000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 3.81
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in transition zone is a small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.21”
Context: 1.83
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · goldTonnes: 62530000Grade: 0.57Grade Unit: g/tContained Metal: 1138.52Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:17811b5e4f81ccb9f135
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- measured
- Tonnes
- 62530000
- Grade
- 0.57
- Grade Unit
- g/t
- Contained Metal
- 1138.52
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.57”
Context: 62.53
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · silverTonnes: 62530000Grade: 1.36Grade Unit: g/tContained Metal: 2743.29Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:17811b5e4f81ccb9f135
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- measured
- Tonnes
- 62530000
- Grade
- 1.36
- Grade Unit
- g/t
- Contained Metal
- 2743.29
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“1.36”
Context: 62.53
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · copperTonnes: 62530000Grade: 0.35Grade Unit: %Contained Metal: 217.43Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:17811b5e4f81ccb9f135
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- measured
- Tonnes
- 62530000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 217.43
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Measured resource in fresh rock forms the bulk of the Measured category but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.35”
Context: 62.53
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · goldTonnes: 64690000Grade: 0.57Grade Unit: g/tContained Metal: 1175.68Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:b3e04ddc572dc0fa0625
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 64690000
- Grade
- 0.57
- Grade Unit
- g/t
- Contained Metal
- 1175.68
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.57”
Context: 64.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · silverTonnes: 64690000Grade: 1.34Grade Unit: g/tContained Metal: 2787.77Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:b3e04ddc572dc0fa0625
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 64690000
- Grade
- 1.34
- Grade Unit
- g/t
- Contained Metal
- 2787.77
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“1.34”
Context: 64.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · copperTonnes: 64690000Grade: 0.34Grade Unit: %Contained Metal: 221.61Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:b3e04ddc572dc0fa0625
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 64690000
- Grade
- 0.34
- Grade Unit
- %
- Contained Metal
- 221.61
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.34”
Context: 64.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · goldTonnes: 10000Grade: 0.3Grade Unit: g/tContained Metal: 0.14Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:becc154e85db06d375f2
- Deposit or zone
- Saprolite
Resource Data
- Category
- indicated
- Tonnes
- 10000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 0.14
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.30”
Context: 0.01
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · silverTonnes: 10000Grade: 0.99Grade Unit: g/tContained Metal: 0.46Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:becc154e85db06d375f2
- Deposit or zone
- Saprolite
Resource Data
- Category
- indicated
- Tonnes
- 10000
- Grade
- 0.99
- Grade Unit
- g/t
- Contained Metal
- 0.46
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.99”
Context: 0.01
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · copperTonnes: 10000Grade: 0.16Grade Unit: %Contained Metal: 0.02Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:becc154e85db06d375f2
- Deposit or zone
- Saprolite
Resource Data
- Category
- indicated
- Tonnes
- 10000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 0.02
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in saprolite is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.16”
Context: 0.01
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · goldTonnes: 70000Grade: 0.13Grade Unit: g/tContained Metal: 0.31Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:acfe3ab488b1d806ecd3
- Deposit or zone
- Transition
Resource Data
- Category
- indicated
- Tonnes
- 70000
- Grade
- 0.13
- Grade Unit
- g/t
- Contained Metal
- 0.31
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.13”
Context: 0.07
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · silverTonnes: 70000Grade: 0.59Grade Unit: g/tContained Metal: 1.37Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:acfe3ab488b1d806ecd3
- Deposit or zone
- Transition
Resource Data
- Category
- indicated
- Tonnes
- 70000
- Grade
- 0.59
- Grade Unit
- g/t
- Contained Metal
- 1.37
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.59”
Context: 0.07
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · copperTonnes: 70000Grade: 0.22Grade Unit: %Contained Metal: 0.16Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:acfe3ab488b1d806ecd3
- Deposit or zone
- Transition
Resource Data
- Category
- indicated
- Tonnes
- 70000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 0.16
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in transition zone is a very small component of the overall resource and is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
- Very small tonnage for indicated resource
Evidence · table
“0.22”
Context: 0.07
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · goldTonnes: 5320000Grade: 0.49Grade Unit: g/tContained Metal: 83.09Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:aa6891f7bd823610d57a
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- indicated
- Tonnes
- 5320000
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 83.09
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.49”
Context: 5.32
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · silverTonnes: 5320000Grade: 1Grade Unit: g/tContained Metal: 170.77Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:aa6891f7bd823610d57a
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- indicated
- Tonnes
- 5320000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 170.77
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“1.00”
Context: 5.32
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · copperTonnes: 5320000Grade: 0.22Grade Unit: %Contained Metal: 11.69Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:aa6891f7bd823610d57a
- Deposit or zone
- Fresh Rock
Resource Data
- Category
- indicated
- Tonnes
- 5320000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 11.69
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Indicated resource in fresh rock is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.22”
Context: 5.32
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · goldTonnes: 5410000Grade: 0.48Grade Unit: g/tContained Metal: 83.54Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:1bc0208ca063bf1747ff
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5410000
- Grade
- 0.48
- Grade Unit
- g/t
- Contained Metal
- 83.54
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Indicated resource is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.48”
Context: 5.41
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · silverTonnes: 5410000Grade: 0.99Grade Unit: g/tContained Metal: 172.59Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:1bc0208ca063bf1747ff
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5410000
- Grade
- 0.99
- Grade Unit
- g/t
- Contained Metal
- 172.59
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Indicated resource is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.99”
Context: 5.41
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedCabaçal · copperTonnes: 5410000Grade: 0.22Grade Unit: %Contained Metal: 11.87Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:1bc0208ca063bf1747ff
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5410000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 11.87
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Indicated resource is a component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.22”
Context: 5.41
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · goldTonnes: 70100000Grade: 0.56Grade Unit: g/tContained Metal: 1259.22Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:9a5e14dfe21c7128a4ca
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 70100000
- Grade
- 0.56
- Grade Unit
- g/t
- Contained Metal
- 1259.22
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.56”
Context: 70.10
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · silverTonnes: 70100000Grade: 1.31Grade Unit: g/tContained Metal: 2960.36Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:9a5e14dfe21c7128a4ca
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 70100000
- Grade
- 1.31
- Grade Unit
- g/t
- Contained Metal
- 2960.36
- Contained Unit
- koz
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“1.31”
Context: 70.10
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
measuredCabaçal · copperTonnes: 70100000Grade: 0.33Grade Unit: %Contained Metal: 233.48Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Leonardo Moraes Soares
- Resource group id
- resource:9a5e14dfe21c7128a4ca
- Deposit or zone
- Total
Resource Data
- Category
- measured
- Tonnes
- 70100000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 233.48
- Contained Unit
- kt
- Cutoff Grade
- 0.117
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-01-20T00:00:00.000Z
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Total Measured and Indicated resource is a significant component of the overall resource but is historical data.
Negative factors
- Resource estimate is historical and unchanged from previous announcement
Evidence · table
“0.33”
Context: 70.10
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · goldTonnes: 54910000Grade: 0.62Grade Unit: g/tContained Metal: 1096.3Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:373dcf9fed005e3b37bf
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 54910000
- Grade
- 0.62
- Grade Unit
- g/t
- Contained Metal
- 1096.3
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Proven Reserve for gold is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Large tonnage of Proven Reserves
- Good gold grade for open pit mining
- QP signed off on the estimate
Evidence · table
“0.62”
Context: 54.91
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · silverTonnes: 54910000Grade: 1.33Grade Unit: g/tContained Metal: 2351.5Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:373dcf9fed005e3b37bf
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 54910000
- Grade
- 1.33
- Grade Unit
- g/t
- Contained Metal
- 2351.5
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Proven Reserve for silver is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Large tonnage of Proven Reserves
- Significant silver contained metal
- QP signed off on the estimate
Evidence · table
“1.33”
Context: 54.91
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · copperTonnes: 54910000Grade: 0.35Grade Unit: %Contained Metal: 423.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:373dcf9fed005e3b37bf
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 54910000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 423.7
- Contained Unit
- mlb
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Proven Reserve for copper is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Large tonnage of Proven Reserves
- Good copper grade for open pit mining
- QP signed off on the estimate
Evidence · table
“0.35”
Context: 54.91
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
probableCabaçal · goldTonnes: 1130000Grade: 0.28Grade Unit: g/tContained Metal: 10.2Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:5af1f53d80653f37e9b2
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 1130000
- Grade
- 0.28
- Grade Unit
- g/t
- Contained Metal
- 10.2
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Probable Reserve for gold is a smaller component of the overall reserve, with a lower grade than the Proven category.
Positive factors
- QP signed off on the estimate
Negative factors
- Relatively small tonnage for Probable Reserves
- Lower gold grade compared to Proven
Evidence · table
“0.28”
Context: 1.13
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
probableCabaçal · silverTonnes: 1130000Grade: 1Grade Unit: g/tContained Metal: 36.3Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:5af1f53d80653f37e9b2
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 1130000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 36.3
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Probable Reserve for silver is a smaller component of the overall reserve, with a lower grade than the Proven category.
Positive factors
- QP signed off on the estimate
Negative factors
- Relatively small tonnage for Probable Reserves
- Lower silver grade compared to Proven
Evidence · table
“1.00”
Context: 1.13
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
probableCabaçal · copperTonnes: 1130000Grade: 0.25Grade Unit: %Contained Metal: 6.23Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:5af1f53d80653f37e9b2
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 1130000
- Grade
- 0.25
- Grade Unit
- %
- Contained Metal
- 6.23
- Contained Unit
- mlb
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Probable Reserve for copper is a smaller component of the overall reserve, with a lower grade than the Proven category.
Positive factors
- QP signed off on the estimate
Negative factors
- Relatively small tonnage for Probable Reserves
- Lower copper grade compared to Proven
Evidence · table
“0.25”
Context: 1.13
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · goldTonnes: 56040000Grade: 0.61Grade Unit: g/tContained Metal: 1106.5Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:6663a0b012dee6e173be
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 56040000
- Grade
- 0.61
- Grade Unit
- g/t
- Contained Metal
- 1106.5
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The total gold reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Significant total gold reserve
- Good gold grade for open pit mining
- QP signed off on the estimate
Evidence · table
“0.61”
Context: 56.04
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · silverTonnes: 56040000Grade: 1.33Grade Unit: g/tContained Metal: 2388Contained Unit: kozView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:6663a0b012dee6e173be
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 56040000
- Grade
- 1.33
- Grade Unit
- g/t
- Contained Metal
- 2388
- Contained Unit
- koz
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The total silver reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Significant total silver reserve
- QP signed off on the estimate
Evidence · table
“1.33”
Context: 56.04
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
provenCabaçal · copperTonnes: 56040000Grade: 0.35Grade Unit: %Contained Metal: 429.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro
- Resource group id
- resource:6663a0b012dee6e173be
- Mining method
- combined
Resource Data
- Category
- proven
- Tonnes
- 56040000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 429.9
- Contained Unit
- mlb
- Cutoff Grade
- 0.138
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The total copper reserve is a substantial and high-confidence component of the project's economics, supporting the DFS results.
Positive factors
- Significant total copper reserve
- Good copper grade for open pit mining
- QP signed off on the estimate
Evidence · table
“0.35”
Context: 56.04
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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)
flotationCabaçal · goldRecovery: 89.3 %View all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- gold
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation, gravity circuit
Recovery
- Recovery
- 89.3 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield Canada
- Consultant
- Flowsheets Metallurgical Consulting Inc
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The average LOM gold recovery of 89.3% is strong for the Cabaçal project's processing route, contributing positively to project economics.
Positive factors
- High gold recovery for the processing route
- Recovery based on actual test work
- DFS-level test work
Evidence · table
“89.3%”
Context: Average metallurgical recovery - Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
flotationCabaçal · copperRecovery: 92.8 %View all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- copper
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation, gravity circuit
Recovery
- Recovery
- 92.8 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield Canada
- Consultant
- Flowsheets Metallurgical Consulting Inc
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The average LOM copper recovery of 92.8% is exceptional for the Cabaçal project's processing route, significantly enhancing project economics.
Positive factors
- Exceptional copper recovery for the processing route
- Recovery based on actual test work
- DFS-level test work
Evidence · table
“92.8%”
Context: Average metallurgical recovery - Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92.8% is at or above the exceptional band (92%)
flotationCabaçal · silverRecovery: 74.3 %View all detailsHide details
Identity
- Project
- Cabaçal
- Commodity
- silver
- Region
- brazil
- Reported Region
- Mato Grosso, Brazil
- Ticker
- MNO.TO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation, gravity circuit
Recovery
- Recovery
- 74.3 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield Canada
- Consultant
- Flowsheets Metallurgical Consulting Inc
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The average LOM silver recovery of 74.3% is moderate for the Cabaçal project's processing route, contributing to project economics.
Positive factors
- Recovery based on actual test work
- DFS-level test work
Evidence · table
“74.3%”
Context: Average metallurgical recovery - Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 74.3% 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.