Meridian’s DFS Delivers NPV5 USD 2.09B & 108% IRR

Original announcement by lse on

Company
Meridian Mining plc
Ticker
MNO
Exchange
LSE
Region
Mato Grosso, Brazil
Primary commodity
Gold
Secondary commodities
Copper, Silver
Document categories
Resource update, Metallurgy, Other
Extracted
2026-09-22 07:15:45 UTC

Analysis by Minestarters Atlas

Atlas analysis published:

Minestarters Atlas analysis

Summary

Meridian Mining's Definitive Feasibility Study (DFS) for the Cabaçal gold-copper-silver project in Brazil reports strong economics, including an after-tax NPV5 of USD 2.09 billion and an Internal Rate of Return (IRR) of 108%, with a rapid payback period of 0.9 years. The study highlights an updated and larger Mineral Reserve statement, high metallurgical recoveries, and significant progress in permitting and pre-construction activities. The company aims to advance the project towards a Financial Investment Decision, leveraging its robust economic potential and clean concentrate production.

Reasoning: Meridian Mining's DFS for the Cabaçal project demonstrates compelling economics with a high NPV and IRR, a rapid payback, and an updated Mineral Reserve, positioning it as a strong near-term VMS gold-copper mine. The study is supported by robust metallurgy and significant progress in project development.

Positive factors

  • The Definitive Feasibility Study (DFS) delivers robust economics with a high after-tax NPV5 of USD 2.09 billion and an IRR of 108%.
  • The project has a very short payback period of 0.9 years.
  • The DFS includes an updated and larger Mineral Reserve statement, indicating increased confidence and scale.
  • Metallurgical test work confirms high recoveries for gold (89.3%), copper (92.8%), and silver (74.3%) with a clean concentrate.
  • Significant progress has been made on permitting, financing activities, and pre-construction investments, de-risking the project.

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

Facts used in scoring: 48

Classification and evidence

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: The document is a Definitive Feasibility Study (DFS) for the Cabaçal project, providing detailed economic and technical assessments.

Evidence · text

“Meridian Mining’s Definitive Feasibility Study for Cabaçal Delivers After-Tax NPV 5 of USD 2.09 Billion, 108% IRR, and 0.9 Year Payback”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The DFS Study was authored by independent Qualified Persons (QPs) and is prepared in accordance with NI 43-101, with specific QPs responsible for different areas.

Evidence · text

“The DFS Study has an effective date of September 15, 2026. It was authored by independent Qualified Persons and is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.”

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, as well as the overall DFS, are stated to be prepared in accordance with NI 43-101 standards.

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.”

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 for Measured and Indicated resources and 0.138 g/t AuEq for reserves is clearly stated.

Evidence · text

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

High Recoverypositive

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

Why it applies: Average metallurgical recoveries are reported as 89.3% for gold, 92.8% for copper, and 74.3% for silver, which are strong to exceptional for their respective 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 other test work.

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 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 test work included 23 variability samples from across the deposit, covering oxidised, transition, and sulphide zones.

Evidence · text

“In 2023, 23 variability samples from across the deposit (including nine through the vertical profile of drill hole CD-228) were collected, covering oxidised, transition and sulphide zones.”

Recovery Improvingpositive

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

Why it applies: Key updates in the DFS include improved metallurgy compared to the prior PFS.

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.”

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The DFS includes an updated and larger Mineral Reserve statement, and the Mineral Resource estimate is a restatement of a prior announcement.

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.”

Measured Resourcepositive

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

Why it applies: The resource estimate includes a Measured category for gold, silver, and copper, indicating high confidence.

Evidence · table

“Measured”

Context: Classification

Indicated Resourcepositive

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

Why it applies: The resource estimate includes an Indicated category for gold, silver, and copper, indicating reasonable geological confidence.

Evidence · table

“Indicated”

Context: Classification

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The reserve estimate includes a Proven category for gold, silver, and copper, representing the highest confidence in economic viability.

Evidence · table

“Proven”

Context: Reserve Classification

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The reserve estimate includes a Probable category for gold, silver, and copper, representing a high level of confidence in economic viability.

Evidence · table

“Probable”

Context: Reserve Classification

Stale Estimatenegative

Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The Mineral Resource estimate is a restatement of a prior announcement from January 20, 2026, indicating low novelty for the resource figures themselves.

Evidence · text

“The mineral resource was previously announced by Meridian on January 20, 2026, and is unchanged.”

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")

Single Domain Onlynegative

Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

Extracted facts

Stored fact records: 48. Some facts used in scoring do not have a stored record.

Resource Estimates (45)

measuredCabaçal · goldTonnes: 330000Grade: 0.44Grade Unit: g/tContained Metal: 4.56Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:6f1f6fbdb7ba23eae89b
Deposit or zone
Saprolite

Resource Data

Category
measured
Tonnes
330000
Grade
0.44
Grade Unit
g/t
Contained Metal
4.56
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for saprolite gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is relatively low for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.44 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.44”

Context: 0.33

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · silverTonnes: 330000Grade: 0.69Grade Unit: g/tContained Metal: 7.22Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:6f1f6fbdb7ba23eae89b
Deposit or zone
Saprolite

Resource Data

Category
measured
Tonnes
330000
Grade
0.69
Grade Unit
g/t
Contained Metal
7.22
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for saprolite silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.69 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.69”

Context: 0.33

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · copperTonnes: 330000Grade: 0.12Grade Unit: %Contained Metal: 0.38Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:6f1f6fbdb7ba23eae89b
Deposit or zone
Saprolite

Resource Data

Category
measured
Tonnes
330000
Grade
0.12
Grade Unit
%
Contained Metal
0.38
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for saprolite copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.12% Cu is weak for a VMS copper deposit.

Evidence · table

“0.12”

Context: 0.33

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · goldTonnes: 1830000Grade: 0.55Grade Unit: g/tContained Metal: 32.6Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:dce55707d64750e6a69e
Deposit or zone
Transition

Resource Data

Category
measured
Tonnes
1830000
Grade
0.55
Grade Unit
g/t
Contained Metal
32.6
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for transition gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.55 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.55”

Context: 1.83

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · silverTonnes: 1830000Grade: 0.63Grade Unit: g/tContained Metal: 37.25Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:dce55707d64750e6a69e
Deposit or zone
Transition

Resource Data

Category
measured
Tonnes
1830000
Grade
0.63
Grade Unit
g/t
Contained Metal
37.25
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for transition silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.63 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.63”

Context: 1.83

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · copperTonnes: 1830000Grade: 0.21Grade Unit: %Contained Metal: 3.81Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:dce55707d64750e6a69e
Deposit or zone
Transition

Resource Data

Category
measured
Tonnes
1830000
Grade
0.21
Grade Unit
%
Contained Metal
3.81
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for transition copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.21% Cu is weak for a VMS copper deposit.

Evidence · table

“0.21”

Context: 1.83

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · goldTonnes: 62530000Grade: 0.57Grade Unit: g/tContained Metal: 1138.52Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:17811b5e4f81ccb9f135
Deposit or zone
Fresh Rock

Resource Data

Category
measured
Tonnes
62530000
Grade
0.57
Grade Unit
g/t
Contained Metal
1138.52
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for fresh rock gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.57 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.57”

Context: 62.53

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · silverTonnes: 62530000Grade: 1.36Grade Unit: g/tContained Metal: 2743.29Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:17811b5e4f81ccb9f135
Deposit or zone
Fresh Rock

Resource Data

Category
measured
Tonnes
62530000
Grade
1.36
Grade Unit
g/t
Contained Metal
2743.29
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for fresh rock silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 1.36 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“1.36”

Context: 62.53

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · copperTonnes: 62530000Grade: 0.35Grade Unit: %Contained Metal: 217.43Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:17811b5e4f81ccb9f135
Deposit or zone
Fresh Rock

Resource Data

Category
measured
Tonnes
62530000
Grade
0.35
Grade Unit
%
Contained Metal
217.43
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Measured resource for fresh rock copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is moderate for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.35% Cu is moderate for a VMS copper deposit.

Evidence · table

“0.35”

Context: 62.53

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · goldTonnes: 64690000Grade: 0.57Grade Unit: g/tContained Metal: 1175.68Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:b3e04ddc572dc0fa0625
Deposit or zone
Total

Resource Data

Category
measured
Tonnes
64690000
Grade
0.57
Grade Unit
g/t
Contained Metal
1175.68
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Measured resource for gold is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.57 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.57”

Context: 64.69

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · silverTonnes: 64690000Grade: 1.34Grade Unit: g/tContained Metal: 2787.77Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:b3e04ddc572dc0fa0625
Deposit or zone
Total

Resource Data

Category
measured
Tonnes
64690000
Grade
1.34
Grade Unit
g/t
Contained Metal
2787.77
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Measured resource for silver is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 1.34 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“1.34”

Context: 64.69

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

measuredCabaçal · copperTonnes: 64690000Grade: 0.34Grade Unit: %Contained Metal: 221.61Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:b3e04ddc572dc0fa0625
Deposit or zone
Total

Resource Data

Category
measured
Tonnes
64690000
Grade
0.34
Grade Unit
%
Contained Metal
221.61
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Measured resource for copper is a restatement of a prior estimate, offering low novelty, but its high confidence category and NI 43-101 compliance are positive. The grade is moderate for the deposit type.

Positive factors

  • Measured category indicates high confidence in the estimate.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.34% Cu is moderate for a VMS copper deposit.

Evidence · table

“0.34”

Context: 64.69

Tags used in scoring

Measured Resourcepositive

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

Why it applies: category is "measured"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · goldTonnes: 10000Grade: 0.3Grade Unit: g/tContained Metal: 0.14Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:becc154e85db06d375f2
Deposit or zone
Saprolite

Resource Data

Category
indicated
Tonnes
10000
Grade
0.3
Grade Unit
g/t
Contained Metal
0.14
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for saprolite gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.30 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.30”

Context: 0.01

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · silverTonnes: 10000Grade: 0.99Grade Unit: g/tContained Metal: 0.46Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:becc154e85db06d375f2
Deposit or zone
Saprolite

Resource Data

Category
indicated
Tonnes
10000
Grade
0.99
Grade Unit
g/t
Contained Metal
0.46
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for saprolite silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.99 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.99”

Context: 0.01

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · copperTonnes: 10000Grade: 0.16Grade Unit: %Contained Metal: 0.02Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:becc154e85db06d375f2
Deposit or zone
Saprolite

Resource Data

Category
indicated
Tonnes
10000
Grade
0.16
Grade Unit
%
Contained Metal
0.02
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for saprolite copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.16% Cu is weak for a VMS copper deposit.

Evidence · table

“0.16”

Context: 0.01

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · goldTonnes: 70000Grade: 0.13Grade Unit: g/tContained Metal: 0.31Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:acfe3ab488b1d806ecd3
Deposit or zone
Transition

Resource Data

Category
indicated
Tonnes
70000
Grade
0.13
Grade Unit
g/t
Contained Metal
0.31
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for transition gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.13 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.13”

Context: 0.07

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · silverTonnes: 70000Grade: 0.59Grade Unit: g/tContained Metal: 1.37Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:acfe3ab488b1d806ecd3
Deposit or zone
Transition

Resource Data

Category
indicated
Tonnes
70000
Grade
0.59
Grade Unit
g/t
Contained Metal
1.37
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for transition silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.59 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.59”

Context: 0.07

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · copperTonnes: 70000Grade: 0.22Grade Unit: %Contained Metal: 0.16Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:acfe3ab488b1d806ecd3
Deposit or zone
Transition

Resource Data

Category
indicated
Tonnes
70000
Grade
0.22
Grade Unit
%
Contained Metal
0.16
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for transition copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.22% Cu is weak for a VMS copper deposit.

Evidence · table

“0.22”

Context: 0.07

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · goldTonnes: 5320000Grade: 0.49Grade Unit: g/tContained Metal: 83.09Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:aa6891f7bd823610d57a
Deposit or zone
Fresh Rock

Resource Data

Category
indicated
Tonnes
5320000
Grade
0.49
Grade Unit
g/t
Contained Metal
83.09
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for fresh rock gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.49 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.49”

Context: 5.32

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · silverTonnes: 5320000Grade: 1Grade Unit: g/tContained Metal: 170.77Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:aa6891f7bd823610d57a
Deposit or zone
Fresh Rock

Resource Data

Category
indicated
Tonnes
5320000
Grade
1
Grade Unit
g/t
Contained Metal
170.77
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for fresh rock silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 1.00 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“1.00”

Context: 5.32

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · copperTonnes: 5320000Grade: 0.22Grade Unit: %Contained Metal: 11.69Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:aa6891f7bd823610d57a
Deposit or zone
Fresh Rock

Resource Data

Category
indicated
Tonnes
5320000
Grade
0.22
Grade Unit
%
Contained Metal
11.69
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This Indicated resource for fresh rock copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.22% Cu is weak for a VMS copper deposit.

Evidence · table

“0.22”

Context: 5.32

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · goldTonnes: 5410000Grade: 0.48Grade Unit: g/tContained Metal: 83.54Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:1bc0208ca063bf1747ff
Deposit or zone
Total

Resource Data

Category
indicated
Tonnes
5410000
Grade
0.48
Grade Unit
g/t
Contained Metal
83.54
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Indicated resource for gold is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.48 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.48”

Context: 5.41

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · silverTonnes: 5410000Grade: 0.99Grade Unit: g/tContained Metal: 172.59Contained Unit: kozHistorical resultNeeds review: historical_restatementView all 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:1bc0208ca063bf1747ff
Deposit or zone
Total

Resource Data

Category
indicated
Tonnes
5410000
Grade
0.99
Grade Unit
g/t
Contained Metal
172.59
Contained Unit
koz
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Indicated resource for silver is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is very low for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.99 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.99”

Context: 5.41

Tags used in scoring

Indicated Resourcepositive

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

Why it applies: category is "indicated"

Cut-off Disclosedpositive

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

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedCabaçal · copperTonnes: 5410000Grade: 0.22Grade Unit: %Contained Metal: 11.87Contained Unit: ktHistorical resultNeeds review: historical_restatementView all 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:1bc0208ca063bf1747ff
Deposit or zone
Total

Resource Data

Category
indicated
Tonnes
5410000
Grade
0.22
Grade Unit
%
Contained Metal
11.87
Contained Unit
kt
Cutoff Grade
0.117
Cutoff Unit
g/t AuEq

Prior Estimate

Resource Date
2025-12-31

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total Indicated resource for copper is a restatement of a prior estimate, offering low novelty, but its reasonable confidence category and NI 43-101 compliance are positive. The grade is weak for the deposit type.

Positive factors

  • Indicated category provides reasonable geological confidence.
  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.22% Cu is weak for a VMS copper deposit.

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

SaproliteCabaçal · goldTonnes: 340000Grade: 0.43Grade Unit: g/tContained Metal: 4.7Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:c5aac1f06d3988707285
Deposit or zone
Saprolite

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total saprolite resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.43 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.43”

Context: 0.34

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

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

SaproliteCabaçal · silverTonnes: 340000Grade: 0.7Grade Unit: g/tContained Metal: 7.68Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:c5aac1f06d3988707285
Deposit or zone
Saprolite

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total saprolite resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.70 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.70”

Context: 0.34

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

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

SaproliteCabaçal · copperTonnes: 340000Grade: 0.12Grade Unit: %Contained Metal: 0.4Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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:c5aac1f06d3988707285
Deposit or zone
Saprolite

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total saprolite resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.12% Cu is weak for a VMS copper deposit.

Evidence · table

“0.12”

Context: 0.34

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

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

TransitionCabaçal · goldTonnes: 1900000Grade: 0.54Grade Unit: g/tContained Metal: 32.91Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:7e57a9db1da6466a2547
Deposit or zone
Transition

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total transition resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.54 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.54”

Context: 1.90

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

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

TransitionCabaçal · silverTonnes: 1900000Grade: 0.63Grade Unit: g/tContained Metal: 38.62Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:7e57a9db1da6466a2547
Deposit or zone
Transition

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total transition resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.63 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“0.63”

Context: 1.90

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

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

TransitionCabaçal · copperTonnes: 1900000Grade: 0.21Grade Unit: %Contained Metal: 3.96Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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:7e57a9db1da6466a2547
Deposit or zone
Transition

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total transition resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.21% Cu is weak for a VMS copper deposit.

Evidence · table

“0.21”

Context: 1.90

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

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

Fresh RockCabaçal · goldTonnes: 67850000Grade: 0.56Grade Unit: g/tContained Metal: 1221.61Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:c06dd83a9dbfc5888ad1
Deposit or zone
Fresh Rock

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total fresh rock resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.56 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.56”

Context: 67.85

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

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

Fresh RockCabaçal · silverTonnes: 67850000Grade: 1.34Grade Unit: g/tContained Metal: 2914.06Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:c06dd83a9dbfc5888ad1
Deposit or zone
Fresh Rock

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total fresh rock resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 1.34 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“1.34”

Context: 67.85

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

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

Fresh RockCabaçal · copperTonnes: 67850000Grade: 0.34Grade Unit: %Contained Metal: 229.12Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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:c06dd83a9dbfc5888ad1
Deposit or zone
Fresh Rock

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total fresh rock resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is moderate for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.34% Cu is moderate for a VMS copper deposit.

Evidence · table

“0.34”

Context: 67.85

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

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

TotalCabaçal · goldTonnes: 70100000Grade: 0.56Grade Unit: g/tContained Metal: 1259.22Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:3595155b7c506d7bf291
Deposit or zone
Total

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total resource for gold is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is weak for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.56 g/t Au is weak for a VMS gold deposit.

Evidence · table

“0.56”

Context: 70.10

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

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

TotalCabaçal · silverTonnes: 70100000Grade: 1.31Grade Unit: g/tContained Metal: 2960.36Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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:3595155b7c506d7bf291
Deposit or zone
Total

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total resource for silver is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is very low for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 1.31 g/t Ag is very low for a VMS silver deposit.

Evidence · table

“1.31”

Context: 70.10

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

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

TotalCabaçal · copperTonnes: 70100000Grade: 0.33Grade Unit: %Contained Metal: 233.48Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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:3595155b7c506d7bf291
Deposit or zone
Total

Resource Data

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
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2026-01-20T00:00:00.000Z

Dates

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

Reasoning: This total resource for copper is a restatement of a prior estimate, offering low novelty, but its NI 43-101 compliance is positive. The grade is moderate for the deposit type.

Positive factors

  • The resource is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The resource estimate is a restatement of a prior announcement, indicating low novelty.
  • The grade of 0.33% Cu is moderate for a VMS copper deposit.

Evidence · table

“0.33”

Context: 70.10

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

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 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: The Proven Reserve for gold represents a highly confident and economically viable portion of the resource, significantly de-risking the project.

Positive factors

  • Proven Reserve indicates the highest level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.
  • The grade of 0.62 g/t Au is moderate for an open-pit VMS gold deposit.

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 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: The Proven Reserve for silver represents a highly confident and economically viable portion of the resource, contributing to byproduct credits, though the grade is very low.

Positive factors

  • Proven Reserve indicates the highest level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The grade of 1.33 g/t Ag is very low for an open-pit VMS silver deposit.

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 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: The Proven Reserve for copper represents a highly confident and economically viable portion of the resource, significantly de-risking the project.

Positive factors

  • Proven Reserve indicates the highest level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.
  • The grade of 0.35% Cu is moderate for an open-pit VMS copper deposit.

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 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: The Probable Reserve for gold represents an economically viable portion of the resource, contributing to the overall project, though the grade is weak.

Positive factors

  • Probable Reserve indicates a high level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The grade of 0.28 g/t Au is weak for an open-pit VMS gold deposit.

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 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: The Probable Reserve for silver represents an economically viable portion of the resource, contributing to byproduct credits, though the grade is very low.

Positive factors

  • Probable Reserve indicates a high level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The grade of 1.00 g/t Ag is very low for an open-pit VMS silver deposit.

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 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: The Probable Reserve for copper represents an economically viable portion of the resource, contributing to the overall project, though the grade is weak.

Positive factors

  • Probable Reserve indicates a high level of confidence in economic viability.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The grade of 0.25% Cu is weak for an open-pit VMS copper deposit.

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

Fact 43Cabaçal · 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:d9c4351c28f47913cdc0
Mining method
combined

Resource Data

Tonnes
56040000
Grade
0.61
Grade Unit
g/t
Contained Metal
1106.5
Contained Unit
koz
Cutoff Grade
0.138
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: The total gold reserve confirms a substantial and economically viable component for the project, with high confidence and NI 43-101 compliance.

Positive factors

  • The total reserve for gold indicates a significant and economically viable portion of the resource.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.
  • The grade of 0.61 g/t Au is moderate for an open-pit VMS gold deposit.

Evidence · table

“0.61”

Context: 56.04

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

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 44Cabaçal · 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:d9c4351c28f47913cdc0
Mining method
combined

Resource Data

Tonnes
56040000
Grade
1.33
Grade Unit
g/t
Contained Metal
2388
Contained Unit
koz
Cutoff Grade
0.138
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: The total silver reserve confirms a substantial and economically viable component for the project, contributing to byproduct credits, though the grade is very low.

Positive factors

  • The total reserve for silver indicates a significant and economically viable portion of the resource.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.

Negative factors

  • The grade of 1.33 g/t Ag is very low for an open-pit VMS silver deposit.

Evidence · table

“1.33”

Context: 56.04

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

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 45Cabaçal · 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:d9c4351c28f47913cdc0
Mining method
combined

Resource Data

Tonnes
56040000
Grade
0.35
Grade Unit
%
Contained Metal
429.9
Contained Unit
mlb
Cutoff Grade
0.138
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: The total copper reserve confirms a substantial and economically viable component for the project, with high confidence and NI 43-101 compliance.

Positive factors

  • The total reserve for copper indicates a significant and economically viable portion of the resource.
  • The reserve is compliant with NI 43-101 standards and signed off by a Qualified Person.
  • The grade of 0.35% Cu is moderate for an open-pit VMS copper deposit.

Evidence · table

“0.35”

Context: 56.04

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

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

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

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Metallurgical Results (3)

flotationCabaçal · goldRecovery: 89.3 %View all details
Link to this fact

Identity

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

Test Work

Test Type
flotation
Processing Route
gravity circuit concentrator and flotation with the copper
Sample
LOM average

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: The average metallurgical recovery for gold is high, contributing positively to the project's economics and de-risking the processing aspect.

Positive factors

  • Gold recovery of 89.3% is strong for a mill-CIL processing route, indicating efficient extraction.
  • The recovery is based on actual test work, providing high confidence in the estimate.

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 mill_cil 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

Test Type
flotation
Processing Route
flotation techniques
Sample
LOM average

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: The average metallurgical recovery for copper is exceptionally high, significantly enhancing the project's economic viability.

Positive factors

  • Copper recovery of 92.8% is exceptional for a flotation processing route, indicating highly efficient extraction.
  • The recovery is based on actual test work, providing high confidence in the estimate.

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

Test Type
flotation
Processing Route
flotation with the copper
Sample
LOM average

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: The average metallurgical recovery for silver is moderate, adding value as a byproduct credit to the project.

Positive factors

  • Silver recovery of 74.3% is moderate for a flotation processing route, contributing to overall project economics.
  • The recovery is based on actual test work, providing high confidence in the estimate.

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.