STM: Hong Kong Ignite presentation
Original announcement by asx on
- Company
- Sunstone Metals Limited
- Ticker
- STM
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- Copper, Silver
- Document categories
- Resource update, Other, Metallurgy
- Extracted
- 2026-10-14 00:12:17 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Sunstone Metals Limited announced a significant upgrade to its global mineral resource, now totaling 7.4 Moz AuEq, driven by a 72% increase at its Bramaderos project to 6.2 Moz AuEq. The Bramaderos update includes a substantial portion of Indicated Resources, enhancing project confidence. Additionally, the company reported improved metallurgical recoveries for gold and copper at Bramaderos, further de-risking future studies.
Reasoning: Sunstone Metals announced a significant upgrade to its global mineral resource, primarily driven by a 72% increase at the Bramaderos project, with a substantial portion now in the Indicated category. This de-risks the project and is complemented by improved metallurgical recoveries for gold and copper. The El Palmar project also has a maiden resource, though with a large inferred component.
Positive factors
- Resource growth
- Category upgrade
- Contained metal growth
- Recovery improving
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
- Large inferred component for El Palmar
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 16
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The Bramaderos Mineral Resource grew 72% to 6.2Moz AuEq.
Evidence · text
“Bramaderos Oct-26 Mineral Resource grew 72% to 6.2Moz AuEq”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The expanded inventory includes Indicated Resources of 3.3Moz AuEq, derisking the Bramaderos resource.
Evidence · text
“Expanded inventory includes Indicated Resources of 3.3Moz AuEq”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Bramaderos Mineral Resource grew 72% to 6.2Moz AuEq, indicating a significant increase in contained metal.
Evidence · text
“Bramaderos Oct-26 Mineral Resource grew 72% to 6.2Moz AuEq”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: Both Bramaderos and El Palmar resources are reported under JORC Code.
Evidence · text
“Maiden JORC Resource”
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: Ms Emily Henry and Mr Rob Spiers are named as Competent Persons for the respective Mineral Resources.
Evidence · text
“Ms Emily Henry, an employee of Exora Consulting Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: The resource tables for Bramaderos and El Palmar do not explicitly state the cut-off grades used for the estimates.
Evidence · table
“JORC Classification”
Context: Tonnage (Mt)
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Mineral Resource Estimate for Bramaderos.
Evidence · text
“Bramaderos Oct-26 MRE 6.2Moz AuEq”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: El Palmar contains an initial Mineral Resource estimate of 64Mt at 0.60g/t AuEq for 1.2Moz AuEq.
Evidence · text
“initial Mineral Resource estimate of 64Mt at 0.60g/t AuEq for 1.2Moz AuEq”
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 El Palmar resource (59 Mt) is classified as Inferred.
Evidence · table
“Inferred”
Context: 59
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: Metallurgical recoveries for gold improved from 85% to 93% and copper from 75% to 80% at Bramaderos.
Evidence · text
“Material upgrade to recoveries 1 Sept: Gold 85% -> 93% Copper 75% -> 80%”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedBramaderos · goldTonnes: 229000000Grade: 0.32Grade Unit: g/tView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:be4b6ce965286376da77
Resource Data
- Category
- indicated
- Tonnes
- 229000000
- Grade
- 0.32
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.45
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated gold resource at Bramaderos represents a significant portion of the upgraded resource, enhancing confidence and de-risking the project.
Positive factors
- Category upgrade
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“0.32”
Context: 229
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedBramaderos · copperTonnes: 229000000Grade: 0.11Grade Unit: %View all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:be4b6ce965286376da77
Resource Data
- Category
- indicated
- Tonnes
- 229000000
- Grade
- 0.11
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.45
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated copper resource at Bramaderos contributes to the overall resource upgrade and project de-risking.
Positive factors
- Category upgrade
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“0.11”
Context: 229
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedBramaderos · silverTonnes: 229000000Grade: 1.23Grade Unit: g/tView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:be4b6ce965286376da77
Resource Data
- Category
- indicated
- Tonnes
- 229000000
- Grade
- 1.23
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.45
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated silver resource at Bramaderos adds to the polymetallic nature of the deposit and contributes to the overall resource.
Positive factors
- Category upgrade
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“1.23”
Context: 229
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBramaderos · goldTonnes: 236000000Grade: 0.26Grade Unit: g/tView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:78590e4b82089927de68
Resource Data
- Category
- inferred
- Tonnes
- 236000000
- Grade
- 0.26
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred gold resource contributes to the overall tonnage growth at Bramaderos, indicating significant potential for future conversion.
Positive factors
- Tonnage Growth
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.26”
Context: 236
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBramaderos · copperTonnes: 236000000Grade: 0.1Grade Unit: %View all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:78590e4b82089927de68
Resource Data
- Category
- inferred
- Tonnes
- 236000000
- Grade
- 0.1
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred copper resource adds to the overall potential of the Bramaderos project, requiring further drilling for higher confidence.
Positive factors
- Tonnage Growth
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.10”
Context: 236
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBramaderos · silverTonnes: 236000000Grade: 0.52Grade Unit: g/tView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Loja province, southern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Emily Henry, Paul Merriner
- Resource group id
- resource:78590e4b82089927de68
Resource Data
- Category
- inferred
- Tonnes
- 236000000
- Grade
- 0.52
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2026-10-13
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred silver resource contributes to the polymetallic potential of Bramaderos, but its inferred status indicates lower confidence.
Positive factors
- Tonnage Growth
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.52”
Context: 236
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedEl Palmar · goldTonnes: 5000000Grade: 0.42Grade Unit: g/tContained Metal: 100Contained Unit: kozView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:a81af7d0666a13f539ff
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.42
- Grade Unit
- g/t
- Contained Metal
- 100
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.63
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated gold resource is part of the initial resource estimate for El Palmar, providing a baseline for the project.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“0.42”
Context: 5
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
indicatedEl Palmar · silverTonnes: 5000000Grade: 0.81Grade Unit: g/tContained Metal: 100Contained Unit: kozView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:a81af7d0666a13f539ff
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.81
- Grade Unit
- g/t
- Contained Metal
- 100
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.63
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated silver resource contributes to the polymetallic nature of the initial El Palmar resource estimate.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“0.81”
Context: 5
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
indicatedEl Palmar · copperTonnes: 5000000Grade: 0.15Grade Unit: %Contained Metal: 7Contained Unit: ktView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:a81af7d0666a13f539ff
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 7
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.63
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Indicated copper resource is part of the initial resource estimate for El Palmar, adding to its overall metal content.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Cut-off Undisclosed
Evidence · table
“0.15”
Context: 5
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
inferredEl Palmar · goldTonnes: 59000000Grade: 0.4Grade Unit: g/tContained Metal: 700Contained Unit: kozView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:5edc2089668e341ef4ee
Resource Data
- Category
- inferred
- Tonnes
- 59000000
- Grade
- 0.4
- Grade Unit
- g/t
- Contained Metal
- 700
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.59
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred gold resource forms a large part of the initial El Palmar estimate, indicating potential but requiring further drilling to increase confidence.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.40”
Context: 59
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
inferredEl Palmar · silverTonnes: 59000000Grade: 0.65Grade Unit: g/tContained Metal: 1200Contained Unit: kozView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:5edc2089668e341ef4ee
Resource Data
- Category
- inferred
- Tonnes
- 59000000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 1200
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.59
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred silver resource contributes to the overall metal content of El Palmar but is at an early stage of confidence.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.65”
Context: 59
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
inferredEl Palmar · copperTonnes: 59000000Grade: 0.13Grade Unit: %Contained Metal: 70Contained Unit: ktView all detailsHide details
Identity
- Project
- El Palmar
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Imbabura province, northern Ecuador
- Ticker
- STM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rob Spiers, Dr. Bruce Rohrlach
- Resource group id
- resource:5edc2089668e341ef4ee
Resource Data
- Category
- inferred
- Tonnes
- 59000000
- Grade
- 0.13
- Grade Unit
- %
- Contained Metal
- 70
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2024-10-22
Metal Equivalent
- Metal Eq. Grade
- 0.59
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This Inferred copper resource is part of the initial El Palmar estimate, indicating potential but requiring further drilling to increase confidence.
Positive factors
- Maiden Resource
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Cut-off Undisclosed
Evidence · table
“0.13”
Context: 59
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
Metallurgical Results (4)
Fact 1Bramaderos · goldRecovery: 93 %View all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- gold
- Ticker
- STM
Recovery
- Recovery
- 93 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: Gold recovery at Bramaderos has significantly improved from 85% to 93%, which is a positive development for project economics.
Positive factors
- Recovery Improving
Evidence · text
“Gold 85% -> 93%”
Fact 2Bramaderos · goldRecovery: 85 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- gold
- Ticker
- STM
Recovery
- Recovery
- 85 %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This represents the prior gold recovery figure for Bramaderos, which has since been improved upon.
Evidence · text
“Gold 85% -> 93%”
Fact 3Bramaderos · copperRecovery: 80 %View all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- copper
- Ticker
- STM
Recovery
- Recovery
- 80 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: Copper recovery at Bramaderos has improved from 75% to 80%, which is a positive step for the project's metallurgical performance.
Positive factors
- Recovery Improving
Evidence · text
“Copper 75% -> 80%”
Fact 4Bramaderos · copperRecovery: 75 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Bramaderos
- Commodity
- copper
- Ticker
- STM
Recovery
- Recovery
- 75 %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-10-13T00:00:00.000Z
Reasoning: This represents the prior copper recovery figure for Bramaderos, which has since been improved upon.
Evidence · text
“Copper 75% -> 80%”
Tags used in scoring
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 75% is below the weak band (80%)
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.