# Panoro Minerals Signs Long-Term Access Agreement for Cotabambas Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1521-tsx-venture/pml/212328-panoro-signs-long-term-access-agreement-for-cotabambas-project.html Publisher: jmn Original announcement: 2026-10-05T04:04:02.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-05T20:20:09.411Z Atlas analysis updated: 2026-10-05T20:20:09.411Z - Company: Panoro Minerals Ltd. - Ticker: PML - Exchange: TSXV - Region: Peru - Primary commodity: Copper - Secondary commodities: Gold, Silver, Molybdenum - Document categories: Agreement transaction, Resource update - Extracted: 2026-10-05 20:20:10 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Panoro Minerals has signed a five-year surface access agreement with the Cochapata community to facilitate drilling at the North Pit of the Cotabambas Project in Peru. This agreement enables a planned 10,000m drilling program aimed at upgrading mineral resources to the Indicated category in preparation for upcoming feasibility studies. Reasoning: The agreement secures critical surface access for the next five years, enabling the planned drilling program to upgrade resource confidence and advance toward feasibility studies. - Positive factor: Secured surface access for North Pit drilling - Positive factor: Clear path to resource upgrade and technical studies - Positive factor: Strong community alignment Facts used in scoring: 14 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides a detailed breakdown of current mineral resource estimates for the Cotabambas Project. Evidence · text > Indicated Mineral Resources of 507.3 million tonnes **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 reported resource is in the Inferred category. Evidence · text > Inferred Mineral Resources of 496.0 million tonnes ## Extracted facts Stored fact records: 14. Some facts used in scoring do not have a stored record. ## Resource Estimates (14) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-0) Cotabambas Project · copper #### Identity - Project: Cotabambas Project - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:725e77440c419dbc657c - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.33 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard indicated resource component of the project. Evidence · text > Indicated Mineral Resources of 507.3 million tonnes grading 0.33% copper #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-1) Cotabambas Project · gold #### Identity - Project: Cotabambas Project - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:725e77440c419dbc657c - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.2 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard indicated resource component of the project. Evidence · text > 0.20 g/t gold #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-2) Cotabambas Project · silver #### Identity - Project: Cotabambas Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:725e77440c419dbc657c - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 2.42 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard indicated resource component of the project. Evidence · text > 2.42 g/t silver #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-3) Cotabambas Project · molybdenum #### Identity - Project: Cotabambas Project - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:725e77440c419dbc657c - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.0021 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Trace molybdenum component of the indicated resource. Evidence · text > 0.0021% molybdenum #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-4) Cotabambas Project · copper #### Identity - Project: Cotabambas Project - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dc07c0db7108b5feb4db - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.27 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard inferred resource component of the project. Evidence · text > Inferred Mineral Resources of 496.0 million tonnes grading 0.27% copper #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-5) Cotabambas Project · gold #### Identity - Project: Cotabambas Project - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dc07c0db7108b5feb4db - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.17 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard inferred resource component of the project. Evidence · text > 0.17 g/t gold #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-6) Cotabambas Project · silver #### Identity - Project: Cotabambas Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dc07c0db7108b5feb4db - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 2.53 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Standard inferred resource component of the project. Evidence · text > 2.53 g/t silver #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-7) Cotabambas Project · molybdenum #### Identity - Project: Cotabambas Project - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dc07c0db7108b5feb4db - Deposit or zone: Cotabambas Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.0027 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: Trace molybdenum component of the inferred resource. Evidence · text > 0.0027% molybdenum #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-8) Cotabambas Project · copper #### Identity - Project: Cotabambas Project - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6b5985cb134674f3d202 - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 129000000 - Grade: 0.7 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the indicated resource. - Positive factor: High-grade component identified Evidence · text > Indicated Mineral Resource totals of 129.0 million tonnes grading 0.70% Cu #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-9) Cotabambas Project · gold #### Identity - Project: Cotabambas Project - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6b5985cb134674f3d202 - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 129000000 - Grade: 0.44 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the indicated resource. - Positive factor: High-grade component identified Evidence · text > 0.44 g/t Au #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-10) Cotabambas Project · silver #### Identity - Project: Cotabambas Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:6b5985cb134674f3d202 - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 129000000 - Grade: 4.12 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the indicated resource. - Positive factor: High-grade component identified Evidence · text > 4.12 g/t Ag #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-11) Cotabambas Project · copper #### Identity - Project: Cotabambas Project - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:93e01d1c6f1a38f2f5ab - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 93100000 - Grade: 0.59 - Grade Unit: % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the inferred resource. - Positive factor: High-grade component identified Evidence · text > Inferred Mineral Resources of an estimated 93.1 million tonnes grading 0.59% Cu #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-12) Cotabambas Project · gold #### Identity - Project: Cotabambas Project - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:93e01d1c6f1a38f2f5ab - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 93100000 - Grade: 0.41 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the inferred resource. - Positive factor: High-grade component identified Evidence · text > 0.41 g/t Au #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/panoro-minerals-signs-long-term-access-agreement-for-cotabambas-project--ff11e7c7-ed5f-4e5e-9d0d-2dd6d08b5434#fact-resource-facts-13) Cotabambas Project · silver #### Identity - Project: Cotabambas Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: PML #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:93e01d1c6f1a38f2f5ab - Deposit or zone: higher-grade component - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 93100000 - Grade: 5.31 - Grade Unit: g/t #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: High-grade subset of the inferred resource. - Positive factor: High-grade component identified Evidence · text > 5.31 g/t Ag #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.