# Valhalla Metals: Doubling Sun VMS Project & Modernising Smucker in Alaska's Ambler District Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22 Original source: https://www.cruxinvestor.com/posts/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaskas-ambler-district Publisher: cruxinvestor Original announcement: 2026-10-08T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-08T10:48:57.488Z Atlas analysis updated: 2026-10-08T10:48:57.488Z - Company: Valhalla Metals Inc. - Ticker: VMXX - Exchange: Unavailable - Region: Alaska - Primary commodity: Copper - Secondary commodities: Zinc, Lead, Silver, Gold - Document categories: Resource update, Drill results - Extracted: 2026-10-08 10:48:58 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Valhalla Metals holds two high-grade VMS projects in Alaska's Ambler District: the Sun Project, which has a defined NI 43-101 resource, and the Smucker Project, which holds a historical estimate. The company is awaiting 2026 drill assays from Sun and aims to bring Smucker into NI 43-101 compliance by 2027. Reasoning: The document details a significant NI 43-101 resource at the Sun Project and discusses the strategic acquisition of the Smucker project, though it notes infrastructure and historical data risks. - Positive factor: High-grade VMS resource with significant expansion potential - Positive factor: Geophysics suggests 900m down-dip extension - Positive factor: Strategic backing from Teck and Marubeni - Positive factor: Ambler Road approval reinstated - Negative factor: Infrastructure constraint \(Ambler Road construction pending\) - Negative factor: Smucker resource is historical and unverified - Negative factor: Sun resource is relatively shallow \(<200m\) Facts used in scoring: 21 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Sun Project contains 9.02 million tonnes of Inferred resource. Evidence · text > 9.02 million tonnes are classified as Inferred **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Smucker project estimate is a 1981 historical estimate that has not been verified by a QP. Evidence · text > Smucker Project... carries a historical estimate that predates current reporting standards. **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Geophysics suggests a possible down-dip extension of more than 900 metres. Evidence · text > suggests the conductive horizon continues down dip and along strike. ## Extracted facts Stored fact records: 21. Some facts used in scoring do not have a stored record. ## Drill Results (11) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-10) Smucker · copper Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Smucker - Commodity: copper - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 0.94 - Grade Unit: % #### Classification - Sample Type: drill - Group ID: Smucker-1981 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: low\_confidence - Historical: Yes - Historical Source Date: 1981-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Historical estimate for Smucker project from 1981. - Negative factor: Historical estimate - Negative factor: Unverified by QP - Negative factor: Core location unknown Evidence · text > 11.8 million short tons at 0.94% copper #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-11) Smucker · zinc Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Smucker - Commodity: zinc - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 6.61 - Grade Unit: % #### Classification - Sample Type: drill - Group ID: Smucker-1981 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: low\_confidence - Historical: Yes - Historical Source Date: 1981-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Zinc component of the 1981 Smucker historical estimate. - Negative factor: Historical estimate - Negative factor: Unverified by QP Evidence · text > 6.61% zinc #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-12) Smucker · lead Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Smucker - Commodity: lead - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 2.29 - Grade Unit: % #### Classification - Sample Type: drill - Group ID: Smucker-1981 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: low\_confidence - Historical: Yes - Historical Source Date: 1981-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Lead component of the 1981 Smucker historical estimate. - Negative factor: Historical estimate Evidence · text > 2.29% lead #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-13) Smucker · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Smucker - Commodity: silver - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 5.28 - Grade Unit: oz/t #### Classification - Sample Type: drill - Group ID: Smucker-1981 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: low\_confidence - Historical: Yes - Historical Source Date: 1981-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Silver component of the 1981 Smucker historical estimate. - Negative factor: Historical estimate Evidence · text > 5.28 oz/t silver #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-14) Smucker · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Smucker - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 0.026 - Grade Unit: oz/t #### Classification - Sample Type: drill - Group ID: Smucker-1981 #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: low\_confidence - Historical: Yes - Historical Source Date: 1981-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Gold component of the 1981 Smucker historical estimate. - Negative factor: Historical estimate Evidence · text > 0.026 oz/t gold #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-15) copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: copper - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 1.31 - Grade Unit: % - Intercept: 21.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:sub #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: High-grade copper sub-interval in hole Sun23-004. - Positive factor: High-grade sub-interval Evidence · text > 21.4 metres at 6.84% CuEq. That higher-grade interval carried 1.31% copper #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-16) zinc Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: zinc - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 11.03 - Grade Unit: % - Intercept: 21.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:sub #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: High-grade zinc sub-interval in hole Sun23-004. - Positive factor: High-grade sub-interval Evidence · text > 11.03% zinc #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-17) lead Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: lead - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 3.23 - Grade Unit: % - Intercept: 21.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:sub #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: High-grade lead sub-interval in hole Sun23-004. - Positive factor: High-grade sub-interval Evidence · text > 3.23% lead #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-18) silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: silver - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 108.31 - Grade Unit: g/t - Intercept: 21.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:sub #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: High-grade silver sub-interval in hole Sun23-004. - Positive factor: High-grade sub-interval Evidence · text > 108.31 g/t silver #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-19) gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: gold - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 0.24 - Grade Unit: g/t - Intercept: 21.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:sub #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Gold component of the high-grade sub-interval in hole Sun23-004. - Positive factor: High-grade sub-interval Evidence · text > 0.24 g/t gold #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ### Sun23-004 [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-drill-facts-20) copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: Sun23-004 - Commodity: copper - Region: usa\_ak - Reported Region: usa\_ak - Ticker: VMXX #### Geometry - Grade: 3.3 - Grade Unit: % - Intercept: 52.4 m #### Classification - Sample Type: drill - Group ID: Sun23-004:parent #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2023-01-01T00:00:00.000Z #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Parent intercept for hole Sun23-004. - Positive factor: Strong intercept Evidence · text > 52.4 metres at 3.30% CuEq #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **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 ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-0) Sun Project · copper #### Identity - Project: Sun Project - Commodity: copper - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7a5547488ae2c3a648e3 - Deposit or zone: Sun #### Resource Data - Category: indicated - Tonnes: 1710000 - Grade: 1.48 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Indicated resource component of the Sun Project. - Positive factor: NI 43-101 compliant Evidence · text > 1.71 million tonnes Indicated at 1.48% 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-1) Sun Project · zinc #### Identity - Project: Sun Project - Commodity: zinc - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7a5547488ae2c3a648e3 - Deposit or zone: Sun #### Resource Data - Category: indicated - Tonnes: 1710000 - Grade: 4.32 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Zinc component of the Sun Project Indicated resource. Evidence · text > 4.32% zinc #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-2) Sun Project · lead #### Identity - Project: Sun Project - Commodity: lead - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7a5547488ae2c3a648e3 - Deposit or zone: Sun #### Resource Data - Category: indicated - Tonnes: 1710000 - Grade: 1.11 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Lead component of the Sun Project Indicated resource. Evidence · text > 1.11% lead #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-3) Sun Project · silver #### Identity - Project: Sun Project - Commodity: silver - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7a5547488ae2c3a648e3 - Deposit or zone: Sun #### Resource Data - Category: indicated - Tonnes: 1710000 - Grade: 60 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Silver component of the Sun Project Indicated resource. Evidence · text > 60 g/t silver #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-4) Sun Project · gold #### Identity - Project: Sun Project - Commodity: gold - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:7a5547488ae2c3a648e3 - Deposit or zone: Sun #### Resource Data - Category: indicated - Tonnes: 1710000 - Grade: 0.21 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Gold component of the Sun Project Indicated resource. Evidence · text > 0.21 g/t 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-5) Sun Project · copper #### Identity - Project: Sun Project - Commodity: copper - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dfe5242b50dface54157 - Deposit or zone: Sun #### Resource Data - Category: inferred - Tonnes: 9020000 - Grade: 1.21 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Inferred resource component of the Sun Project. Evidence · text > 9.02 million tonnes are classified as Inferred at 1.21% 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-6) Sun Project · zinc #### Identity - Project: Sun Project - Commodity: zinc - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dfe5242b50dface54157 - Deposit or zone: Sun #### Resource Data - Category: inferred - Tonnes: 9020000 - Grade: 4.18 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Zinc component of the Sun Project Inferred resource. Evidence · text > 4.18% zinc #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-7) Sun Project · lead #### Identity - Project: Sun Project - Commodity: lead - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dfe5242b50dface54157 - Deposit or zone: Sun #### Resource Data - Category: inferred - Tonnes: 9020000 - Grade: 1.46 - Grade Unit: % #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Lead component of the Sun Project Inferred resource. Evidence · text > 1.46% lead #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-8) Sun Project · silver #### Identity - Project: Sun Project - Commodity: silver - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dfe5242b50dface54157 - Deposit or zone: Sun #### Resource Data - Category: inferred - Tonnes: 9020000 - Grade: 81.7 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Silver component of the Sun Project Inferred resource. Evidence · text > 81.7 g/t silver #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/valhalla-metals-doubling-sun-vms-project-modernising-smucker-in-alaska-s-ambler--6337eae7-310c-42e7-bf06-44cb2a9eba22#fact-resource-facts-9) Sun Project · gold #### Identity - Project: Sun Project - Commodity: gold - Region: usa\_ak - Reported Region: Alaska - Ticker: VMXX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:dfe5242b50dface54157 - Deposit or zone: Sun #### Resource Data - Category: inferred - Tonnes: 9020000 - Grade: 0.25 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2021-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Gold component of the Sun Project Inferred resource. Evidence · text > 0.25 g/t 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 5.0 years before this release ## 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.