# 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--88b6db86-6f1a-4b80-8641-c71071f05c5f

Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1808-tsx-venture/mci/212911-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.html

Publisher: jmn

Original announcement: 2026-10-14T18:48:02.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-14T22:49:08.394Z

Atlas analysis updated: 2026-10-14T22:49:08.394Z

- Company: Minnova Corp.

- Ticker: MCI

- Exchange: TSXV

- Region: Manitoba

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Other, Resource update

- Extracted: 2026-10-14 22:49:09 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Minnova announced a positive Preliminary Economic Assessment \(PEA\) for its PL Gold Mine restart, projecting an after-tax NPV5% of US$181 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 short 0.68-year payback, and estimated production of 621.5 thousand ounces of gold over a 10-year mine life. The PEA is based on a combined open-pit and underground operation, utilizing existing mill and site infrastructure, and incorporates the 2026 Mineral Resource Estimate.

Reasoning: Minnova announced a highly positive Preliminary Economic Assessment for the PL Gold Mine restart, demonstrating robust economics with a high NPV and IRR, low capital requirements, and a short payback period, leveraging existing infrastructure and a recent resource estimate. While preliminary, the results indicate strong potential for the project.

- Positive factor: High after-tax NPV5% of US$181 million at US$3,000/oz gold, rising to US$439 million at US$4,000/oz gold.

- Positive factor: Strong after-tax IRR of 111% at base case gold price.

- Positive factor: Low pre-production capital of US$53.4 million, leveraging existing mill and site infrastructure.

- Positive factor: Short payback period of 0.68 years from start of production.

- Positive factor: Significant LOM recovered gold of 621.5 thousand ounces over a 10-year mine life.

- Positive factor: The PEA is based on a recent 2026 Mineral Resource Estimate, which shows significant Measured and Indicated resources.

- Negative factor: The PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered too speculative geologically for economic considerations.

- Negative factor: The project economics are highly sensitive to gold price and recovered grade.

- Negative factor: Non-GAAP financial measures are used without reconciliation to IFRS measures.

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

Facts used in scoring: 63

## Classification and evidence

**High NPV**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The after-tax NPV5% is US$181 million at US$3,000/oz gold, rising to US$439 million at US$4,000/oz gold, which is a strong valuation for the project.

Evidence · text

> 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

**High IRR**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The after-tax IRR is 111% at US$3,000/oz gold, indicating a highly profitable project.

Evidence · text

> After-Tax NPV5% of US$181 Million and 111% IRR at US$3,000/oz Gold

**Low Initial Capex**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The pre-production capital is estimated at US$53.4 million, which is considered low for a mine restart project.

Evidence · text

> Low pre-production capital of US$53.4 million

**Short Payback Period**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The after-tax payback period is 0.68 years from the start of production, indicating a very rapid return on investment.

Evidence · text

> 0.7-year payback

**Existing Infrastructure Utilized**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The project benefits from re-using the existing PL mill and site infrastructure, which contributes to lower capital costs.

Evidence · text

> re-uses the existing processing plant at the past-producing PL mine site

**PEA-Supporting**

Polarity: neutral

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

Why it applies: The document is a Preliminary Economic Assessment, which is an early-stage economic study.

Evidence · text

> Preliminary Economic Assessment

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The PEA includes Inferred Mineral Resources, which are considered too speculative geologically to have economic considerations applied to them.

Evidence · text

> It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves

**Non-GAAP Measures Used**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The news release refers to total cash cost, AISC, all-in cost \(AIC\) and free cash flow, which are non-GAAP financial measures or ratios.

Evidence · text

> This news release refers to total cash cost, AISC, all-in cost \(AIC\) and free cash flow, which are non-GAAP financial measures or ratios.

**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 resource component, indicating high geological confidence.

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 resource component, indicating reasonable geological confidence.

Evidence · table

> Indicated

Context: Category

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The Mineral Resource Estimate was prepared in accordance with National Instrument 43-101.

Evidence · text

> 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: The scientific and technical information was reviewed and approved by independent Qualified Persons Nicholas Ross King, Ettienne Jaques Oosthuizen, and Gordon Ian Cunningham.

Evidence · text

> reviewed and approved by the following independent Qualified Persons of A&B Global \(Pty\) Ltd., South Africa, as defined under National Instrument 43-101

**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 \(0.60 g/t Au\) and underground \(1.92 g/t and 1.43 g/t Au\) resources are clearly stated.

Evidence · text

> Open-pit Mineral Resources: cut-off grade of 0.60 g/t Au

**Resource Update**

Polarity: neutral

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

Why it applies: The PEA is based on the 2026 Mineral Resource Estimate announced on September 10, 2026, indicating a revised estimate for the project.

Evidence · text

> based on the 2026 Mineral Resource Estimate \("2026 MRE"\) announced on September 10, 2026

## 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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-54)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:3d46823841b64fcba1cd
- Deposit or zone: PL Deposit - Open Pit

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource for the open pit is substantial with a high grade, providing a strong foundation for the project.

- Positive factor: High confidence Measured resource.

- Positive factor: High grade for an open pit resource.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-55)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:1a6109cd976df00d9927
- Deposit or zone: PL Deposit - Open Pit

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource for the open pit adds to the project's confidence with a good grade.

- Positive factor: Good confidence Indicated resource.

- Positive factor: High grade for an open pit resource.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-56)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:0c415f0c779823063c83
- Deposit or zone: PL Deposit - Open Pit

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Inferred resource for the open pit, while high grade, carries lower geological confidence.

- Positive factor: High grade for an open pit resource.

- Negative factor: Lower confidence Inferred category.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-57)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:d41c55dfc95899daa0cf
- Deposit or zone: PL Deposit - Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource for the underground operation is significant with a good grade, supporting the project's long-term plan.

- Positive factor: High confidence Measured resource.

- Positive factor: Good grade for an underground resource.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-58)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:669f7cc4896c31fcb29f
- Deposit or zone: PL Deposit - Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource for the underground operation adds to the project's confidence with a good grade.

- Positive factor: Good confidence Indicated resource.

- Positive factor: Good grade for an underground resource.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-59)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:885286fba7b6ae459387
- Deposit or zone: PL Deposit - Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Inferred resource for the underground operation, while good grade, carries lower geological confidence.

- Positive factor: Good grade for an underground resource.

- Negative factor: Lower confidence Inferred category.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-60)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:4591402debffccddaa48
- Deposit or zone: PL Deposit - Open Pit and Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Measured resource for the combined operation is substantial and high-grade, providing a strong foundation for the PEA.

- Positive factor: Significant Measured resource base.

- Positive factor: High grade for a combined operation.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-61)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:fc9427973b68d74c3687
- Deposit or zone: PL Deposit - Open Pit and Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Indicated resource for the combined operation adds significant confidence and grade to the project.

- Positive factor: Significant Indicated resource base.

- Positive factor: Good grade for a combined operation.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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--88b6db86-6f1a-4b80-8641-c71071f05c5f#fact-resource-facts-62)

PL Gold Mine · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: PL Gold Mine
- Commodity: gold
- Region: canada\_mb
- Reported Region: Manitoba
- Ticker: MCI

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Nicholas Ross King
- Resource group id: resource:657904903a3cd673eb3e
- Deposit or zone: PL Deposit - Open Pit and Underground

#### 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: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-09-10T00:00:00.000Z

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Inferred resource for the combined operation provides future exploration potential but carries lower geological confidence.

- Positive factor: Significant Inferred resource base.

- Positive factor: Good grade for a combined operation.

- Negative factor: Lower confidence Inferred category.

- Negative factor: Resource estimate is historical to this document.

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

**Resource Update**

Polarity: neutral

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

Why it applies: the release compares against a previous estimate

**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.