# NFL: Ciclon Copper Project - Transaction Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154224 Publisher: asx Original announcement: 2026-10-19T07:49:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T08:12:46.550Z Atlas analysis updated: 2026-10-19T08:12:46.550Z - Company: Norfolk Metals Limited - Ticker: NFL - Exchange: ASX - Region: Chile - Primary commodity: Copper - Secondary commodities: Zinc, Lead, Silver, Gold - Document categories: Agreement transaction, Capital raise, Resource update - Extracted: 2026-10-19 08:12:47 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Norfolk Metals Limited has provided an update on its acquisition of the Ciclón Copper Project in Chile, extending the Share Purchase Agreement to December 2026 and reducing the minimum capital raising condition to AUD $75 million. The project includes a JORC 2012 Mineral Resource Estimate of 11.8 Mt at 2.88% CuEq, with details provided for various commodities and categories. The transaction is conditional on the capital raising and ASX reinstatement, and the company has secured a loan for operational costs. Reasoning: The company provided an update on a significant acquisition, including an extension of the SPA and a reduction in the capital raising target, which are positive steps towards completing the transaction. The acquired project includes a JORC-compliant resource estimate and environmental approval, de-risking future development. However, the transaction has faced delays and required additional financing through a loan. - Positive factor: Acquisition progressing with extended SPA - Positive factor: Capital raising condition reduced, easing financing path - Positive factor: Project includes a JORC 2012 Mineral Resource Estimate - Positive factor: Environmental approval for underground mining operations received - Negative factor: Transaction delays requiring extension fees - Negative factor: Loan taken for operational costs Facts used in scoring: 57 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is explicitly stated as JORC 2012 compliant. Evidence · text > Mineral Resource Estimate \(JORC 2012\) **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 document includes a 'Competent Person’s Statement' confirming the information relates to Mineral Resources and that the Company is not aware of new information materially affecting it, implying QP/CP sign-off. Evidence · text > Competent Person’s Statement The information in this announcement that relates to Mineral Resources has been extracted from various Norfolk ASX announcements and are available to view on the Company’s website at www.norfolkmetals.com.au or through the ASX website at www.asx.com.au \(using ticker code “NFL”\). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. **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 the Ciclón Copper Mixed Zone, Ciclón Zinc Sulphide Zone, and Exploradora Prospect are clearly stated. Evidence · text > Cut-off grade Ciclón Copper Mixed Zone CuEq% = 1.6% Cut-off grade Ciclón Zinc Sulphide Zone ZnEq% = 4% Cut-off grade Exploradora CuEq% = 0.8% **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource \(3.8 Mt\) is classified as Inferred, which is a speculative category. Evidence · table > 3.8 Context: Inferred **Metal Equivalent Opaque** Polarity: positive Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: Metal equivalent grades are reported with full disclosure of assumed commodity prices and metallurgical recoveries. Evidence · text > Assumed commodity prices: Copper \(Cu\) US$12,000/t; Zinc \(Zn\) US$3,000/t; Lead \(Pb\) US$1,800/t, Silver \(Ag\) US$70/ozt; Gold \(Au\) US$3,000/ozt. Assumed Metallurgical Recoveries: Copper \(Cu\) 68.2%; Zinc \(Zn\) 95.5%; Lead \(Pb\) 89.7%; Silver \(Ag\) 86.7%; Gold \(Au\) 75%. ## Extracted facts Stored fact records: 55. Some facts used in scoring do not have a stored record. ## Resource Estimates (55) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-2) Ciclón Copper Project · copper #### Identity - Project: Ciclón Copper Project - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a1d6f2716c2ce9cc268a #### Resource Data - Category: indicated - Tonnes: 8000000 - Grade: 0.99 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The indicated resource contains a solid copper grade, contributing significantly to the overall metal equivalent value and project potential. - Positive factor: Good copper grade within indicated resource - Positive factor: JORC compliant estimate Evidence · table > 0.99 Context: 8.0 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-3) Ciclón Copper Project · zinc #### Identity - Project: Ciclón Copper Project - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a1d6f2716c2ce9cc268a #### Resource Data - Category: indicated - Tonnes: 8000000 - Grade: 10.76 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 10.76 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The high zinc equivalent grade for the indicated resource highlights the significant contribution of zinc and other base metals to the project's overall value. - Positive factor: High zinc equivalent grade for indicated resource - Positive factor: JORC compliant estimate Evidence · table > 10.76 Context: 8.0 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-4) Ciclón Copper Project · lead #### Identity - Project: Ciclón Copper Project - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a1d6f2716c2ce9cc268a #### Resource Data - Category: indicated - Tonnes: 8000000 - Grade: 0.77 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The presence of lead in the indicated resource adds to the polymetallic nature of the deposit, potentially enhancing overall project value. - Positive factor: Lead grade present within indicated resource - Positive factor: JORC compliant estimate Evidence · table > 0.77 Context: 8.0 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-5) Ciclón Copper Project · silver #### Identity - Project: Ciclón Copper Project - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a1d6f2716c2ce9cc268a #### Resource Data - Category: indicated - Tonnes: 8000000 - Grade: 159 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 159 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The high silver equivalent grade for the indicated resource underscores the significant contribution of silver and other precious metals to the project's overall value. - Positive factor: High silver equivalent grade for indicated resource - Positive factor: JORC compliant estimate Evidence · table > 159 Context: 8.0 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-6) Ciclón Copper Project · gold #### Identity - Project: Ciclón Copper Project - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a1d6f2716c2ce9cc268a #### Resource Data - Category: indicated - Tonnes: 8000000 - Grade: 0.24 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The presence of gold in the indicated resource adds to the polymetallic nature of the deposit, potentially enhancing overall project value. - Positive factor: Gold grade present within indicated resource - Positive factor: JORC compliant estimate Evidence · table > 0.24 Context: 8.0 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-7) Ciclón Copper Project · copper #### Identity - Project: Ciclón Copper Project - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a276cc54860d6c50f466 #### Resource Data - Category: inferred - Tonnes: 3800000 - Grade: 0.82 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The inferred resource contains a copper grade that contributes to the overall metal equivalent, but its lower confidence category means further work is needed for confirmation. - Positive factor: Copper grade present within inferred resource - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.82 Context: 3.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-8) Ciclón Copper Project · zinc #### Identity - Project: Ciclón Copper Project - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a276cc54860d6c50f466 #### Resource Data - Category: inferred - Tonnes: 3800000 - Grade: 10.09 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 10.09 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The high zinc equivalent grade for the inferred resource highlights the significant contribution of zinc and other base metals, but requires further drilling to upgrade confidence. - Positive factor: High zinc equivalent grade for inferred resource - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 10.09 Context: 3.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-9) Ciclón Copper Project · lead #### Identity - Project: Ciclón Copper Project - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a276cc54860d6c50f466 #### Resource Data - Category: inferred - Tonnes: 3800000 - Grade: 0.89 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The presence of lead in the inferred resource adds to the polymetallic nature of the deposit, but its contribution needs to be confirmed with higher confidence drilling. - Positive factor: Lead grade present within inferred resource - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.89 Context: 3.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-10) Ciclón Copper Project · silver #### Identity - Project: Ciclón Copper Project - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a276cc54860d6c50f466 #### Resource Data - Category: inferred - Tonnes: 3800000 - Grade: 150 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 150 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The high silver equivalent grade for the inferred resource underscores the significant contribution of silver and other precious metals, but requires further drilling to upgrade confidence. - Positive factor: High silver equivalent grade for inferred resource - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 150 Context: 3.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-11) Ciclón Copper Project · gold #### Identity - Project: Ciclón Copper Project - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:a276cc54860d6c50f466 #### Resource Data - Category: inferred - Tonnes: 3800000 - Grade: 0.18 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The presence of gold in the inferred resource adds to the polymetallic nature of the deposit, but its contribution needs to be confirmed with higher confidence drilling. - Positive factor: Gold grade present within inferred resource - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.18 Context: 3.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-12) Ciclón Prospect · copper #### Identity - Project: Ciclón Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:48c41c014f049da2384a - Deposit or zone: Copper Mixed #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 1.17 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 4.04 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect shows a good indicated copper grade and high copper equivalent, contributing positively to the overall resource. - Positive factor: Good copper grade in indicated resource for Copper Mixed zone - Positive factor: High copper equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 1.17 Context: 1.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-13) Ciclón Prospect · zinc #### Identity - Project: Ciclón Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:48c41c014f049da2384a - Deposit or zone: Copper Mixed #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 0.65 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 11.54 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains a zinc grade and high zinc equivalent, adding to the polymetallic nature of the indicated resource. - Positive factor: Zinc grade present in indicated resource for Copper Mixed zone - Positive factor: High zinc equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.65 Context: 1.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-14) Ciclón Prospect · lead #### Identity - Project: Ciclón Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:48c41c014f049da2384a - Deposit or zone: Copper Mixed #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 0.58 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 170 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains a lead grade and high silver equivalent, further diversifying the indicated resource. - Positive factor: Lead grade present in indicated resource for Copper Mixed zone - Positive factor: High silver equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.58 Context: 1.6 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-15) Ciclón Prospect · silver #### Identity - Project: Ciclón Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:48c41c014f049da2384a - Deposit or zone: Copper Mixed #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 91 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect shows a good indicated silver grade, contributing to the polymetallic nature of the resource. - Positive factor: Good silver grade in indicated resource for Copper Mixed zone - Positive factor: JORC compliant estimate Evidence · table > 91 Context: 1.6 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-16) Ciclón Prospect · gold #### Identity - Project: Ciclón Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:48c41c014f049da2384a - Deposit or zone: Copper Mixed #### Resource Data - Category: indicated - Tonnes: 1600000 - Grade: 0.4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains a gold grade, adding to the polymetallic nature of the indicated resource. - Positive factor: Gold grade present in indicated resource for Copper Mixed zone - Positive factor: JORC compliant estimate Evidence · table > 0.40 Context: 1.6 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-17) Ciclón Prospect · copper #### Identity - Project: Ciclón Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1cc264e3bd9b1e4df242 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 0.57 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 2.4 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect shows a significant indicated resource with a good copper equivalent grade, contributing substantially to the overall resource. - Positive factor: Significant indicated resource tonnage for Zinc Sulphide zone - Positive factor: Good copper equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.57 Context: 5.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-18) Ciclón Prospect · zinc #### Identity - Project: Ciclón Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1cc264e3bd9b1e4df242 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 3.16 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 9.59 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains a high indicated zinc grade and zinc equivalent, highlighting its significant contribution to the polymetallic resource. - Positive factor: High zinc grade in indicated resource for Zinc Sulphide zone - Positive factor: High zinc equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 3.16 Context: 5.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-19) Ciclón Prospect · lead #### Identity - Project: Ciclón Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1cc264e3bd9b1e4df242 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 0.96 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains a lead grade and high silver equivalent, further diversifying the indicated resource. - Positive factor: Lead grade present in indicated resource for Zinc Sulphide zone - Positive factor: High silver equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.96 Context: 5.1 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-20) Ciclón Prospect · silver #### Identity - Project: Ciclón Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1cc264e3bd9b1e4df242 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 46 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect shows a good indicated silver grade, contributing to the polymetallic nature of the resource. - Positive factor: Good silver grade in indicated resource for Zinc Sulphide zone - Positive factor: JORC compliant estimate Evidence · table > 46 Context: 5.1 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-21) Ciclón Prospect · gold #### Identity - Project: Ciclón Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1cc264e3bd9b1e4df242 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: indicated - Tonnes: 5100000 - Grade: 0.21 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains a gold grade, adding to the polymetallic nature of the indicated resource. - Positive factor: Gold grade present in indicated resource for Zinc Sulphide zone - Positive factor: JORC compliant estimate Evidence · table > 0.21 Context: 5.1 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-22) Ciclón Prospect · copper #### Identity - Project: Ciclón Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b5677f26de50777af1b8 - Deposit or zone: Copper Mixed #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 3.92 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect shows an inferred copper grade and high copper equivalent, indicating further potential but requiring more drilling to upgrade confidence. - Positive factor: Copper grade in inferred resource for Copper Mixed zone - Positive factor: High copper equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.70 Context: 0.9 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-23) Ciclón Prospect · zinc #### Identity - Project: Ciclón Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b5677f26de50777af1b8 - Deposit or zone: Copper Mixed #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 11.19 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains an inferred zinc grade and high zinc equivalent, adding to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Zinc grade present in inferred resource for Copper Mixed zone - Positive factor: High zinc equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.44 Context: 0.9 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-24) Ciclón Prospect · lead #### Identity - Project: Ciclón Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b5677f26de50777af1b8 - Deposit or zone: Copper Mixed #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.59 - Grade Unit: % - Cutoff Grade: 1.6 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 164 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains an inferred lead grade and high silver equivalent, further diversifying the resource but requiring more drilling to upgrade confidence. - Positive factor: Lead grade present in inferred resource for Copper Mixed zone - Positive factor: High silver equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.59 Context: 0.9 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-25) Ciclón Prospect · silver #### Identity - Project: Ciclón Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b5677f26de50777af1b8 - Deposit or zone: Copper Mixed #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 107 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect shows a good inferred silver grade, contributing to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Good silver grade in inferred resource for Copper Mixed zone - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 107 Context: 0.9 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-26) Ciclón Prospect · gold #### Identity - Project: Ciclón Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:b5677f26de50777af1b8 - Deposit or zone: Copper Mixed #### Resource Data - Category: inferred - Tonnes: 900000 - Grade: 0.45 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Mixed zone at Ciclón Prospect contains an inferred gold grade, adding to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Gold grade present in inferred resource for Copper Mixed zone - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.45 Context: 0.9 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-27) Ciclón Prospect · copper #### Identity - Project: Ciclón Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:06037feb43ef860b4eb1 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 0.11 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 2.09 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect shows a lower inferred copper grade, but contributes to the overall copper equivalent, indicating potential that needs further confirmation. - Positive factor: Copper equivalent grade in inferred resource for Zinc Sulphide zone - Positive factor: JORC compliant estimate - Negative factor: Lower copper grade - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.11 Context: 1.4 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-28) Ciclón Prospect · zinc #### Identity - Project: Ciclón Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:06037feb43ef860b4eb1 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 4.11 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 8.37 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains a high inferred zinc grade and zinc equivalent, highlighting its significant contribution to the polymetallic resource, but requiring more drilling to upgrade confidence. - Positive factor: High zinc grade in inferred resource for Zinc Sulphide zone - Positive factor: High zinc equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 4.11 Context: 1.4 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-29) Ciclón Prospect · lead #### Identity - Project: Ciclón Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:06037feb43ef860b4eb1 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 1.63 - Grade Unit: % - Cutoff Grade: 4 - Cutoff Unit: % ZnEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 123 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains an inferred lead grade and high silver equivalent, further diversifying the resource but requiring more drilling to upgrade confidence. - Positive factor: Lead grade present in inferred resource for Zinc Sulphide zone - Positive factor: High silver equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 1.63 Context: 1.4 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-30) Ciclón Prospect · silver #### Identity - Project: Ciclón Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:06037feb43ef860b4eb1 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 40 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect shows an inferred silver grade, contributing to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Silver grade present in inferred resource for Zinc Sulphide zone - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 40 Context: 1.4 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-31) Ciclón Prospect · gold #### Identity - Project: Ciclón Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:06037feb43ef860b4eb1 - Deposit or zone: Zinc Sulphide #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 0.08 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Zinc Sulphide zone at Ciclón Prospect contains a lower inferred gold grade, adding to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Gold grade present in inferred resource for Zinc Sulphide zone - Positive factor: JORC compliant estimate - Negative factor: Lower gold grade - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.08 Context: 1.4 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-32) Exploradora Prospect · copper #### Identity - Project: Exploradora Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:59ca22ffbd702adbe29e - Deposit or zone: Copper Sulphide #### Resource Data - Category: indicated - Tonnes: 1300000 - Grade: 2.39 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 3.61 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect shows a high indicated copper grade and copper equivalent, representing a significant and high-quality portion of the resource. - Positive factor: High copper grade in indicated resource for Copper Sulphide zone - Positive factor: High copper equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 2.39 Context: 1.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-33) Exploradora Prospect · zinc #### Identity - Project: Exploradora Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:59ca22ffbd702adbe29e - Deposit or zone: Copper Sulphide #### Resource Data - Category: indicated - Tonnes: 1300000 - Grade: 0.86 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 14.32 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains a zinc grade and very high zinc equivalent, adding significant polymetallic value to the indicated resource. - Positive factor: Zinc grade present in indicated resource for Copper Sulphide zone - Positive factor: Very high zinc equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.86 Context: 1.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-34) Exploradora Prospect · lead #### Identity - Project: Exploradora Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:59ca22ffbd702adbe29e - Deposit or zone: Copper Sulphide #### Resource Data - Category: indicated - Tonnes: 1300000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 217 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains a lead grade and very high silver equivalent, further diversifying the indicated resource and enhancing its value. - Positive factor: Lead grade present in indicated resource for Copper Sulphide zone - Positive factor: Very high silver equivalent grade - Positive factor: JORC compliant estimate Evidence · table > 0.27 Context: 1.3 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-35) Exploradora Prospect · silver #### Identity - Project: Exploradora Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:59ca22ffbd702adbe29e - Deposit or zone: Copper Sulphide #### Resource Data - Category: indicated - Tonnes: 1300000 - Grade: 57 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect shows a good indicated silver grade, contributing to the polymetallic nature of the resource. - Positive factor: Good silver grade in indicated resource for Copper Sulphide zone - Positive factor: JORC compliant estimate Evidence · table > 57 Context: 1.3 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-36) Exploradora Prospect · gold #### Identity - Project: Exploradora Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:59ca22ffbd702adbe29e - Deposit or zone: Copper Sulphide #### Resource Data - Category: indicated - Tonnes: 1300000 - Grade: 0.16 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains a gold grade, adding to the polymetallic nature of the indicated resource. - Positive factor: Gold grade present in indicated resource for Copper Sulphide zone - Positive factor: JORC compliant estimate Evidence · table > 0.16 Context: 1.3 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-37) Exploradora Prospect · copper #### Identity - Project: Exploradora Prospect - Commodity: copper - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0b23f49ac6a53b6cb787 - Deposit or zone: Copper Sulphide #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 1.59 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect shows a good inferred copper grade and copper equivalent, indicating further potential but requiring more drilling to upgrade confidence. - Positive factor: Good copper grade in inferred resource for Copper Sulphide zone - Positive factor: Good copper equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 1.59 Context: 1.5 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-38) Exploradora Prospect · zinc #### Identity - Project: Exploradora Prospect - Commodity: zinc - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0b23f49ac6a53b6cb787 - Deposit or zone: Copper Sulphide #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 0.98 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 11.12 - Metal Eq. Unit: % ZnEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains an inferred zinc grade and high zinc equivalent, adding significant polymetallic value but requiring more drilling to upgrade confidence. - Positive factor: Zinc grade present in inferred resource for Copper Sulphide zone - Positive factor: High zinc equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.98 Context: 1.5 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-39) Exploradora Prospect · lead #### Identity - Project: Exploradora Prospect - Commodity: lead - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0b23f49ac6a53b6cb787 - Deposit or zone: Copper Sulphide #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 0.33 - Grade Unit: % - Cutoff Grade: 0.8 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 169 - Metal Eq. Unit: ppm AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains an inferred lead grade and high silver equivalent, further diversifying the resource but requiring more drilling to upgrade confidence. - Positive factor: Lead grade present in inferred resource for Copper Sulphide zone - Positive factor: High silver equivalent grade - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.33 Context: 1.5 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-40) Exploradora Prospect · silver #### Identity - Project: Exploradora Prospect - Commodity: silver - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0b23f49ac6a53b6cb787 - Deposit or zone: Copper Sulphide #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 55 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect shows a good inferred silver grade, contributing to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Good silver grade in inferred resource for Copper Sulphide zone - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 55 Context: 1.5 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-41) Exploradora Prospect · gold #### Identity - Project: Exploradora Prospect - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: NFL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0b23f49ac6a53b6cb787 - Deposit or zone: Copper Sulphide #### Resource Data - Category: inferred - Tonnes: 1500000 - Grade: 0.12 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-06-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Copper Sulphide zone at Exploradora Prospect contains an inferred gold grade, adding to the polymetallic nature but requiring more drilling to upgrade confidence. - Positive factor: Gold grade present in inferred resource for Copper Sulphide zone - Positive factor: JORC compliant estimate - Negative factor: Lower confidence category \(inferred\) Evidence · table > 0.12 Context: 1.5 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-42) Copper · copper #### Identity - Project: Copper - Commodity: copper - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:ec2df1e901f80451b839 #### Resource Data - Category: indicated - Tonnes: 8 - Grade: 0.99 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.93 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.99 % Context: 8.0 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-43) Copper · zinc #### Identity - Project: Copper - Commodity: zinc - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:ec2df1e901f80451b839 #### Resource Data - Category: indicated - Tonnes: 8 - Grade: 2.28 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.93 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.28 % Context: 8.0 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-44) Copper · lead #### Identity - Project: Copper - Commodity: lead - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:ec2df1e901f80451b839 #### Resource Data - Category: indicated - Tonnes: 8 - Grade: 0.77 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.93 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.77 % Context: 8.0 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-45) Copper · silver #### Identity - Project: Copper - Commodity: silver - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:ec2df1e901f80451b839 #### Resource Data - Category: indicated - Tonnes: 8 - Grade: 57 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.93 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 57 ppm Context: 8.0 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-46) Copper · gold #### Identity - Project: Copper - Commodity: gold - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:ec2df1e901f80451b839 #### Resource Data - Category: indicated - Tonnes: 8 - Grade: 0.24 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.93 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.24 ppm Context: 8.0 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-47) Copper · copper #### Identity - Project: Copper - Commodity: copper - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:c36fae58818bcce649d0 #### Resource Data - Category: inferred - Tonnes: 3.8 - Grade: 0.82 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.82 % Context: 3.8 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-48) Copper · zinc #### Identity - Project: Copper - Commodity: zinc - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:c36fae58818bcce649d0 #### Resource Data - Category: inferred - Tonnes: 3.8 - Grade: 2.04 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.04 % Context: 3.8 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-49) Copper · lead #### Identity - Project: Copper - Commodity: lead - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:c36fae58818bcce649d0 #### Resource Data - Category: inferred - Tonnes: 3.8 - Grade: 0.89 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.89 % Context: 3.8 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-50) Copper · silver #### Identity - Project: Copper - Commodity: silver - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:c36fae58818bcce649d0 #### Resource Data - Category: inferred - Tonnes: 3.8 - Grade: 61 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 61 ppm Context: 3.8 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-51) Copper · gold #### Identity - Project: Copper - Commodity: gold - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:c36fae58818bcce649d0 #### Resource Data - Category: inferred - Tonnes: 3.8 - Grade: 0.18 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.8 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.18 ppm Context: 3.8 Mt #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-52) Copper · copper #### Identity - Project: Copper - Commodity: copper - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:8fae74e477867787b293 #### Resource Data - Category: inferred - Tonnes: 11.8 - Grade: 0.93 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.88 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.93 Context: 11.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-53) Copper · zinc #### Identity - Project: Copper - Commodity: zinc - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:8fae74e477867787b293 #### Resource Data - Category: inferred - Tonnes: 11.8 - Grade: 2.2 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.88 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.20 Context: 11.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-54) Copper · lead #### Identity - Project: Copper - Commodity: lead - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:8fae74e477867787b293 #### Resource Data - Category: inferred - Tonnes: 11.8 - Grade: 0.81 - Grade Unit: % #### Metal Equivalent - Metal Eq. Grade: 2.88 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.81 Context: 11.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-55) Copper · silver #### Identity - Project: Copper - Commodity: silver - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:8fae74e477867787b293 #### Resource Data - Category: inferred - Tonnes: 11.8 - Grade: 58 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.88 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 58 Context: 11.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nfl-ciclon-copper-project-transaction-update--20b2a29e-4461-45f4-a691-92e1369018a9#fact-resource-facts-56) Copper · gold #### Identity - Project: Copper - Commodity: gold - Ticker: NFL #### Resource scope - Estimate type: resource - Resource group id: resource:8fae74e477867787b293 #### Resource Data - Category: inferred - Tonnes: 11.8 - Grade: 0.22 - Grade Unit: g/t #### Metal Equivalent - Metal Eq. Grade: 2.88 - Metal Eq. Unit: % CuEq #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.22 Context: 11.8 #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## 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.