# NATIONS ROYALTY PROVIDES UPDATE ON ROYALTY INTEREST: THE KSM DEPOSIT RECEIVES "SUBSTANTIALLY STARTED" DESIGNATION

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--d5619998-3a05-4a36-8791-16b9042db005

Original source: https://money.tmx.com/en/quote/NRC/news/6984468142508304/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub

Publisher: tmx

Original announcement: 2024-07-30T12:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Nations Royalty Corp.

- Ticker: NRC

- Exchange: TSX

- Region: British Columbia

- Primary commodity: Copper

- Secondary commodities: Gold, Silver, Molybdenum

- Document categories: Permitting, Resource update

- Extracted: 2026-08-22 03:44:52 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Nations Royalty announced that the KSM Project in British Columbia has received a 'Substantially Started' designation from the provincial government, ensuring its environmental certificate will not expire. The project is a massive copper-gold-silver-molybdenum deposit with significant Proven and Probable reserves.

Reasoning: The 'Substantially Started' designation is a major de-risking event for the KSM project, ensuring the environmental certificate remains valid in perpetuity.

- Positive factor: Permitting milestone: 'Substantially Started' designation removes expiry risk for EAC

- Positive factor: Large-scale asset: World's largest permitted copper-gold development project

- Positive factor: High-quality reserves: Significant contained metal in Proven and Probable categories

- Negative factor: Third-party reliance: Data is based on Seabridge Gold's disclosures, not independently verified by Nations Royalty

Facts used in scoring: 8

## Classification and evidence

**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: Jim Gray, P.Eng. is named as the Independent Qualified Person for the Mineral Reserve Estimates.

Evidence · text

> reviewed by Jim Gray, P.Eng. \(who is also the Independent Qualified Person

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The disclosure mentions compliance with NI 43-101 standards via the Qualified Person review.

Evidence · text

> within the meaning of National Instrument 43-101 Standards of Disclosure

## Extracted facts

Stored fact records: 0. Some facts used in scoring do not have a stored record.

No stored fact records are available for this extraction.

## 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.