# 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 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d Original source: https://www.newsfilecorp.com/release/319014/Minnova-Announces-Positive-Preliminary-Economic-Assessment-for-the-PL-Gold-Mine-Restart-AfterTax-NPV5-of-US181-Million-and-111-IRR-at-US3000oz-Gold-Rising-to-US439-Million-at-US4000oz Publisher: newsfile Original announcement: 2026-10-14T21:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T21:33:08.197Z Atlas analysis updated: 2026-10-14T21:33:08.197Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Strong after-tax NPV and IRR at base case gold price, indicating robust project economics. - Positive factor: Low pre-production capital due to existing infrastructure, leading to a very short payback period. - Positive factor: Significant leverage to higher gold prices, substantially increasing project value. - Positive factor: High average annual gold production over a 10-year mine life. - Positive factor: Resource estimate includes a high-grade open-pit component. - Negative factor: PEA is preliminary in nature and includes Inferred Mineral Resources, which are speculative. - Negative factor: Project is sensitive to gold price and recovered grade, posing market and geological risks. - Negative factor: No Mineral Reserves have been estimated, indicating further studies are required. Facts used in scoring: 12 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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 Capital** Polarity: positive Story-specific tag Definition: 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 Period** Polarity: positive Story-specific tag Definition: 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 IRR** Polarity: positive Story-specific tag Definition: 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 Disclosed** Polarity: neutral Story-specific tag Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-3) PL Gold Mine · gold #### 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 factor: High-grade Measured resource for the open pit. - Positive factor: Measured category indicates high geological confidence. Evidence · table > 1,288,360 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-4) PL Gold Mine · gold #### 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 factor: High-grade Indicated resource for the open pit. Evidence · table > 289,750 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-5) PL Gold Mine · gold #### 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 factor: High-grade Inferred resource for the open pit, indicating potential for future conversion. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 118,689 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-6) PL Gold Mine · gold #### 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 factor: High-grade Measured resource for the underground portion. - Positive factor: Measured category indicates high geological confidence. Evidence · table > 1,343,678 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-7) PL Gold Mine · gold #### 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 factor: High-grade Indicated resource for the underground portion. Evidence · table > 835,239 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-8) PL Gold Mine · gold #### 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 factor: Significant tonnage in the Inferred category for the underground portion, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1,548,443 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-9) PL Gold Mine · gold #### 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 factor: 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-10) PL Gold Mine · gold #### 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 factor: Significant Indicated resource with good grade for combined operations. Evidence · table > 1,124,989 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/minnova-announces-positive-preliminary-economic-assessment-for-the-pl-gold-mine--785140f2-24da-44a2-9f1b-a32c09636e6d#fact-resource-facts-11) PL Gold Mine · gold #### 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 factor: Substantial Inferred resource for combined operations, indicating significant exploration potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1,667,132 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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.