Salazar Resources Reports El Domo After-Tax NPV (8% Discount Rate) of US$573 Million, Representing a 121% Increase Compared to the October 2021 Feasibility Study
Original announcement by tmx on
- Company
- Salazar Resources Limited
- Ticker
- SRL
- Exchange
- TSX
- Region
- Ecuador
- Primary commodity
- Gold
- Secondary commodities
- Copper, Zinc, Lead, Silver
- Document categories
- Resource update
- Extracted
- 2026-08-26 10:36:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Salazar Resources has reported a significantly updated technical report for its Curipamba-El Domo polymetallic project in Ecuador, showing a 121% increase in after-tax NPV to US$573 million and a 41% increase in IRR to 45%. The update includes substantial growth in Measured + Indicated Mineral Resources (27% tonnage increase) and Inferred Mineral Resources (245% tonnage increase), leading to higher contained metal across all commodities. Proven + Probable Mineral Reserves also increased by 10% in tonnage, extending the mine life to 13 years, with construction on track for first production in mid-2027.
Reasoning: The updated technical report for the El Domo project demonstrates a significant enhancement in project economics, mineral resources, and reserves. The substantial increase in NPV, contained metal, and mine life, coupled with the project being fully funded and under construction, represents a highly positive development for the company.
Positive factors
- Significant increase in after-tax NPV (+121%) and IRR (+41%)
- Substantial growth in Measured + Indicated Mineral Resources (+27% tonnage, +12-19% contained metal across all commodities)
- Large increase in Inferred Mineral Resources (+245% tonnage, +57-233% contained metal for most commodities)
- Increase in Proven + Probable Mineral Reserves (+10% tonnage, +10-16% contained metal across all commodities)
- Extended mine life from 10 to 13 years
- NI 43-101 compliant and signed off by Qualified Persons
Negative factors
- Grades for Measured + Indicated and Inferred Mineral Resources decreased, though this was attributed to higher metal price assumptions bringing in lower-grade material, resulting in overall contained metal growth.
Facts used in scoring: 22
Classification and evidence
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained metal increased across all commodities for both Measured + Indicated Resources (12-19%) and Proven + Probable Reserves (10-16%).
Evidence · text
“total contained metal increased across all payable metals”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Measured + Indicated Mineral Resources increased by 27%, Inferred Mineral Resources increased by 245%, and Proven + Probable Mineral Reserves increased by 10%.
Evidence · text
“Measured + Indicated (M+I) Mineral Resources increased by 27% , from 9 Mt to 11.4 Mt”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The update is based on an independent NI 43-101 Technical Report.
Evidence · text
“independent NI 43-101 Technical Report”
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 technical report was prepared by independent Qualified Persons Ms. Yanfang Zhao (MAIG) and Mr. Falong Hu (FAusIMM).
Evidence · text
“The independent Qualified Persons for the 2025 Technical Report include Ms. Yanfang Zhao (MAIG), responsible for the Mineral Resource estimate, and Mr. Falong Hu (FAusIMM), responsible for the Mineral Reserve estimate.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an update on Mineral Resources, Mineral Reserves, and project economics compared to a prior feasibility study.
Evidence · text
“Updated Mineral Resources, Mineral Reserves and Enhanced Project Economics for the Curipamba-El Domo Project, Ecuador”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The resource and reserve update is part of an updated Feasibility Study, which is a detailed economic assessment.
Evidence · text
“2025 Technical Report”
Extracted facts
Stored fact records: 22. Some facts used in scoring do not have a stored record.
Resource Estimates (22)
indicatedEl Domo · copperTonnes: 11400000Grade: 1.85Grade Unit: %Contained Metal: 211.6Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- copper
- Ticker
- SRL
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 1.85
- Grade Unit
- %
- Contained Metal
- 211.6
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Measured + Indicated Copper resources show significant tonnage and contained metal growth, contributing positively to project economics.
Positive factors
- Significant tonnage growth (+27%)
- Contained metal growth (+12%)
- NI 43-101 compliant
- QP signed
Evidence · table
“1.85”
Context: 11.4
indicatedEl Domo · goldTonnes: 11400000Grade: 2.11Grade Unit: g/tContained Metal: 775Contained Unit: kozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- gold
- Ticker
- SRL
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 2.11
- Grade Unit
- g/t
- Contained Metal
- 775
- Contained Unit
- koz
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Measured + Indicated Gold resources show significant tonnage and contained metal growth, contributing positively to project economics.
Positive factors
- Significant tonnage growth (+27%)
- Contained metal growth (+14%)
- NI 43-101 compliant
- QP signed
Evidence · table
“2.11”
Context: 11.4
indicatedEl Domo · zincTonnes: 11400000Grade: 2.42Grade Unit: %Contained Metal: 275.9Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- zinc
- Ticker
- SRL
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 2.42
- Grade Unit
- %
- Contained Metal
- 275.9
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Measured + Indicated Zinc resources show significant tonnage and contained metal growth, contributing positively to project economics.
Positive factors
- Significant tonnage growth (+27%)
- Contained metal growth (+19%)
- NI 43-101 compliant
- QP signed
Evidence · table
“2.42”
Context: 11.4
indicatedEl Domo · leadTonnes: 11400000Grade: 0.22Grade Unit: %Contained Metal: 25.2Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- lead
- Ticker
- SRL
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 25.2
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Measured + Indicated Lead resources show significant tonnage and contained metal growth, contributing positively to project economics.
Positive factors
- Significant tonnage growth (+27%)
- Contained metal growth (+17%)
- NI 43-101 compliant
- QP signed
Evidence · table
“0.22”
Context: 11.4
indicatedEl Domo · silverTonnes: 11400000Grade: 41.69Grade Unit: g/tContained Metal: 15.3Contained Unit: MozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- silver
- Ticker
- SRL
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 41.69
- Grade Unit
- g/t
- Contained Metal
- 15.3
- Contained Unit
- Moz
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Measured + Indicated Silver resources show significant tonnage and contained metal growth, contributing positively to project economics.
Positive factors
- Significant tonnage growth (+27%)
- Contained metal growth (+18%)
- NI 43-101 compliant
- QP signed
Evidence · table
“41.69”
Context: 11.4
inferredEl Domo · copperTonnes: 3800000Grade: 0.46Grade Unit: %Contained Metal: 17.6Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- copper
- Ticker
- SRL
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 17.6
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Inferred Copper resources show very significant tonnage growth, but a notable decline in grade and contained metal, which is a mixed signal.
Positive factors
- Very significant tonnage growth (+245%)
- NI 43-101 compliant
- QP signed
Negative factors
- Grade decline (-73%)
- Contained metal decline (-5%)
Evidence · table
“0.46”
Context: 3.8
inferredEl Domo · goldTonnes: 3800000Grade: 0.8Grade Unit: g/tContained Metal: 98Contained Unit: kozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- gold
- Ticker
- SRL
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 98
- Contained Unit
- koz
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Inferred Gold resources show very significant tonnage and contained metal growth, despite a decline in grade, contributing positively to project potential.
Positive factors
- Very significant tonnage growth (+245%)
- Contained metal growth (+72%)
- NI 43-101 compliant
- QP signed
Negative factors
- Grade decline (-51%)
Evidence · table
“0.80”
Context: 3.8
inferredEl Domo · zincTonnes: 3800000Grade: 0.97Grade Unit: %Contained Metal: 37.1Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- zinc
- Ticker
- SRL
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.97
- Grade Unit
- %
- Contained Metal
- 37.1
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Inferred Zinc resources show very significant tonnage and contained metal growth, despite a decline in grade, contributing positively to project potential.
Positive factors
- Very significant tonnage growth (+245%)
- Contained metal growth (+57%)
- NI 43-101 compliant
- QP signed
Negative factors
- Grade decline (-56%)
Evidence · table
“0.97”
Context: 3.8
inferredEl Domo · leadTonnes: 3800000Grade: 0.13Grade Unit: %Contained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- lead
- Ticker
- SRL
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.13
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Inferred Lead resources show very significant tonnage and contained metal growth, despite a minor decline in grade, contributing positively to project potential.
Positive factors
- Very significant tonnage growth (+245%)
- Contained metal growth (+233%)
- NI 43-101 compliant
- QP signed
Negative factors
- Grade decline (-7%)
Evidence · table
“0.13”
Context: 3.8
inferredEl Domo · silverTonnes: 3800000Grade: 28.49Grade Unit: g/tContained Metal: 3.5Contained Unit: MozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- silver
- Ticker
- SRL
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 28.49
- Grade Unit
- g/t
- Contained Metal
- 3.5
- Contained Unit
- Moz
- Cutoff Grade
- 38
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Inferred Silver resources show very significant tonnage and contained metal growth, despite a decline in grade, contributing positively to project potential.
Positive factors
- Very significant tonnage growth (+245%)
- Contained metal growth (+215%)
- NI 43-101 compliant
- QP signed
Negative factors
- Grade decline (-11%)
Evidence · table
“28.49”
Context: 3.8
probableEl Domo · goldTonnes: 7130000Grade: 2.55Grade Unit: g/tContained Metal: 584Contained Unit: kozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- gold
- Ticker
- SRL
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 2.55
- Grade Unit
- g/t
- Contained Metal
- 584
- Contained Unit
- koz
- Cutoff Grade
- 55
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Proven + Probable Gold reserves show growth in tonnage and contained metal with maintained grades, indicating improved project viability.
Positive factors
- Tonnage growth (+10%)
- Contained metal growth (+11%)
- Grade maintained/increased (+1%)
- NI 43-101 compliant
- QP signed
Evidence · table
“2.55”
Context: 7.13
probableEl Domo · silverTonnes: 7130000Grade: 47.82Grade Unit: g/tContained Metal: 11Contained Unit: MozView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- silver
- Ticker
- SRL
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 47.82
- Grade Unit
- g/t
- Contained Metal
- 11
- Contained Unit
- Moz
- Cutoff Grade
- 55
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Proven + Probable Silver reserves show growth in tonnage, contained metal, and grade, indicating improved project viability.
Positive factors
- Tonnage growth (+10%)
- Contained metal growth (+15%)
- Grade increased (+5%)
- NI 43-101 compliant
- QP signed
Evidence · table
“47.82”
Context: 7.13
probableEl Domo · copperTonnes: 7130000Grade: 1.93Grade Unit: %Contained Metal: 137.7Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- copper
- Ticker
- SRL
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 1.93
- Grade Unit
- %
- Contained Metal
- 137.7
- Contained Unit
- kt
- Cutoff Grade
- 55
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Proven + Probable Copper reserves show growth in tonnage and contained metal with maintained grades, indicating improved project viability.
Positive factors
- Tonnage growth (+10%)
- Contained metal growth (+10%)
- Grade maintained (0%)
- NI 43-101 compliant
- QP signed
Evidence · table
“1.93”
Context: 7.13
probableEl Domo · leadTonnes: 7130000Grade: 0.26Grade Unit: %Contained Metal: 18.4Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- lead
- Ticker
- SRL
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 0.26
- Grade Unit
- %
- Contained Metal
- 18.4
- Contained Unit
- kt
- Cutoff Grade
- 55
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Proven + Probable Lead reserves show growth in tonnage, contained metal, and grade, indicating improved project viability.
Positive factors
- Tonnage growth (+10%)
- Contained metal growth (+14%)
- Grade increased (+4%)
- NI 43-101 compliant
- QP signed
Evidence · table
“0.26”
Context: 7.13
probableEl Domo · zincTonnes: 7130000Grade: 2.63Grade Unit: %Contained Metal: 187.7Contained Unit: ktView all detailsHide details
Identity
- Project
- El Domo
- Commodity
- zinc
- Ticker
- SRL
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 2.63
- Grade Unit
- %
- Contained Metal
- 187.7
- Contained Unit
- kt
- Cutoff Grade
- 55
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Proven + Probable Zinc reserves show growth in tonnage, contained metal, and grade, indicating improved project viability.
Positive factors
- Tonnage growth (+10%)
- Contained metal growth (+16%)
- Grade increased (+6%)
- NI 43-101 compliant
- QP signed
Evidence · table
“2.63”
Context: 7.13
Fact 16El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The after-tax NPV at an 8% discount rate shows a substantial increase, indicating a highly positive economic outlook for the project.
Positive factors
- Significant increase in NPV (+121%)
- Strong project economics
Evidence · table
“US$573”
Context: US$259
Fact 17El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The after-tax IRR shows a significant increase, further highlighting the improved economic attractiveness of the project.
Positive factors
- Significant increase in IRR (+41%)
- Strong project economics
Evidence · table
“45%”
Context: 32%
Fact 18El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The mine life has been extended to 13 years, providing a longer operational horizon for the project.
Positive factors
- Increased mine life (+3 years)
Evidence · table
“13”
Context: 10
Fact 19El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Initial capital costs have increased, which is expected with an expanded project scope but represents a higher upfront investment.
Negative factors
- Increased initial capital cost (+14%)
Evidence · table
“US$283.7”
Context: US$248
Fact 20El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Total life-of-mine capital has increased, reflecting the larger scale and longer duration of the project.
Negative factors
- Increased total LOM capital (+16%)
Evidence · table
“US$373.5”
Context: US$ 323M (incl. US$ 22M Pre-Construction)
Fact 21El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: Sustaining capital expenditure has significantly increased, which will impact ongoing operational costs.
Negative factors
- Significantly increased sustaining capital expenditure (+150%)
Evidence · table
“US$72.5”
Context: US$29
Fact 22El DomoView all detailsHide details
Identity
- Project
- El Domo
- Ticker
- SRL
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The nominal processing capacity is stated as 666,000 tonnes per year, providing clarity on the project's throughput.
Evidence · table
“666k tpy”
Context: 1,850 tpd
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.