Minnova Announces Positive Preliminary Economic Assessment for the PL Gold Mine Restart: After-Tax NPV5% of US$181 Million and 111% IRR at US$3,000/oz Gold, Rising to US$439 Million at US$4,000/oz
Original announcement by newsfile on
- Company
- Minnova Corp.
- Ticker
- MCI
- Exchange
- Unavailable
- Region
- Manitoba
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Other, Resource update
- Extracted
- 2026-10-14 21:33:08 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Minnova Corp. announced a positive Preliminary Economic Assessment (PEA) for the restart of its PL Gold Mine, projecting an after-tax NPV5% of US$180.6 million and an IRR of 111% at a base case gold price of US$3,000/oz. The study highlights low pre-production capital of US$53.4 million, a rapid payback of 0.68 years, and a 10-year mine life producing 621.5 thousand ounces of gold. The PEA is based on a 2026 Mineral Resource Estimate that includes high-grade Measured and Indicated resources.
Reasoning: The Preliminary Economic Assessment (PEA) for the PL Gold Mine restart demonstrates robust economics with a high after-tax NPV and IRR, driven by low pre-production capital and a short payback period. The project shows strong leverage to gold price, and the underlying resource includes high-grade components. However, the preliminary nature of the study and reliance on Inferred Resources introduce some risk.
Positive factors
- Strong after-tax NPV and IRR at base case gold price, indicating robust project economics.
- Low pre-production capital due to existing infrastructure, leading to a very short payback period.
- Significant leverage to higher gold prices, substantially increasing project value.
- High average annual gold production over a 10-year mine life.
- Resource estimate includes a high-grade open-pit component.
Negative factors
- PEA is preliminary in nature and includes Inferred Mineral Resources, which are speculative.
- Project is sensitive to gold price and recovered grade, posing market and geological risks.
- No Mineral Reserves have been estimated, indicating further studies are required.
Facts used in scoring: 12
Classification and evidence
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate was prepared to support the Preliminary Economic Assessment.
Evidence · text
“The PEA is based on the 2026 MRE for the PL Gold Mine prepared by A&B Global Mining ("ABGM") under the supervision of Nicholas Ross King, BSc (Hons) Geology, GDE (Mining Engineering), Pr.Sci.Nat., as announced on September 10, 2026 and summarised in Table 8.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA and Mineral Resource Estimate were prepared in accordance with National Instrument 43-101.
Evidence · text
“The PEA was prepared by A&B Global Mining (Pty) Ltd. ("ABGM") under the supervision of Nicholas Ross King, BSc (Hons) Geology, GDE (Mining Engineering), Pr.Sci Nat. in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")”
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: Independent Qualified Persons are named and responsible for the PEA and MRE.
Evidence · text
“The scientific and technical information in this news release relating to the Preliminary Economic Assessment (PEA) has been reviewed and approved by the following independent Qualified Persons of A&B Global (Pty) Ltd., South Africa, as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").”
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 significant Measured category for both open pit and underground.
Evidence · table
“Measured”
Context: Category
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes a significant Indicated category for both open pit and underground.
Evidence · table
“Indicated”
Context: Category
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes a substantial Inferred category for both open pit and underground.
Evidence · table
“Inferred”
Context: Category
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for both open pit and underground resources are clearly stated.
Evidence · text
“PL Deposit - Open Pit: cut-off grade 0.60 g/t Au”
Low Pre-production Capitalpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Pre-production capital is estimated at a low US$53.4 million, reflecting refurbishment of existing infrastructure.
Evidence · text
“Low pre-production capital of US$53.4 million (2026-2027, including a 15% contingency), reflecting the refurbishment of the existing PL mill and site infrastructure”
Short Payback Periodpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The after-tax payback period is very short at 0.68 years from the start of production.
Evidence · table
“0.68”
Context: After-tax payback from start of production (years)
High IRRpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The after-tax IRR is 111% at the base case, indicating a highly profitable project.
Evidence · table
“111.0%”
Context: After-tax IRR
Sensitivity Analysis Disclosedneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document provides a detailed sensitivity analysis to key variables like gold price, recovered gold, operating cost, and capital cost.
Evidence · text
“The after-tax NPV5% and IRR were tested for changes of ±10% and ±20% in gold price, recovered gold (head grade/recovery), operating costs and capital costs, one variable at a time.”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Resource Estimates (9)
measuredPL Gold Mine · goldTonnes: 1288360Grade: 5.35Grade Unit: g/tContained Metal: 221575Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:e7df98ea0ef70d184d5d
- Deposit or zone
- PL Deposit - Open Pit
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 1288360
- Grade
- 5.35
- Grade Unit
- g/t
- Contained Metal
- 221575
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The open pit Measured resource shows high grade and confidence, contributing significantly to the project's early production.
Positive factors
- High-grade Measured resource for the open pit.
- Measured category indicates high geological confidence.
Evidence · table
“1,288,360”
Context: Measured
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
indicatedPL Gold Mine · goldTonnes: 289750Grade: 4.99Grade Unit: g/tContained Metal: 46516Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:8bde4ca5c0432e2dd814
- Deposit or zone
- PL Deposit - Open Pit
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 289750
- Grade
- 4.99
- Grade Unit
- g/t
- Contained Metal
- 46516
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The open pit Indicated resource adds to the project's high-grade profile with reasonable geological confidence.
Positive factors
- High-grade Indicated resource for the open pit.
Evidence · table
“289,750”
Context: Indicated
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
inferredPL Gold Mine · goldTonnes: 118689Grade: 5.75Grade Unit: g/tContained Metal: 21955Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:63834cf8a0c0cd38c1e4
- Deposit or zone
- PL Deposit - Open Pit
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 118689
- Grade
- 5.75
- Grade Unit
- g/t
- Contained Metal
- 21955
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The open pit Inferred resource shows high grade but requires further drilling to upgrade confidence for economic studies.
Positive factors
- High-grade Inferred resource for the open pit, indicating potential for future conversion.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“118,689”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
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
measuredPL Gold Mine · goldTonnes: 1343678Grade: 5.06Grade Unit: g/tContained Metal: 218603Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:5f81d6fb78282442868d
- Deposit or zone
- PL Deposit - Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 1343678
- Grade
- 5.06
- Grade Unit
- g/t
- Contained Metal
- 218603
- Contained Unit
- oz
- Cutoff Grade
- 1.92
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The underground Measured resource shows high grade and confidence, supporting the long-term mine plan.
Positive factors
- High-grade Measured resource for the underground portion.
- Measured category indicates high geological confidence.
Evidence · table
“1,343,678”
Context: Measured
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
indicatedPL Gold Mine · goldTonnes: 835239Grade: 4.26Grade Unit: g/tContained Metal: 114464Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:c20a03029671188a074d
- Deposit or zone
- PL Deposit - Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 835239
- Grade
- 4.26
- Grade Unit
- g/t
- Contained Metal
- 114464
- Contained Unit
- oz
- Cutoff Grade
- 1.92
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The underground Indicated resource adds to the project's high-grade profile with reasonable geological confidence.
Positive factors
- High-grade Indicated resource for the underground portion.
Evidence · table
“835,239”
Context: Indicated
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
inferredPL Gold Mine · goldTonnes: 1548443Grade: 3.63Grade Unit: g/tContained Metal: 180855Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:a454295eef9a9d3c2186
- Deposit or zone
- PL Deposit - Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1548443
- Grade
- 3.63
- Grade Unit
- g/t
- Contained Metal
- 180855
- Contained Unit
- oz
- Cutoff Grade
- 1.92
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The underground Inferred resource provides substantial tonnage for future exploration and potential conversion, despite its lower confidence category.
Positive factors
- Significant tonnage in the Inferred category for the underground portion, indicating future potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1,548,443”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
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
measuredPL Gold Mine · goldTonnes: 2632038Grade: 5.2Grade Unit: g/tContained Metal: 440178Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:b8330c8183abfe459714
- Deposit or zone
- PL Deposit - Open Pit and Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 2632038
- Grade
- 5.2
- Grade Unit
- g/t
- Contained Metal
- 440178
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The combined Measured resource provides a substantial high-confidence base for the project's production plan.
Positive factors
- Large Measured resource with high grade, indicating strong geological confidence for combined operations.
Evidence · table
“2,632,038”
Context: Measured
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
indicatedPL Gold Mine · goldTonnes: 1124989Grade: 4.45Grade Unit: g/tContained Metal: 160980Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:8dac286fc7579fbabd85
- Deposit or zone
- PL Deposit - Open Pit and Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1124989
- Grade
- 4.45
- Grade Unit
- g/t
- Contained Metal
- 160980
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The combined Indicated resource adds to the project's overall resource base with reasonable geological confidence.
Positive factors
- Significant Indicated resource with good grade for combined operations.
Evidence · table
“1,124,989”
Context: Indicated
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
inferredPL Gold Mine · goldTonnes: 1667132Grade: 3.78Grade Unit: g/tContained Metal: 202810Contained Unit: ozView all detailsHide details
Identity
- Project
- PL Gold Mine
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- MCI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Nicholas Ross King, Ettienne Jaques Oosthuizen
- Resource group id
- resource:fe343543a17df8ff0f66
- Deposit or zone
- PL Deposit - Open Pit and Underground
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1667132
- Grade
- 3.78
- Grade Unit
- g/t
- Contained Metal
- 202810
- Contained Unit
- oz
- Cutoff Grade
- 0.6
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-09-10
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-14T00:00:00.000Z
Reasoning: The combined Inferred resource provides a large target for future drilling and potential resource conversion, despite its lower confidence.
Positive factors
- Substantial Inferred resource for combined operations, indicating significant exploration potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1,667,132”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
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
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.