PVT: Horden Lake Economics Confirm Strong Copper Development Case
Original announcement by asx on
- Company
- Pivotal Metals Ltd
- Ticker
- PVT
- Exchange
- ASX
- Region
- Québec, Canada
- Primary commodity
- Copper
- Secondary commodities
- Nickel, Gold, Silver, Palladium, Platinum, Cobalt
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-09-29 16:41:27 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Pivotal Metals Ltd announced a maiden Scoping Study for its Horden Lake Copper-Nickel-Gold-Silver Project in Québec, Canada, confirming strong development potential. The study outlines robust economics with a post-tax NPV7 of A$920 million and an IRR of 49% at base case pricing, driven by low operating costs (AISC US$1.00/lb Cu) and significant by-product credits. The project benefits from a conventional open-pit mining and flotation flowsheet in a Tier-1 jurisdiction, but the study is preliminary and relies on a substantial portion of Inferred Mineral Resources, with significant funding still required.
Reasoning: The maiden Scoping Study for Horden Lake demonstrates robust economics with high NPV and IRR, low operating costs, and a quick payback, supported by a conventional flowsheet in a Tier-1 jurisdiction. However, the study is preliminary, relies on a significant portion of Inferred Resources, and requires substantial, currently unsecured, funding.
Positive factors
- strong_economics
- low_operating_costs
- quick_payback
- tier_1_jurisdiction
- conventional_processing
- significant_byproduct_credits
- multi_domain_tested
- clean_concentrates
Negative factors
- scoping_study_accuracy
- inferred_resource_reliance
- funding_required
- no_ore_reserves_declared
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 31
Classification and evidence
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The document states 'Clean concentrates with high by-product credits' and 'Tests have demonstrated the flowsheet can ably produce two clean, conventionally saleable concentrates, and no intermediate or unconventional products.'
Evidence · text
“Clean concentrates with high by-product credits”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: The metallurgical database includes 17 samples spanning varying grades and testwork was completed on 15 samples or composites selected from drill core to represent principal host lithologies and different zones.
Evidence · text
“extending the Horden Lake metallurgical database to 17 samples, spanning varying grades and testing recovery relationships.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The concentrator is designed as a conventional crush–grind–float plant.
Evidence · text
“The Horden Lake concentrator has been designed as a conventional crush–grind–float plant treating 3.5 Mtpa of run-of-mine ore.”
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: Nickel, gold, silver, palladium, platinum, and cobalt are listed as byproduct credits alongside the primary copper production.
Evidence · text
“Very low cost: AISC of US$1.00/lb Cu with high by-product credit contribution (US$2.58/lb CuEq)”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource Estimate is reported in accordance with the JORC Code (2012).
Evidence · text
“The Scoping Study is based solely on the MRE released on 7 July 2026, reported in accordance with the JORC Code (2012).”
QP/CP Signedpositive
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 MRE was prepared by Competent Persons Mr Simon Mortimer and Dr Scott Jobin-Bevans.
Evidence · text
“Competent Persons Mr Simon Mortimer and Dr Scott Jobin-Bevans”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for both open pit and underground resources are explicitly stated in the MRE table footnote.
Evidence · text
“*pit constrained ‘open pit’ @ cog USD 25/t NSR. ^ Out-of-pit ‘underground’ cog @ USD 65/t NSR.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource (28.1 Mt) is classified as Inferred Mineral Resources.
Evidence · table
“28.1”
Context: Inferred
Scoping Studyneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document is explicitly titled and described as a Scoping Study.
Evidence · text
“This announcement contains the results of a Scoping Study (Study)”
Funding Requirednegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company states that significant additional funding (>$400m) is needed and there is no certainty it will be able to source this funding.
Evidence · text
“Pivotal believes that it has a reasonable basis to expect it will be able to fund the >$400m required for development of the Project. There is no certainty that the Company will be able to source this funding as and when required.”
Inferred Resource Reliancenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Approximately 30% of the Net Smelter Return (NSR) over the life of mine is derived from Inferred Mineral Resources.
Evidence · text
“Over the life of the Production Target, approximately 30% of the NSR is derived from Inferred Mineral Resources.”
Conventional Processingpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The project utilizes conventional open pit mining and flotation technology, with no novel or unproven process steps.
Evidence · text
“Conventional project, utilising bulk open pit and flotation technology”
Tier-1 Jurisdictionpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The project is located in Québec, which is described as a Tier-1 global mining jurisdiction.
Evidence · text
“Tier-1 Québec enhances strategic appeal for critical metals resilience and associated capital pools”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("dense media separation")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 31. Some facts used in scoring do not have a stored record.
Resource Estimates (24)
indicatedHorden Lake · copper_equivalentTonnes: 45500000Grade: 1.07Grade Unit: %Contained Metal: 485Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper_equivalent
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 1.07
- Grade Unit
- %
- Contained Metal
- 485
- Contained Unit
- kt
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial open pit resource, forming the basis of the Scoping Study, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“1.07”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · copperTonnes: 45500000Grade: 0.56Grade Unit: %Contained Metal: 257Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 0.56
- Grade Unit
- %
- Contained Metal
- 257
- Contained Unit
- kt
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial open pit copper resource, forming the basis of the Scoping Study, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.56”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · nickelTonnes: 45500000Grade: 0.17Grade Unit: %Contained Metal: 79Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- nickel
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 79
- Contained Unit
- kt
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate open pit nickel resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.17”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · 3eTonnes: 45500000Grade: 0.34Grade Unit: g/tContained Metal: 494Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- 3e
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 0.34
- Grade Unit
- g/t
- Contained Metal
- 494
- Contained Unit
- koz
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate open pit 3E (Au+Pd+Pt) resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.34”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · silverTonnes: 45500000Grade: 10.5Grade Unit: g/tContained Metal: 15336Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- silver
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 10.5
- Grade Unit
- g/t
- Contained Metal
- 15336
- Contained Unit
- koz
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate open pit silver resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“10.5”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · cobaltTonnes: 45500000Grade: 134Grade Unit: ppmContained Metal: 6121Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- cobalt
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:4f883f43997e06aea4e9
- Deposit or zone
- Open Pit
Resource Data
- Category
- indicated
- Tonnes
- 45500000
- Grade
- 134
- Grade Unit
- ppm
- Contained Metal
- 6121
- Contained Unit
- t
- Cutoff Grade
- 25
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate open pit cobalt resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“134”
Context: Open Pit*
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · copper_equivalentTonnes: 6900000Grade: 0.93Grade Unit: %Contained Metal: 64Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper_equivalent
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 64
- Contained Unit
- kt
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground resource, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.93”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · copperTonnes: 6900000Grade: 0.51Grade Unit: %Contained Metal: 35Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 0.51
- Grade Unit
- %
- Contained Metal
- 35
- Contained Unit
- kt
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground copper resource, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.51”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · nickelTonnes: 6900000Grade: 0.18Grade Unit: %Contained Metal: 12Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- nickel
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 0.18
- Grade Unit
- %
- Contained Metal
- 12
- Contained Unit
- kt
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground nickel resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.18”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · 3eTonnes: 6900000Grade: 0.25Grade Unit: g/tContained Metal: 55Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- 3e
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 0.25
- Grade Unit
- g/t
- Contained Metal
- 55
- Contained Unit
- koz
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground 3E (Au+Pd+Pt) resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“0.25”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · silverTonnes: 6900000Grade: 8.5Grade Unit: g/tContained Metal: 1872Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- silver
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 8.5
- Grade Unit
- g/t
- Contained Metal
- 1872
- Contained Unit
- koz
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground silver resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“8.5”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · cobaltTonnes: 6900000Grade: 130Grade Unit: ppmContained Metal: 898Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- cobalt
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:ed88d512ad2ed5cea5d0
- Deposit or zone
- Underground
Resource Data
- Category
- indicated
- Tonnes
- 6900000
- Grade
- 130
- Grade Unit
- ppm
- Contained Metal
- 898
- Contained Unit
- t
- Cutoff Grade
- 65
- Cutoff Unit
- USD/t NSR
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate underground cobalt resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- cut_off_disclosed
Evidence · table
“130”
Context: Underground^
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · copper_equivalentTonnes: 24300000Grade: 1.17Grade Unit: %Contained Metal: 283Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper_equivalent
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 1.17
- Grade Unit
- %
- Contained Metal
- 283
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial Measured and Indicated resource, providing high confidence for the Scoping Study, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“1.17”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · copperTonnes: 24300000Grade: 0.67Grade Unit: %Contained Metal: 163Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 0.67
- Grade Unit
- %
- Contained Metal
- 163
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial Measured and Indicated copper resource, providing high confidence for the Scoping Study, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“0.67”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · nickelTonnes: 24300000Grade: 0.18Grade Unit: %Contained Metal: 45Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- nickel
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 0.18
- Grade Unit
- %
- Contained Metal
- 45
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Measured and Indicated nickel resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“0.18”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · 3eTonnes: 24300000Grade: 0.34Grade Unit: g/tContained Metal: 262Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- 3e
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 0.34
- Grade Unit
- g/t
- Contained Metal
- 262
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Measured and Indicated 3E (Au+Pd+Pt) resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“0.34”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · silverTonnes: 24300000Grade: 9.2Grade Unit: g/tContained Metal: 7175Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- silver
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 9.2
- Grade Unit
- g/t
- Contained Metal
- 7175
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Measured and Indicated silver resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“9.2”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedHorden Lake · cobaltTonnes: 24300000Grade: 143Grade Unit: ppmContained Metal: 3478Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- cobalt
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:cdd11260cf8f6d0e3d03
Resource Data
- Category
- indicated
- Tonnes
- 24300000
- Grade
- 143
- Grade Unit
- ppm
- Contained Metal
- 3478
- Contained Unit
- t
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Measured and Indicated cobalt resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
- measured_resource
- indicated_resource
Evidence · table
“143”
Context: M&I
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · copper_equivalentTonnes: 28100000Grade: 0.95Grade Unit: %Contained Metal: 266Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper_equivalent
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 266
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial Inferred resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“0.95”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · copperTonnes: 28100000Grade: 0.46Grade Unit: %Contained Metal: 129Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 129
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a substantial Inferred copper resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“0.46”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · nickelTonnes: 28100000Grade: 0.16Grade Unit: %Contained Metal: 46Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- nickel
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 46
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Inferred nickel resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“0.16”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · 3eTonnes: 28100000Grade: 0.32Grade Unit: g/tContained Metal: 288Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- 3e
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 0.32
- Grade Unit
- g/t
- Contained Metal
- 288
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Inferred 3E (Au+Pd+Pt) resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“0.32”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · silverTonnes: 28100000Grade: 11.1Grade Unit: g/tContained Metal: 10033Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- silver
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 11.1
- Grade Unit
- g/t
- Contained Metal
- 10033
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Inferred silver resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“11.1”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredHorden Lake · cobaltTonnes: 28100000Grade: 126Grade Unit: ppmContained Metal: 3540Contained Unit: tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- cobalt
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Resource scope
- Estimate type
- resource
- Effective date
- 2026-07-07T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Simon Mortimer, Scott Jobin-Bevans
- Resource group id
- resource:b3c087d823ca389e643c
Resource Data
- Category
- inferred
- Tonnes
- 28100000
- Grade
- 126
- Grade Unit
- ppm
- Contained Metal
- 3540
- Contained Unit
- t
Prior Estimate
- Resource Date
- 2026-07-07
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-07-07T00:00:00.000Z
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a moderate Inferred cobalt resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE.
Positive factors
- jorc_compliant
- qp_cp_signed
Negative factors
- inferred_resource
Evidence · table
“126”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
Metallurgical Results (7)
locked-cycleHorden Lake · copperRecovery: 92 %Head Grade: 0.54Head Grade Unit: %View all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- copper
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 92 %
- Recovery Basis
- actual_test
- Head Grade
- 0.54
- Head Grade Unit
- %
- Conc. Grade
- 24
- Conc. Grade Unit
- %
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 92% copper recovery is strong for a conventional flotation circuit, supported by locked-cycle testwork across multiple composites, indicating clean concentrates and good process understanding.
Positive factors
- high_recovery
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“92%”
Context: Cu 0.54 %
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92% is at or above the exceptional band (92%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · nickelRecovery: 49 %Head Grade: 0.16Head Grade Unit: %View all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- nickel
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 49 %
- Recovery Basis
- actual_test
- Head Grade
- 0.16
- Head Grade Unit
- %
- Conc. Grade
- 10
- Conc. Grade Unit
- %
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 49% nickel recovery is moderate for a flotation circuit, but contributes significantly to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“49%”
Context: Ni 0.16 %
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 49% is below the weak band (75%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · goldRecovery: 64 %Head Grade: 0.16Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 64 %
- Recovery Basis
- actual_test
- Head Grade
- 0.16
- Head Grade Unit
- g/t
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 64% gold recovery is moderate, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“64%”
Context: Au 0.16 g/t
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 64% is below the weak band (80%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · silverRecovery: 75 %Head Grade: 9.34Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- silver
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 75 %
- Recovery Basis
- actual_test
- Head Grade
- 9.34
- Head Grade Unit
- g/t
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 75% silver recovery is moderate, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“75%”
Context: Ag 9.34 g/t
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · palladiumRecovery: 60 %Head Grade: 0.13Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- palladium
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 60 %
- Recovery Basis
- actual_test
- Head Grade
- 0.13
- Head Grade Unit
- g/t
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 60% palladium recovery is moderate, contributing to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“60%”
Context: Pd 0.13 g/t
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · platinumRecovery: 28 %Head Grade: 0.04Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- platinum
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 28 %
- Recovery Basis
- actual_test
- Head Grade
- 0.04
- Head Grade Unit
- g/t
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 28% platinum recovery is low, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“28%”
Context: Pt 0.04 g/t
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
locked-cycleHorden Lake · cobaltRecovery: 44 %Head Grade: 118Head Grade Unit: ppmView all detailsHide details
Identity
- Project
- Horden Lake
- Commodity
- cobalt
- Region
- canada_qc
- Reported Region
- Québec, Canada
- Ticker
- PVT
Test Work
- Program Status
- preliminary
- Test Type
- locked-cycle
- Processing Route
- conventional crush–grind–float plant
- Sample
- Life of Mine average
- Grind P80
- 85 µm
Recovery
- Recovery
- 44 %
- Recovery Basis
- actual_test
- Head Grade
- 118
- Head Grade Unit
- ppm
Lab
- Laboratory
- Blue Coast Research
- Consultant
- Scanus Metallurgy
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The 44% cobalt recovery is moderate, contributing to byproduct credits, supported by locked-cycle testwork across multiple composites.
Positive factors
- multi_domain_tested
- free_milling
- pilot_scale_complete
Evidence · table
“44%”
Context: Co 118 ppm
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.