SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE
Original announcement by tmx on
- Company
- Silvercorp Metals Inc.
- Ticker
- SVM
- Exchange
- TSX
- Region
- Guangdong Province, China
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc
- Document categories
- Resource update
- Extracted
- 2026-08-24 05:06:03 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Silvercorp Metals Inc. has reported updated Mineral Reserves and Resources for its GC Mine, effective December 31, 2025, prepared in accordance with NI 43-101. The update shows a 59% increase in Measured and Indicated resource tonnes and a 25% increase in Proven and Probable reserve tonnes. However, these increases were accompanied by significant grade dilution across all commodities and categories, leading to a decrease in contained metal for reserves and inferred resources.
Reasoning: The updated resource and reserve estimates show a mixed picture. While there was significant tonnage growth in M&I resources and reserves, this was accompanied by substantial grade dilution across all commodities and categories. This resulted in a decline in contained metal for reserves and inferred resources, and only a moderate increase for M&I resources, suggesting dilutive growth. The grades for lead and zinc are marginal, and contained lead is below the weak threshold for contained metal scale.
Positive factors
- Measured and Indicated resource tonnage increased by 59%, leading to a 23-25% increase in contained metal for silver, lead, and zinc.
- Proven and Probable reserve tonnage increased by 25%.
- The resource and reserve estimates are NI 43-101 compliant and signed off by Qualified Persons.
- Cut-off grades for both resources and reserves are clearly disclosed.
Negative factors
- Average grades for Measured and Indicated resources decreased significantly (21-23% for Ag, Pb, Zn).
- Average grades for Proven and Probable reserves decreased significantly (22-25% for Ag, Pb, Zn).
- Contained metal for Proven and Probable reserves decreased by 2-7% despite tonnage growth, indicating dilutive growth.
- Contained metal for Inferred resources decreased substantially (32-47% for Ag, Pb, Zn) alongside a 23% tonnage decrease.
- The contained lead in the Measured and Indicated resource (167 kt) is below the weak threshold of 200 kt, indicating a very small scale for lead.
Facts used in scoring: 36
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document reports an 'updated Technical Report' with 'updated Mineral Reserves and Resources'.
Evidence · text
“SILVERCORP REPORTS UPDATED MINERAL RESERVES AND RESOURCES AT THE GC MINE”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The technical report was 'prepared in accordance with National Instrument 43-101'.
Evidence · text
“prepared in accordance with National Instrument 43-101 ("NI 43-101")”
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 estimates were 'reviewed by independent Qualified Person, Ms. Yanfang Zhao, MAIG, MAusIMM' and 'reviewed by independent Qualified Person, Falong Hu, FAusIMM (CP)'.
Evidence · text
“reviewed by independent Qualified Person, Ms. Yanfang Zhao, MAIG, MAusIMM, of SRK Consulting (China) Ltd., who takes responsibility for these estimates.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document states 'Mineral Resources are reported above cut-offs' and 'reported at a cut-off grade of 80 g/t AgEq' for resources, and '100 g/t AgEq and 130 g/t AgEq COG was applied to shrinkage and resuing type stopes' for reserves.
Evidence · text
“Mineral Resources are reported above cut-offs after applying a minimum practical extraction width of 0.4 m. Cut-off grades are based on in situ values in silver equivalent (AgEq) terms in grams per tonne”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Measured and Indicated Resource tonnes increased by 59% and Proven and Probable Mineral Reserves tonnes increased by 25%.
Evidence · text
“Measured and Indicated Resource tonnes have increased by 59%”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The net result in the Measured and Indicated categories has been an increase in the contained Ag, Pb and Zn of 23%, 24% and 25%, respectively.
Evidence · text
“net result in the Measured and Indicated categories has been an increase in the contained Ag, Pb and Zn of 23%, 24% and 25%, respectively.”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Measured and Indicated grades decreased by 21-23% for Ag, Pb, and Zn, and total Mineral Reserve grades decreased by 22-25% for Ag, Pb, and Zn.
Evidence · text
“Measured and Indicated grades decreasing by 23%, 23% and 21% for Ag, Pb and Zn, respectively.”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: Total GC Mineral Reserve metal content for Ag, Pb and Zn decreased by 4%, 7%, and 2% respectively, and Inferred contained metal decreased by 32-47%.
Evidence · text
“Decrease in total GC Mineral Reserve metal content for Ag, Pb and Zn of 4%, 7%.and 2% respectively.”
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: Reserve tonnage increased by 25% but contained metal decreased by 2-7%, indicating that the tonnage growth was dilutive.
Evidence · text
“25% increase in total Proven and Probable Mineral Reserves tonnes. The changes in total contained metal for Ag, Pb, and Zn are -4%, -7%, and -2% respectively.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document reports 'Estimated Inferred Resources of 7.36 Mt'.
Evidence · text
“Estimated Inferred Resources of 7.36 Mt”
Underground Miningneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document describes 'current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping... and shrinkage stoping'.
Evidence · text
“current stoping practices will continue to be predominant at the GC Mine, namely cut and fill resuing, overhand cut and fill stoping ("OCAF"), and shrinkage stoping”
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Resource Estimates (36)
measuredGC Mine · silverTonnes: 8970000Grade: 66Grade Unit: g/tContained Metal: 19091Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 66
- Grade Unit
- g/t
- Contained Metal
- 19091
- Contained Unit
- koz
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value.
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“66”
Context: 8.97
measuredGC Mine · leadTonnes: 8970000Grade: 1.01Grade Unit: %Contained Metal: 91Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 1.01
- Grade Unit
- %
- Contained Metal
- 91
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource for lead with a marginal grade and very small contained metal scale, indicating limited economic contribution from lead.
Positive factors
- High confidence Measured category.
Negative factors
- Grade of 1.01% Pb is considered marginal for underground mining.
- Contained lead of 91 kt is below the weak threshold for contained metal scale (200 kt).
Evidence · table
“1.01”
Context: 8.97
measuredGC Mine · zincTonnes: 8970000Grade: 2.44Grade Unit: %Contained Metal: 219Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 2.44
- Grade Unit
- %
- Contained Metal
- 219
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource for zinc with a marginal grade and weak contained metal scale, indicating limited economic contribution from zinc.
Positive factors
- High confidence Measured category.
Negative factors
- Grade of 2.44% Zn is considered marginal for underground mining.
- Contained zinc of 219 kt is considered weak scale (below 500 kt moderate threshold).
Evidence · table
“2.44”
Context: 8.97
indicatedGC Mine · silverTonnes: 9300000Grade: 64Grade Unit: g/tContained Metal: 19180Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 64
- Grade Unit
- g/t
- Contained Metal
- 19180
- Contained Unit
- koz
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value.
Positive factors
- High confidence Indicated category.
- Grade of 64 g/t Ag is considered economic for underground mining.
- Contained silver of 19.180 Moz is exceptional scale.
Evidence · table
“64”
Context: 9.30
indicatedGC Mine · leadTonnes: 9300000Grade: 0.82Grade Unit: %Contained Metal: 76Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 0.82
- Grade Unit
- %
- Contained Metal
- 76
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource for lead with a marginal grade and very small contained metal scale, indicating limited economic contribution from lead.
Positive factors
- High confidence Indicated category.
Negative factors
- Grade of 0.82% Pb is considered marginal for underground mining.
- Contained lead of 76 kt is below the weak threshold for contained metal scale (200 kt).
Evidence · table
“0.82”
Context: 9.30
indicatedGC Mine · zincTonnes: 9300000Grade: 2.04Grade Unit: %Contained Metal: 190Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 2.04
- Grade Unit
- %
- Contained Metal
- 190
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource for zinc with a marginal grade and weak contained metal scale, indicating limited economic contribution from zinc.
Positive factors
- High confidence Indicated category.
Negative factors
- Grade of 2.04% Zn is considered marginal for underground mining.
- Contained zinc of 190 kt is considered weak scale (below 500 kt moderate threshold).
Evidence · table
“2.04”
Context: 9.30
inferredGC Mine · silverTonnes: 7360000Grade: 75Grade Unit: g/tContained Metal: 17729Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 75
- Grade Unit
- g/t
- Contained Metal
- 17729
- Contained Unit
- koz
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate.
Positive factors
- Grade of 75 g/t Ag is considered economic for underground mining.
- Contained silver of 17.729 Moz is exceptional scale.
Negative factors
- Inferred category has lower geological confidence.
- Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate.
Evidence · table
“75”
Context: 7.36
inferredGC Mine · leadTonnes: 7360000Grade: 0.84Grade Unit: %Contained Metal: 62Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 62
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource for lead with a marginal grade and very small contained metal scale, coupled with a significant decrease in both tonnage and contained metal from the previous estimate, indicating reduced potential.
Negative factors
- Inferred category has lower geological confidence.
- Grade of 0.84% Pb is considered marginal for underground mining.
- Contained lead of 62 kt is below the weak threshold for contained metal scale (200 kt).
- Inferred resource tonnes decreased by 23% and contained metal by 47% compared to the prior estimate.
Evidence · table
“0.84”
Context: 7.36
inferredGC Mine · zincTonnes: 7360000Grade: 1.91Grade Unit: %Contained Metal: 140Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 1.91
- Grade Unit
- %
- Contained Metal
- 140
- Contained Unit
- kt
- Cutoff Grade
- 80
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource for zinc with a marginal grade and weak contained metal scale, coupled with a significant decrease in both tonnage and contained metal from the previous estimate, indicating reduced potential.
Negative factors
- Inferred category has lower geological confidence.
- Grade of 1.91% Zn is considered marginal for underground mining.
- Contained zinc of 140 kt is considered weak scale (below 500 kt moderate threshold).
- Inferred resource tonnes decreased by 23% and contained metal by 40% compared to the prior estimate.
Evidence · table
“1.91”
Context: 7.36
provenGC Mine · silverTonnes: 3570000Grade: 59Grade Unit: g/tContained Metal: 6789Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 59
- Grade Unit
- g/t
- Contained Metal
- 6789
- Contained Unit
- koz
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth.
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“59”
Context: 3.57
provenGC Mine · leadTonnes: 3570000Grade: 0.96Grade Unit: %Contained Metal: 34Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 0.96
- Grade Unit
- %
- Contained Metal
- 34
- Contained Unit
- kt
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for lead with a marginal grade and very small contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution.
Positive factors
- Highest confidence Proven category.
Negative factors
- Grade of 0.96% Pb is considered marginal for underground mining, and decreased by 25% from prior estimate.
- Contained lead of 34 kt is below the weak threshold for contained metal scale (200 kt).
- Contained metal for lead decreased by 7% from prior estimate despite tonnage increase.
Evidence · table
“0.96”
Context: 3.57
provenGC Mine · zincTonnes: 3570000Grade: 2.27Grade Unit: %Contained Metal: 81Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 2.27
- Grade Unit
- %
- Contained Metal
- 81
- Contained Unit
- kt
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for zinc with a marginal grade and weak contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution.
Positive factors
- Highest confidence Proven category.
Negative factors
- Grade of 2.27% Zn is considered marginal for underground mining, and decreased by 22% from prior estimate.
- Contained zinc of 81 kt is considered weak scale (below 500 kt moderate threshold).
- Contained metal for zinc decreased by 2% from prior estimate despite tonnage increase.
Evidence · table
“2.27”
Context: 3.57
probableGC Mine · silverTonnes: 2620000Grade: 67Grade Unit: g/tContained Metal: 5673Contained Unit: kozView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- silver
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 67
- Grade Unit
- g/t
- Contained Metal
- 5673
- Contained Unit
- koz
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth.
Positive factors
- High confidence Probable category.
- Contained silver of 5.673 Moz is exceptional scale.
Negative factors
- Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“67”
Context: 2.62
probableGC Mine · leadTonnes: 2620000Grade: 0.84Grade Unit: %Contained Metal: 22Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- lead
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 22
- Contained Unit
- kt
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for lead with a marginal grade and very small contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution.
Positive factors
- High confidence Probable category.
Negative factors
- Grade of 0.84% Pb is considered marginal for underground mining, and decreased by 25% from prior estimate.
- Contained lead of 22 kt is below the weak threshold for contained metal scale (200 kt).
- Contained metal for lead decreased by 7% from prior estimate despite tonnage increase.
Evidence · table
“0.84”
Context: 2.62
probableGC Mine · zincTonnes: 2620000Grade: 2.17Grade Unit: %Contained Metal: 57Contained Unit: ktView all detailsHide details
Identity
- Project
- GC Mine
- Commodity
- zinc
- Region
- china
- Reported Region
- Guangdong Province, China
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 2.17
- Grade Unit
- %
- Contained Metal
- 57
- Contained Unit
- kt
- Cutoff Grade
- 100
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for zinc with a marginal grade and weak contained metal scale, with both grade and contained metal declining from the previous estimate, indicating limited economic contribution.
Positive factors
- High confidence Probable category.
Negative factors
- Grade of 2.17% Zn is considered marginal for underground mining, and decreased by 22% from prior estimate.
- Contained zinc of 57 kt is considered weak scale (below 500 kt moderate threshold).
- Contained metal for zinc decreased by 2% from prior estimate despite tonnage increase.
Evidence · table
“2.17”
Context: 2.62
measuredsilverTonnes: 8970000Grade: 66Grade Unit: g/tContained Metal: 19091Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 66
- Grade Unit
- g/t
- Contained Metal
- 19091
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“66”
Context: 8.97
measuredleadTonnes: 8970000Grade: 91Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 91
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“91”
Context: 8.97
measuredzincTonnes: 8970000Grade: 219Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 8970000
- Grade
- 219
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“219”
Context: 8.97
indicatedsilverTonnes: 9300000Grade: 64Grade Unit: g/tContained Metal: 19180Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 64
- Grade Unit
- g/t
- Contained Metal
- 19180
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Indicated category.
- Grade of 64 g/t Ag is considered economic for underground mining.
- Contained silver of 19.180 Moz is exceptional scale.
Evidence · table
“64”
Context: 9.30
indicatedleadTonnes: 9300000Grade: 76Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 76
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Indicated category.
- Grade of 64 g/t Ag is considered economic for underground mining.
- Contained silver of 19.180 Moz is exceptional scale.
Evidence · table
“76”
Context: 9.30
indicatedzincTonnes: 9300000Grade: 190Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- indicated
- Tonnes
- 9300000
- Grade
- 190
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource with economic silver grade and exceptional contained metal scale, providing strong confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Indicated category.
- Grade of 64 g/t Ag is considered economic for underground mining.
- Contained silver of 19.180 Moz is exceptional scale.
Evidence · table
“190”
Context: 9.30
measuredsilverTonnes: 18280000Grade: 65Grade Unit: g/tContained Metal: 38271Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 18280000
- Grade
- 65
- Grade Unit
- g/t
- Contained Metal
- 38271
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“65”
Context: 18.28
measuredleadTonnes: 18280000Grade: 167Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 18280000
- Grade
- 167
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“167”
Context: 18.28
measuredzincTonnes: 18280000Grade: 408Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- measured
- Tonnes
- 18280000
- Grade
- 408
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource with economic silver grade and exceptional contained metal scale, indicating high confidence and significant value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category.
- Grade of 66 g/t Ag is considered economic for underground mining.
- Contained silver of 19.091 Moz is exceptional scale.
Evidence · table
“408”
Context: 18.28
inferredsilverTonnes: 7360000Grade: 75Grade Unit: g/tContained Metal: 17729Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 75
- Grade Unit
- g/t
- Contained Metal
- 17729
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Grade of 75 g/t Ag is considered economic for underground mining.
- Contained silver of 17.729 Moz is exceptional scale.
Negative factors
- Inferred category has lower geological confidence.
- Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate.
Evidence · table
“75”
Context: 7.36
inferredleadTonnes: 7360000Grade: 62Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 62
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Grade of 75 g/t Ag is considered economic for underground mining.
- Contained silver of 17.729 Moz is exceptional scale.
Negative factors
- Inferred category has lower geological confidence.
- Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate.
Evidence · table
“62”
Context: 7.36
inferredzincTonnes: 7360000Grade: 140Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- inferred
- Tonnes
- 7360000
- Grade
- 140
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource with economic silver grade and exceptional contained metal scale, but with lower confidence and a significant decrease in both tonnage and contained metal from the previous estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Grade of 75 g/t Ag is considered economic for underground mining.
- Contained silver of 17.729 Moz is exceptional scale.
Negative factors
- Inferred category has lower geological confidence.
- Inferred resource tonnes decreased by 23% and contained metal by 32% compared to the prior estimate.
Evidence · table
“140”
Context: 7.36
provensilverTonnes: 3570000Grade: 59Grade Unit: g/tContained Metal: 6789Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 59
- Grade Unit
- g/t
- Contained Metal
- 6789
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“59”
Context: 3.57
provenleadTonnes: 3570000Grade: 34Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 34
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“34”
Context: 3.57
provenzincTonnes: 3570000Grade: 81Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 3570000
- Grade
- 81
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“81”
Context: 3.57
probablesilverTonnes: 2620000Grade: 67Grade Unit: g/tContained Metal: 5673Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 67
- Grade Unit
- g/t
- Contained Metal
- 5673
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Probable category.
- Contained silver of 5.673 Moz is exceptional scale.
Negative factors
- Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“67”
Context: 2.62
probableleadTonnes: 2620000Grade: 22Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 22
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Probable category.
- Contained silver of 5.673 Moz is exceptional scale.
Negative factors
- Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“22”
Context: 2.62
probablezincTonnes: 2620000Grade: 57Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- probable
- Tonnes
- 2620000
- Grade
- 57
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Probable reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Probable category.
- Contained silver of 5.673 Moz is exceptional scale.
Negative factors
- Grade of 67 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“57”
Context: 2.62
provensilverTonnes: 6190000Grade: 63Grade Unit: g/tContained Metal: 12462Contained Unit: kozView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 6190000
- Grade
- 63
- Grade Unit
- g/t
- Contained Metal
- 12462
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“63”
Context: 6.19
provenleadTonnes: 6190000Grade: 56Grade Unit: ktView all detailsHide details
Identity
- Commodity
- lead
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 6190000
- Grade
- 56
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“56”
Context: 6.19
provenzincTonnes: 6190000Grade: 138Grade Unit: ktView all detailsHide details
Identity
- Commodity
- zinc
- Ticker
- SVM
Resource Data
- Category
- proven
- Tonnes
- 6190000
- Grade
- 138
- Grade Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Proven reserve for silver with exceptional contained metal scale, but the grade and contained metal have declined compared to the previous estimate, indicating dilutive growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Highest confidence Proven category.
- Contained silver of 6.789 Moz is exceptional scale.
Negative factors
- Grade of 59 g/t Ag is considered economic for underground mining, but decreased by 22% from prior estimate.
- Contained metal for silver decreased by 4% from prior estimate despite tonnage increase.
Evidence · table
“138”
Context: 6.19
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.