# Testing shows Nikolai metal recoverability

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b

Original source: https://www.miningnewsnorth.com/story/2026/07/17/news-nuggets/testing-shows-nikolai-metal-recoverability/9779.html

Publisher: miningnewsnorth

Original announcement: 2026-07-27T00:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-18T21:22:02.927Z

Atlas analysis updated: 2026-09-18T21:22:02.927Z

- Company: Alaska Energy Metals Corp.

- Ticker: Unavailable

- Exchange: Unavailable

- Region: Alaska

- Primary commodity: Nickel

- Secondary commodities: Copper, Cobalt, Platinum, Palladium, Gold, Chromium, Iron ore

- Document categories: Resource update, Metallurgy

- Extracted: 2026-09-18 21:22:03 UTC

Narrative sentiment: 0.40 · Bullish

## Minestarters Atlas summary

Alaska Energy Metals Corp. reported results from locked-cycle flotation metallurgical testing at its Nikolai project in Alaska. The tests demonstrated recoveries for nickel, copper, platinum, palladium, gold, and cobalt, with concentrate grades reported for each.

Reasoning: Metallurgical testing provides foundational data for economic evaluation, though recoveries for some metals like cobalt are low.

- Positive factor: Locked-cycle flotation tests completed

- Positive factor: Multiple critical metals recovered

- Positive factor: SGS Laboratories used for testing

- Negative factor: Recoveries are relatively low \(e.g., 21% cobalt\)

- Negative factor: Testing is currently at bench scale

Facts used in scoring: 22

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: Testing used locked-cycle flotation, which is a mill-based process.

Evidence · text

> Locked-cycle floatation tests

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The report describes the flotation tests as bench tests.

Evidence · text

> Locked-cycle flotation is a bench test

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 22. Some facts used in scoring do not have a stored record.

## Resource Estimates (16)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-6)

Nikolai · nickel

#### Identity

- Project: Nikolai
- Commodity: nickel
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.21
- Grade Unit: %
- Contained Metal: 5610000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Significant indicated nickel resource.

- Positive factor: Large tonnage indicated resource

Evidence · text

> 1.19 billion metric tons of indicated resource averaging 0.21% \(5.61 billion lb\) nickel

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-7)

Nikolai · copper

#### Identity

- Project: Nikolai
- Commodity: copper
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.07
- Grade Unit: %
- Contained Metal: 1770000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Copper component of the indicated resource.

Evidence · text

> 0.07% \(1.77 billion lb\) copper

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-8)

Nikolai · cobalt

#### Identity

- Project: Nikolai
- Commodity: cobalt
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.02
- Grade Unit: %
- Contained Metal: 442000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Cobalt component of the indicated resource.

Evidence · text

> 0.02% \(442 million lb\) cobalt

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-9)

Nikolai · gold

#### Identity

- Project: Nikolai
- Commodity: gold
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.01
- Grade Unit: g/t
- Contained Metal: 469000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Gold component of the indicated resource.

Evidence · text

> 0.01 grams per metric ton \(469,000 oz\) gold

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-10)

Nikolai · palladium

#### Identity

- Project: Nikolai
- Commodity: palladium
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.09
- Grade Unit: g/t
- Contained Metal: 3330000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Palladium component of the indicated resource.

Evidence · text

> 0.09 g/t \(3.33 million oz\) palladium

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-11)

Nikolai · platinum

#### Identity

- Project: Nikolai
- Commodity: platinum
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.05
- Grade Unit: g/t
- Contained Metal: 1720000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Platinum component of the indicated resource.

Evidence · text

> 0.05 g/t \(1.72 million oz\) platinum

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-12)

Nikolai · chromium

#### Identity

- Project: Nikolai
- Commodity: chromium
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 0.3
- Grade Unit: %
- Contained Metal: 7860000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Chromium component of the indicated resource.

Evidence · text

> 0.3% \(7.86 billion lb\) chromium

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-13)

Nikolai · iron\_ore

#### Identity

- Project: Nikolai
- Commodity: iron\_ore
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:1ce55bb6c4ddee4d5eec
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: indicated
- Tonnes: 1190000000
- Grade: 9.87
- Grade Unit: %
- Contained Metal: 117000000
- Contained Unit: metric tons

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Iron component of the indicated resource.

Evidence · text

> 9.87% \(117 million metric tons\) iron

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-14)

Nikolai · nickel

#### Identity

- Project: Nikolai
- Commodity: nickel
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.2
- Grade Unit: %
- Contained Metal: 9380000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Inferred nickel resource.

Evidence · text

> 2.09 million metric tons of inferred resource averaging 0.2% \(9.38 billion lb\) nickel

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-15)

Nikolai · copper

#### Identity

- Project: Nikolai
- Commodity: copper
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.05
- Grade Unit: %
- Contained Metal: 2430000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Copper component of the inferred resource.

Evidence · text

> 0.05% \(2.43 billion lb\) copper

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-16)

Nikolai · cobalt

#### Identity

- Project: Nikolai
- Commodity: cobalt
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.02
- Grade Unit: %
- Contained Metal: 758000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Cobalt component of the inferred resource.

Evidence · text

> 0.02% \(758 million lb\) cobalt

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-17)

Nikolai · gold

#### Identity

- Project: Nikolai
- Commodity: gold
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.01
- Grade Unit: g/t
- Contained Metal: 661000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Gold component of the inferred resource.

Evidence · text

> 0.01 g/t \(661,000 oz\) gold

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-18)

Nikolai · palladium

#### Identity

- Project: Nikolai
- Commodity: palladium
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.07
- Grade Unit: g/t
- Contained Metal: 4570000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Palladium component of the inferred resource.

Evidence · text

> 0.07 g/t \(4.57 million oz\) palladium

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-19)

Nikolai · platinum

#### Identity

- Project: Nikolai
- Commodity: platinum
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.04
- Grade Unit: g/t
- Contained Metal: 1580000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Platinum component of the inferred resource.

Evidence · text

> 0.04 g/t \(1.58 million oz\) platinum

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-20)

Nikolai · chromium

#### Identity

- Project: Nikolai
- Commodity: chromium
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 0.27
- Grade Unit: %
- Contained Metal: 12290000000
- Contained Unit: lb

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Chromium component of the inferred resource.

Evidence · text

> 0.27% \(12.29 billion lb\) chromium

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-resource-facts-21)

Nikolai · iron\_ore

#### Identity

- Project: Nikolai
- Commodity: iron\_ore
- Region: usa\_ak
- Reported Region: Alaska

#### Resource scope

- Estimate type: resource
- Resource group id: resource:9b5cc6649815c56a4972
- Deposit or zone: Eureka Zone

#### Resource Data

- Category: inferred
- Tonnes: 2090000
- Grade: 9.8
- Grade Unit: %
- Contained Metal: 205000000
- Contained Unit: metric tons

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: Iron component of the inferred resource.

Evidence · text

> 9.8% \(205 million metric tons\) iron

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (6)

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-0)

Nikolai · nickel

#### Identity

- Project: Nikolai
- Commodity: nickel
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 49.4 %
- Conc. Grade: 7.22
- Conc. Grade Unit: %

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 49.4% recovery is moderate for a bench-scale flotation test.

- Positive factor: Successful recovery of nearly half the nickel

- Negative factor: Recovery below 50%

Evidence · text

> The testing recovered 49.4% of the nickel

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 49.4% is below the weak band \(75%\)

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-1)

Nikolai · copper

#### Identity

- Project: Nikolai
- Commodity: copper
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 50.5 %
- Conc. Grade: 4.01
- Conc. Grade Unit: %

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 50.5% copper recovery is a baseline result for early testing.

- Positive factor: Recovery slightly above 50%

Evidence · text

> 50.5% of the copper

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 50.5% is below the weak band \(80%\)

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-2)

Nikolai · cobalt

#### Identity

- Project: Nikolai
- Commodity: cobalt
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 21 %
- Conc. Grade: 0.3
- Conc. Grade Unit: %

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 21% cobalt recovery is quite low.

- Negative factor: Low recovery rate

Evidence · text

> 21% of the cobalt

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-3)

Nikolai · platinum

#### Identity

- Project: Nikolai
- Commodity: platinum
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 49.1 %
- Conc. Grade: 2.33
- Conc. Grade Unit: g/t

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 49.1% platinum recovery is moderate.

Evidence · text

> 49.1% of the platinum

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-4)

Nikolai · palladium

#### Identity

- Project: Nikolai
- Commodity: palladium
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 43.1 %
- Conc. Grade: 4.1
- Conc. Grade Unit: g/t

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 43.1% palladium recovery is moderate.

Evidence · text

> 43.1% of the palladium

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### locked-cycle flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/testing-shows-nikolai-metal-recoverability--46802ef4-264c-4a8f-b3b6-9403c7edc75b#fact-metallurgical-facts-5)

Nikolai · gold

#### Identity

- Project: Nikolai
- Commodity: gold
- Region: usa\_ak
- Reported Region: Alaska

#### Test Work

- Program Status: preliminary
- Test Type: locked-cycle flotation
- Processing Route: locked-cycle flotation
- Sample: Nikolai drill core, locked-cycle flotation test

#### Recovery

- Recovery: 43.9 %
- Conc. Grade: 0.78
- Conc. Grade Unit: g/t

#### Lab

- Laboratory: SGS Laboratories

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-27T00:00:00.000Z

Reasoning: 43.9% gold recovery is moderate.

Evidence · text

> 43.9% of the gold

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 43.9% 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.