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 newsfile on Sep 22, 2026

Bullish

Company: Meridian Mining Plc
Ticker: MNO
Exchange: Unavailable
Region: Mato Grosso, Brazil
Primary commodity: Gold
Secondary commodities: Copper, Silver
Document categories: Resource update, Metallurgy, Other
Extracted: 2026-09-22 07:04:55 UTC

Atlas analysis published: Sep 22, 2026

Minestarters Atlas analysis

Summary

Meridian Mining's Definitive Feasibility Study (DFS) for its Cabaçal gold-copper-silver project in Brazil reveals compelling economics, including an after-tax NPV5 of USD 2.09 billion, an IRR of 108%, and a payback period of 0.9 years. The study outlines an optimized open-pit mine plan, an updated and larger Mineral Reserve, and improved metallurgy, positioning Cabaçal as a potential near-term VMS mine. The company is actively advancing pre-construction investments and financing efforts.

Reasoning: Meridian Mining's Definitive Feasibility Study for the Cabaçal project demonstrates robust economics with a high NPV, IRR, and rapid payback, supported by updated reserves and optimized mine planning, indicating a strong path to development. The project benefits from comprehensive metallurgical testwork and a clean concentrate.

Positive factors

Exceptional project economics with high NPV and IRR
Rapid payback period of less than one year
Updated and larger Mineral Reserve statement
Optimized mine plan and improved metallurgy
Clean, high-grade concentrate amenable to standard processing
Pre-construction investments and financing activities are well underway
Comprehensive metallurgical testwork completed, including pilot plant scale

Negative factors

Initial capital and operating costs increased compared to prior PFS
Potential need to amend Preliminary Licence for increased mined material volumes

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

Facts used in scoring: 115

Classification and evidence

Category Upgradepositive

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

Why it applies: The DFS includes an "updated and larger Mineral Reserve statement" compared to the prior PFS, indicating an improvement in resource confidence and size.

Evidence · text

“Key updates reported in the Study include stronger economics, an updated and larger Mineral Reserve statement, an optimised mine plan, and improved metallurgy.”

Tonnage Growthpositive

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

Why it applies: The DFS includes an "updated and larger Mineral Reserve statement" compared to the prior PFS, indicating an increase in tonnage.

Evidence · text

“Key updates reported in the Study include stronger economics, an updated and larger Mineral Reserve statement, an optimised mine plan, and improved metallurgy.”

Grade Improvementpositive

Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: The DFS reports "improved metallurgy" compared to the prior PFS, suggesting better grades or recoveries.

Evidence · text

“Key updates reported in the Study include stronger economics, an updated and larger Mineral Reserve statement, an optimised mine plan, and improved metallurgy.”

Contained Metal Growthpositive

True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The DFS includes an "updated and larger Mineral Reserve statement" compared to the prior PFS, implying an increase in contained metal.

Evidence · text

“Key updates reported in the Study include stronger economics, an updated and larger Mineral Reserve statement, an optimised mine plan, and improved metallurgy.”

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 reviewed by several QPs in their areas of expertise, including Leonardo Soares and Porfirio Cabaleiro Rodriguez.

Evidence · text

“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: Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC, is responsible for process related infrastructure, recovery methods, capital and operating costs relating to processing, and economic analysis. Scott Elfen (P. E. & P.Eng.), SME & Global Technical Leader, Mine Waste Solutions with Ausenco Engineering Canada ULC, is responsible for tailings, waste rock storage, low-grade ore facilities infrastructure, capital and operating costs relating to tailings, waste rock, and low-grade ore infrastructure and the environment. Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG, FAusIMM), of GE21 Consultoria Mineral, is responsible for Mineral Reserves estimation, mining method, capital and operating costs related to the mine. Leonardo Soares (PGeo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral, is responsible for the data verification, geological setting, deposit type, exploration, drilling, sample preparation and Mineral Resource estimation. Norman Lotter (Mineral Processing Engineer; P.Eng.), of Flowsheets Metallurgical Consulting Inc., is responsible for the project laboratory testing methodology and interpretation.”

Cut-off Disclosedpositive

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

Why it applies: The resource cut-off grade of 0.117 g/t AuEq and the mining schedule cut-off grade of 0.138 g/t AuEq are explicitly stated.

Evidence · text

“The resource cut-off grade applied for Measured and Indicated resources was 0.117 g/t AuEq.”

NI 43-101 Compliantpositive

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

Why it applies: The mineral resource and reserve estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards and Guidelines, and the DFS Study is prepared in accordance with National Instrument 43-101.

Evidence · text

“The mineral resource for Cabaçal (Table 8) was classified and prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, as amended (the "CIM Standards"), and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019, as amended (the "CIM Guidelines") by Mr. Leonardo Moraes Soares, MAIG. Mr. Soares is an independent Qualified Person, as such term is defined under NI 43-101.”

High Recoverypositive

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

Why it applies: Average metallurgical recoveries are 89.3% for gold, 92.8% for copper, and 74.3% for silver, which are strong to exceptional for the processing routes.

Evidence · table

“89.3%”

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 further DFS data.

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.”

Free Millingpositive

Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The beneficiation process is described as simple due to 'clean mineralised material, with low impurities and an absence of organic material'.

Evidence · text

“The beneficiation process is simple due to a clean mineralised material, with low impurities and an absence of organic material.”

Multi-Domain Testedpositive

Variability across ore domains (oxide, transition, fresh) has been addressed.

Why it applies: Metallurgical testwork included 23 variability samples covering 'oxidised, transition and sulphide zones' across the deposit.

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.”

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, which is the highest level of study for project development.

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”

Open Pit Miningneutral · Story-specific tag

No canonical definition is currently available.

Why it applies: The DFS is based on a 'conventional open-pit mine' and the mine plan was developed using open-pit methods.

Evidence · text

“The Study findings show that Cabaçal has industry-leading economics for a conventional open-pit mine, mill, and process plant.”

Deleterious Elements Presentnegative · Story-specific tag

Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.

Why it applies: The testwork identified 'significant amounts of chlorite' which would interfere with sulphide flotation, requiring adjusted reagents.

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")

Gravity Routeneutral

Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route ("gravity")

Extracted facts

Stored fact records: 115. Some facts used in scoring do not have a stored record.

Resource Estimates (112)

measuredCabaçal · goldTonnes: 330000Grade: 0.44Grade Unit: g/tContained Metal: 4.56Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:5338eaebe83f65761e8e
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:5338eaebe83f65761e8e
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:5338eaebe83f65761e8e
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:da72f9aedb7fc9431536
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:da72f9aedb7fc9431536
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:da72f9aedb7fc9431536
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Measured resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

High confidence Measured category
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:cc246041b447ef29fb0e
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Large Measured resource in fresh rock zone with significant contained gold, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:cc246041b447ef29fb0e
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Large Measured resource in fresh rock zone with significant contained silver, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:cc246041b447ef29fb0e
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Large Measured resource in fresh rock zone with significant contained copper, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:39cd2e4e5e4a98684e05
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Measured resource with significant contained gold, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:39cd2e4e5e4a98684e05
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Measured resource with significant contained silver, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:39cd2e4e5e4a98684e05
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Measured resource with significant contained copper, disclosed cut-off and metal equivalent assumptions.

Positive factors

High confidence Measured category
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:ef654ca476cf43989308
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:ef654ca476cf43989308
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:ef654ca476cf43989308
Deposit or zone: Saprolite
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in saprolite zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:082867e512bca4979ce3
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:082867e512bca4979ce3
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:082867e512bca4979ce3
Deposit or zone: Transition
Mining method: combined
Material type: transitional

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in transition zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a7d93d94329c4d8ff584
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a7d93d94329c4d8ff584
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a7d93d94329c4d8ff584
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Indicated resource in fresh rock zone with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11274d65b53c434eb0cf
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11274d65b53c434eb0cf
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11274d65b53c434eb0cf
Deposit or zone: Total
Mining method: combined
Material type: 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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total Indicated resource with disclosed cut-off and metal equivalent assumptions, contributing to the overall resource.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

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

indicatedCabaçal · goldTonnes: 340000Grade: 0.43Grade Unit: g/tContained Metal: 4.7Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a05f5b4f33d46e942c1d
Deposit or zone: Saprolite
Mining method: combined
Material type: Saprolite

Resource Data

Category: indicated
Tonnes: 340000
Grade: 0.43
Grade Unit: g/t
Contained Metal: 4.7
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.43”

Context: 0.34

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: 340000Grade: 0.7Grade Unit: g/tContained Metal: 7.68Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a05f5b4f33d46e942c1d
Deposit or zone: Saprolite
Mining method: combined
Material type: Saprolite

Resource Data

Category: indicated
Tonnes: 340000
Grade: 0.7
Grade Unit: g/t
Contained Metal: 7.68
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.70”

Context: 0.34

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: 340000Grade: 0.12Grade Unit: %Contained Metal: 0.4Contained Unit: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:a05f5b4f33d46e942c1d
Deposit or zone: Saprolite
Mining method: combined
Material type: Saprolite

Resource Data

Category: indicated
Tonnes: 340000
Grade: 0.12
Grade Unit: %
Contained Metal: 0.4
Contained Unit: kt
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in saprolite zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.12”

Context: 0.34

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: 1900000Grade: 0.54Grade Unit: g/tContained Metal: 32.91Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:70635c60c8ac1398ec62
Deposit or zone: Transition
Mining method: combined
Material type: transitional

Resource Data

Category: indicated
Tonnes: 1900000
Grade: 0.54
Grade Unit: g/t
Contained Metal: 32.91
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in transition zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.54”

Context: 1.90

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: 1900000Grade: 0.63Grade Unit: g/tContained Metal: 38.62Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:70635c60c8ac1398ec62
Deposit or zone: Transition
Mining method: combined
Material type: transitional

Resource Data

Category: indicated
Tonnes: 1900000
Grade: 0.63
Grade Unit: g/t
Contained Metal: 38.62
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in transition zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.63”

Context: 1.90

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: 1900000Grade: 0.21Grade Unit: %Contained Metal: 3.96Contained Unit: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:70635c60c8ac1398ec62
Deposit or zone: Transition
Mining method: combined
Material type: transitional

Resource Data

Category: indicated
Tonnes: 1900000
Grade: 0.21
Grade Unit: %
Contained Metal: 3.96
Contained Unit: kt
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in transition zone with disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.21”

Context: 1.90

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: 67850000Grade: 0.56Grade Unit: g/tContained Metal: 1221.61Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:0f6b5ebd8df6202cfb17
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

Resource Data

Category: indicated
Tonnes: 67850000
Grade: 0.56
Grade Unit: g/t
Contained Metal: 1221.61
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in fresh rock zone with significant contained gold, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.56”

Context: 67.85

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: 67850000Grade: 1.34Grade Unit: g/tContained Metal: 2914.06Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:0f6b5ebd8df6202cfb17
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

Resource Data

Category: indicated
Tonnes: 67850000
Grade: 1.34
Grade Unit: g/t
Contained Metal: 2914.06
Contained Unit: koz
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in fresh rock zone with significant contained silver, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“1.34”

Context: 67.85

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: 67850000Grade: 0.34Grade Unit: %Contained Metal: 229.12Contained Unit: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:0f6b5ebd8df6202cfb17
Deposit or zone: Fresh Rock
Mining method: combined
Material type: fresh

Resource Data

Category: indicated
Tonnes: 67850000
Grade: 0.34
Grade Unit: %
Contained Metal: 229.12
Contained Unit: kt
Cutoff Grade: 0.117
Cutoff Unit: g/t AuEq

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: Total resource (Measured + Indicated) in fresh rock zone with significant contained copper, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.34”

Context: 67.85

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: 70100000Grade: 0.56Grade Unit: g/tContained Metal: 1259.22Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11aee6194688b22ec1fb
Deposit or zone: Total
Mining method: combined
Material type: Total

Resource Data

Category: indicated
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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Overall total resource (Measured + Indicated) with significant contained gold, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.56”

Context: 70.10

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: 70100000Grade: 1.31Grade Unit: g/tContained Metal: 2960.36Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11aee6194688b22ec1fb
Deposit or zone: Total
Mining method: combined
Material type: Total

Resource Data

Category: indicated
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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Overall total resource (Measured + Indicated) with significant contained silver, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“1.31”

Context: 70.10

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: 70100000Grade: 0.33Grade Unit: %Contained Metal: 233.48Contained Unit: ktView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: resource
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Leonardo Moraes Soares
Resource group id: resource:11aee6194688b22ec1fb
Deposit or zone: Total
Mining method: combined
Material type: Total

Resource Data

Category: indicated
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

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Overall total resource (Measured + Indicated) with significant contained copper, disclosed cut-off and metal equivalent assumptions.

Positive factors

Indicated category resource
Significant total contained metal
Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

“0.33”

Context: 70.10

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

provenCabaçal · goldTonnes: 54910000Grade: 0.62Grade Unit: g/tContained Metal: 1096.3Contained Unit: kozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Large Proven Reserve for gold, supporting the project's economic viability with high confidence.

Positive factors

Highest confidence Proven Reserve category
Significant contained gold
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Large Proven Reserve for silver, supporting the project's economic viability with high confidence.

Positive factors

Highest confidence Proven Reserve category
Significant contained silver
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Large Proven Reserve for copper, supporting the project's economic viability with high confidence.

Positive factors

Highest confidence Proven Reserve category
Significant contained copper
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Probable Reserve for gold, contributing to the project's economic viability.

Positive factors

Probable Reserve category
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Probable Reserve for silver, contributing to the project's economic viability.

Positive factors

Probable Reserve category
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Probable Reserve for copper, contributing to the project's economic viability.

Positive factors

Probable Reserve category
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Total Proven and Probable Reserve for gold, demonstrating strong economic viability for the project.

Positive factors

High confidence total Reserve category
Significant contained gold
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Total Proven and Probable Reserve for silver, demonstrating strong economic viability for the project.

Positive factors

High confidence total Reserve category
Significant contained silver
Open-pit mining method

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Estimate type: reserve
Reporting standards: ni_43_101
QP Signed: Yes
Qualified person names: Porfirio Cabaleiro Rodriguez
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: Total Proven and Probable Reserve for copper, demonstrating strong economic viability for the project.

Positive factors

High confidence total Reserve category
Significant contained copper
Open-pit mining method

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

Fact 46Cabaçal · goldContained Metal: 983537Contained Unit: ozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Contained Metal: 983537
Contained Unit: oz
Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of gold over its life of mine, contributing significantly to revenue.

Positive factors

Significant total gold production over LOM

Evidence · table

“983,537”

Context: Total gold production

Tags used in scoring

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

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

Fact 47Cabaçal · copperContained Metal: 180634Contained Unit: tView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Contained Metal: 180634
Contained Unit: t
Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of copper over its life of mine, contributing significantly to revenue.

Positive factors

Significant total copper production over LOM

Evidence · table

“180,634”

Context: Total copper production

Tags used in scoring

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

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

Fact 48Cabaçal · silverContained Metal: 1779720Contained Unit: ozView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Contained Metal: 1779720
Contained Unit: oz
Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to produce a substantial amount of silver over its life of mine, contributing significantly to revenue.

Positive factors

Significant total silver production over LOM

Evidence · table

“1,779,720”

Context: Total silver production

Tags used in scoring

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

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

Fact 49Cabaçal · goldContained Metal: 112.9Contained Unit: 000 ouncesView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Contained Metal: 112.9
Contained Unit: 000 ounces
Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to have strong average annual gold equivalent production, indicating robust operational output.

Positive factors

Strong average annual gold equivalent production

Evidence · table

“112.9”

Context: Average annual gold production (AuEq)

Tags used in scoring

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

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

Fact 50Cabaçal · goldContained Metal: 1569.6Contained Unit: 000 ouncesView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Contained Metal: 1569.6
Contained Unit: 000 ounces
Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is expected to recover a substantial amount of gold equivalent over its life of mine, contributing significantly to revenue.

Positive factors

Significant total recovered gold equivalent over LOM

Evidence · table

“1,569.6”

Context: Recovered Gold (AuEq)

Tags used in scoring

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

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

Fact 51Cabaçal · goldView all details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project boasts very competitive All-in Sustaining Costs, indicating strong profitability and operational efficiency.

Positive factors

Very low All-in Sustaining Costs (AISC) for gold equivalent

Evidence · table

“1,056.0”

Context: All in Sustaining Costs ("AISC")

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 52CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an exceptional after-tax NPV5 for the base case, indicating strong project economics.

Positive factors

Exceptional after-tax NPV5 for the base case
High confidence in economic assessment from DFS

Evidence · table

“2,092”

Context: NPV 5

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 53CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an exceptional after-tax IRR for the base case, indicating strong project economics.

Positive factors

Exceptional after-tax IRR for the base case
High confidence in economic assessment from DFS

Evidence · table

“108%”

Context: IRR

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 54CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study projects a very rapid payback period for the base case, indicating quick capital recovery.

Positive factors

Very rapid payback period for the base case
High confidence in economic assessment from DFS

Evidence · table

“0.9”

Context: Payback

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 55CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an even more exceptional after-tax NPV5 under spot price conditions, indicating significant upside potential.

Positive factors

Exceptional after-tax NPV5 for the spot case
High confidence in economic assessment from DFS

Evidence · table

“2,902”

Context: NPV 5

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 56CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study delivers an even more exceptional after-tax IRR under spot price conditions, indicating significant upside potential.

Positive factors

Exceptional after-tax IRR for the spot case
High confidence in economic assessment from DFS

Evidence · table

“135%”

Context: IRR

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 57CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The Definitive Feasibility Study projects an even more rapid payback period under spot price conditions, indicating very quick capital recovery.

Positive factors

Very rapid payback period for the spot case
High confidence in economic assessment from DFS

Evidence · table

“0.7”

Context: Payback

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 58CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital expenditure is a key component of the DFS, reflecting the cost to build the mine, though it has increased from prior estimates.

Positive factors

Initial capital expenditure includes contingency and pre-investment for expansion

Negative factors

Initial capital expenditure increased compared to PFS

Evidence · table

“322”

Context: Initial Capital Expenditure*

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 59CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Expansion capital is planned to increase mill capacity, indicating future growth and scalability of the project.

Positive factors

Planned expansion capital indicates future growth potential

Evidence · table

“56”

Context: Expansion Capital Expenditure*

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 60CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Sustaining capital expenditure is a standard and necessary cost for maintaining operations over the life of mine.

Positive factors

Sustaining capital is a necessary component for long-term operation

Evidence · table

“74”

Context: Sustaining Capital Expenditure

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 61CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to generate substantial total revenue over its life of mine, underpinning its strong economics.

Positive factors

High total LOM revenue for the base case

Evidence · table

“5,358”

Context: Total LOM

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 62CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project is projected to generate substantial after-tax free cash flow over its life of mine, indicating strong profitability.

Positive factors

Significant LOM after-tax free cash flow for the base case

Evidence · text

“LOM After-Tax Free Cash flow of USD 2.9 billion”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 63CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total operating costs are a key economic parameter, though they have increased from prior estimates.

Negative factors

Operating costs increased compared to PFS

Evidence · table

“1,256”

Context: Operating Costs

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 64CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold price assumption for the base case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“3,570”

Context: Gold Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 65CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper price assumption for the base case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“5.03”

Context: Copper Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 66CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver price assumption for the base case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“50.17”

Context: Silver Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 67CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“4,394”

Context: Gold Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 68CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“6.53”

Context: Copper Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 69CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver price assumption for the spot case is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear pricing assumptions for economic evaluation

Evidence · table

“64.14”

Context: Silver Price

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 70CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The exchange rate assumption is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear exchange rate assumption for economic evaluation

Evidence · table

“5.40”

Context: Exchange Rate

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 71CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The corporate tax rate assumption is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear corporate tax rate assumption for economic evaluation

Evidence · table

“25.0%”

Context: Corporate Tax Rate

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 72CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The social tax assumption is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear social tax assumption for economic evaluation

Evidence · table

“9.0%”

Context: Social Tax

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 73CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The project benefits from a significant SUDAM tax reduction for a substantial period, enhancing profitability.

Positive factors

Significant tax reduction from SUDAM for 10 years

Evidence · table

“75.0%”

Context: SUDAM Tax Reduction

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 74CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The gold royalty rate is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear royalty rate assumption for gold

Evidence · table

“1.5%”

Context: Gold Royalty Rate

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 75CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The copper royalty rate is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear royalty rate assumption for copper

Evidence · table

“2.0%”

Context: Copper Royalty Rate

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 76CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The silver royalty rate is clearly stated, providing transparency for economic evaluation.

Positive factors

Clear royalty rate assumption for silver

Evidence · table

“2.0%”

Context: Silver Royalty Rate

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 77CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for the mine component is clearly broken down, providing transparency.

Positive factors

Detailed breakdown of initial capital costs

Evidence · table

“31”

Context: Mine

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 78CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for the process plant component is clearly broken down, providing transparency.

Positive factors

Detailed breakdown of initial capital costs

Evidence · table

“156”

Context: Process

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 79CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for piles is clearly broken down, providing transparency.

Positive factors

Detailed breakdown of initial capital costs

Evidence · table

“52”

Context: Piles

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 80CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for offsite infrastructure is clearly broken down, providing transparency.

Positive factors

Detailed breakdown of initial capital costs

Evidence · table

“21”

Context: Offsite Infrastructure

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 81CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial capital cost for indirect costs is clearly broken down, providing transparency.

Positive factors

Detailed breakdown of initial capital costs

Evidence · table

“52”

Context: Indirect Costs (including Owner costs)

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 82CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: A contingency is included in the initial capital, reflecting prudent financial planning.

Positive factors

Contingency included in initial capital, indicating robust planning

Evidence · table

“31”

Context: Contingency

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 83CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: A tax credit reduces the total initial capital, improving project economics.

Positive factors

Tax credit reduces initial capital outlay

Evidence · table

“(21)”

Context: Tax Credit

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 84CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Mine closure costs are included in the capital breakdown, indicating comprehensive financial planning.

Positive factors

Mine closure costs are accounted for in the DFS

Evidence · table

“59”

Context: Mine Closure Costs

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 85CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Salvage value provides a credit, reducing the overall capital expenditure.

Positive factors

Salvage value provides a credit to capital costs

Evidence · table

“(23)”

Context: Salvage Value

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 86CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Mining costs are a significant component of operating expenses, providing transparency on operational expenditure.

Negative factors

Mining costs increased compared to PFS

Evidence · table

“9.93”

Context: Mining Costs

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 87CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Labour costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“1.48”

Context: Labour

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 88CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Power costs are a component of operating expenses, providing transparency on operational expenditure.

Negative factors

Power costs increased compared to PFS

Evidence · table

“2.69”

Context: Power

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 89CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Reagents & Consumables costs are a component of operating expenses, providing transparency on operational expenditure.

Negative factors

Reagents & Consumables costs increased compared to PFS

Evidence · table

“4.06”

Context: Reagents & Consumables

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 90CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Maintenance costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“1.05”

Context: Maintenance

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 91CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Water/sewage costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“0.11”

Context: Water/sewage

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 92CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Road maintenance costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“0.10”

Context: Road maintenance

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 93CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Laboratory costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“0.35”

Context: Laboratory

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 94CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Concentrate Logistics costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“2.20”

Context: Concentrate Logistics

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 95CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: A tax credit reduces the total operating costs, improving project economics.

Positive factors

Tax credit reduces operating costs

Evidence · table

“(1.88)”

Context: Tax Credit

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 96CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: G&A costs are a component of operating expenses, providing transparency on operational expenditure.

Evidence · table

“2.32”

Context: G&A

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 97CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Total operating costs are a key economic parameter, providing transparency on overall operational expenditure.

Negative factors

Total operating costs increased compared to PFS

Evidence · table

“22.41”

Context: Total Operating Costs

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 98CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The mining cost assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear mining cost assumption for reserve estimation

Evidence · text

“Mining cost: USD 2.95/t mined”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 99CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The processing cost assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear processing cost assumption for reserve estimation

Evidence · text

“Processing cost: USD 7.82/t milled”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 100CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The G&A cost assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear G&A cost assumption for reserve estimation

Evidence · text

“G&A: USD 2.19/t milled”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 101CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The logistics cost assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear logistics cost assumption for reserve estimation

Evidence · text

“Logistics: USD 2.36/t milled”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 102CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The mining recovery assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear mining recovery assumption for reserve estimation

Evidence · text

“Mining recovery: 97%”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 103CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The dilution assumption is clearly stated, providing transparency for reserve estimation.

Positive factors

Clear dilution assumption for reserve estimation

Evidence · text

“Dilution: 3%”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 104CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: A low strip ratio indicates efficient mining operations, contributing positively to project economics.

Positive factors

Low life-of-mine strip ratio indicates efficient mining

Evidence · text

“Low life-of-mine strip ratio of 1.42.”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 105CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The initial mill throughput capacity is clearly stated, providing insight into early production scale.

Positive factors

Clear mill throughput capacity for initial years

Evidence · text

“nominal processing capacity of 1.93 Mtpa in Year 1, increasing to 2.50 Mtpa in Years 2 and 3”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 106CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The planned increase in mill throughput capacity from Year 4 onwards indicates scalability and potential for higher production.

Positive factors

Planned increase in mill throughput capacity indicates scalability

Evidence · text

“increasing to 2.50 Mtpa in Years 2 and 3, and to 4.50 Mtpa from Year 4 onwards.”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 107CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The primary grind size is specified, providing a key parameter for the processing flowsheet.

Positive factors

Primary grind size is specified for processing

Evidence · text

“Primary grind size of 150 microns”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 108CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: The regrind size for the copper rougher concentrate is specified, indicating optimized processing for concentrate quality.

Positive factors

Regrind size is specified for concentrate cleaning

Evidence · text

“regrind of the copper rougher concentrate to 30 microns”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 109CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: SGS Lakefield is a well-regarded metallurgical laboratory, adding credibility to the testwork results.

Positive factors

Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

“SGS Lakefield Canada (metallurgy)”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 110CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Flowsheets Metallurgical Consulting Inc. is a reputable consultant, adding credibility to the metallurgical interpretation.

Positive factors

Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

“Flowsheets Metallurgical Consulting Inc (metallurgy and mineral processing)”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 111CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Ausenco is a reputable engineering firm, adding credibility to the DFS and process design.

Positive factors

Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

“Ausenco do Brasil Engenharia Ltda and Ausenco Engineering Canada ULC (together "Ausenco")”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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

Fact 112CabaçalView all details

Link to this fact

Identity

Project: Cabaçal
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Resource scope

Reporting standards: ni_43_101
Resource group id: resource:6f7f1c0ade84420a5be0
Mining method: combined

Resource Data

Cutoff Grade: 0.138
Cutoff Unit: g/t

Metal Equivalent

Assumptions Disclosed: Yes

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: GE21 Consultoria Mineral Ltd is a reputable consultant, adding credibility to the resource and reserve estimation.

Positive factors

Metallurgical testwork conducted by reputable laboratories and consultants

Evidence · text

“GE21 Consultoria Mineral Ltd ("GE21")”

Tags used in scoring

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: gold
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: gravity, flotation

Recovery

Recovery: 89.3 %
Recovery Basis: actual_test

Lab

Laboratory: SGS Lakefield, Canada
Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for gold is high, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

Positive factors

High recovery for gold
Pilot scale testwork completed
Multi-domain variability tested
Clean ore with low impurities

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: copper
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: flotation

Recovery

Recovery: 92.8 %
Recovery Basis: actual_test

Lab

Laboratory: SGS Lakefield, Canada
Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for copper is exceptional, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

Positive factors

Exceptional recovery for copper
Pilot scale testwork completed
Multi-domain variability tested
Clean ore with low impurities

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

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 details

Link to this fact

Identity

Project: Cabaçal
Commodity: silver
Region: brazil
Reported Region: Mato Grosso, Brazil
Ticker: MNO

Test Work

Program Status: detailed
Test Type: flotation
Processing Route: flotation

Recovery

Recovery: 74.3 %
Recovery Basis: actual_test

Lab

Laboratory: SGS Lakefield, Canada
Consultant: Ausenco and Flowsheets Metallurgical Consulting Inc

Review

Needs Review: No
Historical: No

Dates

Event date: 2026-09-22T00:00:00.000Z

Reasoning: Average metallurgical recovery for silver is strong, supported by detailed testwork including pilot plant scale, indicating robust processing characteristics.

Positive factors

Strong recovery for silver
Pilot scale testwork completed
Multi-domain variability tested
Clean ore with low impurities

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

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.